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WTI OIL 1st Death Cross since February 2020! Huge sell ahead??The WTI Crude Oil ( USOIL ) has been trading within a structured Channel Down pattern since the March 08 market High, following the immense growth after the COVID 2020 demand crisis. We have covered the Higher Lows zones since the November 02 2020 Low (green circle) and the March 23 2021 Low (blue circle) extensively over the past months on the higher time-frames, which is where Oil is trading at the moment. Basically the price is at the bottom of both the Channel Down and the Higher Lows zone since Nov 02 2020 2021. The bearish sentiment got stronger when the price got rejected exactly on the 1D MA50 (blue trend-line) on August 30 and turned even worse on September 02 when the 1D MA50 crossed below the 1D MA200 (orange trend-line) to form the bearish pattern of the Death Cross. This is the first time we see this formation since February 25 2020!! This was a huge bearish sign at the past as it preceded the COVID crash. With the Nov 2020 Higher Lows Zone (dotted lines) holding for now, the Death Cross effect may be postponed for the short-term but only if the 1D MA50 breaks, since we have the 1D RSI forming the same bullish break-out pattern as with April 2022, which was the Lower Low formation within the Channel Down that initiated the rebound to the Lower Highs trend-line. A Bullish Divergence can be also seen on the 8H MACD with it being on Higher Lows while Oil has been on Lower Lows since June 22. However it is about to break lower, which will invalidate all the above. Technically the Channel Down should make a new Lower High within 110.00 - 115.00. A break below it though, should finally test the March 23 2021 Higher Lows zone (dashed lines). Even if we do get that rebound on the short-term, it would be much safer to be positioned systematically with sells on the rallies, as the Death Cross indicates that the long-term trend is gradually turning bearish. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
1
BRENT CRUDE OIL BEARISH PREDICTIONSPrices of petroleum are declining due to increased output by OPEC and United States and weakening demand by the Chinese economy. RSI index of the Daily graph of BRENT is below the neutral line of 50, and MACD histogram, although still above 0 line, is declining. If the price keeps falling, it might test its previous support at 91.50 and if it breaks it, it might target levels of 84. Alternatively, it might try to reach levels of 105.5 Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
BLACKBULL:BRENTShort
by legacyFXofficial
WTI BULLISH OUTLOOKWTI rose in value in response of potential OPEC+ cuts and conflict in Libya. This possibility of supply cuts was enough to offset the effect of the strong US dollar. WTI broke the resistance line of the ascending triangle pattern, a bullish outlook, supported as well by the RSI and MACD indicators. The instrument might test its previous support level at 99.70, but if the break turns out to be false, the instrument might test its previous support at 94.70 Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
BLACKBULL:WTILong
by legacyFXofficial
WTI OIL Bullish divergence could give one last pumpThe WTI Crude Oil (USOIL) has been trading within a structured Channel Down pattern since the March 08 market High, following the immense growth after the COVID 2020 demand crisis. We have covered the Higher Lows zones since the November 02 2020 Low (green circle) and the March 23 2021 Low (blue circle) extensively over the past months on the higher time-frames, but this time we will focus on the Bullish Divergences forming on the lower time-frames (t-f). The chart is on the 1D t-f, as well as the RSI with the MACD on the 8H t-f. As you see, the price is currently testing the August 11 High, which is its short-term Resistance and happens to be also on the 1D MA200 (orange trend-line), which rejected Oil on that particular High. A break above it would be on its own a strong bullish break-out signal on the short-term. The 1D MA50 (blue trend-line) is just above the MA200. On the flipside this means that it will form a Death Cross pattern, which is technically a bearish formation, for the first time since the Feb 25 2020 Death Cross, which preceded the COVID crash. With the Nov 2020 Higher Lows Zone (dotted lines) though right below, the Death Cross effect may be postponed for the short-term. Especially by having the 1D RSI forming the same bullish break-out pattern as with April 2022, which was the Lower Low formation that initiated the rebound to the Lower Highs trend-line of the Channel Down. The Bullish Divergence is more evident on the 8H MACD with them being on Higher Lows while Oil has been on Lower Lows since June 22. Technically the Channel Down should make a new Lower High within 110.00 - 115.00. A break below it though, should finally test the March 23 2021 Higher Lows zone (dashed lines). -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
5
WTI OIL 3rd week below the 1W MA50. Critical Support below.The WTI Crude Oil (USOIL) opened the week yesterday on the 3rd straight 1W candle below the 1W MA50 (blue trend-line). Last time that such streak took place was in early November 2020! It is therefore easy to understand that if this level is not recovered, Oil may enter a new Bear Cycle. On the short-term we ideally want to see a candle closing above the 1D MA200 (red trend-line), in order to trigger a buy signal, targeting the Lower Highs of the March Top. Until then, the short-term price action calls for further selling towards the November 2020 Higher Lows trend-line. A closing below should be enough to trigger a bearish extension to the March 2021 Higher Lows. The 1W RSI has been trading within a Channel Down since March 2021 and is close to its bottom. That is an indicator showing that if it starts reversing, we may see a rebound (at least on the medium-term) on the November 2020 Higher Lows. We will follow with many updates until then. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
