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crude oil bears will target 60 usd/bbl in april 2023🔸Hello traders, today let's review the 4 hour chart for crude oil. Previously we were stuck in trading range, locked between 73 usd and 81 usd, however recently the trading range broke down and this exposed further downside below 70 usd / bbl. 🔸The active trading range is defined by 81 usd range highs and 73 usd range lows. Bears pulled the price down recently due to US banking crisis woes. It's still worth noting that this distribution fractal setup is continuation of the prior downtrend, established in 2022. 🔸Recommended strategy for crude oil traders: bears should look for reversal trade setup near mid range, which is 77.50 USD/bbl. Once we get a decent rejection, bears should scale in on sell side, initially targeting 70 USD / bbl and subsequently a fresh low at 60 USD/bbl. We can hit this level sometime in April/May 2023. 🎁Please hit the like button and 🎁Leave a comment to support our team! RISK DISCLAIMER: Trading Futures , Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Always limit your leverage and use tight stop loss.
TVC:USOILShort
by ProjectSyndicate
22
A potential buying opportunity in oilOil broke through another resistance level and now faces another resistance level at 73.00, which is also the meeting point of the upper trend line of the local ascending channel. Wait for it to rebound to retest the previously broken level at 71, where it will also meet the 38.20 Fibonacci level and a local upward trend line. If any signs of a reversal appear from there, it could be a buying opportunity up to 74.30. ------------------------------------------------------------------------- Let me know your thoughts in the comments, and show your support by liking the idea. Please follow if you're interested in more ideas like this. Your support is greatly appreciated!
FX_IDC:USDWTILong
by Candlestick_OB
WTI Crude Oil - Prospective positional short tradeWTI Crude Oil has completed a nice Head and Shoulders pattern breakdown in the weekly chart and has retested the breakdown zone. Currently cruising at around $67. It is comfortably placed below yearly pivot. Currently the developing yearly CPR is posing a big resistance which possibly could push the price lower. It has also gone down below the yearly virgin pivot and poised to move towards the next yearly virgin pivot at around $37 which is possibly my first target. The target based on head and shoulders pattern is around $23-$25 zone. A move above $82 will invalidated this view and will be out of my position.
TVC:USOILShort
by scorpiomanoj
⚡️UPDATE: OIL PRICE, 21 March 2023My last update was over 1.5 months ago. I was looking for a continuation of the downtrend in the price of Oil down to the mid-60s area. I expected this to happen soon or after a period of side-ways movement. Subsequently, Oil proceeded to trade sideways and in recent days has reached the support level as outlined in the chart. We should expect strong support around this area. Extending back to 2019, this area has acted as both support and resistance on numerous occasions. 📉 A strong move below this area could see an acceleration in the pace of the downtrend with Mid-40s being the next stopping point. The narrative/rationale for such a move would be a collapse in inflation expectations/demand destruction due to the current banking crisis and flow on effects. 📈 A bounce higher is also possible. An outsized bounce would signal a change of behaviour that may result in a trend reversal. On the other hand, a minor bounce would not change the bearish trend and we should expect 📉 as outlined above. Last time: 7th Feb 2023 No change of opinion. Looks to be headed lower. Currently moving in a choppy sideways pattern (horizontal green arrow) . There are currently no reversal signs such as a large bullish candle or significant bounce - the scale of which will need to surpass the Oct 2022 short-term rally. In the short-term, prices can move higher to the upper range of the current side-ways movement or just simply fail to the downside. I don't forsee a long period of consolidation. The medium-term price target is still the mid-$60s. That's the strongest immediate support zone. DYOR, not investment advice.
