Oil Prices Back in Their Log ChannelOil prices reintegrated their log channel.
Bottom in? Or just an intermediate one?
Oilprice
USOIL, will continue to grow Dear friends, An emerging butterfly - one of the most accurate harmonic patterns with very high accuracy rate- is spotted on US OIL.
I recommend the pair will rise to minimum of 33.00
if you find this analysis useful kindly like and follow.
Thanks
CLN0: Potential Pullback Buy SetupThe above charts shows an optimal limit buy area for a swing trade. Looking for a weakness to trigger a long entry while limiting the risk as much as possible is the aim. The 128.70% extension is a good area for setting a safe sell stop; the closer it is to that area, the better the reward for risk taken.
Oil (4H) / Primary Elliott Wave CountWe should be very close to a bottom. That wouldn't be surprising at such abyssal levels (!). The bearish scenario in SPX could send us to this green box. Algos currently blocking the way up.
USOUSD OIL BULLISH TO 24.68 to 32.88| 5th May 2020"How Malaysian people can predict the oil price accurately?
This is the long lost technique which I learn from my father.
Japanese people expert at rice price
Malaysian people expert at oil price.
We are an oil producer since generation.
Alas, not many Malaysian people know it.."
-Zezu Zaza Oil Webinar on 28th April 2020
8 years ago, when I started the journey seriously in being trader (your job is to buy and sell price),
my dad asked me if I want to learn an ancient technique. A technique which not people know
because not all people being in the oil industry at that times.
Well I said, 'Yes of course I want to learn the secret..' I said like being skeptical on how he really
can know the secret of oil price traded. I mean for a second I was like dont very pay attention
about what he told me.
That times I was like 24 years old. Very novice, juvenile and smell like nothing in my head.
Now I am 32 years old. Old enough to experience the trading like 12 years experiences just
only to watch the price daily for 12 years. Market price is my netflix.
'Well son, I learn from your grandpa. He taught me something that people like us need to
know but our races won't appreciate it because they don't know how important really is.'
My father sipped warm coffee. That time felt like peace with breeze air from outside of
our village.
(Back then poor people don't venture into the oil price trade)
Since we are a family which trade the price, we must know all the technique.
How to trade oil, how to trade gold, how to trade wheat.
And all of this traded instrument were totally different on how to trade it.
But younger generation nowadays hit everything on its path.
They think they know everything and trade the same.
Old people from our time is really good than people in your time.
All your gadget, indicator makes you stupid. Things that comes easy,
human wont strive for the success to dig the knowledge.
They prefer the indicator to tells things while indicator is a lagging coding
after price and momentum makes its turn.
I hear his mumbling bla bla bla and bla like 1 hour.
At one point, what he said is true. I cant denied.
Then he off his tobacco cigarette and sipped the coffee.
He show me something which I truly remember until now.
He draw a chart in one piece of paper...
Then I saw something huge.
Something that people need to know.
The secret is so huge to hide.
I was amazed with the prediction.
The price is like a battleground of a chess.
I stood hard to digest on every single details he told me...
To be continue..
Regards,
Zezu Zaza
2048
Inverted SHS formation [Long]Looking at June contract, oil formed a nice double bottom And is currently forming an inverted Shoulder Head shoulder (SHS) formation with a neckline between 20.3 and 20.7
Once we break above 20.3 we may go up to 25 then form a large correction before going up again.
RIG - This Channel ThoI think it's obvious where the opportunity lies on this one. Still be careful. Gap up potiental.
BUY OIL!!!!! The technicals demand it.With the USA gradually lifting restrictions on Covid-19, the wheels of industry will soon be turning again. And what greases those wheels? Yes - OIL .
A glance at the Monthly chart on BCOUSD shows a very pleasing end of month long-legged doji - a sure sign of indecision. Add to this the bounce off the WPP mid-pivot and everything says BUY!!!!!.
I'm in at 23.82 with a STOP at 22.24 and a provisional take profit at 26.52. Looks a winner to me.
www.mql5.com
Short WTI Crude OilShort WTI Crude Oil at $19 levels could bring good profits, it is much safer to short than to long at this point. The next target is around $14.
Price rose due to cuts being in effect from 1 May although the cuts will not be enough to sustain the surge and a lot of longs still have to be wiped downwards.
WTI Crude oil. Long. Fakeout on volumeNice cup and handle fakeout of the neckline break on volume. Good opportunity to go long.
Short on Exxon Mobil $XOMFundamental analysis:
With oil currently trading at around 18$/barrel, it's going to be really tough for oil companies to be operating on a profit for the foreseeable future. Oil production equipment isn't meant to be halted so we can even expect extra logistical cost to storing all of it. Once travel ban is lifted around end of june, i will look to switch to a more bullish position.
Technical analysis:
Held off posting this idea once I saw the right shoulder of the pattern break but it seems we won't have a daily close over it which means the H&S pattern is still in play. Conservative traders might look to wait for the neckline to break @ around 39$, personally will gradually increase my position as I see this play out. Earnings is in 7 days so watchout for a pre-earnings rally; it's a great opportunity to get a great entry price if it pans out.
Currently there's a bearish divergence that was formed on the MACD
As you can see our targets line up perfectly with the .618 fibonacci level where we might see a reversal or continuation depending on how the situation develops. Cheers and goodluck
TP1 @ 39.00$
TP2 @ 35.75
oil upward move comming as we predicted the oil went down to the exact line we draw last week that's prove that the retracement we did is sucessful moreover i think after a candle like that , the oil is to be buyed only until the next line of the retracement .
The next iceberg supports?The crude oil getting lesser demand and getting overflow.. The price get more lower than expected. Due to Asian and European session, depression to oil price getting more high. The support 1, looks like has been breach, and straight down to support 2.
If both this supports are broken, foresee that will see an Iceberg support deep at 8.85-8.35 . In case if the breaking is easy, maybe we will witness price plummet to $2.00
