Oil(wti)
Oil Consolidation Before next move up.Oil moving into consolidation. Looking for something like this
Oil Test Channel Support. (USOIL)What a roller coaster ride oil has been this year! Let's analyze the strong rebound from the negatives that we bounced back from.
I have identified a parallel impulse channel that it is playing for support and Resistance range currently.
The Crossover strategy is crossing over red but very strong compression right on the support level to battle the trend.
You want to pay attention to the candle here and see which way the body wants to start building towards.
If we break the green dashed line we could see it run towards 34.50 to test an old Resistance level that we had a double top at to see if it's a solid support.
If the body of the candle starts to push green then you would want to look for it to align with the ema dots down below, as only the top one is currently green.
If we do push back up 40$ will be your key Resistance edge play and if it broke you would look to push towards the top of the channel.
Oil is in a very good position for a play. Best of luck to you! ✌😁✌
🥇MLT | MAJOR LEAGUE TRADER
What is the Best Entry Price for Oil Today?Oil finally gave us a healthy Elliott Wave corrective retracement. It could go as far as $36.30 before more momentum comes in. The Kovach OBV is still pretty bullish, while the Chande is registering a nice dip. Current levels ($37.25) might provide a nice entry, but keep a tight stop loss. Note that both of the levels mentioned are strong Fibonacci levels.
OIL Last Push or Break?Several wick rejections on the 1 hourly of previous structure could indicate continued buys, I would like a 4 hourly indication to buy before I get involved! However, if we see the trendline break I will look for sells off of the retest.
Planes flying, OIL will FLY-i-i-i-ino target.. but based on the chart this will keep rising.. eyeing $45-50! bullish $OXY $MGY!
MGY triple top or ascending triangle?Two scenarios can play out here, more than likely (bullish scenario) plays out
1. (green line) we blast through 6.48 and we reach $7-8+
2. (red line) we test 6.48 and reject... test 5.47 or 4.65 then BOUNCE BOUNCE!
CRUDE OIL (WTI) Multi Time Frame Analysis & Scenarios Explained
Technical analysis on WTI:
Key levels & trading plan explained.
EIA Data Shows Cut in Crude Inventories For Week- Yesterday within the United States has seen the release of the weekly EIA Crude Inventories data which has come in posting a cut for the week. Despite this cut we have seen increased levels of volatility within front month WTI contract return.
- This weeks data has seen inventories for crude released yesterday showing a cut of -2.077 million barrels for the week.
OIL WTI - strong rally to the next possible resistanceAs we mentioned in our previous analysis about the oil market there was a time for a rebound. However, the current trend seems to be stronger than we previously anticipated. The price has easily broken the potential resistance at 29,14 USD. The next one could be located near 42 USD per barrel.
From the Elliott wave perspective, the current upward movement may be labeled as wave “a”. If the correction occurs the wave “b” may find support at 29 USD. To finish the whole structure there should be also a wave “c”.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
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OIL BREAKOUT LONGTen day consolidation in indecision is over, which manifests itself in objective reality in a form of a bullish breakout.
Therefore a bullish continuation is expected. If there is a pullback, one might consider a long.
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I also read every comment, so you are welcome to join the discussion!
Wish you all best of luck in your trading!
USDCAD => Weekly Forecast CAD With OIL Inventories What Expectedwe appreciate your coming for taking the time to read our idea please do not forget to hit the like it's our only reward🙌
If one of our idea can help one other person , then to me, that is success. Strive to be authentic, not perfect. Share your Ideas in Comments – that’s what enables Traders to connect. And know that there is always someone listening –
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if You Need Trading guide, any Notes, any information about trading Feel free to message us through Trading view.
Check today analysis
Fundamentals
CAD GDP DATA expected Low Short USDCAD
If Oil Inventories Recover Long USDCAD Expected]
Crude Oil Inventories Data Release =>11:00 am Thursday, Eastern Time (ET)
CAD GDP DATA => 8:30 am Friday, Eastern Time (ET)
Stay safe everyone
_____________________________________________________________________________
Before trading our ideas make your own analysis and research properly.
Forex Trading are leveraged product & can result in the loss of your entire capital.
Please ensure you fully understand the Risks involved.
>>
I’d like to close with a big thank you. Thank you for reading and for helping us to grow. But most of all thank you for being a part of our journey…
With love,
Trading Fleet Team
WTI Us Oil => Weekly Forecast Looking Long we appreciate your coming for taking the time to read our idea please do not forget to hit the like it's our only reward🙌
If one of our idea can help one other person , then to me, that is success. Strive to be authentic, not perfect. Share your Ideas in Comments – that’s what enables Traders to connect. And know that there is always someone listening –
=>
if You Need Trading guide, any Notes, any information about trading Feel free to message us through Trading view
Check today analysis
Fundamentals
Crude Oil Inventories Expected Reduced
May be Oil Touch 36-38
As It start uptrend by breaking Resistance of 30.
Data Release =>11:30 am Thursday, Eastern Time (ET)
Stay safe everyone
_____________________________________________________________________________
Before trading our ideas make your own analysis and research properly.
Forex Trading are leveraged product & can result in the loss of your entire capital.
Please ensure you fully understand the Risks involved.
>>
I’d like to close with a big thank you. Thank you for reading and for helping us to grow. But most of all thank you for being a part of our journey…
With love,
Trading Fleet Team
Previewing the Week Ahead with EURUSD and USDCADEvery Sunday I like to preview the major risk events for the upcoming week to ensure I'm not caught off guard by any unprepared surprises. Typically whenever we have relatively quiet weeks like this upcoming week, we can expect more of a sideways market. This would present fairly low risk entries along support and resistance levels and opportunities to scale in/scale out throughout pivot points.
If anyone has any questions, feel free to leave down below in the chat.
Always remember to Trade Safe - Trade Well
Cheers!
TECHNICAL LONG OIL. TINY STOP. GOOD RISK REWARD.A good opportunity has presented itself for a long trade in oil.
A mid term trade, from a nice level. First take gives us a roughly 2:1 risk reward and I will be closing half of my position there.
Next take is at the first big resistance level. I will close my entire position there.
The stop is very short, yet, pay attention, to that it is not ON the level, but slightly BELOW the level.
Avoid simple mistakes.
Wish you luck!
WTI now can reach 40As the new coronavirus pandemic fears are falling and markets buying back positions, there is a real hope for recovering global macro economy, WTI's contract may rise for the future considering Oil demand growth.
40 is our next target
Short term CLN2020 OutlookSideways movement forming a wedge. Important to keep track of yesterdays pivot point @ 31.45 which has served as a strong resistance point.
