Get started

Crude Oil Brent

Technical analysis update: WTI oil (17th January 2022)WTI oil continues to march higher and we continue to maintain a bullish outlook on oil. Our view is supported by a combination of bullish technical and fundamental factors. Currently, we will observe whether USOIL will manage to break above the major resistance at 85.39 USD which will further bolster the bullish case for WTI oil. We would like to set a new short-term price target for USOIL to 85 USD per barrel. Our long-term price target is 90 USD per barrel. Technical analysis - daily time frame RSI is very bullish and due to perform crossover above 70 points (into overbought zone). We expect such a phenomenon to be accompanied by further rise in price. However, after completion of crossover we think it is likely that price will retrace lower before continuing towards a price tag of 90 USD per barrel. MACD and Stochastic are also bullish. DM+ and DM- signal bullish trend. Additionally, ADX exhibits growth which suggests that the prevailing bullish trend is gaining strength. Overall, the daily time frame is bullish. Technical analysis - weekly time frame RSI is bullish. Same applies to MACD and Stochastic. DM+ and DM- performed bullish crossover recently. ADX undergoes reset as it declines. Overall, the weekly time frame is bullish. Support and resistance Major resistance sits at 85.39 USD while major support lies at 61.76 USD. Support 1 sits at 80.81 USD and Support 2 at 78.28 USD. Please feel free to express your own ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
6
CRUDE OIL: Buying A Pullback To Key Support 6-2-2022CRUDE OIL – Futures Price Action: There is no price action signal to note at this time. The recent Bearish Tailed Bar Signal, failed (We did not consider trading this signal and hopefully saved some members on this market). Price moved significantly higher from the prior Bullish Tailed Bar Signal + Inside Bar Breakout Pattern (Combo Setup) that had formed just under the $84.91 – $85.41 prior resistance area – which now acts as a short-term support area, also a minor Event area. Potential Trade Idea 1: For more aggressive traders, we are still considering buying on a retracement lower and after a clear price action buy signal, at or around the $84.91 – $85.41 short-term support area (Minor Event Area) Potential Trade Idea 2: We are still considering buying on a deeper pullback and/or after a price action buy signal, whilst price holds above the $74.17 – $77.46 short-term support area.
NYMEX:CL1!Long
by UnknownUnicorn393254
TS ❕ CADJPY: down movement As previously stated, we should expect the price to approach support 89.935. Current prices make it possible to consider a short trade with the target at the above support. SELL scenario: One can try to sell from current prices, near the level of 90.640. CAD news is expected, so one need to take this into account when placing an order. It is possible that the price will drop much lower than the level of 89.935 on the impulsive movement. ----------------------------------------------------------------------------- Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
Short
by UnknownUnicorn15614419
2
TS ❕ GOLD: rather downBuyers are very likely to complete their hike to the level of 1809.985, from where a rollback should already be expected. The target of the rollback is the level of 1788.960. SELL scenario: One can open shorts at the level of 1809.985. In this case, of course, it is better to wait for the entry point at which the price will not close above this level. ----------------------------------------------------------------------------- Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
OANDA:XAUUSDShort
by UnknownUnicorn15614419
9
TS ❕ BRENT: to 94$The price of oil is strengthening its bullish potential more and more. As before, the price approach to 94 is expected. BUY scenario: Mainly growth is expected from the same level of 88.65. Longs are relevant from the current ones. But it must be remembered that closing the price under 88.65 cancels all purchases. ----------------------------------------------------------------------------- Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
TVC:UKOILLong
by UnknownUnicorn15614419
1
TS ❕ BRENT: positive wayThe oil situation most likely continues to develop in a positive way. Presumably, the support level at 88.65 will be the starting point for the continuation of the upward momentum. BUY scenario: The 88.65 level would be a good place to place a buy order. Growth target level 94. This idea is medium-term. ----------------------------------------------------------------------------- Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
TVC:UKOILLong
by UnknownUnicorn15614419
3
OIL - History Repeats Itself... ⚡️⚡️In the market we see patterns and price action repeat itself over and over again. This is the very framework of technical analysis - where we forecast future price action based on historical price patterns. In one of our previous posts, we looked at a very similar price behaviour from EURUSD where we had the same sequence of price action play out almost identically to historic price action. See below: EURUSD went on to play out exactly how it did previously. Here we have USOIL making eerily similar price action before. We have the following: 1. Bullish correction 2. Major impulse 3. Minor impulse after a brief retracement 4. Double top... Kinda = The second peak went above the first peak 5. Major Drop It is possible that we'll see very similar price action now in Phase B and have a major drop just like we did in Phase B. Trade Idea: - Watch for price to break the double top and then reverse - Enter with stops above the highs - Long term target will be the structure level indicated in the chart (5000pips) but take your positions off gradually Goodluck and as always, trade safe!
