Possible Cup and Handle on CRUDEIf this proves to be a Cup and Handle then the target is 52.3x
I will go long there with a TP around the 56-57 area.
Crude-oil
USOIL - tremendous gain is aheadAll minimum downside targets were reached as wave Y of (B) tagged former low and it is longer than wave W. See related chart about drop.
Almost perfect flat has been built in wave (B).
I think the wave (C) could emerge now.
Buy trigger is above the recent top of $52.20
(C)=(A) target is located at $73.50 - huge gain.
Besides that (C) could tag the former top of $76.88 - extra gain.
Risk/reward is around 1:6.
Natural Gas Storage Data Shows Cut in Weekly Storage NumbersHeadlines:
- NOC Reports Revenues Drop -19% for the month of January + Zawiya Refinery Shut Down
- IEA Reports Drop in Global Oil Demand of 435,000 bpd
- Natural Gas Storage Data Shows Cut in Weekly Storage Numbers
Crude Shrugs off Larger than Expected Build with Futures up +3%Headlines:
- Oil Futures shrugged off larger than expected EIA Build up +3%
- OPEC expects global demand to drop after release of monthly report showing revision down
- Gasoline & Heating Oil both push higher breaking away from weeks lows
USOIL 2nd Scenario Hello Traders,
Here's my second scenario for USOIL, make sure to check out the related idea below to see the correlation as well.
Trade Safe :)
Feb 5 Session Profile | /CL Crude Oil FuturesDescription: Some things I'm thinking about tonight.
Disclaimer: This is a page where I look to share knowledge and keep track of trades. If questions, concerns, or suggestions, feel free to comment. I think everyone can improve (myself especially), so if you see something wrong, speak up.
Crude Oil ( CL ) Bulls should try defend 50, longs in playHi Traders,
All detaisl like entry, stop and target recorded
Enjoy and Good Luck
OPEC Partners Seek Meeting in a Bid to Control Falling PricesHeadlines:
- Chinese Equities are pointing to a negative start back from holidays as delayed hit on markets is expected to roll into today’s session
- Chinese Central Bank trying to stem the flow by inserting 150 billion CNY$ into Chinese equities
- OPEC partners seek emergency meeting in a bid to control falling crude prices seen in recent weeks
- Coronavirus sees first international death and virus continues to spread globally seeing new cases
Successful Short Trade (BOOMER Market)WTI Crude is in an obvious mid-term BOOMER market here, which is great!
According to the rules of CONDI Trading System, we are allowed to only trade short,
inside the recognized range - as long as our TS has all of our trades are fully confirmed.
Recognized and confirmed a trading opportunity at point marked with the callout.
Trade successfully closed hitting PL within just 8 60m candles.
Happy CONDI trading!
CL ShortCL has been trending short the past few days making stops along and bouncing between a few daily levels. Short till the Magic Lines indicator says longs are favorable on all time frames.
Short Setup on Crude Oil Futures by ThinkingAntsOkUse this asa guide to develop your setup:
Main items we can see on the Daily Chart:
-The price was rejected from a major resistance zone.
-The ascending channel has been broken.
-Currently we can see a corrective structure (continuation pattern).
-Our forecast is a continuation of the bearish movement towards the next support zone.
-We will trade this instrument as it is shown on the char.
-We will cancel this trade if the price goes above the stop zone.
UKOIL is near the Support/Resistance Zone...The price can bounce from the Support/Resistance Zone and rise to 70.00.
The best Buy will be after the false breakout.
Potential profit will be in 3...5 times bigger than risk.
Push like if you think this is a useful idea!
Before to trade my ideas make your own analysis.
Write your comments and questions here!
Thanks for your support!
China impact on oil price - 2020 ForecastIf you like this idea, don't forget to support it, clicking the Like Button!
Do you know what are the 15 countries that imported the highest dollar value worth of crude oil during 2018?
China: US$239.2 billion (20.2% of total crude oil imports)
United States: $163.1 billion (13.8%)
India: $114.5 billion (9.7%)
Japan: $80.6 billion (6.8%)
South Korea: $80.4 billion (6.8%)
Netherlands: $48.8 billion (4.1%)
Germany: $45.1 billion (3.8%)
Spain: $34.2 billion (2.9%)
Italy: $32.6 billion (2.8%)
France: $28.5 billion (2.4%)
Thailand: $28.4 billion (2.4%)
Singapore: $28 billion (2.4%)
United Kingdom: $26 billion (2.2%)
Taiwan: $23.4 billion (2%)
Belgium: $19.5 billion (1.7%)
Now, these data are related to 2018, and it's easy to understand how the first four countries have a great impact on oil price, and how China could influence oil price (that, at this point, is influenced by China's economic development).
