Brentoil
Crude Oil Elliott Wave IdeaUpdate on these long term ideas:
Oil breached the long term trendline but stopped at another one (below) and at the 1.414 extension exactly. My theory is the bottom is in here and possibly move up towards $60 again as part of a complex corrective move; a break above $5060 would help.
USOIL Breaking a Very Strong Support Right Now!Hello Traders I wish you for a very good day! Here I update all my trade plans and setups based on technicals while nothing in here shared as a trading signal. So take them at your own risk. All these remains as just a prediction until we meet with the required criteria. Best regards!
In the weekly time frame I witness a very special key level which can support for more oil price drop out ahead. As we know Corona Virus became a very strong tool to move the markets and change the traders sentiment over the time and since it got started spread out. So with the trade setup I have worked here I see $43 is became realistic at this stage.
Leave me a message on TradingView for other trade related services. Thank You!
USOIL Double Bottoms formed before Next Rally?Hello Traders I wish you for a very good day! Here I update all my trade plans and setups based on technicals while nothing in here shared as a trading signal. So take them at your own risk. All these remains as just a prediction until we meet with the required criteria. Best regards!
Its a clear double bottoms formation on a strong support and hope this can support for more upside very soon. Trade setup I am looking for is with a very low risk to a higher reward. And hope this may give another set of good numbers again for the week.
Leave me a message on TradingView for other trade related services. Thank You!
Crude Oil Elliott Wave IdeaUpdate to below idea:
Thinking that a starting wedge maybe forming within a channel up, 5 waves consisting of ABC for each wave which means wave 4 could overlap wave 1; Wave 3 of C (orange) hit 1.272 extension exactly and in the same area as 1.618 of wave 1 (white), could see a pull back towards $52 if this theory is correct.
Brent oil has turned to downside, have to monitor it's path downBrent oil has turned to downside, have to monitor it's path down... Bear dvg in all 3 indicators, in 30min.
Can brent reach down to low 53 ?
OIL Potential Strong Bullish SwingTrade Background:
Oil has consolidated at new support level at $49.30. Where price traded at support level for over a week. Now price has rebounded not too far from the next resistance level. Look for a potential swing to top side of the trend. This scenario has three key fundamentals to keep in mind being trade war, corona virus, market risk appetite and supply cuts.
Trade Idea:
Entry: 50.00 to 52.50
Stop loss: 48.50
Crude Oil: Possible Buy Opportunity from the Support ZoneThe weekly chart looks good for buyers. The main reason is, the price is at the support level, and we have a reversal candlestick pattern. RSI confirmed the price reversal. The market has room for upward movement.
We have a possible buy opportunity. We can use the weekly chart to open long positions or use lower timeframes. If we use the lower charts, it will be good to wait for a pullback and buy based on the reversals. Stop orders for all buy trades must be placed below the weekly low.
If the price continues falling, the next support will be at 50.00, and it will be interesting for buying as well.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
GULF ETF Testing FInal Support levelRisk/Reward: $1 =$7
GULF ETF tracks middle east corporations with strong dividend. With oil price plummeting over the month, it has pushed the this ETF to final support level. Look for positron bounce to the upside, especially oil price recovers soon.
USOIL: Quite The Slippery SlopeSpent all day running through the USOIL market structure to try and figure out what's next to happen for the instrument. With a lot of help from the homies from the USOIL Chat Room, I decided on this as a possible path for the beginning of the fall for USOIL.
Next week's start is unwritten however, I believe the push up in price action will find tremendous resistance at $54.72. After failing to pass this level, USOIL will once again descend south towards $35. This idea is based on market structure, candlestick structure and tendencies observed during analysis.
Sorry for the lack of technical jargon and fancy indicators. I like to keep it simple.
Brent Oil speculation Hi
we have speculated 2 situation in Brent Trend. we are expecting a trend move now itself either a bullish continual or a bearish retracement .
so we have depicted the prediction in the chart.
decision is up to you but we felt it should be moving the way we have predicted.
remember 60$ is a critical price for Brent...
please write your ideas in comment section.
🛢 BRENT OIL - Entered zone of verbal INTERVENTIONS USA&SAUIn this zone, I expect a BUNCH of bullish info-occasions into the oil market and bullish forecasts of energy organizations and OPEC. Thumb UP👍 if you agree with me!
Although the United States and Saudi Arabia are already competitors in the oil market, they are in the same team in this zone and will do everything possible to prevent a strong collapse in oil prices. And if this happens, then such a failure should not be long in any case...
There are 3 very important reasons for this:
1) the Saudis' budget is burning.
2) the US problem is even more serious - almost the entire oil industry is sitting on a wild leverage before banks (very large debts to banks - just a cosmic exposure)! Low oil prices = defaults from shale producers = defaults from US banks = disaster.
3) the impact of coronavirus on energy quotes can be called short-term, since factories in China are already returning to work.
Technical Indicator 12H:
1) Awesome Oscillator - turned to green zone and started rise up.
2) Stochastic RSI - started to rise up from the undervalued zone.
Summary:
Buy on pullback around 55.15 and sell in 67 zone. Its more than 20% profit. Stop-loss could be around 53.37
#BRENT #CRUDE headed for $51.50 to $51.75#BRENT #CRUDE headed for $51.50 to $51.75. Expect it to happen close to April 20th..
$USOIL IS TANKINGAMID THE FEAR OF A GLOBAL PANDEMIC AND GROWING OPPOSITION AGAIN FOSSIL FUEL USAGE, LOOK FOR $USOIL TO TAKE ONE FAT DUMP. SUPPORT COULD HOLD STRONG NEAR $45 BUT IF NOT, YOU CAN SAFELY ASSUME THE 'WORST'.
Crude Oil Elliott Wave IdeaPurely a guesstimate as predicting long term is impossible but oil could be in a long term correction (ABC).
Now nearing the end of (b) (shown in bright blue) to the red trendline around the $47 level, before an impulsive move for (c) (of a larger degree B wave) to $95 (point D of the Gartley and between the 0.5 and 0.618 retracement of the larger degree A wave), then the larger degree C wave to new lows.
With Gartley removed >
Gartley on its own >
Crude Oil Elliott Wave IdeaUpdate on this idea:
Price went beyond the 1:1 extension but seems to have turned now close to 1.272 extension, possible that an ABC is completed here.
Monthly trendline was touched also:
Other ideas linked to this one below:
Oil Sees Gap Lower Monday Open Whilst China Equities Drop -8%Headlines:
- China CSI300 plunges -8% as fear of Coronavirus hits market after New Year Holiday break concludes
- Oil Futures gap -1% lower on Monday open as markets reel from weekend news
- Sharjah National Oil Corporation announce discovery of gas field being the first find in on over 30 years
- Coronavirus death toll reaches over 350 and confirmed cases of 17,000 globally
WILL BRENT OIL FIND GOOD SUPPORT BETWEEN 53.45 & 55.90?Brent oil now sits on a support and a rejection at this level could determine if there could be reversal to the upside or continuation of the down-trend. If the support level is violated, then brent oil next support is around 48.
N.B
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