WTI OIL Rejection on the 1D MA200.The WTI CRUDE OIL (USOIL) is trading within a Channel Down since June 29, following quite closely the outlook we presented 1 month ago, as it hit the 1D MA300 (red trend-line) target: As you see, it has been below the 1D MA50 (blue trend-line) all this time and the longer it does, the more likely it is to print a Lower Low within the Channel Down on the dotted long-term Higher Lows trend-line around 82.00. This is further enhanced by today's rejection on the 1D MA200 (orange trend-line). If however it breaks above the 1D MA50, look for a reversal towards the Lower Highs of March 08. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
3
WTI OIL heavily bearish eyeing a level untouched since Dec 2021!WTI CRUDE OIL (USOIL) eventually followed the rough projection we made three weeks ago and made a Lower Low as it failed to break above the 1D MA50 (blue trend-line) again: This has created a new Channel Down on the medium-term, which after closing below the 1D MA200 (orange trend-line), it is now eyeing the 1D MA300 (red trend-line) for the first time since December 02 2021! As we outlined in our previous analysis though, the downtrend is unlikely to stop there and most likely will hit the November 2020 Higher Lows trend-line around 82.00 - 83.00 before giving a relief (at least) rally. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
1
OIL showing that inflation has peaked.Another inflation (red trend-line) cross study, this time against the WTI Oil (USOIL). It is evident that the correlation between the two is very tight and every time the Oil market started forming a top pattern (circles), the Inflation Rate followed it lower shortly. I will not get into much detail as the chart is pretty self-explanatory. Oil has been on Lower Highs and Lower Lows since the March "war" peak, which is a bearish formation and if it wasn't for that "war" peak, the pattern would have been a Head and Shoulders, which is also a peak formation. With the 1M RSI back below the 70.00 overbought level after breaking above it for the first time since April 2011 and the only the 5th since 2000, it is more likely to have a market top on Oil. As a result, if a correction starts then Inflation which is still on Higher Highs lagging behind, is more likely to peak as well and finally correct back to sustainable levels in the coming months. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
4
WTI OIL testing the top of its 1 month Channel Down.WTI Oil (USOIL) broke today above the 4H MA50 (blue trend-line) again after a three day stay below it and is approaching the Lower Highs (top) trend-line of the Channel Down it started after the June 14 High. On 4H RSI terms as well, it looks like the V-shaped Lower Highs test of June 29 - July 05 that ultimately led to a sharp sell-off towards the bottom of the Channel. As a result our strategy is to take this favorable R/R sell trade as long as the top of the Channel holds and target the Support (also the 1W MA50 (green trend-line)) at 91.00 and if we get a 1D candle closing below it, then target the multi-year Higher Lows trend-line (dotted line) at 80.00. This pattern is invalidated if the price breaks above the Channel Down and a buy signal will be waiting above the 4H MA200 (orange trend-line), targeting the March 2022 (war) Lower Highs trend-line at 120.00. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
USOIL Short: Shooting Star at 4hr Resistance LevelTrend: The overall trend of the chart is downwards. Candle Sticks: Formation of shooting start at the LH of the chart. Support & Resistance: Price is testing the 4he resistance area by making an LH with a shooting star. Reasoning: The formation of a shooting star at the LH of the 4hr resistance area strongly indicate the price will go down. SL: Place at the previous LH of the chart. TP1, TP2, TP3: Placed according to the Fibonacci retracement levels.
TVC:USOILShort
by sanasaeed
5
WTI OIL hit its 1D MA200 first time in 2022! Bottom can be lowerWTI Crude Oil (USOIL) touched today the 1D MA200 (orange trend-line) for the first time in 2022, more specifically since December 21 2021! This strong selling on the market has come after successive Lower Highs since June 14 and a rejection on the 1D MA50 (blue trend-line). Since the March 08 market High, this may look as the start of a multi-year Bear Cycle but the fall isn't that dramatic yet, as excluding the June 14 High, the market has been ranging sideways (high volatility nonetheless) within a Rectangle pattern since the March drop. This is a make or break moment for the pattern. A break below the Support and naturally the 1D MA200, should seek the 1D MA300 (red trend-line) which priced the markets last Low on December 02 2021, before the mega rally started. A rebound on the Support should test the 1D MA50 on the short-term at least as a Resistance. The most important indicator on this chart though is the RSI, which is displayed on the 1W time-frame. As you see, there is a Channel Down pattern involved, which (with the exception of the March war extreme) has price all of WTI's Highs and Lows since the March 08 2021 High! The best long-term buy on the market can be taken exactly on the Channel's Lower Lows (bottom) trend-line, whether that's on the 1D MA300 or one of the lower Higher Lows trend-lines involved. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
3
WTICOUSD (RESISTANCE ZONE)Hey guys! How are you guys doing! O hope from the previous analysis, the daily fake out from DAILY timeframe got you guys a confirmation and brought toward more downside. What I'm seeing now is that it shall go back and test 110.70 zone and probably bring more downside to 105, 103 and possibly to 95 range. However, shall it break the resistance zone with a strong candle, it will be bring us to a greater height. As oil is a very volatile commodity and can easily go up/down a few dollars so do trade with minimal risk and not overtrade! let me know how you guys think!
OANDA:WTICOUSD
by shiyishiyi