Oilsignals
CRUDE OIL Price Will Drop To $20 or Worst $18.15| 3rd March 2020Price oil not only has been a target to a massive selling from investor but the oversupply from the country exporters while China that has to be no.1 oil purchaser has not buying oil price as per regular basis. As per chat on monthly timeframe, there was a significant supply has been going on in the market recently. The chart clearly shown that the supply of oil still continue to supply even the crisis of pandemic has gotten worst.
To prevent this to be oversupply, the oil producer has being in the decision to cut the oil supply so that to maintain the fair price of oil around $50 per barrel.
While this cut is implementing, it will takes time to be control. The price right now closed around $45 as 1st March 2020.
The price has done the correction pattern which is why it tends to slope against the prior uptrend. It is a short term pattern and this will tally to the cutting implementation from the oil producers countries.
I am predicting the price of oil will bearish hitting around $20.00 or worst $18.15 per barrel before it will continue bullish to meet the fair price.
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Zezu Zaza
USOIL Why it MUST hold this Triangle. Danger for $42.5 otherwiseThe pattern is a Channel Down since the April 2019 66.60 top. However with the price rejected on the 54.60 Resistance and pulling back to the 49 region the very bearish fractal of 21 Nov - 14 Dec 2018 comes to my mind. See how both then and now the price traded within the 54.60 Resistance and 49.30 Support.
As a result buyers must defend the Lower Low zone of the long term Channel Down (which I have displayed it with the green Triangle) if they want to avoid an aggressive break down to the 42.30 1W Support (24 December bottom).
On the other hand, every time the Channel Down made a Lower Low, the price always made a pull back after the first rebound. I have illustrated that with the circles. It never jumped aggressively to a new High. So as long as the Lower Low zone holds, it is a long term technical buy.
USOIL Buy SignalPattern: Channel Up on 4H.
Signal: Bullish as the pattern made a Higher Low and the price was supported on the 4H MA50.
Target: 54.35 (Symmetrical Resistance).
Recent long term outlook:
Oil to trade over $100 Beginning of 2019 we saw a change in character with a sharp bull move to 66.20 level end in May 2019.
Oil as been in a accumulation until February 2020 where we saw a run on equal lows. Sweeping out stops positioned below the 50.20 level then trading higher.
This area dips down into the buy zone of the 61.8 fib retracement level. Institutions are defending the 50.5 level with a higher move above $100 handle, with a projected target of 113.20
USOIL Buy signalPattern: Channel Down on 1D.
Signal: Bullish as the RSI is forming a bullish reversal on the 1D chart, bouncing on the 7 month Support.
Target: 59.50 (symmetrical with the last Lower High of the pattern).
WTI OIL Long term Buy SignalPattern: Channel Up on 1D.
Signal: Bullish as the price hit the Higher Low zone of the pattern.
Target: 66.00 and 68.00 depending on the actual Higher Low.
Previous targets:
USOIL: Buy Signal Oil price is seemingly getting bid at the important 315º @ 5770. Long entries from here with potential targets of 5890, a 45º movement and 6010, a 90º movement. The context to the left dictates a short, but we are going against the tide here to capture a decent return on minimal risk of 30 ticks.
WTI OIL Buy SignalPattern: 1D Channel Up.
Signal: Bullish as group of parameters is fulfilled: 1. Reached the Higher Low of the pattern, 2. Made contact with the 1D MA50, 3. Hit the 1.3 Fibonacci retracement level after the Iran attacks, 4. The RSI is on a 3 month support level.
Target: 64.00 (Higher High trend line of the pattern) and in extension (depending on the geopolitics at the time) 66.00 (just below the 1W Resistance).
See how accurate this pattern with Supports and symmetrical Resistance levels has been in the past:
CLJ0 Daily AnalysisThis analysis of CLJ2020 , the contract for April 2020 delivery, is an attempt at forecasting oil price into Q3 2020. A potential supply area around 6275-6325 via an increasing urge to lock in profits/reduce short risk exposure . Also, the risk of downside for longs is ever more noticeable as oil approaches the 3-sigma area where odds of mean reversion greatly increase. Looking for selling into strength opportunities in the lower timeframes is reasonable it seems.
WTI OIL Bullish Trading planPattern: 1D Channel Up.
Signal: Bullish as the price broke the 58.80 Symmetrical Resistance, which (excluding the Saudi attack on September 16th) has been holding since July.
Target: 61.00 (1st 1W Resistance) and if the Lower High trend line (red bold) of the Descending Triangle breaks, 63.50 (2nd 1W Resistance).
See how accurate the 1W Descending Triangle has been on my last Support Buy:
WTI OIL Neutral sentiment. Trade the break-out.Pattern: 1W Descending Triangle .
Signal: Bullish within the 1D Channel Up. Neutral outside so trade the break out: (A) Bullish above the 58.80 Symmetrical Resistance, (B) Bearish below the 54.80 1D Support.
Target: Within the 1D Channel Up it is always the 58.80 Resistance. Outside is (A) = 61.00, (B) = 51.50.
See how accurate the 1W Descending Triangle has been on my last Support Buy:
OIL BUY TP_59.72_5.15%_2.924pips_SL_1459.60_0.66%_9.77pipsOIL BUY TP_59.72_5.15%_2.924pips_SL_1459.60_0.66%_9.77pips
USOIL (Gravy Train)Rough sketch but you get the picture. I'm fairly new to trading so I'm not sure of all the fancy wave names and the technical nomenclature but this is what the chart is saying to me. I'm just listening to what its saying (or moreso what I see). It's damn a near flip flop of how the directional trend got started.
Lets eat. Amen.
WTI OIL Sell SignalPattern: Channel Up on 4H.
Signal: Bearish as the pattern made a Higher High just below the 1W Resistance. Also as per the previous symmetrical Channel Up after the Golden Cross a pull back below the 4H MA200 follows.
Target: 54.80.
WTI Oil: Long signal on the Higher Low. Golden Cross emerging.Oil has been trading within a 4H Channel Up (RSI = 53.399, MACD = 0.280, Highs/Lows = -0.0057) since the beginning of October. Today the pattern made a Higher Low and naturally the price rebounded above the 4H MA200 (orange line). The expected target is 57.30 which is marginally under the 57.70 Top of the current bullish leg (safer call).
If you remember our last call, the Higher Highs of the Channel are symmetrical with the Lower Lows of Septembers downtrend. See how accurately this pattern traded:
Also keep in mind that 4H is about to form a Golden Cross (MA50 over MA200) which is a bullish pattern and last time that happened in September 6th, Oil hit the 63.35 High in 10 days.
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Oil extends gains after a drop in US inventories 24-10-2019World oil prices rose as the US market opened on Thursday, extending gains for a third straight day, hitting a three-week high, after the US Energy Agency's weekly report showed a surprise drop in US commercial inventories for the first time in a month and a half.
WTI OIL Buy SignalPattern: 1W Descending Triangle.
Signal: Bullish as the price rebounded on the 1W Support.
Target: 58.00 (Lower High zone of the Descending Triangle).
EOG Resources (NYSE) Invest In This Oil Stock!May be a possible GAIN/PROFIT in the oil stocks long/short term depending on the next upcoming days/weeks. as seen in the diagram this stock could be a potential rise and gain in all of the upcoming oil stocks add this to your watch list.
USOIL Buy SignalPattern: Break out from 1D Channel Up.
Signal: Bullish either at the top of the Channel's trend line or where the MA50/200 currently are.
Target: 66.00 (below the 1W Resistance).
