DRQ: Falling Wedge with Bullish Divergence at a 0.886 RetraceDRQ shows notable Bullish Divergences on both the Monthly and Quarterly Timeframes at a 0.886 Fibonacci Retrace and is currently trading within a Falling Wedge.
If the Bullish Divergence and Falling Wedge play out, I would expect to see DRQ make its way up to around $60 as a first target and around $94 as a full profit target.
Oil(wti)
CRUDE OIL Potential Short! Sell!
Hello,Traders!
CRUDE OIL has formed a
Bearish wedge pattern
And is now trying to
Make a bearish breakout
So we are bearish baised
And IF the breakout is confirmed
Then we can go short
Sell!
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✅CRUDE OIL BEARISH BIAS|SHORT🔥
✅CRUDE OIL went up again
To retest the horizontal
Resistance of 79.61$ from
Where i believe we will see
A local bearish correction
SHORT🔥
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CRUDE OIL TO HIT $160?😳 (12H UPDATE):Oil moving very smooth in our predicted direction! While it'll be a loss for majority of the public who suffer from higher Oil prices, we'll be profiting as we've managed to get in on the right side of the market📈
Buyers still holding strong, making sellers fail in taking out the previous Wave 4 low. GET INTO LONG TERM OIL POSITIONS NOW!
US OIL - Short IdeaI'd be interested to observe if the price initiates buy orders, capturing resting liquidity around previous highs, before transitioning to short positions. Let's wait
Hellena | Oil (4H): Short to 50% Fibo level 75.49.Dear colleagues, the price resumed the impulsive upward movement. I assume that this movement is wave 1 and it will end soon. Perhaps we will see the beginning of wave 2 today from current levels, but a more conservative and favorable entry will be from the resistance area at 79.37.
In any case, I expect the price in the area of 50% Fibonacci level 75.49.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
US OIL - Short IdeaPrice is finally showing a displacement to the downside, which allows us to start looking for pullbacks for a potential Short Position.
Aiming to get a pullback to the upper OB, or OTE.
Hellena | Oil (4H): Long to 50% Fibo lvl 74.32. Dear Colleagues. The price has shown strong momentum. In the coming week I assume that the price will start an upward movement, as a result of which I expect the price in the area of 50% Fibonacci level 74.32.
Last week's strong movement makes us re-draw the waves, but for this the price should make a correction to our target.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Hopes for higher oil price are getting shatteredThe hopes for higher oil prices were shattered last week with the announcement of a potential Hamas-Israel ceasefire deal, which led to a quick selloff in the oil market. Following the invalidation of a bullish breakout above $76.14, the price of oil kept sliding lower, finally hitting a low of $71.43 yesterday. Currently, the WTI crude oil trades close to $72.80 per barrel, and we pay attention to RSI, MACD, and Stochastic on the daily chart. All of these indicators began to reverse to the downside after the news hit the market, with RSI and Stochastic building bearish structures and MACD attempting to retrace back below the midpoint. If the MACD succeeds, it will bolster a bearish case in the short term. The same will apply to RSI and Stochastic continuing to develop bearish structures. However, as the ADX remains relatively low on the daily time frame, it is suggestive that there is a lack of any trend whatsoever. With this assessment, it is likely that WTI oil will continue to trade within the range between $68 and $75 in the foreseeable future.
Illustration 1.01
The image above portrays the daily chart of the USOIL’s MACD. A breakout below the midpoint will bolster a bearish case in the short term and elevate the odds of a breakdown below $70 per barrel.
Technical analysis
Daily time frame = Bearish
Weekly time frame = Slightly bearish
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Hellena | Oil (4H): Short to area of 72.32.Dear colleagues, I have redrawn the waves as a consequence of the change in the trend direction. I believe that the price will still resume the upward movement, but for now I expect the completion of wave B in the area of 72.32. Before this movement, a test of the resistance area of 75.95 is possible.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Geopolitical tensions are starting to weigh on oil pricesThe United States’ decision to conduct airstrikes earlier this week against targets in Somalia and Yemen provoked more aggression from Houthi rebels, who engaged in multiple new attacks against commercial vessels in the Red Sea and the Gulf of Aden. Following that, Yemen’s rebels claimed a successful hit to the U.S. military ship, which the United States quickly denied. Despite months of ongoing attacks on ships passing through the strait, there have not been any reports of casualties. However, the odds of a fatal tragedy are growing together with the increasing intensity of Houthi’s attacks. Such an event would likely elevate tensions to a new level and put significant pressure on the United States government to act. In the scope of this worsening crisis, the odds of higher oil prices are climbing. On the technical side, some developments suggest oil might be prime for a run higher as well; the MACD crossed into bullish territory on the daily graph, and RSI and Stochastic continue to build bullish structures. Nonetheless, one thing to note is that the ADX is still relatively low, hinting the trend is very weak. Therefore, it might be proper to wait and see whether the USOIL manages to close above $76.14 for at least two consecutive days before committing to a bullish outlook.
Illustration 1.01
The image above shows the MACD breaking above the midpoint on the daily time frame.
Illustration 1.02
Illustration 1.02 displays the daily chart of the USOIL and simple support/resistance levels derived from peaks and troughs. An important level to watch is support at $76.14. If the USOIL manages to make another two consecutive closes above this level, it will bolster the bullish odds.
