+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 $40 .I expect another strong wave that could start any day .
Oilprice
CRUDE OIL - 73,54 Is Now ResistanceOur updated chart on WTI CRUDE OIL shows that the corerctyion is probably incomplete and the oirce under it's previous support/ now Resistance at 73.54
According to Reuters , Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.
In the meantime, U.S. energy firms added oil and natural gas rigs for a second week in a row as oil prices recently rose to their highest since Oct. 2018, prompting some drillers to return to the well pad. Clearly the intention of the US is to control prices, with CPI tomorrow going to be crucial data for what happens next with the US dollar.
On the other hand, last week, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, failed to reach an agreement to increase output from August while Saudi Arabia , the world's top crude oil exporter, will supply full contractual volumes of August-loading crude to at least five Asian countries but has turned down two of the buyers' requests for extra barrels....
In other words, the price is expected to keep being volatile but our charts suggest a short position unless it breaches over this crucial new resistance (73,54$).
the FXPROFESSOR
Long Vision on OILHello Dear Traders,
As we analyze Friday, the oil price is rushing upwards strongly to breach 73.30 level and is trying to stabilize above it, which requires attention from the upcoming trading, as confirming the breach will stop the bearish corrective scenario and lead the price to restore the main bullish trend again.
Therefore, we prefer staying aside until the price confirms its position relative to the level of 73.30, then we will look for buying opportunities as the rebound was strong and the recent selloff could be over.
KR
sell of in oil today, exhaustion to higher timeframe uptrend?The past two days we have seen a sell off in oil and exhaustion to major levels, we know that crude oil will also affect the price of the CAD so we have also seen weakness in that currency also. on the higher timeframe you can see that we have a weekly uptrend and i have highlighted what happened last time price reached this level. what we are going to wait for is a full and complete exhaustion and price action and entry confirmation that buyers are coming back in with a bullish candle on the daily timeframe. this will take some patience but being a trader most of the time is being able to sit on your hands.
OIL- OPEC Deal or No Deal?What a lovely day this is, what a fantastic thing Technical Analysis is.
Yes, we took profit perfectly today on what was a rather easy and predictable trade.
The price dropped minutes later from resistance to support and off from support bouncing back up at the moment.
What is important to understand now is the fundamentals.
Oil price surge triggers new inflation fears as Opec talks break down
The United Arab Emirates refused Saudi Arabia’s demands to increase production, leaving the meeting collapsing with no decision.
Some analysts are now predicting oil will climb to $100 a barrel. Economists said surging oil prices threaten to destabilise the world economy’s fight back from the Covid doldrums. As well as being key to the cost of powering factories, oil and its associated products form a key element in most consumer goods...
Check the idea below and remember who the greatest Bull of ALL TIMES is...(inflation)
USO: Waiting for the next entry! 🤠🤠🤠From the current level, we expect the USO to fall all the way down to prices around $40.56. Once in this region, the next bullish run should bring us close to $60. However, with the bullish price development of the oil market, there is a 45% chance of an early bullish breakout.
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Long Term Oil IdeaValid Till 100$ Oil movement Max (2021 - 2022)
This Only An Idea Not An Financial Advice To Trade With
Risk On Your Own
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
Back In The Ol' Gap With GTEGTE following the trend of the broader energy sector. However, volume isn't as strong as I would necessarily like to see for a full on breakout. But given the trend, it's gonna be nice IF GTE can bust back through this resistance level and stay there for a while.
"Keeping in theme with the other energy stocks on this list, Gran Tierra is a Canadian-based exploration and development company working in the fossil fuels industry. Up by around 5% at midday, GTE stock has been gaining momentum in several recent trading sessions. In the past month, shares of GTE have pushed up by over 25%, and in the past six months by over 125%. Again, we see the price of oil and gas companies continue to push up as Covid case numbers decline globally. While GTE is based in Canada, its exploration operations take place in South America, specifically in Colombia and Ecuador. It is also pursuing other opportunities in similar regions around its existing developments. A few months ago, many investors feared that Colombian national protests would have a major effect on oil and gas operations domestically. But, Gran Tierra managed to largely avoid any sizable shut down at its plants. Considering its role as a pure-play energy penny stock, it could be worth watching alongside dwindling case numbers."
