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Oilsignals

WTI OIL Double bottom at $65?WTI Oil has been trading within a Channel Up on the 1D time-frame since March. Despite the relative weakness we saw in July and so far in August, yesterday the price held on the 65.00 level , which if it holds will be a Double Bottom event. This is not a formation that WTI Crude Oil is unfamiliar with, as on April 05 it made the very same Double Bottom while being on a corrective wave under the pressure of Lower Highs. Once those broke, the price went on to post Higher Highs within the 1.618 - 1.786 Fibonacci extensions. With the RSI on a Higher Lows much like in April, we expect to see new Highs once the Lower Highs trend-line breaks. Until then you may target the 1D MA50 (blue trend-line). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> nevada999
TVC:USOILLong
by TradingShot
8
WTI OIL Golden Cross 1W. One last top before major correction?Last week the Golden Cross (when the MA50 crosses over the MA200) on the 1W time-frame for WTI Oil went unnoticed. Last time we had a 1W Golden Cross was way back in April 2018. This raises an interesting fractal comparison. As you see the price action when the Golden Cross happens is within a Channel Up both now then in 2018. Interestingly enough, when the Channel Up pattern started on both occasions, the RSI started printing Lower Highs, meaning it was on a Bearish Divergence. In 2018 that ultimately led to a blow-off top. Both sequences hit the $77.00 as their Highs. Does that fractal comparison indicate that WTI has one last dead-cat bounce to make before a major correction? What do you think? ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> sikret --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
4
Has Oil's uptrend come to an end?My short answer is no. Oil hasn't peaked yet in my opinion, although in the short term it might chop between 63-77$ before a big breakout. As OPEC+ has decided to increase production, we might slowly see the effects of that + there are some general deflationary pressures like new Covid strains and endless lockdowns that might push oil lower in the short term. However in my opinion due to the ESG movement and the climate change proponents in general, the underinvestment in oil + forced production cuts due to protests might limit supply so much that if demand slowly increases the price of oil could skyrocket. Technically Oil is still in an uptrend and its more than a decade long bear market has come to an end. Speculators were flushed out but oil has manage to hit some key levels which if broken might attract more speculative capital in the market. Above 77$, 90$ is a very easy target and we could see it go even to 100$+. In the short term if there is a panic across all markets and we get a strong dip everywhere, I think oil could get to 42-55$, which in my opinion would be an incredible opportunity. Oil around 50$ is ok for allowing for more global growth, but it is also signaling slow growth. Low oil prices could translate in lower bond yields which would mean deflation which would allow the status quo to remain.
TVC:USOIL
by BitcoinMacro
WTI OIL needs to break this Lower Highs trend-linePattern: Channel Up on 1D. Signal: Buy if the Lower Highs trend-line breaks or if the MACD forms a Bullish Cross. Target: 80.00 (below the 1.5 Fibonacci extension). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> CryptoCreatin --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
5
WTI OIL Buy SignalPattern: Channel Up on 1D. Signal: Buy as the price (a) reached the Higher Lows trend-line of the Channel Up, (b) entered the Ichimoku Cloud and (c) the RSI hit its 1 year Support line. Target: 77.80 (the previous Higher High). Previous WTI OIL signal: ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> ProjectSyndicate
NYMEX:CLQ2021Long
by TradingShot
3
WTI OIL Getting closer to a buyPattern: Channel Up on 1D. Signal: Buy when contact is made with the 1D MA50 (blue trend-line) or the RSI enters the long-term buy zone. Target: 79.50 (top of the Channel). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> ridethepig --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
6
sell of in oil today, exhaustion to higher timeframe uptrend?The past two days we have seen a sell off in oil and exhaustion to major levels, we know that crude oil will also affect the price of the CAD so we have also seen weakness in that currency also. on the higher timeframe you can see that we have a weekly uptrend and i have highlighted what happened last time price reached this level. what we are going to wait for is a full and complete exhaustion and price action and entry confirmation that buyers are coming back in with a bullish candle on the daily timeframe. this will take some patience but being a trader most of the time is being able to sit on your hands.
TVC:USOIL
by Trade_Rocket_Investments
WTI OIL Channel Up rejection shows strong pull-back nextPattern: Channel Up on 1D. Signal: Sell as the price got rejected on the Higher Highs trend-line of the Channel Up. This will be confirmed once the 1D MACD makes a Bearish Cross. Target: The 4H MA200 initially (red trend-line) and the 1D MA50 (blue trend-line) in extension where yuo can shift to a buy. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> fract --------------------------------------------------------------------------------------------------------
NYMEX:CLQ2021Short
by TradingShot
1
WTI OIL overbought stillPattern: Channel Up on 1D. Signal: Buy once the price breaks below the 1D MA50 again (blue trend-line). Target: 76.00 (closer to the top of the inner Channel). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> mused_Aurorah --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
1
WTI Oil An interesting fractalWhat do you think of this fractal on the 1W time-frame? The price action since mid 2020 resembles that from early 2017 to mid-late 2018. During that time, WTI started off a Channel Down (blue), then as it broke above the 1W MA50 (blue trend-line) it rose aggressive and after it broke above the 1W MA200 (orange trend-line) as well, it entered a a 9 month Channel Up (green) that eventually led to the October - December 2018 collapse. During that Channel Up, a 1W Golden Cross got formed. Since mid 2020, the price seems to be following the 2017/2018 sequence. We are currently inside the (green) Channel Up. Even the RSI and MACD are printing similar sequences. Will another 1W Golden Cross emerge that will lead the Channel Up to a blow-off top? What do you think? ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> crypto-strong --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
3
WTI OIL Buy the 1D MA50 pull-backPattern: Channel Up on 1D. Signal: Buy once contact is made again with the 1D MA50 or the RSI enters its Buy Zone. The entries have been consistent since March 23. Target: 72.00 (around the 1.5 Fibonacci extension). Previous WTI plan: ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> CryptoSurfer007 --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
4
WTI OIL Resistance Zone being tested. Action plan.Pattern: Descending Triangle on 4H. Signal: As long as the Resistance Zone stays intact, sell (A). If broken buy (B). Target: (A) 62.50 (the 0.382 Fibonacci retracement level), (B) 68.30 (the 1.618 Fibonacci extension level). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> NMOTION29 --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
2