#OIL SHORT TERM SELL OPPORTUNITYAlright first off price is in bullish Daily trend but it reached 161% of Fibonacci extension ratio and as a result of that we saw a bearish engulfing candle which tells us participants who were long in oil are probably busy with profit taking actions and as a result it is possible that we see a bearish corrective move.
If you are with me so far now lets see how we can trade oil in short time.
In 4H time frame we saw an impulsive bearish move which shifted the 4H time frame structure to bearish for the first time in long time, after that bearish impulsive move we have a bullish corrective move which you can see in 1H time frame. Now price has reached an important res area with RSI indicator divergence and also we can see 1H bearish engulfing candle which shows us price has an intention for down side move also we kind of see that in 1H time frame price also couldn't create HH and we can see a Double top formation which is another confluence for bearish move.
Now in case of trading you can probably wait for the price to come below double top neckline which is around 82.050 and then wait for the retest or you can trade it with your strategy at any given time. But it is important to remember this is a counter trend trading and the overall trend is bullish.
For targeting first target obviously would be around 80.500 and after that its kind of risky to hold the position because as I said its against the main trend.
Wish you all the best
Oilfutures
OPEC ReportOPEC's monthly report was released yesterday. Analysts of the cartel lowered the estimate of oil demand growth in 2021 to 5.8 million barrels per day (b/d) compared to 5.96 million b/d in the previous forecast. Thus, global demand in 2021 will average 96.6 million b/d.
"The downward revision is mainly due to lower-than-expected actual data for the first three quarters of this year, despite assumptions about good demand for oil in the last quarter of the year, which will be supported by a seasonal increase in demand for fuel for petrochemicals, heating and a potential transition from natural gas to petroleum products," the report says.
The forecast of demand growth in 2022 is maintained at the level of the previous report's estimate of 4.2 million b/d (100.8 million b/d). The forecast was influenced by expectations of high economic growth rates in the main consumer countries as they gradually emerge from the pandemic. The organization predicts that the demand for oil in 2022 will reach 100.8 million b/d, which will exceed.
OIL Breaking out of the bull flag or another fakeout?Hello and welcome to my post !
OIL is still in a strong uptrend and we are just breaking out from a bullflag.
We are getting strong resistances from EMA100 and MA200.
Something worth mentioning is the purple boxes on the chart, they are indicating previously fake out areas, a think that might happen if the price action dosent break the previously mentioned resistances.
If we continue from here the break of the bull flag strongly the target is 72$.
Indicators: The combination of the overbought SRSI and the mid level RSI suggest a strong momentum for the bulls.
Don't forget to protect yourself with proper Risk Management.
Information provided is only educational and should not be used to take action in the market !
Feel free to ask anything in the comments or send me a message !
Thank you for reading my post,if you liked the idea you can support with a like and a follow have a great day !
The FlipThought of this as I saw the further-out Dec'22 & Jun'22 6-months spread flipping through the closer Jun'22 & Dec'21 ; the historical examples are given in the chart in green circles.
Seems like oil is looking higher from here as per the indication of the attached chart.
Let us see how this unravels.
CL futures. Good level practice 70$2 days since my last idea about Oil.It gave good trade with short stop loss .With risk 20 cent we earn more than 1 dollar.Our level 70 was placed right becouse we can se that price cinfirm this level many times , byers still trying to protect this level.The main now is look where price will close today, if it will close near 70$ its not good sign, becouse all who buy over 70 have stop loss under this price.
USOILPotential Long move in USOIL, Based of an indicator I cannot show you on tradingview unfortunately.
+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 .
CADJPY Buy Trade Idea DailyPotential for CADJPY to continue Uptrend after dip and retest of most recent breakout area. Oil Futures mimic this move as well. Looking for buying pressure to pick up in the green "buy zone" for Buy Opportunity. Either wait for the Breakout or place a conservative Limit Order in the zone.
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
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.
