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WTI OIL Shifted to longterm bullish, but expect correction firstWTI Oil (USOIL) broke above its 1D MA50 (blue trend-line) and invalidated April's Channel Down. Last time we saw such a Channel Down bullish break-out following a rebound on the 1W MA50 (red trend-line) was on December 20 2023 and before that on May 17 2023. The common characteristic was that a 1D MACD Bullish Cross accompanied all those break-outs and the last two formed a 1D Death Cross. On both previous occasions, the price pulled back to at least the 0.618 Fibonacci retracement level, touching the 1W MA50 again. As a result, even though we have confirmed a new long-term uptrend, we will turn bearish on the short-term, expecting a pull-back towards the 0.618 Fib, targeting $76.00. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
USOIL Possible shortUSOIL has been moving bearishly for some time now since it's overall higher time frame direction is bearish. It has recently formed an interesting structural pattern where it swept previous equal highs before breaking the previous low with MASSIVE momentum. It has currently retraced back towards the deep inner range, where the kick the this previous enormous bearish momentum began, to fill imbalances that were left behind in the process. So price could potentially use a 4h supply zone to push further to the downside with the help of a triangle liquidity that has currently formed below it. The target is the latest low as it is weak due to the nature of the tend being bearish.
TVC:USOILShort
by BlackTygaTrades
WTI Oil H4 | Potential bullish bounceWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher. Buy entry is at 77.52 which is a pullback support. Stop loss is at 76.30 which is a level that lies underneath a pullback support and the 38.2% Fibonacci retracement level. Take profit is at 80.37 which is a multi-swing-high resistance that aligns close to the 50.0% Fibonacci retracement level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILLong
by FXCM
10
WTI OIL Sell signal at the top of the Channel Down.WIT Oil (USOIL) didn't disappoint last time we looked at it (June 05, see chart below) and delivered our buy signal, easily hitting the 75.70 Target: The price is now at the top (Lower Highs trend-line) of the 2-month Channel Down and just below the 4H MA200 (orange trend-line), which is where the last Lower High was priced and rejected. At the same time, the 1D RSI is on the 53.80 Resistance, which was the level that priced the last two Lower Highs. Technically this is the most optimal sell entry on this pattern. We have a modest target at 72.45 (Support 1), as despite the fact that a Lower Low is expected lower, the 1W MA200 looms as a Support and long-term may form a strong Support base. That remains to be seen, so for the time being we take only short-term targets. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
2
Crude Oil : Monthly candle flips bullish Hello Traders. The Daily Range today on Crude Oil was 2.89$. This is in the top 10% of the 113 Daily candles that we've observed so far this year for Crude. Quite the move to the upside to begin the week! We mirrored the move bearish from the previous week, which happened to be on Monday as well. The monthly candle managed to flip back bullish as we kickoff the second week of June. After tapping into 72.58 Weekly support level last week, price jumped up. We hadn't seen this price since Jan/Feb of this year and so mpt surprised to see Bulls step in an push price up. Interesting to note that the Daily candle today failed to close with a top wick. This signals some profit taking and exhaustion based off my analysis. Additionally, ever since the new daily candle opened, price has been pulling back down. Tuesday is starting out bearish.. will buyers step back in? Where could they? These are the prices I like for the upcoming sessions.
