Usoilshort
US OIL SHORTUnfortunately the last idea I posted covering the recent moves got hidden by moderators...
Once again another oil trade called to pure perfection. I warned of a bullish move to 70.40 and even provided a long set up in this. Oil overall is very bearish now and has formed a new higher low within our down trend. I do not see oil pushing back up past 70.40 unless some major news comes out. I stated that 70.40 will be tapped and could be tapped a few times before dropping which it did. This was a key resistance area which many failed to recognised. I gave the option to long oil that had solid closures above this zone and short it upon rejection which is exactly what we did.
They key to Oil is now to keep below the green dashed line, above this and we are bullish but below we are bearish and it's that simple. We can see that price dumps from this region and it what I expect to happen now. Oil has the chance for some pull backs but my bias stays unchanged unless we get bullish candles above the stated zones.
I am targeting the black lines which is where I will scale out my profits from the swing trade we have entered. As price goes down I will move my SL accordingly and everyone that as followed me will be able to do the same.
Entered at 70.40 and now running with well over 100 pips profit.
All oil fundamentals are negative for oil.
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-Before my break I was top rated author for oil
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USOIL Supply zone for short 68.85-69.30price correction last week. Professionals increased 3% short by last week, while commercial increased 1% long. 68.85-69.30 supply zone for short. target 64.20 if breaks and hold below then next target 61.30.
USOIL top-down analysisHello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USO: Bearish Formation! 🐻🐻🐻We still have plenty of room left on the downside within the USO chart. Our expectation centers around the assumption that the price will drop to around $41.29, before taking off and pushing towards $59. However, we need the price to stay above $39.27.
Happy weekend!
USOIL warned you about it 2 weeks agoHello everyone, as we all know the market action discounts everything :)
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On August 5th I posted about a reversal in the USOIL market, and I've set different Scenarios on how the market is most likely to move.
Today we see the result of that analysis, everything I said would happen happened where the market went near the support levels and bounced back and then down again to breakout the support level and continue moving down.
Now let us talk about what is going to happen with the USOIL market, In the last 2 weeks the USOIL had a big bearish movement as the price dropped more than 14%,
it dropped from 73.36 and today it's trading around 62.99.
It's a big Bearish movement that we had clear signs that it was gonna happen from divergences, Support & Resistance levels, and Candlestick pattern.
in the next period of time we have 2 scenarios of how the market price could be moving :
Scenario 1 :
The market price is now trending near the Support zone from 62.62 - 61.56 by reaching that area we gonna witness a battle between the Bears and the Bulls over control over the market, If the Bears were able to hold control then the price will breakout that zone and will be now on its way to hit the support line at 60.45.
Scenario 2 :
The market price is trending near the Support zone from 62.62 - 61.56, The Bulls will have the chance to show power over the Bears, they will need to gain control over the market and make the price bounce back up, if the Bulls were able to do that then the price will bounce from that support zone and will be headed near the first resistance line at 64.75 where the bulls will have to test the Bears power for any hope to bring the price back up.
Technical indicators showing :
1) The market price is below the 5 10 20 50 100 MA and EMA but still above the 200 MA & EMA. That means that the Moving Averages are giving a strong sell signal.
2) Stoch reached the oversold zone, with a negative crossover between %K (3.90) and %D (4.88)
3) The MACD is under the zero line showing that the market is still in a Bearish state, with a negative crossover between the MACD line and the Signal line.
Support & Resistance points :
support Resistance
1) 62.62 1) 64.75
2) 61.56 2) 66.10
3) 60.45 3) 69.48
Fundamental point of view :
Oil prices steadied on Friday, clambering away from three-month lows, but they were still on track for a weekly loss of more than 5% as new lockdowns in countries facing surging cases of the COVID-19 Delta variant dampened the outlook for fuel demand.
Broader investor risk aversion also weighed on oil with the U.S. dollar jumping to a nine-month high on signs the U.S. Federal Reserve is considering reducing stimulus this year.
"The spread of the Delta variant amid moderating economic growth and the prospects of tighter monetary policy are creating short-term ripples in the commodity market," ANZ commodity analysts said in a note.
"Increasing restrictions on mobility are raising concerns for oil demand." According to Reuters
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
BCOUSD COFIRMED LOWER HIGHS, UPTRENDLINE BREAK, BEARS ON THE RUNBrent crude has recently made four lower highs on the daily timeframe following the ongoing spark between the US admin and OPEC
Technically I am anticipating price to hit lower lows especially since bears have been able to break the previous major lows around 68.106 in addition to previous break of the trendline to the lower side earlier this week and a break below a double top structure.
Find conservative sells between 68.30 and 68.60 with major targets around the 61.00.
OIL UPDATEFollowing the breakout triangle pattern and the retest of the support area, oil failed to make a new high and fell back to the support area.
Only if oil makes a new high will a Double Bottom Reversal be confirmed.
if it fails... Oil might drop to new lows.
Happy trading, and if you agree with my idea, please hit the LIKE button.
CRUDE OIL/USOIL:PRICE ACTION ANALYSIS|DOWNTREND|SHORT SETUP 🔔Welcome back Traders, Investors, and Community!
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USOIL top-down analysisHello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
