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Usoilsell

Which Way Does Oil Want To Breakout, Down or Up?Since collapse we have had a good recovery with a very strong impulse and the 3 day continues to shoot green. Now we are zoomed in on 12 hour timeframe. After the strong impulse, price action has started to range into something similar to an ascending wedge creating a test at the recent top with a tight price consolidation. These are the perfect kinds of moves you want to play. What we will look for next is to play a breakout either way out of the current compression point. Big volume should attack on the breakout. $30 high / $29 low. Currently in mid range. Let it lead into a transition on the daily candle to shift the indicators. Good luck.
AMEX:USO
by UnknownUnicorn2319099
8
💰 Wait For Green To Long Oil. (USO)🤔 Day 5, not including weekend of oils trend change. Your key Resistance level is the green upward support that we broke. This shows potential for a new trend as the Crossover strategy has been red and the ema dots have also been red. You will want to confirm a long position when the green align back above the new Resistance. Otherwise let it ride. This is for a longterm swing trade confirmation. Easy as that. Best of luck, 🎲🎲 🥇MLT | MAJOR LEAGUE TRADER
AMEX:USO
by UnknownUnicorn2319099
3
First Red Since Bottom. (USOIL)🤔 We tested the 34.50 key area that I said we would look to test next in my previous oil post linked below. Check that out. I'm currently in a short for 5% from the breakout point. That rebound would of been a nice scalp play, but I'm still sitting on it. The Crossover strategy and ema dots on lower timeframes showed you the entry. My main focus is this daily timeframe where we do see a red crossover and red ema dots. Did have a nice rebound off the range support we were watching. From a bear standpoint we need that 34.50 to crack to move towards 31.50 next for a test. If happens then the next range to play will be 34.50 - 31.50 I like my position and not worried about the scalp. Trying to capture a larger term move. Checkout the last post on oil below in the related ideas. Best of luck 🎲🎲🎲 🥇MLT | MAJOR LEAGUE TRADER
TVC:USOIL
by UnknownUnicorn2319099
USOIL weekly Market overviewUSOIL each and every time gonna reach this 20 level gonna be an important support area and we had a nice bounce from that level ,I mean 20's is a very old good number we need to go back all the way toward areas around 2001 to see such a price level so that's why it was a critical area here so BUY each and every dip toward this area because the risk and reward is amazing. we've got a nice trade on this first bounce from 20 we've got a correction and continuation now we are trading at around the 30 which is a key structure level at the moment because we have a structure area here as far as there is no break above it. you may get one more leg to the downside otherwise if we see a break to the upside as i marked on chart then we may be going and gonna try to test previous high so then oil maybe start establishing some kind of bottom for the possible continuation. so as I said if we push higher and then keep an eye 30 level after that is the 42.50 that is the key major level that been tested there many times that got broken lately , but that depends on how the opec meeting on Wednesday gonna give us a glimpse of what to happen next.as for now the price is back above 200 moving average on 1 h time frame ,since the break below it never broke above it but now we saw that we had a break above it and correction and a continuation is on the way, so next move if we break higher keep an eye on 30 level.
TVC:USOIL
by ForexCracked
2
USOIL EIA Crude Oil Stocks Change is included in the weekly report issued by the Energy Information Administration of the US Department of Energy. It presents the number of barrels of commercial crude oil held by US companies. EIA includes this report into Weekly Petroleum Status Report (WPSR) along with other information on supplies, stocks and prices for crude oil and principal petroleum products. It is a reliable source of current information on the energy industry used by manufacturers, press, policy makers, consumers and analysts, as well as state and local authorities. The report data describe supply and disposition of crude oil and petroleum products in the United States and large US regions. The report is compiled based on data submitted by all companies, which can store at least 1000 barrels of crude oil. They include: All pipeline companies (local and state), including interstate, domestic and local pipelines Crude oil producers (oil companies) Terminal operators Crude oil storers (except refineries) Companies transporting Alaskan crude oil by water in other states and the District of Columbia Increase of US crude oil stocks can indicate a decrease in demand for crude oil or increase in production. Such an increase negatively affects global oils prices, though it is a short-term effect. A downward trend is only formed in the market if crude oil stocks increase steadily for several weeks in a row.
TVC:USOILLong
by q12398
1