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Oilprice

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
US oil short, strong divergence Oil looks good for a temporary respite on the march to close the gap at 41. We now have a nice strong divergence on the hour chart at the top of the rising wedge channel, we can probably expect a pull back to test either of the green support lines and possibly a test break of the rising wedge. Stop just above the hourly divergence, profits to be taken at each support level. If the divergence fails 41 may come sooner than expected... and we could consider reverses and going long
TVC:USOILShort
by breakoutfakeout
OIL MARKET RECOVERY STALLED BY UNCERTAINTIES AND GEOPOLITICAL TUWith June right at the corner, and this month staging 87% recovering in the black gold market, prices have unfortunately found a strong level at the $34 handle. The WTI index has struggled to cheer the USD's weakness and is currently trading in red in the Asian session with a correction of 1.5% from the Thursday session. Investors' sentiment is dampened amid heightening uncertainties with the current situation in Asia with the latest signal from the US of a possible change in its long-standing policy towards China and its internal affair within Hong Kong. Technically speaking, the price action had a seesawing week, consolidating between $30 and $34 handle. Although trading above the smaller EMA 18 & 50, MACD is finally showing diminished bullish momentum, turning a bit sour with the intention to form a sell signal. RSI condition is moving far from its overbought level. Investors should consider further movement in the price action before placing their bets. Any unexpected situation can quickly tarnish the positive momentum in the market. Yesterday's report about the massive buildup in the US crude inventories where the levels rose to 7.9 M barrels from a forecast of -2.5 M, instead of dropping the price, actually gave additional support to the market. It does not look right; the continued appearance of positive momentum and this rebalance faster than expected might be more artificial than real. However, by June is expected a 4 Mb/d increase in demand and cuts in the supply of about 12 MB/d could bring the market into balance.
FX_IDC:USDWTI
by OGFXTRADER