Oilforecast
Oil- 4,2% lower since we went short 🍂Hi guys,
just wanted to share my thoughts with you not just about Oil - an idea that almost nobody liked!- but about Trading in general.
Listen to what I say, try to understand the words and the thinking that comes out of my experience and i hope that I will be able to affect your trading and make it a little better... why not?
We keep buying cryptos selectively, it's going well because even in 'red' days like today our selection is performing nicely BUT at the same time we hedge our exposure (we hedge) with some shorts on other assets. Oil for example since yesterday.
I hope I am making sense and i wish i can affect your trading positively. If yes please leave a comment and remember to apy attention moreto the ideas with less likes because they tend to be the best ones.
One love,
the FXPROFESSOR
Oil Long SetupOil Long Setup
🔵 Entry: $62.62
🟢 TP & RR: $64.61 (1.7)
⛔ Stop Loss: $61.45
Trade Reasons:
✔️ 0.618 Fib level
✔️ 0.5 Fib level
✔️ Previous Support/Resistance level
USOIL - LONG - TARGETOIL giving up some gains and retesting is support area 63.50 we can expect a bullish momentum from here, if it failed to hold this area then it would fall back to 60.00 strong demand zone.
Oil Short SetupOil Short Setup
🔵 Entry: $67.20
🟢 TP & RR: $64.54 (1.96)
⛔ Stop Loss: $68.56
Trade Reasons:
✔️ Gap to fill
✔️ Overbought level
✔️ Market Structure
USDCAD(07:03:21)A classical downtrend pattern can be seen in the weekly time frame. A perceived USD weakness might keep the USDCAD bears in full control this week. A closer view to the 1H time frame shows the classical double top pattern, a bearish pattern. I would likely bet on a bearish continuation this week.
Crude Oil Repeat - FractalHistory doesn't repeat but if often rhymes. Oil bull run between now and 2022, likely due to attempts to go green. Followed by a massive bull run post 2023 through till 2028 likely due to lack of investment in new production globally along with monetary inflation due to market collapse from 2025-2028.
Oil short to 55I have been short oil since 63, tonight oil will re-challenge the 60 level identified on my graph and if this is broken we could see a free fall over the next few weeks. After that I am massively long
Oil Long SetupOil Long Setup (refer to the trade marked with "2")
🔵 Entry: $62.24
🟢 TP & RR: $64.55 (2.69)
⛔ Stop Loss: $61.38
Trade Reasons:
✔️ Support Level
📝 A very basic setup relying on a support bounce. I still believe that we need to reach the 1.618 level before price reverts (the setup posted yesterday and marked with "1"). In the meantime I want to take advantage of the move up (if I even get a fill), but my position will be much smaller than usual due to the last trading day of the month.
Oil Short SetupOil Short Setup
🔵 Entry: $64.49
🟢 TP & RR: $61.02
⛔ Stop Loss: $66.14
Trade Reasons:
✔️ 1.618 Fib Level Extension
✔️ Expecting the formation of higher high price with lower high on the Market Flow indicator (divergence)
📝 This trade will probably take a while to form and will require monitoring of the entry level, to assess the situation.
Oil Long PositionOil Long Position
🔵 Entry: $62.19
🟢 TP & RR: $63.55 (2.62)
⛔ Stop Loss: $61.67
REASONS FOR THE TRADE
✔️ Resistance flipped to support
✔️ Fairly strong volume upwards
📝 I am expecting price to consolidate around the entry level and then continue trending up. Even if this long fails, I certainly don't feel comfortable shorting the trend on a move upwards (or at least until I see some divergence).
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 64.83 on 02/18/2021, so more losses to support(s) 58.65 and minimum to Major Support (54.40) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 66.
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ForecastCity English Support Team ❤️
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 64.83 on 02/18/2021, so more losses to support(s) 58.65 and minimum to Major Support (54.40) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 66.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
OIL NEXT BEAR PHASE TO START SOON 57 TO 60 US$ VS Petrodollar Oil had a target of 57 to 61 to peak we are now close to a new WORLD EVENT INFLATIONARY CYCLE V.S. Deflationary phase A major warning
💡WTI . Weekly Technical Analysis UpdateMidterm forecast:
51.60 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 51.60 on 02/01/2021, so more gains to resistance(s) 63.10, 66.50, 72.55 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 79.
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Trade well, ❤️
ForecastCity English Support Team ❤️
💡WTI . Weekly Technical Analysis UpdateMidterm forecast:
51.60 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 51.60 on 02/01/2021, so more gains to resistance(s) 63.10, 66.50, 72.55 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 79.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
Oil Short SetupOil Short Setup
🔵 Entry: $58.51
🟢 TP & RR: $53.68 (4.24)
⛔ Stop Loss: $59.65
REASONS FOR THE TRADE
✔️ Reached upper trendline
✔️ Seems like we are going to form a lower low
✔️ Divergence in the Market Flow indicator
📝 This is continuation of the short setup I posted a few days ago (1). If you are in a trade already this additional short (2) will increase your exposure, so I suggest moving your SL down.
Oil next down movementHi everyone,
As i mentioned in the past, oil rallied as expected to the target mentioned 50-58, now it will be time to sell it down to 30 usd
Good luck
Oil, End of a 12 years long correction? From an Elliott wave perspective the previous 12 years in oil prices shows a clear ABC shape correction pattern that ended last year.
