No reason to go upTarget is 35.50 ; maybe it will go to 38.50 before that, but that's a 1% risk to around 9-10% reward.
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Oilforecast
US OIL! IS THE RALLY OVER ?OIL DAILY ANALYSIS. LAST WEEK WE SAW A WEEKLY TREND-LINE BREAK AND NOW THIS WEEK FOLLOWING BY A RETEST. LAST WEEKS HIGH 40.63, THIS WEEKS HIGH SO FAR, 39.34..PRICE STILL TRADING BELOW THAT HIGH. WILL HOLD SHORTS AND ADD MORE BELOW 38.50 FOR TARGETS OF 33.50 AND POSSIBLY $31.70 TVC:USOIL
CL, Oil Future in a good progressHello Traders,
Since 12 June, CL is taking an increasing trend, despite some up and down changes.
The pitchfork indicator shed light on the hallway and the trend support on which the CL is making progress. If the CL breaks down this support, I expect a comeback to first resistance.
The Advice about CL: In general, CL is taking an increasing path Bounded by the Pitchfork Indicator.
crude oil Futurewe can see the oil price is between two resistances , it might continue to range in the pitchwork until it breaks with force one of the resistance
Oil long!!In a nice long on OIL expecting it to make new highs … nice bounce to the upside for a pull back for the impulse up !
OIL short OIL sold off and is pulling back to test the 50 MA and the most recent level it broke out of...could see a nice sell to buy opportunity .
US OIL : Break above 39.30 required for Bullish ContinuationOIL has started the downward correction and reached around 34.60 which is the Fibo Extn. 1.61
Usually, if the price extends above 100% on Fibo, it's a sign of trend formation; one can expect the pullback and continuation of the move in the same direction.
Therefore, I remain bearish for OIL until it closes above the falling trendline and breaks resistance at 39.30
GOOD LUCK FOR YOUR TRADES !!! PLEASE SHOW YOUR SUPPORT IF YOU LIKED THE IDEA
Oil ( WTI ) Bulls are slowing down.The bull run in WTI is definitely losing momentum.
It is evident from the fact that negative divergence is coming in play between the price structure and MACD, after the 5 legs impulsive movement.
Now the price is stuck between the key support at 34.86 and the critical resistance zone from 39.60 to 42.00 above.
I have marked the two possible scenarios:
1. The bulls giving up immediately from the current levels ( marked in yellow )
2. It may get one more push higher to the critical zone and then start the correction towards 33.60/30.30/28.40 & 24 based on the Fibo levels.
BRENT OIL top-down analysison DAILY: BRENT OIL is approaching a strong resistance and GAP zone so we will be looking for objective sell setups on lower timeframes.
on H1: OIL is currently trading inside our orange channel, so we are waiting for a new swing to form around our lower orange trendline to consider it objective and enter on its break downward.
we also have a regular bearish divergence on MACD.
meanwhile, as usual, BRENT OIL would be overall bullish until an objective sell setup is activated.