TVC:USOIL
by WicktatorFX
117
USDCAD x USOIL - A Peek Into The Future Of Oil 🛢👀USDCAD and USOIL are inversely correlated - meaning when USDCAD goes up, OIL goes down (and vice versa). In the chart we have USOIL at the top and USDCAD inverted at the bottom. It appears that USDCAD is ahead of Oil by around a month or so. When USDCAD started it bearish wave, USOIL was starting its bullish wave (after a month). We recently saw a third touch of a trendline for USDCAD and price rejected nicely and USDCAD is now bullish. We haven't yet seen that for USOIL. We're still yet to touch the trendline for the 3rd time, which will very likely follow USDCAD inversely. FUNDAMENTALS Fundamentally we have reason to believe that in early Feb Oil prices will head lower. Opec Plus is expected to adhere to its current strategy at its February 2nd Meeting, raising its March production target to 400,000 barrels per day. More supply = Lower prices = USOIL Shorts. It just so happens that the third touch of the trendline for USOIL falls around the Feb 2nd - which would give us a perfect reason to short. In conclusion, we have the following reason to short OIL: - USDCAD is leading the way a month early whilst USOIL follows - USDCAD has already hit the trendline for the 3rd time and is bullish - USOIL is about to hit the trendline for the 3rd time and turn bearish - If the OPEC meeting goes well and they adhere to the 400k barrels a day, we will see USOIL move lower. What do you guys think? Do you agree? Did you know about this correlation? Let me know below. Goodluck and as always, trade safe!
TVC:USOIL
by WicktatorFX
11
My current view on Crude Oil + explanation.Today, I will explain my perspective on one of the most relevant commodities in the world. After the price broke the current support/resistance level, we observed a 26% correction, and currently, the price has broken the structure. We can observe the same behavior in the previous bull runs from 2007 to 2009 and 2010 to 2011. The sequence is a Big structure followed by a breakout followed by a correction (green circle). Any entry above that with a stop loss below the structure provided a great setup to gain exposure to the massive movements we can see on the commodity. So the plan for me is still the same. The structure happened, the correction is about to be completed (green circle), and after this week, I will be setting pending orders on a new local high with a stop loss below the green circle and a target on 109.00 IF everything goes as expected, we can think of a 150 -200 days movement, and a risk to reward ratio of 3 (that means that for every dollar I'm risking, I'm aiming to make 3) The risk I will be using for this setup is 3% of my total trading account. This type of risk management is because my system has a low execution rate per month, around 1 setup a month. On other strategies with a much higher execution rate, I may use 1%. What happens if the price keeps falling and never reaches your entry-level? You cancel your setup, that simple. And remember if you have a stop loss, this is part of the game; catching great trades requires to be stopped out, so don't think that a take profit is a clean profit, and a stop loss is an absolute loss. You should evaluate your system after several executions (in my case, at this execution rate, after 10-15 setups, I can observe a 50% win rate and an average risk to reward ratio of 2. Remember, trade like a casino. Thanks for reading!
TVC:USOIL
by ThinkingAntsOk
3
CRUDE OIL (WTI) Key Zones to Watch 🛢 WTI Crude Oil looks quite overbought at the moment. The price may retrace before it goes to the next highs. Here are key zones to watch for potential buying: Support 1: 77.1 - 79.2 zone Support 2: 72.9 - 74.8 zone Let the price reach one of these zones first, then look for a confirmation on lower time frames to buy. In case of a bullish continuation, the next resistance will be 89.5 - 91.0 level. From that zone, a pullback will be expected. ❤️Please, support this idea with like and comment!❤️
TVC:USOILLong
by VasilyTrader
14