Oilforecast
USOIL 13/06/2021 - WEEKLY FORECAST TF 2HHello Traders!
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Global view Crude Oil. Hello trenders,
I am not really into futures but I like to see the future :)
What I just saw is not pleasent, we are into a bearish channel and on top of it.
So down we go with a long bearish trend.
Retest failed, all indicators in a bubble ready to explode.
Dollar loosing its power is another factor that confirms the idea.
Check the larger view under.
M.M.M Make Motherfuc.in Money
Be wise: don´t work for the money, make your money work for you.
Crude possible trade we are seeing a lot of buy pressure coming into crude today, we had minor contact of our monthly zone and that was enough to send price shooting to the upside. but here at Gentleman Markets we understand that after a push there has to be an exhaustion, so we are going to wait for price to come back to an 1h hour of sensitivity then price action and entry confirmation for a trade to the upside
WTI: Weekly Forecast 20210530Oil prices continued to stay uplifted amid rising commodity prices due to fast-rising inflation despite a recent selloff in March.
The consolidation phrase seems to be ending as a breakout of a symmetrical triangle that occurred last week and the week ended with the price closing above the consolidation structure.
Besides, the entire consolidation which has now reached 3 months came after a major breakout of a 13-year falling trendline, thus we can expect more bulls to come, both technically and fundamentally.
This week, we expect the market to break me which but not excluding a possible pullback at the beginning of the week.
If the price drops first, we can look to buy at 66 - 65.4 region. And should the price go ahead and break higher, simply wait for a pullback towards the breakout level to buy again.
the 2nd wave of Elliott is comingcypher harmonic pattern:
AB=0.61 XA
BC=1.41 AB
tp1=0.78 XA=$91
tp2=1.27 BC=$137
tp3=2 BC=$470
Bullish Megaphone structure-will it reach 60% of pivot lineThe price of the oil got rejected 3 times and in 4th time got some consolidation and broke the upper side resistance around 66.00. We can see a megaphone structure (Bullish megaphone structure).The retest of the upper side trend line will be a good entry point. Expected target would be 70.00stope lose can be placed below 65.00 level
For who asks for OIL Standing On resistance
Data are OK fur bull markets ( stocks are --- )
Restarts of Economy More Energy ++++ More needs +++ Higher price because of stocks
But LOOK AT THE Divergency on RSI red line !!!!???
Isn't asking for correction to get More cash to get throw the resistance ??
All Prices Are on the shart ..
And don't say thanks
SUbscribe ........................
I will Short it only
Brent: Where are the Bears? 🐨🐨🐨As regards the oil market, we are still waiting for the bears to fight back and pull the price under $64.56 and $60.26, respectively. By doing so, they’ll enable us great entry chances for the upcoming bullish run which we expect to reach way above $80 in the longer run. Only a premature breakout above $71.36 would make us change this scenario.
Keep trading!
CRUDE OIL DAILY TIME FRAME IDEACRUDE OIL POSSIBLY CREATING DOUBLE TOP PATTERN OR TRIPPLE TOP PATTERN ( NEED NECKLINE CONFIRMATION ).
Crude oil suffers first weekly loss in May on Iran nuclear deal, weak demand; experts see sideways momentum
Prices could witness some additional correction next week on demand outlook in Asia and a possible increase in output from Iran.
OIL : Currently at 66, expecting to reach 64. Oil charts are giving a strong sell indication for now. Currently trading at 66, opening a sell with the first TP at 64 should be a good trade in the coming weeks.
WTI Crude - Where to next?WTI Crude - Where to next?
What a great week it has been! Time has flown by this yr - Next month we will be half way through the yr... Really great moves in G10 space and commodities as well. The FX 2021 Yr Ahead Outlook video produced those levels are coming into play! Want access? Message us privately
(An updated video will be produced soon).
Technical view:
Short term: lower 60's - 56's areas could come into play any lower price of 54-53- IF we were to decline further. However, we go above 64's areas bulls could gain back into control.
Longer term:70's areas (Depending on Commodities & DXY Performance)
Pattern wise, coming out of triangle formation.
Fundamental factors for now:
- Investors have been concerned about a upshift in market-based measurement of inflation expectations pushing upward.
- Minutes from April’s FOMC meeting, mentioning of tapering - However, remember these are just words not the execution I feel may take place at the end of the yr. (Data dependent)
Conclusion:
Overall, the developments of commodities have escalated vastly due to the dollar depreciation and various other aspects allowing indices, commodities and majors to increase. However, WTI looks a little heavy, I feel bearish momentum short term may come into play. I'd like to scale in further positions at a better price and this really depends on your strategy on the way you trade.