TVC:USOILShort
by ShrewdCatfx
2024-06-10 - a daily price action after hour update - oilGood Evening and I hope you are well. overall market comment Markets went mostly flat today. Dax sears tried and were rejected again and sp500 and nasdaq made higher lows and lower highs. Markets are forming triangles which means we are in breakout mode again. No surprise moving into CPI and FOMC this week. I expect more sideways movement until then. Commodities all green, while Gold is flat, Oil continued the pull-back big time to get back to 78. Bulls strength surprised me tbh. The pull-back is already too strong for the bear trend to continue much further. Oil trading range is probably 72 - 80 for the next weeks. wti crude oil comment: Don’t long at the top of a expanding triangle and after a huge buy climax. In my weekly outlook I wrote that we will hit the daily ema at around 77 again but I obviously did not expect it to be done so fast. Oil was still in a trading range until the breakout above 76.23 but bulls kept at it and the 15m ema held into US close. Since we are at the top of the expanding triangle, I am not interested in buying up here. A pull-back is reasonable here but as of right now, bulls are in full control until bears break below the 15m ema and one should not short into such a strong trend. 78 should be bigger resistance. current market cycle: Trading range key levels: 72 - 80 bull case: With today the bear trend concludes imo, since the move was too strong to be part of the bear trend. The 72.48 low could be retested over the next days to weeks but the downside is probably limited to around that area. Bulls want the strong momentum to continue and get most bears stops above 80. It would be insanely strong, if they could break above the bear channel in one giant move over two days. It’s very low probability that this will happen. If it does, we are probably facing an macro event over the next days. Invalid below 70 bear case: Bears gave up above 76.3 and market moved fast to 78. If bears can not keep it below 78, we will probably melt more up to 80. My line in the sand for bears was around 77-77.5 but bulls melted through. Not many arguments for the bears here until they get below the 15m ema and stop the market from making higher highs. short term: Bullish af. If this continues, we see 80 soon. If we see 79 in Globex, the chances of an event are big imo. Something is up. medium-long term: We are seeing the big triangle playing out between 73 and 86 (could also be 87 but for now I see the spike above 83 as a failed breakout of the triangle. We hit the lower trend line and now we will test back up to above 83. —will update this Wednesday current swing trade: None trade of the day: I had no interest in buying above 75.5 and under 76.3 but missed the big breakout. Bad trading on my part. Had to get long since bar 9 or latest bar 10.
NYMEX:MCL1!
by priceactiontds
WTI rises to test key resistanceCrude oil prices rose on Monday, making back its losses from Friday and some. While there is hope for increased fuel demand as we head to the summer months, today’s recovery comes on the back of a three-week drop. Prices have been held back in recent weeks because of various factors, ranging from concerns over increased non-OPEC supply and worries about the demand outlook, due, among other reasons, to diminished hopes over imminent US interest rate cuts. The strong dollar recovery is also weighing on sentiment in the oil market. But with prices shedding more than 10% from their April highs, the bulls feel the downside could be more limited moving forward. However, a revisit of last week’s lows of around $72.50 on WTI remains the more probable outcome than a sharp recovery. Key macro events in this week include US inflation data and the Federal Reserve’s rate decision on Wednesday, both of which could significantly impact the US dollar and, consequently, buck-denominated commodities like gold and oil. Oil prices closed off well off the lows last week The crude oil selling resumed on Friday after a two-day pause. While the losses were milder than earlier in the week and less severe than the drop in metals, this was due to a strong jobs report and positive services PMI data that alleviated fears of weakening demand in the US. Nonetheless, concerns over China persisted, leading to lower prices for the week. Investors were also spooked by the sell-off in other commodities like copper and silver. The selling on oil was also driven by speculative long positions being pared last week by managed funds and large speculators. Not only that but they also increased their short positions last week, resulting in a decrease in net-long exposure. According to positioning data from the CFTC, managed funds increased their short positions by 27.2k contracts, while large speculators increased theirs by 22.1k contracts (21.9%). This positioning data reflects the market response to OPEC's decision to extend oil production cuts. It suggests that traders either anticipated more aggressive support for prices from OPEC, are concerned about declining demand due to a slowing