Quote Source: Hot Reddit Penny Stocks to Buy? 10 That You Should Know About
USOIL Tendline Breakout & 100 PT As shown in the weekly chart, USOIL breaks out a long-term resistance trendline recently, and rise steadily after a technical pullback. Now the next clear resistance is 75$: if that is broken, USOIL could go up quite easily to a 2014 level of 100$.
Crude oil. More money to be made.I usually don’t try to guess direction. But I set up triggers for both ups move and down move. Here I present a trigger for a downward move on oil. You can see that I made good money on the first move down shown by the top two down arrows as shown in the embedded chart copy and the link to my crude oil idea. You see from my previous idea that I predicted this almost exactly.
Now you can see my next trigger with the 3rd down arrow if price breaks down support. I don’t have an up trigger because I don’t feel confident I see a good one on the chart. So this is a sell trigger only. You can see that my target profit is the bottom line of the parallel channel. Good luck to all of you. Let’s all make lots of money!
❤️ Miss Bunny
Brent Oil "Bear Time" 4HHello everyone, Brent Oil looks as it is breaking the structure in 4H Time Frame.
Advice scalp on Break Out, wait for retest and confirmation in candles.
Best Regards
Crude possible trade we are seeing a lot of buy pressure coming into crude today, we had minor contact of our monthly zone and that was enough to send price shooting to the upside. but here at Gentleman Markets we understand that after a push there has to be an exhaustion, so we are going to wait for price to come back to an 1h hour of sensitivity then price action and entry confirmation for a trade to the upside
$BP Confirming $27 Support LevelBritish Petroleum $BP
Current Price $27.38 Price Target $32
$27c 10/15 ( $216, 6% till breakeven)
Good stock to own as we continue to see Oil move higher as we go into the summer driving season. If we get $75-$80 a barrel on oil BP’s earnings will benefit greatly.Under 10PE almost 5% dividend makes BP very attractive here. Now that we have confirmed $27 support level we should move up to the top line of resistance in current trading range to about $32.
ONGC ready for a Long Journey aheadLooking at the pattern
BUY at CMP (125)
TARGET : 149/178/196
Time-Span: 2-6 months
CLM2022: A 1-year Forecast Further to the earlier idea, we are now seemingly approaching the final extension zone, and with another 15% increase, the odds for mean reversion become much better. The market seems to be in an exciting area and is definitely worth our attention.
Staying tuned for further developments on this one.
WTI: Weekly Forecast 20210530Oil prices continued to stay uplifted amid rising commodity prices due to fast-rising inflation despite a recent selloff in March.
The consolidation phrase seems to be ending as a breakout of a symmetrical triangle that occurred last week and the week ended with the price closing above the consolidation structure.
Besides, the entire consolidation which has now reached 3 months came after a major breakout of a 13-year falling trendline, thus we can expect more bulls to come, both technically and fundamentally.
This week, we expect the market to break me which but not excluding a possible pullback at the beginning of the week.
If the price drops first, we can look to buy at 66 - 65.4 region. And should the price go ahead and break higher, simply wait for a pullback towards the breakout level to buy again.
Bullish Megaphone structure-will it reach 60% of pivot lineThe price of the oil got rejected 3 times and in 4th time got some consolidation and broke the upper side resistance around 66.00. We can see a megaphone structure (Bullish megaphone structure).The retest of the upper side trend line will be a good entry point. Expected target would be 70.00stope lose can be placed below 65.00 level
For who asks for OIL Standing On resistance
Data are OK fur bull markets ( stocks are --- )
Restarts of Economy More Energy ++++ More needs +++ Higher price because of stocks
But LOOK AT THE Divergency on RSI red line !!!!???
Isn't asking for correction to get More cash to get throw the resistance ??
All Prices Are on the shart ..
And don't say thanks
SUbscribe ........................
I will Short it only
Brent: Where are the Bears? 🐨🐨🐨As regards the oil market, we are still waiting for the bears to fight back and pull the price under $64.56 and $60.26, respectively. By doing so, they’ll enable us great entry chances for the upcoming bullish run which we expect to reach way above $80 in the longer run. Only a premature breakout above $71.36 would make us change this scenario.
Keep trading!
