We've recently got a long signal from our EMAflow indicator projecting new range and targets for us. Maby wedge in the making? we're definetly now bottom of the range where a little bit more down is allowed but could be great opportunity to enter as opec did say they're limiting oil production.. Entry arround 82-77 tp1 85 tp2 88 tp3 93 sl 76-74ish
NORTHERN OIL AND GAS Intraday - We look to Sell a break of 32.29 (stop at 34.86) Our outlook is bearish. Price action has posted a Doji candle and confirms a possible stall in the recent move. Price continues to trade within the triangle formation. A break of 32.50 is needed to confirm follow through negative momentum. Our profit targets will be 25.40 and...
To answer this question, we need to look at the following: 1) US Strategic Petroleum Reserve The US Strategic Petroleum Reserve is currently at its lowest level since 1984, while the absolute level is worrisome, the speed of the drawdown on the reserve over the past year is more concerning. In an effort to combat rising prices and possibly secure the...
USOIL Crude Oil The current rate of rise is considered the strongest momentum and price since the downward movement from the top of last June 14 EMA100 tested below the $94 barrier The bullish bets are still valid in the direction of 95 and 97, as the current decline is considered a temporary correction to watch 93.00 91.00
This weekly chart trend channel and wave count may suggest the forthcoming trend of the Natural Gas price. The last low at $5.4/MMBtu may suggest a bottom which allows the price to trend higher in coming weeks. However, we may see drop from current level of $7.03 to as low as $6 area before the uptrend may resume.
Hi guys! 👋🏻 🔔 Brent crude price was squeezed in a descending triangle, and a breakout from the triangle was expected, so it happened as seen on the chart 🔔 Brent crude price is traded at $91 trying to hit the key resistance of $91.60 up ahead. 🔔 I do anticipate the price to slow down a bit when reaching the aforementioned resistance, however the path to $101...
I will reenter this short again, with OPEC Cutting oil production by 1 million barrels/day CAD is set up for massive strength as oil will shoot. This is a great place to short. Use proper money management. Any manipulation to the upside will not exceed level 1.40000. All the best fellow traders.
Oil has dipped into the $70's again, but has regained the $80's following reports that OPEC will cut production . We blasted through lower levels in the $80's, and are currently retesting $83.21, with a red triangle on the KRI confirming resistance. If momentum continues, we have several more levels to cross before our target of $85.55. Depending on how much...
The chart may suggest a next move for US WTI Crude Oil Price. When the ongoing price correction which may lead to $80/bbl area satisfied market sentiment, price may start to enter a bull demand for crude oil. The eventual short to medium term target may be to as high as $150/bbl, meanwhile sustain trading below $75/bbl destroy this scenario which may take crude...
Prices only go up is back I suppose... OPEC members clearly love high oil prices and the revenue they get from it... don't expect lower oil prices soon.
Oil has fallen deeper into the high $80's following a selloff that broke monthly lows. We had very strong support at $92.03, and appeared to be seeing a double bottom forming, but the selloff knocked oil back a peg, smashing through multiple technical levels below in a persistence selloff that has taken us back to support at $87.21. We are seeing a green...
US OIL will be retracing on the hourly basis . Take trades with proper stop loss as the charts on daily basis has still not shown reversal
Is #USO Breaking Out? # Crude #oil extended last weeks Friday’s positive close in trading on Monday as U.S. President Joe Biden’s visit to Saudi Arabia failed to deliver anything concrete. The trip was aimed at coaxing the Saudi’s to increase oil production thus easing inflation pressures. The response from the Saudi’s and other key officials reiterated the fact...
Similiar to the Brent analysis, WTI saw some relief following the OPEC+ decision. Price will need to close below the 108 support level for a move lower with next support at 102 (and interim level at 104)
OPEC+ has announced the decision to increase oil production level to 648kbpd, reducing supply constraints targetted towards alleviating the soaring prices in the energy market. Brent unlikely to develop a clear directional bias, with price likely to be supported by the 108 support and the 110 & 114 resistance area.
Oil has shown us clear price action where we can see an impulse, ABC correction and now we're in the next impulse phase. The weekly timeframe indicates that the bullish wave is over and we may see a deeper correction now. A simple way to enter Oil SHORTS is by waiting for a correction on lower timeframe. Trade Idea: - Watch for any sort of corrections on...
WTI crude uptrend may continue to test the previous all time high at @149 area. The wave count may be reasonable to point higher together with trend line as show,