USOil, Weekly Fundamental Analysis | ForecastsLast week's rally indicates that two events will occur to support the current rally. Firstly, the United States and China must continue to make progress towards a trade agreement, and OPEC must continue to adhere to its strategy to limit production. This is due to the US goal of becoming net exporters while reducing dependence on foreign oil. Despite the series of potentially bullish events, traders remain cautiously optimistic about the upside potential of the market mainly due to concerns over the rise in US production and the difficulties in reaching a trade agreement between the US and China quickly.
Usoilprediction
US OIL LONG1. Confluence of inverse Fibb level of 1.786 and 0.618 from the longer time frame.
2. Entry signal from hourly timeframe. HIgher close above previous high.
3. Good RR. We can enter with a small position first and see how we can scale in.
4. Structure support has not been broken.
5. Stop loss can be below structure.
USOIL UPDATE - EXPECTED COMING MOVES - AS WE ALREADY FORECASTUSOIL HAS NOW BROKEN THE SUPPORT LINE
EXPECTING FURTHER DROP TO THE NEXT
SUPPORT LINE BEFORE WE SEE OUR NEXT
SERIOUS REVERSAL IT COULD EXTEND TO
NEXT SUPPORT LINE.
SUPPORT THE MOVEMENT WITH YOUR LIKES, COMMENTS AND FOLLOW FOR MORE
SEE PREVIOUS CHARTS
USOIL near term downside target: $67.25Short Term running flat correction looks most likely. Downside target is $67.25 to $66.17.
If it starts to play out that way, it could turn around short of that target since it's running flat. But it looks pretty flat, and so I think the target makes sense.
Next move after that would probably be to the upside, but it could keep going down depending on momentum, fundamentals, etc. Have to wait and see what happens. Cheers -
(20180717) Be careful of inflection points!Hi ~ Traders!
It is wemoa of allaboutforex.net. Let me tell you about the market conditions of the July 17th Crude Oil.
Crude oil is currently in a trend of upward trend. But the price has been falling since the double-top pattern. Maybe it seems to have fallen due to oversupply concerns.
The oil is now standing on a big crossroads.
Will the trend be reversed at all or will the upward trend continue?
If the price rises again from the upward trend line, it will continue to rise again, but if the price breaks down the trend line, the market price may fall sharply. If you currently trade, it would be wise to enter the sell position
Whether you want to switch positions from the trend line or the inflection point of the trend should be watched a little.
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USOIL TVC Crude Oil - Short Opportunity 6%+ Drop Potential!USOIL just impulsed from a large bear flag and appears to be forming a smaller bear flag continuation for a re-entry short position to go lower. Potential bounce areas are shown in ray lines. Position is confirmed with impulsive break from flag, set your order and tight stop loss right above the flag pattern. Position is invalided if pattern forms a downward moving correction. As much as 6% or more drop potential is here.
Crude Oil possible correction to setupMy last call on Crude smashed the target well above 1,000 pips, at the moment it is almost testing its multi months channel top, however trend still is very much strong, i am looking for a linear compression to be forming at the top of the channel. Expecting a correction there so I could look for sell setups, keep eyes on this market for a possible sell swing trade.
Happy Trading.
USOIL has Show buy signalUSOIL near key buy level
Take a look on Daily Chart, price bounced up several times from key level $72.86.
It looks like Big players don't want to move currency rate down.
I open buy at $73.15
S/L: 72.52
T/P: 76.23
P.S. If currency rate upper level you need to look how to open safe buy. Short we will be able to look if USOIL will move dawn and D1 close under: $72.44 ONLY.