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💰 Wait For Green To Long Oil. (USO)🤔 Day 5, not including weekend of oils trend change. Your key Resistance level is the green upward support that we broke. This shows potential for a new trend as the Crossover strategy has been red and the ema dots have also been red. You will want to confirm a long position when the green align back above the new Resistance. Otherwise let it ride. This is for a longterm swing trade confirmation. Easy as that. Best of luck, 🎲🎲 🥇MLT | MAJOR LEAGUE TRADER
AMEX:USO
by UnknownUnicorn2319099
3
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
First Red Since Bottom. (USOIL)🤔 We tested the 34.50 key area that I said we would look to test next in my previous oil post linked below. Check that out. I'm currently in a short for 5% from the breakout point. That rebound would of been a nice scalp play, but I'm still sitting on it. The Crossover strategy and ema dots on lower timeframes showed you the entry. My main focus is this daily timeframe where we do see a red crossover and red ema dots. Did have a nice rebound off the range support we were watching. From a bear standpoint we need that 34.50 to crack to move towards 31.50 next for a test. If happens then the next range to play will be 34.50 - 31.50 I like my position and not worried about the scalp. Trying to capture a larger term move. Checkout the last post on oil below in the related ideas. Best of luck 🎲🎲🎲 🥇MLT | MAJOR LEAGUE TRADER
TVC:USOIL
by UnknownUnicorn2319099
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 Test Channel Support. (USOIL)What a roller coaster ride oil has been this year! Let's analyze the strong rebound from the negatives that we bounced back from. I have identified a parallel impulse channel that it is playing for support and Resistance range currently. The Crossover strategy is crossing over red but very strong compression right on the support level to battle the trend. You want to pay attention to the candle here and see which way the body wants to start building towards. If we break the green dashed line we could see it run towards 34.50 to test an old Resistance level that we had a double top at to see if it's a solid support. If the body of the candle starts to push green then you would want to look for it to align with the ema dots down below, as only the top one is currently green. If we do push back up 40$ will be your key Resistance edge play and if it broke you would look to push towards the top of the channel. Oil is in a very good position for a play. Best of luck to you! ✌😁✌ 🥇MLT | MAJOR LEAGUE TRADER
TVC:USOIL
by UnknownUnicorn2319099
6
🛢️Is the 12 year oil bear market coming to an end?🛢️It looks like the lockdown may have been what oil needed to take oil out of its 12-year bear market. Oil has been trending downwards for over a decade, with sharp sell-offs pointed by the yellow arrows. The graph shows a very brutal bear market for oil. The lockdown did not help, reducing the demand for oil so much the price went negative. But was this the catalyst oil needed to breakout into a new bull market? Since there was nowhere to store oil, producers started shutting down wells, shutting down well is very expensive, and re-starting them is also very expensive. Data shows that the amount of oil coming out the ground now is slowing as wells are turned off, and some will not come back online again. A wave of US shale oil producers filing for bankruptcy is rising as we speak, another supply shock. Demand may not even need to hit pre-covid levels to enter a new bull market if producers have over-cut and there is not enough supply to meet new demand. If inflation hits the streets, that is another bullish factor for oil. Right now there are too many unanswered questions and the chart for oil does not look good at all, but we may be starting a new bull market if the above holds true and impacts the supply of oil. The first level of resistance is $43, we are far away from that, it’s hard to work out support as prices have not been this low for over two decades, based on the last 3 monthly candles it’s around $17. The RSI is not showing a lot of momentum, and things do not look good for oil in the coming months. If you like this idea, please view my monthly ideas on Gold, Bitcoin, S&P500 and GDX. I provide a macro technical analysis combed with market fundamentals to see where price is heading next.
FX:USOIL
by BangkokCharts