USOILOil looks likely to make a new high, with a higher low formed and divergence on the RVGI, Price is also trading above TWAP, wait for weakness to look for buys.
Brent
Brent Could Cruise to $100 Soon- Demand from China is soaring.
- The US dollar index has recoiled.
- Supply is not rising as fast as demand is.
- I think recession fears are overblown. Where I live, people are traveling like crazy.
- European Union will announce new Russia sanctions on February 5.
Brent: Wax your Skis ⛷️Brent accomplished the climb above the $86.06-mark and should continue to rise to finish the blue wave . Once completed, we see the course heading for a steep downwards slope to dip right into the green target zone between $77.13 and $42.20. Within the target zone, we expect the Oil to sink further to end the blue wave around the $62-mark, before rising back North to wrap up the blue wave . Followed by another correction, the course should dig deeper and get closer to the bottom of the green target zone, in order to finalize the green wave .
Crude Oil (WTI) Your Trading Plan Explained 🛢️
Price action analysis for WTI Crude Oil.
Key levels & detailed trading plan.
Directional bias and thoughts.
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USDWTI D1 - Short SignalUSDWTI D1 - Still lots pending at the moment with regards to the dollar, we are starting the week off bullish, with the dollar up .15$% on the day, cable down .25%, XAU down .27% and WTI down a huge 0.5% so far... Hoping to see deeper corrections. But ultimately, we need this D1 candle on these ***USD setups to close red. Back on that heavy $80/b psychological price
Could we get a $10 drop in OilIf we get a good NFP number tomorrow, does that mean the US jobs market is strong? What will the Fed do? Raise rates, increase QT?
Fundamentally we should be seeing lower GDP, lower wages, lower demand and with that lower Oil.
Technically, we have higher GDP, stable wages, mixed changes in demand and lower oil.
This EOD strategy has been set, and now we just forget until we get to TP 1. Then for the remainder of the position, we get to BE and start trailling.
Todays stronger dollar on the back of ADP numbers, will repeat tomorrow on strong NFP numbers, or reverse if NFP comes in under the consensus.
Lower oil, on stronger USD, is also very bullish for Japan's economy as they are an energy importer. You will have to pick a side if trading USDJPY but it could be messy.
brent shortIf we see the entry signal in this zone with the set loss limit, we will enter the matter of the degree of ascent, but keep in mind that this signal is used in the upper periods, so you must be patient enough, but if the goals are achieved, there will be a good profit.
UKOIL Due for 4X Growth in Value Over 4 to 5 YearsBased on the macro wavemap for UKOIL, its fairly safe to assume that the value of this commodity will increase by 396% over the next 4 to 5 years. Seemingly in a Flat corrective wave, the new all-time high near $324 should send price to retest the $60 range (at the highest).
🛢Brent oil: wave III target remains $150+●● Preferred count
● CFDs on Brent Crude Oil (TVC) , 🕐TF: 1M
Fig.1
The three-wave movement within the framework of wave III of (V) is not completed. The minimum target is the same — to exceed the wavelength of wave II , which will lead to a rise in the price to $ 150+ . The subsequent wave IV will return the price to the current levels.
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● Brent Crude Oil (OANDA) , 🕐TF: 2D
Fig.2
From July 2022 , a correction Ⓧ is predicted.
Upon completion of the consolidation in wave (B) , a decline will follow within wave (C) in the form of an impulse. This forecast is based on the norm of the alternation of waves " A " and " C " within a zigzag.
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● Brent Crude Oil (OANDA) , 🕐TF: 4h
Fig.3
Correction (B) is expected to take the form of a triangle, but other sideways correction are not excluded. The option of counting in the form of a triangle is schematically indicated by a red dotted line. Black color marks an alternative count with a completed wave (B) in the form of a running flat. With the breakdown of the top of wave B , the activation of the alternative marking will follow.
📚 Elliott Wave Guide & Ellott Wave Archive ⬇️⬇️
USOILOil prints this great weekly candle, which suggests that price is going to revert back into Value, and deems the excessively high oil prices as a tad overpriced, which is great. We have this big weekly pin inside the range of the previous candle, and typically these produce some great trades as the bearish pressure starts to build, we can look to aim for three trade points from here. Enjoy.
USOIL - Getting Slippery 💧Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
on MONTHLY: Left Chart
USOIL is sitting around a strong support zone 70.0 - 75.0 , so we will be looking for buy setups on lower timeframes.
