Oilforecast
Brent Crude Oil Important technical analysis updateMidterm forecast:
. While the price is below the resistance 45.00, beginning of downtrend is expected.
. We make sure when the support at 36.95 breaks.
. If the resistance at 45.00 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
. There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08 and the peak at 45 on 2020-07-21, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
. While the RSI support #1 at 55 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 45.00 on 07/21/2020, so more losses to support(s) 41.70, 40.00 and minimum to Major Support (36.95) 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 56.
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Brent Crude Oil Important technical analysis updateMidterm forecast:
. While the price is below the resistance 45.00, beginning of downtrend is expected.
. We make sure when the support at 36.95 breaks.
. If the resistance at 45.00 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
. There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08 and the peak at 45 on 2020-07-21, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
. While the RSI support #1 at 55 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 45.00 on 07/21/2020, so more losses to support(s) 41.70, 40.00 and minimum to Major Support (36.95) 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 56.
❤️ 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!
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Inter-commodity Spread (Dec20 +RB -CL)Looks like a good opportunity is coming up on this one. Fading the Dec20 RB(buy) CL(sell) Combo IC spread by selling into strength seems reasonable.
WTI/USD : Buy on Breakout Confirmation Looking Potential Movement Buy on Breakout confirmation.
ThanKyOu
LONG OIL despite everything.Resistance turned support zone.
Take profit at the next key resistance level as indicated.
Stop loss below the ascending trend line - which falls back below the support region making it bearish.
Requirements:
Await for retest confirmation before entering long. (Risk to Reward ratio will be lesser as compared to the chart)
Crude Oil - Technicals AloneThere's too much noise. Covid lockdowns, vaccine hopes, China trade retaliation, etc.
Technicals:
There was a break out of the wedge that most traders have drawn out however, I think it's more likely price breaks back down in order to build momentum for the next move higher. Ideally, there could be some good buying opportunities around the 200 EMA on the 4hr chart.
If I'm wrong then I'd like price to break above the previous high, $41.63, before I start buying.
WTI crudeoil 15mn chart analysis: flag !!since the idea is based on 15mn time frame, this idea is available only for one day.
let's see if the market will give me reason today
if you like the post, don't hesitate to discuss it with me or thumble up and follow me
thank you
WTI, Important Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 42.90, beginning of downtrend is expected.
We make sure when the support at 30.85 breaks.
If the resistance at 42.90 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 41.61 on 2020-06-23, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
A trough is formed in daily chart at 38.60 on 07/10/2020, so more gains maximum to Major Resistance (42.90) 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 59.
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WTI, Important Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 42.90, beginning of downtrend is expected.
We make sure when the support at 30.85 breaks.
If the resistance at 42.90 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 41.61 on 2020-06-23, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
A trough is formed in daily chart at 38.60 on 07/10/2020, so more gains maximum to Major Resistance (42.90) 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 59.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
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ForecastCity English Support Team ❤️
WTI CUDEHello traders, here is the analysis from our team :
We feel, Pullback is in works.
possible 30 to 32. But may see lower to even 23.
Four outside bottoms, This could be inside bottom.
Let us know in the comment section below if you have any questions.😉
UKOil Price At Support | 40 TargetUkoil price at now Trend line Support.
long some here 34.70 below expecting 36 , 40 Target in short term
invalidation daily close below 33
Possible plays for USOILThis is for those looking at longer price projections..
Price WILL recover..but not yet, it will take time.
I'd love to tell you exactly where we fall to, but I can't and neither can anybody else. this is uncharted territory. but those lower targets will be areas that will react.
Best to look at this chart as a guide to lower targets with a final destination by early next year.
US Crude OilUpdate on US Crude Oil. Price seems to be trading in an Ending Diagonal formation within wave5
US Oil Looks Weak and Topped OutTook a short here on US Oil. Decent R:R and at a local top on HTF's (higher time frames) and pushing into a wedge.
About me:
I keep trading as simple as possible. Will not give my method but will give you entries.
Don't get greedy. Take profits quick when in green.
Let's make money together!
US OIL - SHORTFrom the top of the drop down, Price has just done a 61.8 Fib retracement and i expect a retracement back to at least $25 in order to create some sort of higher high before continuing upward as the recent move has been very much over bought without a major pullback. On the MACD we have a bearish divergence indicating that the buyers are losing steam and pulling out profits. Further confirmation will come once our counter trend line gets broken we will look to enter more shorts after the retest. If price gets back above the 61.8 and creates a new high this setup will be invalidated.
Oil daily base correction downside towards support 37.20$Correction required downside towards support level 3850 and 36.20$ ( Oil expected to stay this level next few months 32$ tp 42$ If any big output cut then possible price go high 46$.
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*Oil prices rallied on Wednesday after industry data showed U.S. crude and gasoline stocks fell more than expected last week.
*U.S. crude futures were also up 3 per cent at $40.44 a barrel, after having fallen 1.1 per cent on Tuesday.
*Official inventory data from the U.S. Energy Information Administration is due out later in the session.
*Meanwhile, the Organization of the Petroleum Exporting Countries' (OPEC) oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters' survey found.
*It was reported that the 13-member OPEC pumped 22.62 million barrels per day (bpd) on average in June, down 1.92 million bpd from May's revised figure.
🛑SUPPORT/RESISTANCE
✅S1= 38.20
✅S2=36.40
✴️R1=40.60
✴️R2=42.10
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What pitchfork indicator says about Crude oil Future!!The pitchforks indicator gives us signs on the trend of Crude Oil Future.
We have an increasing trend between S1 support and R1 resistance, so we expect that CL will continue evolving inside that hallway.
In case he breaks down the S1 support, we will see a bound on S2 so that the CL continues its growth inside that indicator.
However, if he break up or down the pitchforks indicator, we expect a new trend of CL.
USOIL; SHORT The recent optimism in oil markets has left many analysts scratching their heads, with no real fundamental reason for the shift in sentiment.
Demand projections that suggest Asia or the world economy will be moving back to pre-pandemic levels anytime soon are laughable.
The only justifiable optimism for oil markets at the moment is the optimism surrounding 2021 when we will likely see a monumental supply crunch.
I am shorting with a small leverage .
If SL was Hit ,i am shorting from above .
Crude Oil - Bleed or SqueezeOil is full of surprises so preparation is key. Demand at risk however, bankruptcies/production cuts, among other things are pushing prices up.
Keeping an eye on a potential wedge forming up to $43.30 (the 50 Week EMA).
If this is confirmed and it breaks up, then the fib extensions are valid as well as a possible squeeze up to the 200 Week EMA.
Failure at this level means it's likely there will be chop sideways or a drop lower.
