Get started

Crudeoilwti

US Oil (WTI)- After OPEC production cuts. Oil resuming downtrend after a rally from major support @ $45.25 to the top of the daily descending channel @ $51.75. The recent catalyst for this strong rejection of resistance was caused by Oil news after the OPEC meeting where they decided to cut Oil productions for another 6 months to reduce the supply glut. This is good for Oil prices as supplies have been cut throughout 2017, unfortunately the market was hoping for a longer period of supply cuts from anywhere between 9 months to a year.
TVC:USOIL
by nick.trader4
USOIL IdeaI believe WTI has entered the consolidation zone and is now looking for the correct direction. Experts state that OPEC will continue with production cuts and look to extend them to November but U.S. shale producers and OPEC members not involved in production cuts (Libya, Nigeria, Iran, and Iran due to failing economies) continue to ramp up production. Unless OPEC can come up with an extraordinary measure, I believe Crude Oil will fall below what we saw last week. And the fall we be swift. In the mid term, I believe US Oil will continue to trade between low $40s and mid $50s so i will continue to range trade. Please comment your viewpoints below.
TVC:USOILShort
by Premium_Tendies
8
USOIL pre OPEC meeting movement / possibilities.Here we have possible movement for USOIL in the next week (until the OPEC meeting). The blue frame showed that the huge liquidation that happened a few days ago stopped right at the 2.0 WL, with a huge impulse returning back in. That gave us a major pivot (new C) for the orange frame. Price has been following both since. It has currently bounced strong off the ML of the blue frame (almost touching the 0.5 of the orange - energy point) I believe the following will happen: 1. A small but healthy retrace to the major TL(A) in this swing. 2. If the price continues to respect it, major impulse to break the ML of the blue and 0.5 of the orange 3. Continuation in the swing with big impulses up and small healthy retracements, following the TL(A). 4. OPEC meeting time aligns with the convergence of the TL(A), projected TL(B), MLH (1.0) of the orange frame and 0.5 of the blue frame. 5. There, I expect consolidation and two possibilities: 1. Formation of a new pivot in case of massive selling after the news, dropping to several Support points or 2. Huge impulse up on the OPEC news and continuation on the TL(A) making, quite possibly, a new HOY. 6. However, if we don't manage to pass the blue frame ML and orange frame 0.5, and BREAK the strong TL(A), price might be going to the horizontal TL(C), consolidating there, giving more questions than answers towards more movement. I do think, however, this is a much less likely scenario than the continuous upmove into the OPEC meeting. Entries: Long entry @48.60 to 48.75 / Trgt1: 51.25 Trgt2: 53.00+ (after OPEC for people who want to risk it) / SL: Below the TL(A), wherever that is depending on the time of your entry. I'll be updating maps with each day, following this closely. Good luck with your trading, stay frosty. Nick
TVC:USOIL
by NickBlack
CL on a larger TF / Start of crucial two months for USOILThis shows what, in my opinion, CL might do in the next couple of months. CL will reveal its hand on the day of the OPEC meeting (whatever people think, OPEC WILL create a strong reaction). After that meeting, the candle we get is going to show many things. However, I believe movement after the meeting, into summer, will be much more interesting and violent. It will be very strong, giving us a new HOY or a new LOY. During these months, I will provide maps daily / weekly showing what I think will be happening on smaller TF's using primarily Andrews, Indis and PA. A: If we manage to get above the 1y TL, in my opinion it will drift around it until the OPEC meeting. Then we might see a surge to the TL5, quite possibly will try to take it out. If price manage to get above it, I believe new HOY will appear. If the OPEC candle will be anything like November, it is more than likely. B: If we don't retake the 1y TL2, might retest the low (and TL3) around 44.60, which would on a bigger TF make a double bottom of sort. Then surge into OPEC meeting and the decision in the blue cluster. Looking a bit further ahead, at July, that cluster (blue circle) might be very interesting, and a likely target for consolidation before the most important move in 2017 (after all the geopolitical nonsense and OPEC). If that TL5 isn't taken out with the OPEC candle, it might provide the roof for price and a consolidation zone.
TVC:USOIL
by NickBlack
Thoughts on Crude Oil Brent I haven't been too involved with Crude Oil, mainly because as I saw the trend moving up, I didn't enter when I wanted, and the last thing I wanted to do was chase a rally. So, I stood on the sidelines observing, see what my hypothetical entries and stops would've done. Looking at it now, I see a longer term wedge pattern forming in the weekly charts. Now, when I go into the daily charts, I see Crude Oil falling towards its 50 MA. If it bounces off of this average, I am looking then at the resistance price line of 56.89. If It can break through that resistance line, we might have enough momentum to break up higher. Another reason for this would be the short positions would probably put their stop losses right at that level, creating a virtual short squeeze zone right above support. However, the reverse would be true in theory for the long side of the trade, with most people putting their stop losses right below that 50 MA. Either way, it'll be interesting to see how this plays out. Trying to work more on investors psychology through the TA in charts. All the best, RC
C
by BrandonBeylo
Expecting drop in Crude Oil (Elliott Wave Analysis)Crude Oil seems to be moving in an 3 Wave corrective structure. Hence I expect it to achieve atleast T1 : 53.30 if further downside is seem then it can drop till T2 : 51.80 Even lower levels uptill 50.80 are possible but that is something we can only talk about later on. From a positional perspective this market is a buy on dips as I believe much more upside remains, positional traders should wait for the 3 Wave completion and then add on to there longs. I will update further as this market progresses.
TVC:USOILShort
by NeeravYadav
2