USOIL LONGAs I shared earlier this month Oil gave us the downside that we wanted. Now it's all about that long guys and gals!
Below there's my previous analysis.
Brentoil
Brent oil battles 100-DMA to keep bounce off key support lineBrent oil buyers jostle with 100-DMA while extending the previous day’s rebound from a two-month low, not to forget an ascending support line from late March. Given the RSI recovery from the oversold region, coupled with the bounce off the key support line, the commodity prices may extend the latest upside beyond the immediate DMA hurdle of above $69.00. However, the $70.00 threshold and May’s high $70.40, followed by March’s top surrounding $72.00, could challenge the oil bulls from time to time.
On the contrary, a daily closing below the stated support line, near $68.70, will aim for 61.8% Fibonacci retracement of March–June advances close to $67.30. If at all the Brent bears remain dominant past $67.30, May’s bottom surrounding $64.65 becomes crucial support as it holds the key to the further downside towards the March month’s low of $60.44. Overall, oil prices tease key technical juncture and hence today’s closing will be important to watch.
Very sensitiveOil prices are at a critical juncture and could fall as low as $ 48 if they lose $ 68.
But if there is an increase in demand within the defined support ranges, it can see the target range of $ 100.
OIL - The Bigger PictureOnce you zoom out, you can see exactly how price is moving. We can see that price revisited the highs of the 2018 and couldn't push any higher.
We reached that area in a an ascending wedge which is often a reversal pattern.
Looking for bear flags to take this down!
Goodluck and trade safe.
OIL - The Bigger PictureOnce you zoom out, you can see exactly how price is moving. We can see that price revisited the highs of the 2018 and couldn't push any higher.
We reached that area in a an ascending wedge which is often a reversal pattern.
Looking for bear flags to take this down!
Goodluck and trade safe.
USOIL IDEA NEW BEARISH CHANNEL EXPECTED MOVE WTIOIL CRUDE OILUSOIL IDEA NEW BEARISH CHANNEL EXPECTED MOVE WTIOIL CRUDE OIL
USOIL, let's check the big perspective Today we will take a look at the weekly chart of USOIL. Here we will not analyze short-term movements; of course, we will be thinking about the possible paths we can see in the future for the commodity using several months as the main reference.
The price is getting close to a major resistance zone where we have observed huge bearish movements in the past—30% decline in July 2006 and a 45% decline in October 2018. However, we should also think about the idea that the price breaks this resistance zone. What should we do there?
If the price breaks the resistance zone, we have a clear scenario in the past that we can use as a reference (MAY 2010). The idea here is to wait for a clear breakout and then a retest of the resistance zone. We will have a clear correction to trade towards the next resistance zone at 110USD per barrel if that happens.
The main concept in this post is showing that one-sided analysis tends to fail because NOBODY knows what the price will make. However, we can get ready for two or three scenarios in the future and wait for those conditions to happen. And if your filters are not fulfilled, don't worry; you have more than 5000 assets on Tradingview to keep looking for great opportunities.
Thanks for reading, and feel free to share your view in the comments!
CRUDE OIL LONG TERM ANALYSISThe World is on fire!
Looking from 1960's, Crude oil is moving in a clear channel. the target seems to be over 300$ !
So fill up your barrels !!!
NOTICE: It is not a trade advice. This is an overview using simple price.
#OIL
#CRUDE_OIL
#WTI
#BRENT
2021 JULY 03
Today price: 75.1$
Brent oil buyers remain hopeful inside five-week-old channelAlthough the weekly falling trend line probes Brent oil buyers of late, the commodity prices remain inside an ascending trend channel from May 27, not to forget staying beyond 100-SMA. The same joins an upbeat RSI line to keep buyers directed towards an immediate resistance line of $76.00. However, any further upside will be questioned by the stated channel’s upper line, close to $77.50. In a case where the oil bulls remain dominant past $77.50, the late October peak surrounding $78.00 may test the rally targeting the $80.00 psychological magnet.
Meanwhile, pullback moves become less concerned until staying beyond the 100-SMA level of $74.10, needless to mention the channel support of $74.50. Also acting as a downside filter is the $74.00 mark, a break of which will make the quote vulnerable to decline towards the mid-June lows near $72.00. It’s worth noting that Thursday’s US ISM Manufacturing PMI and Friday’s US NFP, not to forget Thursday’s OPEC+ meeting, become the key events for energy traders.
The demand is back.The world today is facing a new era, from normal life to pandemic era. Since that the vaccination around the world is in progress, the demand of logistic is back in tracks.
Oil demand will be in the right place, right moment to bullish trade. Foresee that tourism will be coming soon.. expected will be back on this end of year. When everybody is vaccinated, they will go to take a vacation...
The airport lanes will back busy, airport chimes will busy.. and the planes are back to fly.. the oil demand is more needed.
The bulls will back busy rather than the bear trades..
Brent: Rolling Down the Streets 🛢️🛢️The British oil is expected to further decline in its price but to turn around before hitting the mark of $64.56. After that, we are in a perfect position to not only enter the market on the long side, but also to look forward to a very long-lasting bullish run! In total, we expect the price to at least reach areas of $95 in the long run.
Be optimistic!
Expect BRENT Up todayBrent came down exactly as expected yesterday with EIA results not giving much reason for further increase.
Formed a wedge during teh fall, expect price to retrace to around 72.3 today. nice quick opportunity there.
Brent to reach $85?I've been bullish on FX_IDC:USDBRO ever since it traded above its 200EMA. Bought few contracts, rode the trend from $43 to $69.
Last week Brent closed above $71, looking back, this was/is an area of value. Now that the price is above $71, I'm bullish once again, targeting the $85 region, with a stop below the 50EMA.
the 2nd wave of Elliott is comingcypher harmonic pattern:
AB=0.61 XA
BC=1.41 AB
tp1=0.78 XA=$91
tp2=1.27 BC=$137
tp3=2 BC=$470
UKOIL, possible scenarioAs it can be inferred from the chart, the bulls are still in control of Brent, and the growth should continue. We are expecting the price to drop till the area circled on the chart, from where the price is highly likely to keep growing and reach the key zone marked on the graphic.
Happy trading, everyone!
Brent: Where are the Bears? 🐨🐨🐨As regards the oil market, we are still waiting for the bears to fight back and pull the price under $64.56 and $60.26, respectively. By doing so, they’ll enable us great entry chances for the upcoming bullish run which we expect to reach way above $80 in the longer run. Only a premature breakout above $71.36 would make us change this scenario.
Keep trading!
Oil - Possible Wyckoff AccumulationIdea for Oil:
- Oil seems to be setting up for an inflationary shock event in the longer timeframes.
- Understanding the trend of oil prices can help in market selection and portfolio construction.
- Oil has broken out of a falling wedge.
- There was a Wyckoff Spring from Hades as price went negative!
- However, lower highs, lower lows, and volatile sell-offs are still a sign of weakness.
- Oil has shown that its price can go negative, so a relatively low price should not be mistaken as a bottom.
- Something to mention is that Biden has shown his international non-interventionist stance with the Israel-Palestine event, and I speculate that he is turning his attention toward domestic population control, from the UFO disclosures. This is a signal for volatility in oil during his term.
GLHF
- DPT
OIL Daily - Potential double top The bull flag we identified is still in play BUT there is a potential double top developing that will be confirmed with a close below 60. However, we may get some sideways consolidation here, and a break above 70 will continue the original bullish thesis. In summary: Bullish >70 & Bearish <60