USOIL at MULTIYEAR S/R zone!Oil is currently in a base consolidation at a multi-year support & resistance zone. There’s some RSI divergence in this choppiness. Not interested until price action has built support over level 70 for a long or a defined resistance below level 60 for a short. Will be updating as we go. Sharing humbling my POV and will gladly discuss with anyone if we agree or disagree, I'm a Full-time Life & Market student, always learning! Best regards and Happy Trading! Keep it simple 😉
WTI Crude Oil - The Bigger Picture 👀There's a great chance that we would see higher prices on Crude Oil and for two reasons only... technically!
1. $63.90 level was taken out which opens up room to go higher.
2. Crude Oil... yes we just discovered this recently, it had broken above the Monthly Down Trendline awaiting a possible retest before a move higher.
So yes, that's the bigger picture.. at least it's what I see anyway! 😊
Happy Trading folks!
Cheers!
$CL_F Fib RetracementsToday had some big impulsive moves up in #oilfutures...only to come crashing down twice. And they were big retracements to the 76.4% Fibonocci. Today stalled again at $61.70...if the 76 Fib retracement pattern holds we should see a dip down to $61.20. It is strange to see this pattern off of a 3 wave correction so as always...we let price action dictate our opinions.
OILUSD On A Short Term ConsolidationHello everyone, if you like the idea, do not forget to support with a like and follow.
Oil is consolidating on 57$ to 61$ region for the last days, not much is happening but opportunity's are everywhere.
First of all what is consolidation ? Consolidation is generally market indecisiveness, which ends when the asset's price moves above or below the trading pattern.
A consolidation pattern could be broken for several reasons, such as the release of materially important news or the triggering of a succession of limit orders.
We can trade this region with a pretty simple plan.
A break and a candle close of the resistance will lead us to the upside target.
A break and a candle close of the support will lead us to the downside target.
Also trading within the range is possible by just longing the support and shorting the resistance.
Be on alert for important news about oil with the current world situation that can change the whole analysis with a sudden move.
Thank you for reading my post, have a great day, wish you all the best !
Information provided is only educational and should not be used to take action in the market.
Feel free to ask anything in the comments :)
US OIL at Important SupportIf this can break the support level we are currently at this could have a big fall. IF it does break then we can look to short with a target of 49.30. I have been looking for this to have a big correction for some time. Other key target levels are at Fibonacci levels 0.382 and 0.5 which also align with key structure. First we need to break current support though as oil has been very strong and may resist this.
WTI CRUDE LONG TERM VIEWoil prices maybe on the road for another bottom in 2021.
ATH possible in 5 years possible due to massive demands followed by a robust economic recovery .
Oil- Time to go shortJust listening to my chart here and also thinking about lockdowns and their impact on crude oil consumption
I use 4 take profit levels. When first take profit is taken I simply move the stop loss to zero (entry) and wait to take another 3 take profits lower, if possible.
GBP/AUD : BULLISH BAT+ CYPHER PATTERN IN DAILY TIMEFRAME 🔔Welcome back Traders, Investors and Community!
Analysis of #GBPAUD
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Strategy: BAT+CYPHER Bullish Harmonic Pattern. We will be waiting for all the confirmations to enter this trade.
A clear chart is Always the best business card for a trader.
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The information contained herein is not intended to be a source of advice or credit analysis
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OIL - Our strategy of mixing BUY and SELL positionsOur technical analysis on Oil with the major key price levels.
Fundamentally and technically we see a drop, sooner or later, below 30 usd
At this stage there is a 60% drop, or a 40% rise to 42.50 resistance and a possible drop from there at 90% (10% only to break that level)
HOW WE TRADE THIS:
We have SELL and BUY positions at a rate of 7 (buy) to 3 (sell) (70%-30%)
If the price drops then we have a profit from 40% of the positions
If the price rises we will close all BUY positions at the major resistance of 42.5usd and hold our SELL positions for a drop back to where the price is now and the key take profit levels of 36.60, 34.60 , 31.70 and even the all time support of 30$ and 28.50$.
If all goes well we will consider Buying again at that level.
Take a look at how we perfectly sold in September s idea predicitng perfectly the beginning of the drop,
our tutorial on Oil analysis