economy, or likely a combination of both factors. Why did all major commodities fall on Friday? The sharp fall in major commodity prices on Friday was driven by a rally in the US dollar, which negatively impacts dollar-denominated commodities. This rally was triggered by stronger-than-expected jobs growth, even though part-time jobs contributed to this increase. Metals were already under pressure prior to the jobs report due to concerns over lower-than-expected Chinese demand for industrial metals and rising copper stockpiles. Additionally, the People’s Bank of China halting its gold purchases in May after an 18-month streak also pressured precious metals, contributing to bearish sentiment in the commodities market. What has been driving oil prices recently? Oil prices have been primarily driven lower by demand concerns and an increase in non-OPEC supply. According to the International Energy Agency (IEA), there is a significant surplus of oil this year, largely due to the growth in US shale production. Consistently weak manufacturing data worldwide has heightened demand concerns. This was particularly evident when crude oil prices dropped to their lowest level since February following weak US factory data. The OPEC+ decision to extend output cuts failed to support oil prices as it was already priced in, and there are worries about phasing out voluntary output cuts amid rising non-OPEC supply. However, with the US driving season underway, demand might pick up, potentially slowing or reversing the sell-off. Currently, no strong bullish reversal signs have been observed, however, which means the short-term path pf least resistance on oil remains to the downside. Crude Oil Technical Analysis The recent drop in oil prices has established a clear resistance level between $76.00 and $76.50 on WTI, which was tested and held on Friday. This will be a crucial resistance area to monitor in the coming week. As long as prices remain below this zone, the bearish trend is expected to continue. There was an oversold bounce last week, but a decline towards the support trend of the bearish channel, around the $73.00 mark or slightly below, is possible this week. WTI has been stuck in a bearish channel since peaking in April. The next major support level below the bearish channel is at $70.00, followed by the December low at $67.87. However, if WTI were to reclaim the old broken support area between $76.00 and $76.50, it could signal a bullish trend, potentially leading to technical buying towards the top of the bearish channel, between $78.00 and $79.00. Written by Fawad Razaqzada, market analyst at FOREX.com Follow me on twitter: x.com
FOREXCOM:USOIL
by FOREXcom
WTI Oil H4 | Potential bearish reversalWTI oil (USOIL) is rising towards a pullback resistance and could potentially reverse off this level to drop lower. Sell entry is at 76.59 which is a pullback resistance that aligns with the 50.0% Fibonacci retracement level. Stop loss is at 79.00 which is a level that sits above the 78.6% Fibonacci retracement level and a pullback resistance. Take profit is at 74.21 which is a pullback support. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILShort
by FXCM
WTI Oil H4 | Rising into pullback resistanceWTI oil (USOIL) is rising towards a pullback resistance and could potentially reverse off this level to drop lower. Sell entry is at 76.03 which is a pullback resistance. Stop loss is at 76.88 which is a level that sits above the 50.0% Fibonacci retracement level and a pullback resistance. Take profit is at 74.21 which is a pullback support. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILShort
by FXCM
5
OPEC Secretary-General Affirms Resilient Oil Demand OPEC Secretary-General Affirms Resilient Oil Demand OPEC Secretary-General Haitham Al-Ghais stated at the St. Petersburg International Economic Forum on Thursday that oil demand remains resilient. "It's crucial to stay focused on the fundamentals," he emphasized. "Economic growth, supply, and demand are what drive our decisions." Al-Ghais noted that global demand increased by 2.3 million barrels per day in the first quarter, typically the weakest quarter due to global refinery maintenance. He anticipates continued strong demand in the coming months, particularly with the uptick in summer travel. Saudi Energy Minister Dismisses Bearish Response to OPEC+ Deal, Confident Market Will Adjust Saudi Energy Minister Prince Abdulaziz bin Salman dismissed the market's bearish reaction to OPEC+'s decision to gradually phase out voluntary output cuts, expressing confidence that the market will adjust. "Give it a day or two, reality will set in," he stated at the St. Petersburg International Economic Forum on Thursday. He criticized some banks and media outlets for their narratives around the meeting and reaffirmed that OPEC+ made the right decision. "I know that we did the best job," he asserted. The OPEC+ meeting initially triggered an oil selloff, exacerbated by short selling and movements in the options market, as traders worried about potential oversupply. However, Abdulaziz emphasized that OPEC+ retains the