Oilsignals
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 52.38 on 12/18/2020, so more losses to support(s) 48.95 and minimum to Major Support (46.50) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 64.
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💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 52.38 on 12/18/2020, so more losses to support(s) 48.95 and minimum to Major Support (46.50) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 64.
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💡WTI . Weekly Technical Analysis UpdateMidterm forecast:
43.75 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 40.20 on 11/13/2020, so more gains to resistance(s) 50.70, 54.75, 57.80 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 74.
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💡WTI . Weekly Technical Analysis UpdateMidterm forecast:
43.75 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 40.20 on 11/13/2020, so more gains to resistance(s) 50.70, 54.75, 57.80 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 74.
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WTI OIL Are we repeating May's Channel Up? Slow rise to $55?This is a strange but quite interesting fractal I found as I was trying to break-down the current Channel Up on the 1D time-frame that WTI is trading in.
As you see the current pattern resembles the sequence of May-early June 2020. Both started rising aggressively after the 1D MA50 (blue line) turned into Support. Shortly after the RSI turned sideways and in the case of May/ June, it stayed sideways and consolidated until the end of August.
So far we see this RSI consolidation on full display and it leads me to believe that we may have a similar development into early 2021. Is $55 possible by March? What do you think?
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💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 42.70 on 11/13/2020, so more gains to resistance(s) 54.40, 58.65, 62.30 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 68.
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💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 42.70 on 11/13/2020, so more gains to resistance(s) 54.40, 58.65, 62.30 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 68.
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USOIL : a 7 risk reward ratio trade !!!since the idea is based on 30mn time frame, this idea is available only for one day.
let's see if the market will give me reason today
if you like the post, don't hesitate to discuss it with me or thumble up and follow me
thank you
WTI OIL Buy SignalPattern: Ascending Channel on 4H.
Signal: Buy as the price just hit again the 4H MA50, which has been supporting since November 03. Keep another buy ready in case the price hits the 0.618 Fibonacci retracement level (Highs and Lows since November 06 are on a progressive sequence). MACD repeating the Nov 16-22 consolidation pattern.
Target: 48.00 (just below the 0.382 Fib extension).
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WTI . Weekly Technical Analysis UpdateMidterm forecast:
43.75 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
The RSI downtrend #1 is broken, so the probability of continuation of uptrend is increased.
A trough is formed in daily chart at 40.20 on 11/13/2020, so more gains to resistance(s) 46.30, 48.70, 50.70 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 66.
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WTI OIL Double entry Buy SignalPattern: Ascending Channel on 4H.
Signal: Buy as the price just hit the 4H MA50, which has been supporting since November 03. Keep another buy ready in case the price hits the 0.618 Fibonacci retracement level (Highs and Lows since November 06 are on a progressive sequence) as the MACD is still open.
Target: 48.00 (just below the 0.382 Fib extension).
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Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
The RSI downtrend #1 is broken, so the probability of continuation of uptrend is increased.
A trough is formed in daily chart at 42.70 on 11/13/2020, so more gains to resistance(s) 48.95, 54.40, 58.65 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 69.
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Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
The RSI downtrend #1 is broken, so the probability of continuation of uptrend is increased.
A trough is formed in daily chart at 42.70 on 11/13/2020, so more gains to resistance(s) 48.95, 54.40, 58.65 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 69.
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WTI OIL Trading PlanPattern: Bullish formation based on Fibonacci retracements and extensions. Every Higher Low is on a +0.118 Fibonacci retracement interval. Every Higher High on a -0.118 Fibonacci extension interval.
Signal: Buy near the 0.618 Fib retracement which is also the 4H MA50.
Target: 48.00 (just below the -0.382 Fibonacci extension).
Previous WTI OIL trade:
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WTI . Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 34.60 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
While the RSI resistance #1 at 65 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 40.20 on 11/13/2020, so more gains maximum to Major Resistance (43.75) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 60.
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WTI OIL Trading PlanPattern: Channel Up on 4H.
Signal: (A) Buy as long as the 4H MA50 is supporting, (B) Sell if it breaks.
Target: (A) 43.40 (September 01 High), (B) 40.20 (just above the 4H MA200).
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Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
While the price is below the resistance 46.50, beginning of downtrend is expected.
We make sure when the support at 36.95 breaks.
If the resistance at 46.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 45.44 on 11/11/2020, so more losses to support(s) 41.70, 40.00 and minimum to Major Support (36.95) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 54.
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Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
While the price is below the resistance 46.50, beginning of downtrend is expected.
We make sure when the support at 36.95 breaks.
If the resistance at 46.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 45.44 on 11/11/2020, so more losses to support(s) 41.70, 40.00 and minimum to Major Support (36.95) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 54.
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OIL made 2 month highs! What is the ceiling for the market?WTI Oil broke above the 2 month Resistance zone of 41.50 - 41.90 and is fast approaching the 43.80 High of August 26 (chart on the left). Needless to say, it broke above the bearish channel and reached the 43.00 Target as I discussed two days ago on the idea below:
How far can this go for the short-term? As the left chart shows (4H time-frame), the MACD hasn't yet rolled over (as it did on September 20), so the uptrend can extend a little further on the short-term before buyers book profits and cause a minor pull-back.
On the long-term though we have to look at the 1D time-frame (right chart), which shows an interesting development. The sequence since the November 02 low, is similar to the one following the late April bottom. The MACD pattenrs are identical. I don't need to remind you that it was the rescue package along with OPEC's production cuts that supported this insane recovery rally back then. This week we had the very encouraging vaccine news.
Can Oil start a similar rally based on such positive news? Is $47 again a realistic number? Feel free to share your work and let me know in the comments section!
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WTI OIL high chances to break its bearish channelPattern: Channel Down on 4H.
Signal: Buy if the Lower Highs trend-line of the Channel Down breaks (practically if the 0.786 Fib breaks), as this time the price broke the 4H MA200 (as opposed to September 18) while the MACD is on a Bullish Cross.
Target: 43.00 (the 0.918 Fib, last Resistance before a full recovery).
Most recent WTI OIL signal:
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