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Oilforecast

Oil Market doing extended -3 The market is doing an extended wave -3 - probably to fill the gap on charts to $40-$42 Always buy the small support ledge that forms between <38.2%-61.8%> pending every minor motive wave that extends on the 1hr chart (can be Elliot detailed on the 15 min) Accumulate to close all at $40 Currently compile 1/2 contract longs at:- 10k $36.10 10k $36.05 10k $36.00 10k $35.95 10k $35.90 10k $35.85 SL / Hedge at $ 34.50 (-$1.5 away on average). TP @ ($4 on average) Take Care & Stay Safe.
TVC:USOILLong
by Summerset
Brent 50 or 12 dollar?The longterm trend in oil is weak, Gov bond around ATL signaling low inflation/low growth. 12 dollar would be a retest of the 1999 low, and a new millennial bottom. You could also argue that the worst is over in oil and tripple bottom is in play at 20. Or we hit 50 dollar and the longterm trend has turn for now. Probabillity leaning towards the downside since we are in a downtrend 60/40 if more downside, target would be at 23 and 20, but with an "option" of 12 dollar What do you think?
TVC:UKOIL
by dybsmeister
1
Oil rebound and what to expect nowHello there, just a quick review for WTI situation. From a mid term perspective WTI looks topping out and forming double top with possible 5th wave extension in rising wedge to extend the forming bearish divergence extension as well. I´m personally expecting a pull back in upcoming days but overally WTI from a long term looks very bullish. ( I will add in update why I think so) ------------- Disclaimer: I´m not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature, and therefore I´m unqualified to give investment recommendations. Always do your own research and consult with a licensed investment professional before investing. This communication is never to be used as the basis of making investment decisions, and it is for entertainment purposes only.
TVC:USOIL
by Anoinvest
BULLS SHATTERS BY TECHNICAL CORRECTION OR POLITICAL TENSIONMarket sentiment has vastly improved over the past weeks, where news about the promising vaccine has also helped boost not only energy but also equity markets. Crude Oil futures prices continue to grow from the historic April lows as a combination of production cuts and signs of increasing demand appears to have stabilized the market in the near-term. Announcements of economies around the world releasing their lockdowns measures allowing more business to reopen are helping the sentiment on demand improving the current global glut of crude oil. However, today’s Asian session started to face some selling pressures, where it could be only a technical correction after an intense week rally by the bulls claiming almost 14% of the ground. Or, the fear of investors by the political tensions caused by the escalation between the US and China over the possible decision that would be imposed by the Central Government in the mainland over the National Security Law on Hong Kong. The geopolitical tensions result in a risk-off tone causing some oil traders to close their long positions on profit. Now, reading the charts this week, the rally was able to take the oil price to touch the Fibonacci level around 0.618, where a technical correction was expected for a further uptrend continuation. 18 & 50 EMA are about to form a golden-cross supporting the bullish momentum in the market. MACD is already in a positive note with a bullish bias. Today’s candle shows how bears got a rejection from the support level at $30.93. With London about to open, let us see how the market close today. Keep in mind that even with investors rattled by concerns of fresh unrest in Hong Kong and geopolitical tension building up, the oil market recovery cannot be ruled out, with reports indicating that Chinese oil demand is almost back to pre-virus levels is the crucial factor to reckon.
FX_IDC:USDWTILong
by OGFXTRADER
Oil To The APEX, It Hit, Now What:Currently Oil is apexing and finding a resting spot over the consolidation zone below whilst hitting its head against resistance zone one (this is a zone of price and not a fixed price) I’ll leave the prior trendiness intact until weekly close as this market, although moved north, hasn’t given enough confidence. A push to R2 would show this. Oil has enough strength to go up from here and not bounce off support at the top of the consolidation rectangle depicted. I’ll check back in at weekly close. 📈Support & Resistance📉* Support Levels 1st Support Zone: 28.82 2nd Support Zone: 24.89 3rd Support Zone: 20.72 Resistance Levels: 1st Resistance Zone: 32.50 2nd Resistance Zone: 37.62 3rd Resistance Zone: 42.11 Price Level Consideration ATH: 147.27 All Time High Half Way Point: 73.64 Prominent High: 65.53 Prominent Low: ZERO 🐃 Bulls Verse Bears 🐻 🐃 Bullish above: 77.04 🐻 Bearish below: BEARISH at the moment Monthly & Weekly Opens Monthly Open:18.86 Weekly Open: 29.78
TVC:USOIL
by LandenInternational
1
Oil prices rally to stop these daysThe economy is restarting and you can see this as check the oil prices graph. It is going up and up the last days and especially in the last two days. The WTI price climbs to $33.05 after the negative prices last month. The oil prices may found a good resistance at the current level of $33.05 and if move up the next resistance may stop the rising prices at $36.50. The economy could not recovery so fast also there are many big volumes stored oil. All these factors could stop the price and back to levels of $22 up to $29 in the next 2-months. World-Signals strategy is to place new orders in the coming days into short positions. The oil prices in the last few days follow the stock optimism and are very high value in the current situation.
NYMEX:CL1!Short
by World-Signals
Peaks on OilPrevious resistance points can be observed at $31, $33, and $35 from mid-April. We could see this rise in Oil price reach one of these peaks, before heading back down as Oil storage reaches a maximum and a second wave of Coronavirus cases occur. This drop is likely to happen over the coming week, so a good opportunity for a Short on Oil, potentially reaching $20 or even $10. We may have already hit a peak on Oil for the timebeing, on the other hand, we may hit a peak at one of the mentioned resistance heights in the near future. Displayed are potential pathways for Oil to head.
TVC:USOILShort
by MAdshead
WTI CAPPING UP FRESH HIGHWith just four trading sessions left before the WTI June contract expires, in despite the total number of coronavirus cases reaching 4.5 million and 300k death reported worldwide by Johns Hopkins and the market, in general, ignoring the US unemployment claims close to 3 million, the oil price was able to capped to a fresh high. A whole trading week has cost the market to shatter its consolidation and finally break the $26 handle. Market impulse can be attributed to the additional 1mb/d pledge cut from Saudi Arabia on Monday to take effect next month in the aim to support the stability of global oil markets, where concerns remain about the easing of the lockdowns leading to a second wave of COVID-19 cases that could profoundly impact the already crippled demand. Moving on to the technical side, the chart indicates a clear bullish bias after the breakout of the flag formation in the D1 chart. Price action is currently trading above the 50EMA, fighting the resistance from previous high on April 3rd at 28.63 handle, with sufficient room for price action to manage and reach next golden Fibonacci level 6.18 where the bullish momentum in MACD and the RSI still far from the overbought level support the bias. However, we could expect a small correction and price re-testing the upper line from the flag as long as price action is not able to break the current level.\ This week probably close inarguably bullish, where the OPEC+ altogether with non-OPEC producers and their 6.6mb/d cuts response informed on the IEA’s monthly report has given the marker the need support for this roaring come back.
FX_IDC:USDWTILong
by OGFXTRADER
USOIl. Long. Bull pennant Oil looks good for a buy after the hour candle spike in volume to confirm the bull pennant. Candle closed pretty much above the support box just 5 min moving averages are lagging a bit. RSI is looking strong and stochastic is still nicely oversold on the hourly so plenty of room to breathe upwards. First take profits at the break of the bull pennant. Could hold some to see if we get a further move upwards. Stop at the low of the hourly candle.
TVC:USOILLong
by breakoutfakeout