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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.
NYMEX:CLQ2020
by Zoen_Trieste
Urgent! WTI has successfully tested the broken support on D1As we've seen in our previous post, we succeeded to expect what will happen and we successfully had reached our target of 37$. Please note that our game now is on the daily chart as the price could successfully break the 37$ level which was a very important historical support, and then retested it on the H4 chart by making a bullish channel to touch the point and then to fall down, then it made a double-top formation on the h1 chart and RSI warning us that it's time to short. But on the D1 chart, why did it break the support then retested it? where it's going to? If you have a good eye, you'd see a double-bottom formation with a broken neckline on the 28$ level, but we haven't tested this line yet, so we need a confirmation between the area of 28$ - 32$. Yeah, a wide area, but it's because we have some strong resistances on 32.5$ (Fibo 23% of the bullish wave that started from 6.5$ + a historical resistance), 31$ (historical resistance, then 28$ (the neckline resistance). So, those should be our main targets in the long-term. When to sell on the H4 chart? As I've just said, it broke the 37$ level then went down to 34.4$, and from that point, it started to make a bullish channel and went to test our broken support. So, we need a H4 candle to close below the down-trend of the bullish channel, and we are about to have this right now, although it may go up a bit to close the gap that was made when the market opened today. And here we go, we are about to start shorting with so nice opportunity to have nice profits. Our target as I've said are 32.5$ (main target), 31$ (normal target), and 28$ (main target). We should put our stop loss above the right shoulder on 39.1$ and wait for H4 candle to close above it to make sure that it's time to close the 41$ gap. Don't forget to tell me your opinion and how you see OIL in comments! I'm waiting for you ideas Chiao!
FX:USOILShort
by Amro_Elzeiny
4
What's the next step for OIL? Short or Long?As we've seen in our previous post, we succeeded to expect what will happen and we successfully had reached our target of 35$ . What we see now is a deep correction for WTI, we have broken 37$, 36$, 35$, and it went to attack 34.4$ without mercy. We are in a bearish channel, but as you see, there's a double-top there (which can be triple-top) that can be used to make nice profits from being short after breaking the neckline which is 35.2 , then wait for the confirmation to target 34.4$. 34.4$ which is very important resistance, if a H4 candle closed below it, then wait for the confirmation on M30 chart to target 33.72$ , then 33.25$ (if it continued), then as a last step 32.8 which is 23.6% of the fibo of the Bullish wave that started from 6.5$ till 40.47$ . After it, we will see what can happen next. If the H4 candle couldn't close below 34.4$ , when we can see there a double-bottom and then use it to go to test 36.10$ then 37$ to see whether we can attack the end of the gap again or not. Don't forget to tell me how you see it in the comments! Chiao !
FX:USOIL
by Amro_Elzeiny
2
US OIL : Break above 39.30 required for Bullish ContinuationOIL has started the downward correction and reached around 34.60 which is the Fibo Extn. 1.61 Usually, if the price extends above 100% on Fibo, it's a sign of trend formation; one can expect the pullback and continuation of the move in the same direction. Therefore, I remain bearish for OIL until it closes above the falling trendline and breaks resistance at 39.30 GOOD LUCK FOR YOUR TRADES !!! PLEASE SHOW YOUR SUPPORT IF YOU LIKED THE IDEA
TVC:USOILShort
by moneytize
3
OIL Stocks vs Oil PriceOf course there's a correlatión between the stock and oil prices (WTI), but this chart can give us a little more understanding about it. TSXV:CEP NYSE:RIG NASDAQ:CDEV NYSE:DNR AMEX:NOG NYSE:QEP I set the baseline price at $ 54.00, if you see the chart you can see some years above that price with a good stock performance and of course the opposite, but more important, the momentum where the prices drop and their effect on the stocks, right now we're just recovering the oil prices but the shares still low, so I think this could be a good opportunity for long term (except for those companies about to declare bankrupcy). The baseline price is not fixed but I found more support and resistance points at the same level This is not an investment advice.
FX_IDC:USDWTI
by v2c_cha
Where WTI is going to? When to short or to long?As we've seen at the beginning of this week that WTI had reached its highest value since COVID-19 has started 40.4$. As many experts expected that it needs a nice correction before going up again, but actually what was there was like the price was just moving around 38$. Since the 2nd of June, we have started to shape the left shoulder of the needed pattern (head & 2 shoulders) which is a very nice pattern at the end of any uptrend + a triangle in which we are waiting for any real break of it. I see here a very nice chance to short it if a 4-hours candle closed below the bearish level to consider it as a break of the neck, then we wait for the confirmation to target 37$ then 35$ if it continued, and our stop must directly above 39$ which is the right shoulder. Also, we can long if a 4-hours candle closed above 39$ (which is the right shoulder line) to target again 41$ (the end of the gap). Don't forget to share with me your opinion of it. I'm waiting for your comments!
FX:USOIL
by Amro_Elzeiny
11