flexibility to pause or reverse production increases based on market conditions. OIL OUTLOOK Oil prices increased early as we mentioned, recovering from a four-month low, which was the lowest point since February. This drop was attributed to an unexpected surge in U.S. stockpiles, indicating softer demand than anticipated. Technically: The price has stabilized within the bearish zone, having already corrected the previous barrier which is 75.39. This suggests a continuation of the bearish trend, with potential targets at 72.500 and 70.570. A further break below 72.500 could lead the price down to 70.570. Conversely, if the price stabilizes above 75.400, it may indicate a bullish trend, potentially reaching up to 78.070. Pivot line: 75.390 Support lines: 72.50, 70.57, 68.12 Resistance lines: 76.80, 78.07, 79.35 The movement range will be between support 70.57 and Resistance 76.80 previous idea:
FX:USOILShort
by SroshMayi
USOIL - TOWARD 75.40Oil prices increased early as we mentioned, recovering from a six-week low after a significant 4.3% fall the previous day, which was the lowest point since mid-March. This drop was attributed to an unexpected surge in U.S. stockpiles, indicating softer demand than anticipated. At the same time, market observers have pointed out that the Federal Reserve has kept interest rates steady, diminishing earlier expectations for a rate cut. PVM Oil Associates commented, "The reduction in borrowing costs may not occur as soon or as quickly as previously thought. It is similar to peak oil demand—consistently anticipated yet never realized." Technically: The price has stabilized within the bearish zone, having already breached the pivotal range between 80.73 and 82.24. This suggests a continuation of the bearish trend, with potential targets at 76.80 and 75.35. A further break below 75.35 could lead the price down to 69.78. Conversely, if the price stabilizes above 82.24, it may indicate a bullish trend, potentially reaching up to 86.86. Pivot line: 78.00 Support lines: 76.80, 75.35, 69.78 Resistance lines: 80.73, 82.24, 86.86
TVC:USOILShort
by SroshMayi
WTI Oil H4 | Falling to swing-low supportWTI oil (USOIL) is falling towards a swing-low support and could potentially bounce off this level to climb higher. Buy entry is at 76.59 which is a swing-low support. Stop loss is at 75.93 which is a level that lies underneath a swing-low support and the 100.0% Fibonacci projection level. Take profit is at 78.47 which is a pullback resistance that aligns with the 50.0% Fibonacci retracement level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILLong
by FXCM
USOIL (Continuation falling)Oil prices increased early as we mentioned, recovering from a six-week low after a significant 4.3% fall the previous day, which was the lowest point since mid-March. This drop was attributed to an unexpected surge in U.S. stockpiles, indicating softer demand than anticipated. At the same time, market observers have pointed out that the Federal Reserve has kept interest rates steady, diminishing earlier expectations for a rate cut. PVM Oil Associates commented, "The reduction in borrowing costs may not occur as soon or as quickly as previously thought. It is similar to peak oil demand—consistently anticipated yet never realized." Technically: The price has stabilized within the bearish zone, having already breached the pivotal range between 80.73 and 82.24. This suggests a continuation of the bearish trend, with potential targets at 76.80 and 75.35. A further break below 75.35 could lead the price down to 69.78. Conversely, if the price stabilizes above 82.24, it may indicate a bullish trend, potentially reaching up to 86.86. Pivot line: 78.00 Support lines: 76.80, 75.35, 69.78 Resistance lines: 80.73, 82.24, 86.86
TVC:USOILShort
by SroshMayi
OIL (WTI) - 4H Three PushThe WTI Oil 4H chart displays a classic bullish reversal pattern, often referred to as the "three pushes" or "three drives" pattern. This pattern is characterized by three distinct attempts by the market to push lower, each attempt being met with increasing buying interest. The current setup shows that after three downward pushes, the price has started to rebound, indicating a potential shift in momentum from bearish to bullish. The price action has recently broken above the upper boundary of the descending wedge, which suggests a weakening bearish trend and the possibility of a new bullish phase. The target for this bullish movement could be around the $84 level, where previous resistance lies. Traders should watch for continued higher highs and higher lows to confirm the upward trajectory, and consider long positions as the price action aligns with this bullish reversal signal.
BLACKBULL:WTILong
by Sober_Trading
WTI Oil H4 | Falling to pullback supportWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher. Buy entry is at 79.94 which is a pullback support. Stop loss is at 79.00 which is a level that lies underneath the 23.6% Fibonacci retracement level. Take profit is at 82.41 which is a pullback resistance. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILLong
by FXCM
8