Oilfutures
Where will oil go?Happy Friday oil traders! Let us pause for a moment and remember those who gave all 19 years ago today... Let us never forget! With that said oil appears to have dropped and is hovering around the June low. There is not much support at this price range so will it go up or continue to fall? I am not sure. I believe it wants to continue back up to its $40-$60 price range and will eventually get there. However, with the market as crazy as it is right now, I think we could see some further downside before that happens. If oil continues to drop I believe it will settle at a bigger support line around $30-$32 range. I hope this helps. Trade responsibly, and have a great weekend!
CLM2021: A 1-Year ForecastThe oil market is held up by new long interest working the sell orders of prior buyers, who are by now feeling the urge to re-enter. In fact, the best time to counter a trend is when the urge gets too prominent; with another 10% of upside here, one can start switching from buy-into-weakness approach to sell-into-strength until that green rate is met by this contract's offer price.
Oil/USD : Brent gradually recoverAfter the big drop in oil prices, however, it recovered gradually swinging
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However, it is now in a confusing area at resistance and is likely to break it, despite the fact that the barrels of oil have been reduced
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Moving Average Indicator gives a good indication for the upside. Moving 20 has been breached, and the Moving 50 remains if the break occurred, it will continue.
A SLIPPERY SLOPE FOR USOIL FUTURESAS YOU CAN SEE, I DON'T USE ANY ON CHART INDICATORS SO I'LL KEEP THIS SHORT AND SWEET.
FK ALL THE USELESS TECHNICALITIES ABOUT EMAs, ETC.
USOIL LOOKS TO SLIDE DOWN TOWARD $36.10 AS CONTINUED EFFORTS TO RAISE PRICE HAS FAILED.
FALLING UNDER GROWING PRESSURE AND MOMENTUM, WE COULD VERY WELL SEE PRICE CONTINUE TO SLOWLY DESCEND OVER THE COMING WEEKS. RECENTLY RECOVERING FROM -VALUE LAST SEASON, WHO'S KNOWS WHERE THE TRUE BOTTOM IS FOR USOIL?
NO TP DEFINED RIGHT NOW.
THIS IS A HELL OF A SHORT POSITION HOWEVER, DO YOUR OWN DILIGENCE.
OIL Trading PlanPattern: Channel Up on 4H.
Signal: (A) Buy as the price rebounded near the Higher Low trend-line of the Channel Up, (B) Sell if the 4H MA200 breaks.
Target: (A) 42.30 (Resistance) and 43.30 (Higher High of the pattern) in extension, (B) 38.00 (the Higher Low of the wider Channel Up).
Most recent signal:
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WTI OIL Buy SignalPattern: Channel Up on 4H.
Signal: Bullish as a bottoming fractal has been formed after the price bounced near the Higher Lows trend-line since May 27 and the RSI bounced near the Lower Low trend-line of its Channel Down.
Target: 42.00 (just below the Higher High of the Channel Up).
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Previous WTI signal:
CLQO: Up by 100%! What's next?Further to the earlier idea related to CLQ2020 contract in which there was a 100% up projection within certain time, it is now established that this contract traded the 100% up area from its YTD low, and that it is currently working the offers at this key zone. The sudden downside for long exposure that we saw earlier on today is most likely an effect of traders squaring off long exposure via profit booking. If aggressive bears are unable to gain momentum in this key area, the buy stops will surely increase the counter momentum. Staying tuned in for more.
I'm out - After 45% PROFITS!Ok guys, you know that I went long on UKOIL about a week ago, and now I’ll update you about my trade. If you missed my first call on UKOIL, follow me to keep in touch with my analysis and trades. Now, here’s my analysis when I long UKOIL (Apr 28):
Why I long it? Simple, I saw a Piercing Line pattern near a support, and a Double Bottom in the hourly chart. There’s a Piercing Line in the weekly chart too, which would help the bulls to keep going. No indicators, just the candles (as always).
Now, I sold it after it did a Pivot downwards in the hourly chart, as you can see here:
As you can see, a very technical trade, with a nice risk/reward relationship (about 7:1). I don’t know if it will continue going up, but now I’m out because of my own technique. I usually set an exit point under a support after such a bullish move, I think it’s wise and gives me comfort. Now, I can sleep like a baby here.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
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