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Oilforecast

WTIOil in a bit of trouble here, likely entering a 6-10 month bear market correction. Downside target can hit the 618% of the entire 5 moves off the 2020 lows when WTI went negative. Currently a lower time frame A wave has bounced off the 618% fib retracement level of the 5th wave. But we must correct that entire 5 up not just the 5th wave. We should bounce into a B wave soon on the daily before making the larger C wave down close to $80. After that The HTF weekly A wave is complete and bounce again into HTF weekly B wave before finally nuking to $50 wave C to complete the entire move. You better BTFD IMHO guys because after this is done oil prices likely to run back turbo over $130.
FX:USOIL
by Big_Mike716
1
Crude Oil forecast - Why we will fallIf you look at the picture we can see zone of interest that was acting as support. However buyer wasn't strong enough to hold the price and we broke down. Right now many people got trapped with local trendline and squeezing to the zone. They opened longs but it's likely that was just a retest. I expect continuation of fall with first target at 90$ unless black swan comes into play. Bullish scenario would be squeezing to the zone and accumulation for 1-2 days. Then we will have a chance to break through it and hold strongly on top. What do you think of this idea? What is your opinion? Share it in the comments📄🖌 If you like the idea, please give it a like. This is the best "Thank you!" for the author 😊 P.S. Always do your own analysis before a trade. Put a stop loss. Fix profit in parts. Withdraw profits in fiat and reward yourself and your loved ones
NYMEX:CL1!Short
by Artem_Dishel
2
USOIL Short: Shooting Star at 4hr Resistance LevelTrend: The overall trend of the chart is downwards. Candle Sticks: Formation of shooting start at the LH of the chart. Support & Resistance: Price is testing the 4he resistance area by making an LH with a shooting star. Reasoning: The formation of a shooting star at the LH of the 4hr resistance area strongly indicate the price will go down. SL: Place at the previous LH of the chart. TP1, TP2, TP3: Placed according to the Fibonacci retracement levels.
TVC:USOILShort
by sanasaeed
5
India tricks the West, Strong dollar & China imports russian oilOil top might be in for this year. Reasons: 1. Market adjustment mechanisms are underway on the commodity markets, ensuring that Russian oil, which is spurned by the West, once again finds its buyers (india, china). This in turn causes these countries to demand less Brent or WTI oil, which again depresses prices. India and China are buying significantly more crude oil from Russia, Europe less, which means there is a balancing out taking place on the world markets with the new tanker routes and transportation routes. 2. India recently bought more oil from Russia than ever before, according to a recent report by the Finnish Energy and Clean Air Research Center. "A significant portion of the crude is re-exported as refined oil products, including to the U.S. and Europe, an important loophole to close," the Finnish analysts warned. Since new sanctions measures are very unlikely, the alignment process between Russian oil and Brent and WTI crudes is likely to continue. 3. Dollar price, interest hikes & recession fears by FED. The strong dollar is also acting as an additional burden on the oil market. This is because commodities such as oil are traded in dollars. If you read between the lines of the FED, they're doing their best to crush commodity and oil prices to crush long-speculators on comm and oil. 4. Fear of new lockdowns in China. Chinese head of state Xi Jinping nevertheless only recently announced that he would stick to the strict zero-covid strategy. This is fueling fears of new lockdowns in China = downside risk for oil demand in China, probably a small impact, since the gov in China is trying its best to avoid a greater corona outbreak in large cities to stabilise eco. situation. 5. bitcoin/tradional markets are sometimes seen as counterparts to oil. Bitcoin, despite very bad news (CPI increased) and being a risk asset, has not moved much further down in price, showing that risky assets have more or less found their bottom while oil bulls have an empty tank. Opinion: I see the price cooling down slowly rather than continuing to climb, probably going towards 70-60$ in the next 6-10 months. ! This is not an investment advise! Do your own research! This is NOT a recommendation to buy or sell oil shares and this is NOT a recommendation to short or to long oil!
FX:UKOILShort
by Lobotto