Oilstocks
Oil Breakout PendingInverted wedge on 15 minute now into US session breakout pending
No upside after the record breaking OPEC cut and release of the Saudi prices for may.
Goldman and Emirates say cut not significant.
Support at 22.80
Short-term resistance at 23.20
Crucial Moment for Oil Prices!If we break the channel support and the GZ below, the probability of us being in the W5 will rise.
Oil buyClear bullflag has formed
Supported by 50MA
structure formed from popping out of a wedge
nice buy
USOIL looks like decision time for WTI, the Daily wedge is about out of time & $19 base has been tested and support seems to be established. A break back to the 200 ema on D1 would be a massive move for the oil sector and return the markets to normal business as usual levels
OilGood chance at firing long here for a potential long term position trade. Wonder how many stops can get hunted on a false break to the down side.
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Oil bottom at $17?Good morning traders ☕
Updated #Elliottwave counts on our Discord platform:
#BTC, #XRP, #LTC, #SPX, #NDX, #Oil…
Is the #WTI going to bottom at $17?
Happy trading! 🏄
WTI has completed a bearish pennant - Retesting higher levelsFor the fourth week in a row, last week oil fell.
Technically, WTI has completed a bearish pennant. That pattern is normally followed by an upward correction which, in this case, means it could retest the $30 level.
I recommend you to go bull to 29-30$ levels during this week.
Oil and corona the price of oil is going down to retest lower line of the chanal or maybe will go more to test 22 level before to start gos up . lets see if that area will be strong enough to buch the price to 27 or 30 or corona has something else ?
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US OIL - CRUDE OUTLOOKCurrently US oil seems to be in a critical demand zone. Price has perfectly rejected my 161.8% fib level. Depending on whether or not price breaks through the critical zone, I expect one of the following two scenarios to play out.
LONG CRUDE OIL WTIThe drop in oil prices is caused by excess supply and shrinking demand (due to covid19 causing demand for oil to drop since industry like transportation don’t need that much anymore).
Russia refused to cut production, in a bid to drown America's high-cost shale producers in a sea of cheap crude. Saudi Arabia responded by slashing prices and ramping up production and this is exactly the opposite of what was needed to balance the market.
Major oil companies including Chevron (CVX) and ExxonMobil (XOM) have been said to have announced cost cutting measures. Another company, Occidental Petroleum (OXY) slashed its dividend by 86%.
Elliott Wave Analysis & Forecast, OILUSD, M1, 20160419Crude Oil just finished its red wave 3 of blue wave C @ 26 and since it has been correcting in red wave 4 of blue wave 3. The ideal target for the red wave 4 is near 60-61 area where we will expect bears enter into market and this area will hold massive resistance. Once red wave 4 will finish, we will see sharp decline in last wave red 5 towards 10-11 area in coming months where we see long term bottom at the end of green wave II. Traders can enter into long near 38.80 and stop-loss just below the daily candle targeting 45-46 area or even higher.
muhiuddin
OILU LONG SET UP OILU ULTRAPRO 3X CRUDE OIL ETF
ENTRY 1 1.20
ENTRY 2 1.00
SL 0.13
TP.1 $8.00
TP.2 18.20
TP.3 28.20
TP.4 36.00
TP.5 48.00
act.webull.com
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$3.57 bottom for HuskyHusky Energy is on the final wave 5 of it's greater wave C correction which may see a potential bottom of $3.57 in the coming months.
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
