WTI-OIL
💡WTI . Weekly Technical Analysis UpdateMidterm forecast:
43.75 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 40.20 on 11/13/2020, so more gains to resistance(s) 50.70, 54.75, 57.80 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 74.
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Uptrend in CADJPYWe are currently in a very good looking uptrend that is gathering strength to continue. The last part of this trend starts from the middle of the previous month. Current levels are important, where the price meets resistance from the daily chart.
However, it seems that there will be strength to break and reach the following resistances:
81.85
82.05
82.27
You can enter now or wait for it to break. In both cases, the idea is fail by breaking the previous bottom.
If you have questions about how to trade this or another situation, contact us!
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WTI OIL will go Up from support. Buy!
Hello, Traders!
OIL is having a slight pullback after the major level breakout
And it might fall a bit more still
However, Just as I wrote in my previous analysis
The important resistance level was broken
Thus I expect oil to go Up from the support confluence
And retest the rising channel resistance
Long from support
Buy!
Like, comment and subscribe to boost your trading!
See other ideas below too!
WTI: November 2020Hi Guys,
November is ending today and it has been a positive month for WTI unless today's meeting by OPEC+ ruins the party.
Since OPEC+ mended their differencies back in April and started implementing drastic production cuts, WTI climbed back above the blue horizontal line and was supported above it before running again this month.
SMA points down but still well above latest candlestick.
Sentiment testing its medium point of equilibrium in conjunction with price testing violet horizontal line which represents previous level of support now became resistence.
I'd look for a contact with descending bearish pressure represented by SMA and red trendlines. However NOT now. Maybe in January or February next year.
It also depends on how it unfolds the pattern in the circle which will mainly depend on OPEC+ decisions.
Let's wait for the outcome of OPEC+ meeting.
Please share your views and comments below.
Thank you for your support and for sharing your ideas.
Cozzamara
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumstances.
WTI: what's happening in the circle?Hi Guys,
watch out for news from OPEC+
The pattern in the circle may be the beginning of a flag or a pennant.
Following the divergence with sentiment (RSI) between S2, S3 and S4, price started a pullback above Saudi-Russia Oil Price War levels of 43.830 where it formed the pattern inside the circle.
So far the pullback is made of an impulse(1), a correction(2), an impulse(3), a correction(4) and another impulse that took it above 43.830.
What is going to be its next move?
Please share your views and comments below.
Thank you for your support and for sharing your ideas.
Cozzamara
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumstances.
its all about opec+ meeting outcome, either 48 or 40!I can see that wave 5 in the chart is equal in length exactly on the January Future contract to W3, this is a common length for W5, W1 is shorter than both so it fulfils the conditions, breaking above 46.26 will signal upward continuation up to 47.9 which is 262% Fib ret of W4 and we will have an extended W5, also this level will see huge resistance because Brent will need to surpass the 50$ level, which can only be possible if OPEC introduced further cuts, not only maintain the the current 7mbpd cut. IMO introducing further cuts is a far fetch. maintaining the current level of cuts will probably result in a brief rally where after a correction will be due, minimum level of correction is 43.3 and 40 is reasonable TGT at 50% Fib or 38.5$ if it corrected to 61.8% level.
WTI & Dow Jones Shorts (pending orders for day trades)We're looking to get into short positions on WTI and US30 (down jones), our system indicates that we could see price action move lower once the levels listed (fibonacci retracement) are reached.
Trades can fail, and many times they do, so trade at your own risk, but if we could give you a tip it would be this:
Start using structured position sizing, the way we do it is expose our account at a rate of 10% per trade idea, here is what this means > if our balance is 1,000, 10% of that would be 0.10 lots, get it? Dont risk 10%, open 10% of the balance/equity and this way you can manage your risks!
Good luck!
CRUDE OIL (WTI) Multi Time Frame Analysis & Scenarios
Daily/4H/1H time frame analysis.
Key levels.
Bullish and bearish scenarios discussed.
Trading recommendations are given.
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WTI Short / Expecting bears!WTI is showing me excellent shorting signs right now... and based on the video analysis I am sharing with you here, it might just all go to plan!
Our complete system agrees there is a higher porbability of down-side than upside! (Some profit taking could occur)
CRUDE OIL (WTI) Important Structure Breakout
New higher high higher close on WTI on a daily.
Now, 41.0 broken resistance turns to support, and from that bullish continuation is expected.
After a massive buying wave during the last two days, the market is relatively overbought and we may see a pullback first.
I would recommend buying strictly after a pullback.
Next goal for buyers is 43.25 (major daily resistance)
CRUDE OIL (WTI) Update & Bearish Outlook
Price action and daily time frame analysis on WTI.
Bearish scenario and key levels explained.
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CRUDE OIL (WTI) Important Update! Clues That You May Miss:
WTI daily/4h time frame analysis.
Bullish clues and bullish scenario explained.
Key levels identified.
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WTI OpportunityIt can become a triangle here if the price will retrace from MA200 and level 40.80
If the price will continue to break this levels I see a buy until 43.00
WTI close to boiling point - downside! US Oil has had an incredibly strong recovery since reaching negative territory back in April. It now seems we're running out of steam and levelling off, offering the potential of more downside. Following price action it now seems we're being squeezed into a flag pattern and approaching a boiling point (technical flag patterns have been proved to react well on both oil pairs).
I am favouring further downside to test previous low of $36.10 followed by $34.50 and finally $30.
Remember price may test higher levels before moving down so keep a long side bias available as well.
+50% from now? 🚀WTI on the rise!