Key tip: When trading any product, I approach it like a coffee business you want get your produce at the best price you can by looking at the longer term picture. Don't panic, don't let your emotions get the better of you or let other peoples influence your trade ideas and guess what if it does go wrong - JOURNAL, Why did that trade not work? but never give up, because losses are part of the game.
Have a great week end.
Trade Journal
(Just trade ideas, not recommendations)
BP SET TO ROCKET RESISTANCE @$27 IS BROKENBP - Current Price $26.69 Price Target $32
I love oil going into the summer RDS.A KMI are both great plays but I love BP this week as BP is approaching a crucial resistance level around $27. They beat earnings last quarter like almost all oil and gas companies did, their dividend of almost 6% is very attractive as well.
Wednesday: Crude Oil - Week 19It definitely looks like a big complex regular flat is in play. We have made a 3-wave corrective structure, so I'm looking for price-action to break the top 1 more time and then drop. I'm looking for the drop because of how the structure is developing, and the divergence in MACD and volume, which is indicating buyer-weakness.
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
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Brent oil is a cyphercypher harmonic pattern:
AB=0.61 XA
BC=1.41 AB
tp1=0.78 XA=$84
tp2=1.27 BC=$136
tp3=2 BC=$465
#USOIL looking for new resistanceUSOIL crossed the 65.50 marks, created support around it and it looks for new highs soon.
USOIL at MULTIYEAR S/R zone!Oil is currently in a base consolidation at a multi-year support & resistance zone. There’s some RSI divergence in this choppiness. Not interested until price action has built support over level 70 for a long or a defined resistance below level 60 for a short. Will be updating as we go. Sharing humbling my POV and will gladly discuss with anyone if we agree or disagree, I'm a Full-time Life & Market student, always learning! Best regards and Happy Trading! Keep it simple 😉
OILOil is currently playing a game of tug a war. (consolidation)
When price breaks either zone for the sell or buy. I will be lookin for the trade to continue to go in the break out direction.
I am personally looking for the market to sell. patiently waiting on my setup and confirmations before entering market. set alarms.
Feel free to help me out with my analysis by leaving a like if you think im on to something ,leaving a comment, some advice etc... Thank you
Happy Trading Week.
US OIL SELLI think US Oil (Crude) is setting up a nice bearish setup. My short term target is $50/barrel.
Disclaimer: This is only a trading idea and must not be taken as a trading signal.
USOIL - THE MAIN PROBLEM IS STILL INCREASING COVID !SHORT DESCRIPTION:
- Nothing has changed! We are still inside DOWN TREND channel (long and short term)!
- During Monday trading a huge "HANGING MAN" candlestick has formed, which is a BEARISH SIGNAL!
- (Bloomberg) "Oil slipped with the rapid resurgence of COVID-19 in India and other countries casting a cloud around a return to normal consumption, even as OPEC+ projected a strong global demand recovery this year."
- (Bloomberg) "Indian Oil Corp. is looking to sell gasoline into the spot market -- a potential indication of weak domestic demand. The country’s refiners are being forced to postpone planned shutdowns for maintenance at some plants as workers are either fleeing or falling ill."
- Overall we are still VERY BEARISH!
GLOBAL OUTLOOK (nothing has changed):
- Record COVID cases in INDIA (the world’s third-largest oil importer) could threaten Global Oil Demand!
- The biggest cities in INDIA are on lockdown again this month!
- India’s combined demand for diesel, the most used fuel in the country, and for gasoline is set to plunge by as much as 20% (!) this month compared to March, officials from refiners and fuel retailers told Bloomberg.
- Also rising COVID cases in JAPAN (the world’s fourth-largest oil importer)!
- Japan has declared a state of emergency (shutdown) for Tokyo, Osaka, Kyoto and Hyogo from April 25 till 11th May to stop people from travelling and spreading the virus during Japan’s Golden Week holidays from late April through the first week of May!
- And last but not least GERMANY (the world’s sixth-largest oil importer) faces lockdown (curfew) until June as curbs fail to push down cases!
- And not to forget, on April 1, OPEC+ said it would gradually lift daily oil production by 350,000 barrels in May, 350,000 barrels in June, and 441,000 barrels in July and holding back around eight million barrels a day of output!
- All in all, globally it don't look good for oil demand within the next months!