Technical analysis
Daily time frame = Bullish
Weekly time frame = Neutral
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Hellena | Oil (4H): Long to resistance area 79.37 (Wave C).Dear Colleagues, after a long analysis, I suggest that the upward movement is not over yet. At the moment I suppose that the price is in wave C and should update the maximum of wave A 76.00, but to do this is not easy. The price should meet resistance and I see such a level - it is the resistance area at 79.37. I suppose that the price can make a small correction before the upward movement.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Crude oil could rally from $72Price action has been very choppy on the daily crude oil chart, but if we place a line chart over the top is shows prices are trying to break out of a small triangle / pennant. Whilst these are usually expected to be continuation pattern, they can also make decent reversal pattern. And this case, we've see prices hold above $70 on a closing basis, and the lower candle wicks made a series of higher lows. Momentum is now turning higher.
Bulls could seek dips down to $72 (yesterday's low) or a break of its high, with an upside target around $78, near the 200-day MA and 100-day EMA.
a daily price action after hour update - wti crude oilGood evening and i hope you are well.
Here is a quote from my substack on Monday about oil:
"Most interesting market today. I do believe its a breakout of the bear channel, beginning 2023-09, if bulls can generate follow through tomorrow/Wednesday. The trend line on higher time frames is more of an area than a narrow line with exact prices. But we are there and had a strong bull day. This could be leg 2 of a 3 legged move and a measured move target could bring us to around 80 again. That would certainly make a whole lot of bears cover and fuel the rally probably further. I’d be very cautious with shorts here and look for strength.
short term: sideways to up"
Being prepared pays. Daily close above 75 and market is accelerating. 80 is my next target but i don’t think we get there without a pullback first. PB could be deep to the lower bull wedge around 75.5 but if we get there, the odds that it holds are excellent.
short term: very short term, sideways to down but ultimately bullish for target 80. from there i wait for market to show new impulse.
medium-long term: up
trade of the day: that 1h 20ema held since Wednesday before us open. look for longs.
Hellena | Oil (4H): Long to resistance area of 76.08.Dear Colleagues. I hope you listened to my advice and took a great profit from the last forecast. And now I am considering the continuation of the upward movement. I suppose that the price will reach at least the resistance area of 76.08. Before this movement it is possible to form a corrective wave 2 in the area of 50%-61.8% Fibonacci levels of 71.66.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Time to Brace for GDP (and USD) Downside Surprise?Time to Brace for GDP (and USD) Downside Surprise?
This Thursday marks the release of the initial estimate for the fourth quarter of 2023 GDP in the United States. If predictions hold true, there will be a noticeable deceleration in economic growth, with the market anticipating an annualized growth rate of 2%, a significant drop from the previous quarter's 4.9%.
This slowdown underscores the impact of the Federal Reserve's interest rate hikes on the economy. Chief economist Ian Shepherdson from Pantheon Macroeconomics suggests a higher likelihood of a downside surprise in the GDP figures, potentially leading to a decrease in the US dollar. Commodity currencies might be some of the best to watch in this scenario, with US oil hitting prices not seen since Christmas 2023.
However, not all banks share Shepherdson’s viewpoint.
Here are the growth expectations from some major banks:
ING: 2.5%
Deutsche Bank: 2.3%
Wells Fargo: 1.7%
Goldman Sachs: 2.1%
Citi: 2.0%
Oil changing i trend to upper one journey to 79.35 just begun . first target achieved send and third on the way
XLE Energy stocks, time to buy? Oil has been creeping up lately. Today it triggered a bullish intraday pattern.
This intraday pattern if completes, sets up for a larger bullish daily chart pattern.
If this breakout in oil happens were going to see some energy stocks make moves liek the Semiconductors did today.
Many names like RIG, XOM, HAL, XLE put in daily bottoming tails.
Some energy stocks have much higher beta than others..be careful.
Not FA advice.
WTIUSD_4HWest Texas Oil ABC wave The beginning of the rising wave C Main support $72 Target 78 and 80 dollars It's not beautiful...!
WTIUSD_4HAnalysis of West Texas oil in the short and medium term The market is in the upward correction wave ABC, which is currently in wave B and can move towards $78 and $80 as wave C. The most important support is 72 dollars
Long setup for WTI oilYou can see clearly the up trend in oil.
I want to take entry from demand zone in chart
Natural GAs makes epic reversal, Oil Pummeled. Nat Gas made an epic reversal today after being down over 6%.
Oil got pummeled today despite a weak dollar.
Is the energy market breaking down?
USOIL reacting only slightly to the tensions in the Red SeaIn mid-December 2023, we witnessed major shipping companies announce a halt to transit through the Red Sea. Then, with the launch of Operation Prosperity Guardian, we saw the same companies start reversing their decisions, only to again pause shipping quickly after the resumption (thanks to more attacks from Houthi rebels targeting Maersk ships). As such, the past three weeks in the oil market were marked by turmoil, affecting about 8.2 million barrels per day in transport through the region (and an estimated 12% of the world’s trade). With these tensions increasing, USOIL is reacting positively, and we acknowledge that USOIL may continue to oscillate between $68 and $75 in the short term (before diving lower). However, our price target of $65 per barrel stays in place.
Technical analysis
Daily time frame = Neutral
Weekly time frame = Bearish (turning neutral)
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