🏹 on H1: Right Chart
For the bulls to take over, we need a break above the previous major high in gray.
Meanwhile, until the buy is activated, USOIL can still trade lower inside the monthly resistance zone till around the 70.0 where we will be looking for new buy setups.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Brent. Way to $50s? Will divergence play out?UK Oil/Brent
As we can see price is going down in descending channel. Bearish divergence is formed and signalling for lower targets. I will expect to reach region of $69 by the end of March and area of $57 by June/July.
Let me know what you think!?
Brent Crude Oil TargetsBrent oil, which has been in a downtrend for weeks, will break the trend if it closes this day above $86. If it continues this movement with volume, the target of $ 98 will be valid. As long as it stays above the $84 support, the positive outlook will continue.
TSX Energy XEG 12.66 2022 Low and more ?I was overweight energy for most of 2022 selling my exposure around the summer and the remaining in the fall.
It was not and easy decision but the trend in WTI and Brent prices was too bearish to ignore.
Seems to me now It's only a matter of time we take out the 2022 low of 12.66, the more intriguing question is where we go once we get there ?
On the weekly timeframe top left we can see the 50 weekly ma acting as support for most of 2022 now we appear to be losing it.
The Daily timeframe top right we can see the 20 day ma the black line has finally crossed below the 200 day ma you have to go back to January 2020 the last time this took place and before that fall 2018. Seems obvious it's only a matter of time before all moving averages are below the 200 on the daily.
I am a long term energy bull due to the supply constraints we are facing and lack of investment but for the beginning of 2023 first quarter at least with calls for a recession growing I don't see the upside for Oil or energy stocks, yes I know they pay great dividends but I don' t think this will save them from a market downturn.
I am patiently waiting on my cash to re enter this sector ideally in the spring
Trade Of The Week Brent Crude ShortJupiter Pendulum was tagged red so we found a short setup at red shade as per Jupiter Pendulum Theory
When the divergence formed and we got our signal candle, we had an entry
Crude Oil (WTI) Classic Trend-Following Setup 🛢️
Crude Oil nicely reacted to a confluence zone based on a horizontal daily structure support and fib.retracement levels.
The price broke and closed above a resistance line of a bullish flag pattern on 4H.
I believe the market will go higher after a pullback.
Goals will be 79.5 / 80.89
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Brent Crude Oil: Potential for a further corrective move higherCurrent price remains below its 40 week moving average (200 days) which indicates that the longer term trend is lower (100 days or more), however, the scope for a further near term (25 to 50) corrective upside rally from the November high - December low remains on the table, provided the key resistance near $85.05 can be overcome for prospective extension move towards the $91.66 (50% retracement from the 52 week high/low); downside risk seen near the $78.3 support.
Financial Wave. CLOur priority scenario in CL remains the same. A fall in price to $72.37 looks most likely. In case of growth above $80, this scenario will be cancelled.
Crude Oil (WTI): Bullish Outlook 🛢️
We have spotted earlier a confirmed breakout of a resistance line of a falling wedge pattern.
The price closed above that on a daily.
I believe that the next goal for buyers will be 81.4
I will expect a bullish continuation to there.
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Financial Wave. CLOur preferable scenario in CL is the development of the medium-term downward price movement in wave iii, which can lead prices to the first target level of $72.39. If the price rises above $80, this scenario will change.
Crude Oil (WTI) Time to Recover 🛢️
Hey traders,
I spotted a confirmed bullish breakout of a falling wedge pattern on a daily on WTI Crude Oil.
That indicates that, with a high probability, the market will keep recovering.
I expect a bullish continuation at least to 81.4 resistance.
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BRENT CRUDE OIL BULISH PATTERNDemand for crude oil is expected to rise after a cold wave hit USA, which will likely increase the demand for oil distillates, easing of the COVID measures in China and US crude oil inventories coming up less than the analysts have had expected.
British crude oil benchmark, BRENT, had broken the resistance of the triangle pattern, a strong bullish predictor, and the price might reach levels of 87.5 in the next couple of days. In an event of reversal of the trend, the price might reach levels of its previous low of 75.35
RSI and MACD both are confirming the bullish outlook, with MACD histogram above 0 and rising and RSI rising as well and approaching the 50 neutral line.
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