Usoilforecast
USOIL broke the descending channel already!In the previously published idea, I shared that USOIL made a nosedive and attempting to recover from this loss and it made a double bottom on the daily chart.
This week the asset has broken the downward channel as displayed in the attached chart. and it's riding the upward trend line.
USOIL has also broken the recent strong resistance at $52.12 after testing it several times.
It's likely to test this support again before continuing the bullish rally.
Watch out for the $52.65 - $52.70 price range to be broken!
Cheers!!
Safe Oil Futures PlayI've decided to wait until we close above this green box too long.... Until then I will be shorting oil every time we touch the top of the green box with a tight stop loss.
WTI Crude ABC Corrective Pattern - Possible Wave 3 Buy SetupCrude Oil fell quite sharply past month due to US-Iran conflict and recent Corona Virus news, there is plenty of support around $50 mark on this market, this is a counter trend trade as I am seeing momentum weakness and convergence around this area so expecting the market to revisit $54 mark.
Trade Safe!
USOIl at the important support level!!The price is sitting at an important level since NOV 2018 and the price is expected to bounce from here, put low amount as it is a risk trade
WTI Crude Oil - long term overview WTI Crude Oil touched the bottom support area of 51.70 - 52.40. Started the correction, now we expect one more retest of the strong support creating a lower low and making a double bottom formation.
From a technical perspective, the USOIL has to start the up-move towards the 61.8 fib level. Potential of climbing up to the 63$ per barrel price.
The technical analysis is supported by a fundamental overview of OPEC's policies. For the year 2020, they cut oil production. By the simple rule of supply and demand, target price is upwards.
Now we might see some consolidation in this area. Banks will probably build their longs before the reversal of the trend is confirmed.
We will also start taking smaller volume longs and build more on the accumulation period. The first price target is 59. Overall Target is 63.
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USOIL making a DB (double Bottom)USOIL is making a double bottom pattern at $49.50-$50.00 level which currently plays as support. The attitude of the Russians about the OPEC will probably give some direction.
USoil breaking the descending channel oil is at the point where it can break the channel/descending trendline. we see that the buyers have jumped it below the 50$ per barrel and now pushing the price higher, this is an intraday position which we follow carefully with a proper risk management
USDWTI Market Outlook | Daily Forex Market BreakdownUSDWTI
Just sitting around $50 a barrel. Sitting on the sidelines for the time being, I need to watch oil play out a bit. Nothing for us for the time being.
USOIL LONG set upBuy usoil
Entry 1 50.86
Entry 2 50.42
Sl 49.10
Tp.1 52.20
Tp.2 53.40
Tp.3 54.68
Tp.4 56.00
Tp.5 57.80
#USOIL, Only if you like risk click on the above signal! True, this is a signal that goes against the current trend and therefore the risk is higher but the above support line $ 50.8 cannot be ignored.
The RSI has reached the bottom possible, a necessary price correction.
Stochastic shows that USOIL in Oversold.
Target: $ 54
In case of break of the above support line the signal is canceled.
US-Oil : Buy and Sell Trade Setup LongerTermLooking Very intresting For Sell on MultiTouch Confirmation and Buy For LongerTerm on the Bottom Line.
Best Of Luck.
ThankYou
Best Time to long term Buy Us Oil .Long term buy Us oil near 51.50/50.00 sl below 46.30 Target 67.00 / 76.00 just Trade with proper money Mangement Thanks
