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Oil's long term re-test before upcoming rally? 13.2.2023Simple 1+1 equals 2. There's a couple factors here. 1) Long-term support since March 2023 kept with multiple re-tests. 2) Long-term 8 month wedge consolidation with recent Jan 2023 breakout up together with RETEST of that breakout at 74.80-75.20 as of today. If the week closes above this support, VERY high chance for continuation of breakout up and 80's-90's even 100 to be reached within coming weeks. If the support of 74.80-75.20 breaks down, retest of long-term March 2021 to today support trend-line is possible at 71.40-60. ------------------------------------------------------------------------------------------------------------------- I encourage to do your own research and trade with caution Thank you for reading and would very much appreciate your comments and questions! ------------------------------------------------------------------------------------------------------------------
TVC:USOILLong
by Exactus
7
WTI Crude oil : The retest to rule them all! 10.5Focus up! 100-101.50 is key retest level of support trend-line stretching back all the way to December 2021, with consistent higher lows. At the same time, it's also a retest level of the second higher high breakout stretching back from the peak of 128. China lock down is expected to ease within days, inflation is on the rise, EU oil ban for Russia is likely coming very soon. An unlikely daily close below 100 could signal further downside to 97 though very unlikely with current fundamental/technical combo. Do the math and keep the back noise out the picture, look only at key factors and act with caution and patience. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Thank you so much for reading! If you found my idea useful, it would mean a lot for me if you like and follow! It's a pleasure for me to help as many traders as possible master trading, so please ask me on the comments anything you'd like. ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
BLACKBULL:WTILong
by Exactus
2
USOil/WTI Short overallhello everyone.. last 2 week we had good bull run for usoil... but as soon it reached 82 the price starts consolidating, like in 4hr tf the price test 82 several times.. however if we look at weekly tf the main resistance is around 84-85.. at this point the price can trick the seller... overall i think its a bear trap (still LH & LL).. the resistance trend line also make more sense at the 84-85 price area. look for a good pullback using high tf for better accuracy... currently the price could go up this week before it pulls back good luck
FX:USOILSPOTShort
by baigxy
Short Idea - XOM Exxon Mobile Corporation - Updated 011923Looking at the chart(s) of XOM Exxon Mobile Corporation , are they signaling a short opportunity on the back of lower growth outlook(s) for 23-24'? 🛢⛽️ 📉 Not going to provide much commentary on the macro outlook for U.S. Crude Oil CL1! CL2! CRUDEOIL1! CRUDEOIL2! WTI1! WTI2!, just the charts of XOM: XOM Weekly Chart: 📊 XOM Daily Chart: 📊 XOM 4-Hour Chart: 📊 XOM Hourly Chart: 📊 XOM 15-Minute Chart: 📊 Here is a more detailed XOM (Short) analysis from @dRends35: 📉 What do you think about an XOM (Short)? 🛢⛽️ 📉 Let me know in the comments below! 👇🏼
NYSE:XOMShort
by kylemusserco
1
USOIL | DECRYPTERS | US OILHi people Welcome to our OIL Analysis We put Our Technical and Fundamental Analysis together So both can be Combined 1- My Political Aspect is FED wanted to show people that their polices are working the oil prices will move inflation again. 2- Strength of USD was keeping US inflation low relative to Other countries ,but if USD get deep dive more it'll also fuel the inflation. 3- If US make USD more strong they can buy oil at cheaper prices i Really think it will go for that , Four our Technical point of view look our Dxy Analysis.
FXOPEN:XTIUSDLong
by DECRYPTERS
US OIL- Pt.2- Patience is the keyIn our previous post we explained how we believe that oil still needs to complete a cycle wave 2 in the area 57-60, where the 61.8% fibo retracement and the upper trendline of a big descending broadening wedge stand. We then took a potential short opportunity at 75.8@, but we were kicked out at entry and we believe that the correction in wave ii of C of (Z) still has to complete higher, when the golden fibo level of i coincides with the level for which a=c. We are then waiting 78.14 to restrike.
OANDA:WTICOUSDShort
by GMR-Capital
Volatile start to year for gold and oil In December, the price of gold moved through a volatile uptrend but did seemingly reject at $1,819. However, a daily candle managed to close above this resistance zone on the last day of 2022, which has been followed by a continuation to the upside at the start of the new year. Although the volatile uptrend pattern appears to remain intact. Currently, XAU/USD is sitting in the green “buy zone” of the Investing Zone Indicator. The Alma Trend Ribbon included in this indicator is presently blue, further suggesting that gold is bullish at this point. If gold manages to sustain this bullish outlook, $1,900 might be an appropriate pivot point, with $1,940 perhaps as far as a price traders might like to target. Meanwhile, Crude Oil appears to be in a downward trend, with the price below the pink (bearish) Alma Trend Ribbon. In 2023, the price cratered from ~$80.00 a barrel to as low as ~$73.00, in the first 4 days before consolidating near this low, but not without printing some impressive wicks. This week, crude oil has experienced a small rally to avoid moving deeper into the yellow sell-zone of the Investing Zone Indicator. $76.50 now appears to be a resistance level for oil, so traders might like to watch for further rejections, particularly at $74-$75, before looking for price targets below $73.00 in the days ahead.
BLACKBULL:WTI
by BlackBull_Markets
4
WTI Bearish flag in PlayMonthly Chart : Prevailing macro sallow bearish channel in play. Weekly Chart : Breakout of weekly bullish channel in the corrective phase of the market structure. Daily Chart : Double top intermediate pattern formation within the bearish channel. 4H Chart : Asymmetric expanding mini triangle pattern, with impulse breakout of 1H chart bullish corrective structure. 1H Chart : Almost completed bearish flag, expecting break below 73.50 round number with anticipated zone of interest for tp goal at about 70.00 round number.
TVC:USOILShort
by VictigatorZM
Crude oil WTI: Downside contained?Oil WTI failed to break over the 50-day moving average during the session on January 3, and sellers returned after the price topped $80 per barrel. This resulted in a rapid drop to $73/bbl, making it an interesting area to assess the strength of buyers on dips once again. Remember that the US is actively purchasing crude oil at 67-72 dollars per barrel range in order to replenish its strategic reserves (SPR), which have fallen to their lowest level since 1983. The level of $70/bbl generated a double bottom between December 9 and December 12, 2022, luring buyers at those prices. In the coming weeks, the market may retest those levels or even hit $69-68.5/bbl (December 21, 2021 lows). In such a case, the RSI may show a bullish divergence since it will not fall as low as it did at the December 9 price lows. Thus, the short-term scenario may still have another leg down, albeit the proximity to the purchasing window may limit bearish pressure. A fresh rise over $80/bbl (the 50DMA and the negative trendline from June to November 2022) would open up new positive prospects towards $84/bbl (23.6% Fibonacci) first and $90/bbl (psychological and highs of November 10, 2022) afterwards.
TVC:USOIL
by Capitalcom
2