Crude oil predictionHere we can see a regular bullish divergence as the price is making lower low and indicator is making higher lows so our entry trigger for buy can be the breakout upward through the blue trend line.
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Crudeoilprediction
Oil prices have spiked more than 10%|Next rally can hit $75.24On 13 Sep 19, Market closed on $54.87 but Oil prices have spiked after a destructive attack on the Saudi Arabian oil production on weekend shocked markets and produced shortage in global supply of crude for some time.
Now we can see the price spiked more than 10% in a day after market opens and hits the 50SMA even the 100SMA on week chart.
At this point we also have the price resistance level and the pennant's resistance at $60.63 which is not broken since May 2019, if this resistance level would be broken then the price action will take no time to reach the 2nd resistance at $75.24 where we also have tail of the pennant and in case of breaking out $75.24 resistance level the price action can hit the strong resistance at $107.45.
If we see the technical indicators then can be clearly observed that the all of a sudden the chop zone is turned strong bullish and even MACD has given strong bullish signals including bull cross.
For me after breakout the 1st resistance and if all indicators would be remained bullish even after price correction would be ideal for buying.
Market fundamentals + technical analysis are very strong in favor of bullish move.
Next target should be : $75.24.
Regards,
Atif Akbar (moon333)
Crudeoil (USOIL WTI) AnalysisJust my opinion on what market might currently be doing. If market does get to 58, then i will wait a while to see what market does before deciding on next move. Enter and exit at your own risk.
This could be happening
DISCLAIMER
Please note that this chart is an opinion based chart only. Please trade at your own risk
Short Usoil (Crudeoil wti)So, I posted a chart this morning and oil has moved further up which is within calculations and if this chart also fails, then I will post my new opinion on Monday. For now, happy trading. My sl is at 64.51 for leg B to C
DISCLAIMER
Please note that this chart is an opinion based chart only. Please trade at your own risk
Crudeoil Short IntradayAfter hitting the lows yesterday, my opinion is that crude oil will once again hit 64 at point B before going down to C before a last leg up into 64 at point D and then back down again. You may take C and D trades, which is an opportunity for buy & short if B plays out. Please not that targets aren't always going to be on point, it may go slight higher or slightly lower and this is an opinion of what i think the market might do. TPs may very well extend much more lower than my targets but those are my targets.
DISCLAIMER
Please note that this chart is an opinion based chart only. Please trade at your own risk
Crudeoil ShortThis is one of my take on oil on the daily, I might upload my 2nd opinion. I will post an intraday opinion soon.
If you followed this chart that I posted yesterday, then both your target would have been met by now. Could go down further but for now, I'm out.
DISCLAIMER
Please note that this chart is an opinion based chart only. Please trade at your own risk
Short CrudeOilThis is a slight tweak to my short call chart yesterday in the 1 hour view. This is my opinion on oil. There is still a potential for more upside before we go down as stated yesterday, up to you if you want to wait for more upside before shorting.
DISCLAIMER
Please note that this chart is an opinion based chart only. Please trade at your own risk
Short oil Oil has now reached the 0.618 fibonacci line although it has gone past it slightly, which is ok. In my opinion, it hasn't reached a resistance line yet which means this has the potential for more further upside around 67-68 but of course it could just go down from here.
Oil can go straight down from here to 60.70 before going back up to 63.22 and then another down to 58.04. This is of course just my humble opinion which could be wrong, so please trade safely at your own risk.
Disclaimer
This chart is published as an opinion based chart only.
Crude Oil downside to continueCrude Oil have been strong from last year with succession of new tops and lows-whilst it just broke the multi-days bullish channel and undergoing a linear compression setup. Price action and momentum indicators are suggesting the downside to continue towards the prior support area around 61.94. I am looking to short this market around 67.27-66.20 with stop around 68.69, for a target to 61.94 over the coming days.
Crude- Fall is Coming?Crude has been continuously in uptrend since June 2017. Now It has reached 50% retracement level of Monthly Fibonacci. as well as Crude has taken resistance from the April 2017 Trend line. So today If today or this week Crude closes below 70.50 it will be bearish signal and good sell opportunity for us. So my view is bearish for Target of 66-61 in upcoming 2-3 months with the stop loss of 74.50 which gives us Risk to Reward Ratio of 1:2
Crude Oil Forecast And Technical Analysis Nov 22ndCrude Oil Forecast And Technical Analysis Nov 22nd
Latest News And Fundamentals:
Oil prices climbed on Wednesday after a reported fall in U.S. crude inventories and on expectations that an OPEC-led production cut aimed at tightening the market will be extended beyond next March.
It is obvious that Crude Oil Market is being supported by an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to restrain output in a bid to end a global supply overhang.
There was also some price support from a weekly report on Tuesday by the American Petroleum Institute which said U.S. crude inventories fell by 6.4 million barrels in the week to Nov. 17.
Crude Oil Forecast And Technical Analysis
Crude Oil prices tested 58 USD again. This is the take profit level of our Short-term LONG trades which we entered by using the pullback 55.40 and 56.25.
As seen on the chart, Crude Oil price moved above the LONG term falling trend line ( This line comes from 2012 ). And we have another midterm trend line ( the black one ) and it is likely to test this line.
Possible pullback levels for today are 57.42, 57.03 and 56.70.
58.00 is an important resistance. 58.20, 58.59 and 59.37 will be the next target of the Crude Oil.
RSI has not entered into overbought region yet on the daily chart. The current level is the “overbought” according to MM Lines but not extremely overbought (59.37)
Conclusion: Take some profit, and wait for the H4 closings above 58.00 to add LONG. Or use mentioned pullbacks as buying opportunities.