WTI has clearly respected a key structure support level on a daily.
we see a sequence of rejection/dodji/engulfing candles and rsi divergence as well.
I have a bullish bias on WTI and currently hold a long position.
My stop is 50 level but I have entered a few days earlier.
Key levels for targets:
56.0
58.0
60.0
please,...
If you follow my analysis and finding them to be useful/ profitable, it would mean a lot to write feedback in the comment section. It currently feels like I’m posting analysis for ghosts.
Much appreciated!
Here we can see a massive bearish week! now we have hit our 3 touch trendline! Waiting to see if we make a new HH and LL so I can start distributing the buys!
Us is trading within a range at the moment, however, there is huge liquidity below the current support level. I expect the spike below that support down to $48, then a reversal. Wait and watch :)
When i 1st started out i was blowing 1 account a week and must have blown atleast 50+ accounts before it finally clicked so if anyone tells you they haven't blown any accounts and started making money as soon as they started then they are lying!
I am a successful trader now and haven't blown an account for just over 5 years so now i am trying to stop people...
TVC:USOIL
Trade Idea
Looking to set longs on a pull-back to support ($56.00) for a more sustained up move towards 2019 highs.
Descending triangle has broken higher
Double bottom formation has formed
Price action above Ichimoku cloud
Middle East tension on back of attacks on Saudi oil facilities - Iran being blamed
Expecting further build of tension and possible...
Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
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