OIL OIL PRICE IS AT A STRONG SUPPORT LEVEL IF IT DOES NOT BREAK THE STRUCTURE
WE WILL BE LOOKING FOR A LONG POSITION
Oillong
Which Way Does Oil Want To Breakout, Down or Up?Since collapse we have had a good recovery with a very strong impulse and the 3 day continues to shoot green.
Now we are zoomed in on 12 hour timeframe. After the strong impulse, price action has started to range into something similar to an ascending wedge creating a test at the recent top with a tight price consolidation.
These are the perfect kinds of moves you want to play. What we will look for next is to play a breakout either way out of the current compression point. Big volume should attack on the breakout.
$30 high / $29 low. Currently in mid range. Let it lead into a transition on the daily candle to shift the indicators.
Good luck.
LONG OIL despite everything.Resistance turned support zone.
Take profit at the next key resistance level as indicated.
Stop loss below the ascending trend line - which falls back below the support region making it bearish.
Requirements:
Await for retest confirmation before entering long. (Risk to Reward ratio will be lesser as compared to the chart)
Oil Triangle Up trend The oil moving in triangle uptrend , i think the price will reach 43$ in the coming days
First Oil Buy SetupThe overall current trend for US Oil is bullish, so I rarely look for the sell. In this case, I used the Fib on the largest wave in the uptrend and saw that the first retraced just a few pips below the 61.8 level.The second wave had made it highest high and was retracing between the 50 and 61.8 levels when I was looking for the buy setup. At this point, I knew the market would range/consolidate (yellow box) because it had previously consolidated in this area (along black line) then would continue short until the 61.8 level.
My support and resistance lines (black lines) helped me to identify a zone/area the market was most likely to hit before continuing up. I highlighted the area where I would have entered the market for the buy (purple box). When I checked my chart later, I saw that price and in fact retraced just a few pips below the 61.8 Fib level, wicked my buy zone and took off bullish.
Unfortunately, I had missed the whole move of about 200 pips.
Ascending Triangle on BRENTHello, Traders,
BRENT is close to breakout an ascending triangle after a couple of days of accumulation.
The entry point is on the breakout or pullback.
Be Careful with SP500.
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New Update On Oil +130 Pips And New Entry Is Available New Update On Oil +130 Pips And New Entry Is Available
UKOIL Watch price for BUYHi traders,
If you want you can start watching for SHORT TERM Sell setups back to the previous bottom around 37.
For buyers, let the price come down to 37 then we will start watching for buy setups.
CRUDE OIL - SELLPrice is consolidating in the channel.
Once it hit this level before it dropped significantly so i expect once support is broken OIL will fall to the green highlighted area.
OIL REPOSTREPOST for my best setup, first move already happened now maybe we see correction as setup expects. But longs are ON.
Please share the setup, give a thumbs up if you enjoyed and give me your thoughts and what you think on it.
Have good trading results in oil with this analysis as many as viewers of it already did!!!
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 !
💰 Wait For Green To Long Oil. (USO)🤔 Day 5, not including weekend of oils trend change.
Your key Resistance level is the green upward support that we broke. This shows potential for a new trend as the Crossover strategy has been red and the ema dots have also been red.
You will want to confirm a long position when the green align back above the new Resistance. Otherwise let it ride. This is for a longterm swing trade confirmation. Easy as that.
Best of luck, 🎲🎲
🥇MLT | MAJOR LEAGUE TRADER
First Red Since Bottom. (USOIL)🤔 We tested the 34.50 key area that I said we would look to test next in my previous oil post linked below. Check that out. I'm currently in a short for 5% from the breakout point. That rebound would of been a nice scalp play, but I'm still sitting on it. The Crossover strategy and ema dots on lower timeframes showed you the entry.
My main focus is this daily timeframe where we do see a red crossover and red ema dots.
Did have a nice rebound off the range support we were watching. From a bear standpoint we need that 34.50 to crack to move towards 31.50 next for a test. If happens then the next range to play will be 34.50 - 31.50
I like my position and not worried about the scalp. Trying to capture a larger term move.
Checkout the last post on oil below in the related ideas.
Best of luck 🎲🎲🎲
🥇MLT | MAJOR LEAGUE TRADER
Oil Go Drip! (USO)😯 Uh oh! It seems to be that oil has broke upward support.
Now it seems to be treating support as resistance.
With a potential Elliott 5 Wave completion.
Would not be surprised if it dumped.
27.58 needs to hold.
Break below 27 is a short.
Bear > Bull
Best of luck! 🎲
🥇MLT | MAJOR LEAGUE TRADER
Oil Test Channel Support. (USOIL)What a roller coaster ride oil has been this year! Let's analyze the strong rebound from the negatives that we bounced back from.
I have identified a parallel impulse channel that it is playing for support and Resistance range currently.
The Crossover strategy is crossing over red but very strong compression right on the support level to battle the trend.
You want to pay attention to the candle here and see which way the body wants to start building towards.
If we break the green dashed line we could see it run towards 34.50 to test an old Resistance level that we had a double top at to see if it's a solid support.
If the body of the candle starts to push green then you would want to look for it to align with the ema dots down below, as only the top one is currently green.
If we do push back up 40$ will be your key Resistance edge play and if it broke you would look to push towards the top of the channel.
Oil is in a very good position for a play. Best of luck to you! ✌😁✌
🥇MLT | MAJOR LEAGUE TRADER
Clear and simple long term uptrend - without a doubtThe road to 50$ is clearly set. Target will be reached in July.
OASIm thinking this stock is about done getting sold, WTIC is closing in on $42 everyday, DXY is in free fall, markets r heading to new ATH's. I'm going long for $2
