💣 OIL- OLD SCHOOL CHARTDo you guys like Old School Charts?
I though it would be fun to draw something so simple. yet it's still ok!
One Love,
the FXPROFESSOR
Oilforecast
USO: TurmOIL!🪔🪔🪔The discussions at the tables at the OPEC+ conference do not end, and it shows. We expect the course to drop for quite a bit now. In total, the correction should end somewhere between $41.29 and $39.27, before new bullish runs set in. Once that happens, prices above $59.35 will be targeted.
Let’s go Bears!
OIl bullish part 2looking at the monthly chart we can expect if we pass that resistance at 76.653 we can go to first tp at 107.429 in the next couple months or later time will tell
stay tuned and happy trading
+50% profit on $OIL and yet, OIL to the moon $150 !textbook pattern on $OIL ascending triangle with targets $80,$100 then $120 .
I'm long on $OIL since it was $40 .I expect another strong wave that could start any day .
Oil still going up ? 1W analysis Hello everyone , as we all know the market action discounts everything :)
The WTI/USD closed at 74.64 last week dropping from 75.28 but the market is showing great strength , and the bears trying to stay in control . The market seems to be moving in an upward channel between the range of 83 and 63 with no breakouts yet . no signs of a reversal pattern yet .
for the daily basis seems like the price might drop a bit , but on a weekly chart the data is telling us that the market seems to be getting some momentum , where indicators are telling us the movement is still bullish , lets check that data :
1_Market price trending above then 10MA , 20MA and the EMA (bullish sign).
2_RSI at 71.31 sitting in overbought zone and showing great strength in the market (bullish sign).
3_MACD creating a positive crossover with the market price (bullish sign).
Support & Resistance points :
support Resistance
1_71.43 1_77.66
2_68.07 2_80.53
3_65.20 3_83.89
Fundamental point of view :
Margaret Yang stated that :
Crude oil prices pulled back slightly during Monday’s APAC mid-day session after rising 3.5% over the last two days. The emergence of the Delta variant of Covid-19 is threatening a new round of lockdowns around the world, casting a shadow over the outlook for energy demand. A stronger US Dollar also weighed on commodity prices.
"Meanwhile, unresolved deadlock between Saudi Arabia and the United Arab Emirates (UAE) remains a wildcard in the oil market. Traders are worried that escalated disputes may reignite a price war among OPEC+ members and hammer oil prices. On the other hand, a resolution may lend support for prices to aim at higher levels. This is because the planned 400k bpd production hike marks only a small fraction of an estimated global supply shortfall of 3 million bpd by the end of this year."
Oil and gas production is becoming a tedious business, like coal mining or nuclear power, after the hype of previous years. Weekly data shows an increase in drilling activity in the US oil and gas sector. However, new rigs are only enough to maintain production at 11m BPD since last September, after the peak in March 2020 above 13m b/d. Even two-year highs in prices and extremely favourable financial conditions on the markets do not inspire active expansion. Without the US as a contender for market share, the main balancing force is the OPEC cartel, whose overall policy is well within the new "standards" of boring oil producers: high dividends and slow-growing supply. If the production boom is behind us, we should expect a price boom along with a demand boom.
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This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view , not financial advice.
If you have any questions please ask
Thank you for reading.
OIL- OPEC Deal or No Deal?What a lovely day this is, what a fantastic thing Technical Analysis is.
Yes, we took profit perfectly today on what was a rather easy and predictable trade.
The price dropped minutes later from resistance to support and off from support bouncing back up at the moment.
What is important to understand now is the fundamentals.
Oil price surge triggers new inflation fears as Opec talks break down
The United Arab Emirates refused Saudi Arabia’s demands to increase production, leaving the meeting collapsing with no decision.
Some analysts are now predicting oil will climb to $100 a barrel. Economists said surging oil prices threaten to destabilise the world economy’s fight back from the Covid doldrums. As well as being key to the cost of powering factories, oil and its associated products form a key element in most consumer goods...
Check the idea below and remember who the greatest Bull of ALL TIMES is...(inflation)
USOIL TRIPLE THREAT SETUP...3 TRADES HELLO TRADERS,
THANK YOU FOR FOLLOWING US.
WITH USOIL AT 2018 MONTHLY HIGHS
POTENTIAL FOR SOME DOWNSIDE CORRECTION
POSSIBLY INTO JULY
AS ALWAYS, ONLY RISK WHAT YOU'RE WILLING TO LOSE.
THE TRADING REGIME
FX:USOILSPOT
USOIL Tendline Breakout & 100 PT As shown in the weekly chart, USOIL breaks out a long-term resistance trendline recently, and rise steadily after a technical pullback. Now the next clear resistance is 75$: if that is broken, USOIL could go up quite easily to a 2014 level of 100$.
Oil continuation We still long in Oil. As our análisis stated the pattern it’s looking Intact.
Pleas don’t forget to like and share idea and follow for great calls And setups risk and reward.
USOIL 13/06/2021 - WEEKLY FORECAST TF 2HHello Traders!
While Penguins are on the hunt, you can easily join them as well!
It is easy, all you need to do is to collect the hearts and watch for the eye signs.
Heart in the box - a place to take profits
Eye sign - spot to jump in, or watch
Penguin - expected direction
Have fun with it, and remember - this game is about the patience. Keep yourself cool.
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GOD BLESS U ALL !!!
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.