TVC:USOIL
by mrstockyetoro
UKOIL🛢️ macro movesBrent Crude Oil : Multiyear(2015-2022) inverted Head and Shoulders triggered at the beginning of this year. Price broke the major downtrendline and subsequently iH&S neckline at 87 (lime) and then skyrocketed to 138. Now pulling back down to the neckline. We could actually see the backtest of the major downtrendline and dip into the S/R Zone 76-68. This would be great buying opportunity. Price shouldn't get much below right shoulder (65.8), otherwise the setup would be invalidated. Will set SL to 60, Target 157. Check my other stuff in related ideas. Please boost🚀, comment🗣️, follow me✒️, enjoy📺! ⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
TVC:UKOIL
by bizmark
18
WTI CRUDE OIL: Found Support on the 1W MA200.WTI Crude Oil has been on a long term downtrend since March 2022 and the heights of the Russian/Ukraine war. The 1W time frame technically turned bearish (RSI = 39.105, MACD = -5.090, ADX = 26.852) but the price just entered the S1 Zone, while making contact with the 1W MA200 for the first time since February 2021. This is a heavy Support Zone and the fact that last week's candle closed over the 1W MA200, amplifies it. Target a little under the 1D MA50 (TP = 75.00). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
2
gold market strategic outlook bulls will target 2500 usdHello traders, today let's review a higher tf gold price chart. Noteworthy compression into expanding triangle setup in progress on 4days/candle price chart. Normally, this is a bullish continuation pattern, since previously we were in strong uptrend. So overall, strong bull run in progress, and the bear scenario was recently invalidated after heavy reversal off the double bottom formation near 1625 USD.\ Heavy resistance overhead at 2 000 USD will likely provide a pullback opportunity for the bulls, however this resistance was tested twice already, so final re-test and then expect resistance to break. Based on measured move projection, bulls will target 2500 USD, which is 40% gains setup after the pullback (entry near 1700/1740 USD). Bulls should remain patient and not chase the current move, short-term traders can focus on buying dips targeting 2000 USD. 🎁Please hit the like button and 🎁Leave a comment to support our team! RISK DISCLAIMER: Trading Futures , Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Always limit your leverage and use tight stop loss.
OANDA:XAUUSDLong
by ProjectSyndicate
60
Oil prices start to rebound, go long?Oil prices bottomed out and rebounded on Thursday, ending a three-day decline. Earlier, there were reports that Saudi Arabia and Russia met to discuss how to strengthen market stability. The two countries continue to promise to abide by the decision to reduce their production target by 2 million barrels per day by the end of 2023; helped by a strong rebound in the financial sector, US stocks closed sharply higher and also boosted oil prices. However, the risk of spread between banks still makes investors nervous, suppressing their appetite for assets such as commodities, because they fear that further rout may trigger a global recession and reduce oil demand.In addition, market concerns about oversupply still cast a shadow over the outlook for the oil market.The IEA said on Wednesday that commercial oil stocks in developed OECD countries have hit an 18-month high, and Russia's oil production in February remained near the level before the war in Ukraine, despite sanctions on maritime exports. From the trend point of view, oil prices have recorded a longer downward K-line for two consecutive trading days, suggesting strong downward support. On Thursday, a doji was recorded. The technical indicators are close to issuing an oversold signal. There is still a possibility of short-term volatility in oil prices. Bottoming out; however, before regaining the 70 mark, oil prices as a whole are still running in the air.At present, the initial resistance is near 70. If this position can be further recovered, it will increase the bullish signal in the future. In order to facilitate everyone to continue to follow up on my analysis and sharing, you can like and follow me; in addition, I will share the daily real-time strategy in the channel. If you can't follow up in real time, you may make operational errors.You can use the following methods to enter my channel for free to follow the latest news and follow up on market trends in real time.
TVC:USOILShort
by Short-term-king
US Oil - Last downward leg - Pt.3Hello traders! In previous posts (links in description) we argued about how we believe Oil to be in a cycle corrective wave after big impulse from covid low. We believe this corrective move is unfolding as a triple three targeting the GZ, and confluence zone, in the 56-63 area. This is a big picture of this macro view A great long opportunity will later come in oil, that we will be able to discuss in the future. But first, we expect another leg down. As showed in the main chart, we believe the last ABC of the triple three to be in the making, with a triangolar wave B that may be concluded. We will update here for possible short setups. Bests GMR
TVC:USOILShort
by GMR-Capital