In 2019, China broke records for crude oil imports, importing more crude oil than the U.S. did at its peak.
We all know that oil price is affected by high volatility (I am a supporter of the "Rollercoaster Theory" XD). However, oil price increased thanks to increasing China's demand (one of the most important factors), combined with scarcity from the suppliers.
Despite this, there is a high risk that China's oil demand could halve this year (2020) generating a lower global oil demand for about $100 billion. If supply is maintained at the same levels, I will expect oil to be cheaper, at least in the first half of 2020.
From a technical point of view, the broke of the $57.11 support could realize the beginning of an important downtrend. If China confirms this information, traders will not be late to open their short positions.
Investing Fellow
Disclosure: My ideas contain statements and projections based on assumptions on capital markets, and therefore inherently subject to numerous risks and uncertainties.
Before buying or selling any stock you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal.
I am not a financial advisor.
Oil off slopeOil could be building a base to mount some recovery following big losses post Iran crisis.
Support in this area are the slope pitchfork, 200DMA, and pivot zone.
Rsi is looking constructive too
A break of this 30 min channel will be a bullish indicator
USOIL (WTI): Trading Plan & Top Down Analysis
hey traders,
a lot of followers have asked about my thoughts on WTI and when can we expect a pullback after a selling rally.
currently, I still have a short trade active from 63.0 level BUT
the market has finally reached first strong structure support and analyzing a price action it looks like
indeed selling volumes are weakening.
on a weekly and on a daily you can see a very peculiar conjunction of vertical and horizontal support.
on 1h the price started coiling within a falling channel.
for us, a bullish breakout of it will signify a change in sentiment
so it will be a perfect confirmation to long the market.
target levels will be 59.75 / 61.0
stop stictly below the channels last L.L
*remember, this is not a call to action trade.
I give you my plan on execution.
Let the conditions to be met before trading!
Trade Idea for a Short Scenario on Crude Oil by ThinkingAntsOkUse this as a guide to develop your setup:
Main items we can see on the 4hs chart:
a)The Price was rejected from a major resistance zone
b)Currently, we can see the price on the lower trendline of the ascending channel
c)If you are thinking about trading short scenarios, we will wait for a corrective structure in the current area.
d)The corrective structure must be an ABC or an ABCDE Pattern (Triangle/Zig-Zag/Flat/Irregular)
e)If that happens we will set short orders as shown on the chart
Remember we are not discarding a long scenario here (a bounce on the trendline) we are just explaining what would be an optimal scenario for short trades.
CL Quiet as it Awaits Further News on Downed Ukrainian FlightAsian Market Open:
- Light Crude had a quiet season ranging from 58.80 to below 60.
- Markets are still awaiting further news on if there will be any further actions taken by US Forces as now Canadian and US officials have agreed that the Ukrainian airlines flight was shot down by an Iranian missile.
- Markets are still hesitant as can be seen within the chart today however await further news.
WTI Crude Oil: Buy the pull back. Potential for $66.00.Oil has hit the 63.90 1W Resistance and is naturally retracing, despite the Middle East geopolitics and lower than expected Crude Oil Inventories today. This is purely a technical reaction upon reaching a long term Resistance level and 1D approaching the sell zone (RSI = 68.142, ADX = 54.212). We are expecting a pull back towards the 60.00 Symmetrical Support or the 1D MA50, which we will buy. Target: 66.00.
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USOIL could hit 62.50-64.50 to complete correction62.50 is where the 1.272x in y (white)
64.50 = 1.618 of x in y (white)
4hs and Daily analysis on Crude Oil Futures by ThinkingAntsOkUse this as a guide to develop your view of the chart.
Main items we can see on the 4hs chart:
-The price is inside an ascending channel
-On the Daily chart (image below) we can see that the price is close to a significant resistance zone + the Dynamic upper resistance of the ascending channel
-Currently, we can see an Inner bullish trendline inside the ascending channel, and it has been broken
-Now we will be waiting for a clear pullback, and ONLY IF THAT HAPPENS we will develop our setup, with an entry below the structure / stop above the Higher high/ and break-even before the first target
-The full movement we will trying to catch is going to be towards the second bearish target
Daily Chart:
