If Price respect QML area, Price will push up to its fresh supply area (93.579), then price drop again, or it will push higher to reach its another supply (98.709)
Breaking out of daily downtrend range that it has had since June. Weekly put in a higher low in RSI and bounced off the price support line since the COVID correction. MACD seems to be bottoming on the weekly. Daily breaking out of downtrend price line along with being above the 50 on RSI. Oil most likely going to make a move higher as production is also reduced in Saudi.
Another 5 wave (green) leg down to area 123.6 fibs extension and 50% retracement of wave 3 Light blue is also possible if we assume the red wave does not complete yet.
West Texas Intermediate (WTI) crude oil is rallying today, helped along by a story that OPEC+ was considering cutting production if/when Iran’s production started to hit the market, reducing fears of continued oversupply in the coming months.
From a technical perspective, the selloff in WTI has stopped exactly where experienced technicians might have expected: At...
Crude tried breaking the downtrend, but failed multiple times. Need to break the key level 95$ to move north. The price faced some rejection today on the down trendeline
Hey traders, in today's trading session we are monitoring USOIL for a selling opportunity around 95 zone, once we will receive any bearish confirmation the trade will be executed.
Trade safe, Joe.
✅CRUDE OIL is going up now
But a strong resistance level is ahead
Thus I am expecting a pullback
And a move down towards the target
SHORT🔥
✅Like and subscribe to never miss a new idea!✅
Hello, Traders!
USOIL is going up to retest
A key horizontal resistance level
So after the breakout
I believe we will see
At least a local pullback
Sell!
Like, comment and subscribe to boost your trading!
See other ideas below too!
USOIL
- Classic bullish formation
- Our team expects growth
SUGGESTED TRADE:
Swing Trade
Buy USOIL
Entry - 91.651
Sl - 89.420
Tp - 85.006
Our Risk - 1%
Start protection of your profits from lower levels
Please, leave a comment and support us with like.
❤️ Please, support our work with like & comment! ❤️
Oil has had some strong buying volume around 85-86$ a barrel. Starting to break out of the downward slope to create a new higher low pattern.
If Iran doesn't except the deal the price of oil will pull back above 100$ a barrel
-Russia might also cut of demand for EU
-USA is going to stop adding supply in September because their reserves are running low...
the price can break 91.46, so it was strong resistance and now the price will try to reach 93.62 & 95.13 at least
but if reversed the candle to under 91.46 during the closing four-hour candle then will try to drop again