After confirming our turnaround zone in yellow, oil is poised for higher prices. The end of wave 3 in green is expected in the area of $60. However, we do not want to see prices dipping below $38.45. Below this support line, chances accumulate that further correction is on the way, as the bears are gaining in strength. Should oil trade below $36.49 a barrel, our primary expectation is no longer valid. In this case, we see prices dropping to $30. All in all, we're at a major inflection point, and we need to break the indicated resistance zone to continue the upwards move. Watch the mentioned marks closely!
What are your expectations for WTI? Feel free to comment below!
WTI, Gap Has Been Filled, These Outcomes Possible Now!Hello Traders Investors And Community,
Welcome to this analysis where we are looking at WTI 12-hour timeframe perspective, the recent events, the current formational structure, and what we can expect the next times, WTI has recently successfully filled the gap at around 36 as expected, if you did not saw this analysis already I highly recommend you watch it by going on my account, now WTI has shown some important heavy volatile price action to the upside bouncing at the gap and resulting in an impulse to the upside. This is why it is important at the moment to assess if WTI manages to move higher in the structure or falls back to visit lower levels again in this case I detected all the important consideration and outcomes we should look at at the moment and it is important to not get overly speculative on the rally currently occurring as there are still some factors that can result into the reverse perspectives.
Looking at my chart you can watch the freshly established wave-count to the upside marked in red, this wave count will go on till there is resistance approached which WTI has at the rising resistance marked in blue, this is coming together with the horizontal resistance and building a coherent bearish cluster here marked in red where the possibility for an incoming pull-back is high, currently, it is not the highest possibility that WTI just shoots above this resistance, therefore, a first pullback is more likely which will happen till the next support marked in blue in my chart where WTI has some solid supports, overall this can be the origin to form the second major impulse to the upside, it has to be noted however that WTI really needs to hold this level and bounce there otherwise when falling below there will come lower levels within a high likelihood spectrum.
In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
“Trading effectively is about assessing possibilities, not certainties.”
Information provided is only educational and should not be used to take action in the markets.
OIL WTI Wolfe Wave Waiting For Reach Sell Level
Reasons >> Wolfe Wave / Fibonacci Area / Resistance Area .
Recovery in sightTwo days ago I posted an analysis, which expected a correction after a breakthrough of the significant level $41 which made the price to rise even higher without any correction. Now, when we have a clear evidence, that the correction takes place, a various scenarios can be made. Considering the fact, that we are in a continual uptrend (series of higher highs and higher lows) allows us to draw a Fibonacci retracement levels so we can identify the important market levels, especially 50% and 38,2% of Fibonacci. Those levels of the last swing are in confluence with the broked descending trendline, which still in some specific way attracts the price like a magnet. The price may not however dive towards 38,2% of Fibonacci, since the current support is really strong and might not drop the price so easily. The Fibonacci levels are rather a confluence levels that help us understand the market structure, but might not necessarily be touched.
Once the price breaks the corrective line and closes above it, the long position would make sense.How far can the price rise is a serious question, because the closest significant resistance is $50. This trade however offers a likeable risk reward ratio with persuable arguments worth considering.
Signals:
- Fibonacci 50%-38,2% retracement
- Broken descending trendline and its following correction
- Significant support zone $40-$41
Mid-term oil short strategy Entry: 41.18
S/L: 42.15
A short position revisits as upward pressure seems limited so far.
My previous short-position stopped out; v-shaped rebound hunted my stop-loss trigger but it looks the price still on a downtrend thus I try going short again w/ similar target and SL
Could we see a full oil recovery this year?Some quick numbers – Globally, there are over 15 Million Coronavirus cases and 618,000 deaths due to the pandemic. An estimated 47 million people may lose their jobs in the United States alone. Oil dived into negative, an unprecedented move. However, the NASDAQ is having its best year having made a V shape recovery, Elon Musk is the 13th Richest person in the world surpassing Warren Buffet, and masks are all the rage.
However, this optimism hasn’t translated into the oil markets. Although we’ve seen a double in price from its March lows, March lows were around $16-$20 a barrel, which is fiscally and financially unsustainable for all oil-producing companies. This V-shape recovery in equities was caused by investors and traders baking in potential future earnings and using it to value the stock price now. The main problem is that there is no set rule as to how far ahead in the future investors and traders should look forward – enabling essentially an “oh, they’ll be fine after the Coronavirus” mentality. Oil does not have this luxury. Oil needs to be delivered every month. This means speculators and traders (in the physical market) can’t wait for future results.
If the equity markets look into the future, the spot market looks at the now. With Gold, a safe haven asset reaching all-time highs and Oil struggling to get back past its boom days, both commodities recognize the current risks the world faces due to the Coronavirus.
We can see that in the United States, the recovery in oil is stalling due to a second wave of the Coronavirus, forcing people to travel less and stay at home more. Cushing Crude oil stocks are not coming down from their all-time highs, and Petrol demand is down 100,000 barrels per day (b/d). We may see a spread between the US benchmark WTI and Brent Crude, the global benchmark as travel around the world picks up relative to the United States.
However, long term trends with government stimulus for greener alternatives to fossil fuels may prevent oil from ever getting back to its hay days. With Joe Biden putting clean energy at the forefront of his $2 Trillion campaign and the EU 750 Billion Euro recovery fund pledging 1/3 of the fund to fight climate change, oil sees pressure downwards both from the demand and supply side.
The fundamental issue with oil is the opportunity cost dynamic relative to other energy sources. With oil prices quite low, renewable resources are expensive in comparison to oil. However, with billions of government stimulus, alongside the supply of oil slowly drying up, exploration for new oil reserves would yield a lower return, increasing the opportunity cost and oil price. While a restriction in supply and an increase in price would be good for oil producers in the short term, with everything else equal, a shift to renewable energy will ensue. Energy Strategist at think-tank Carbon Tracker, Kingsmill Bond, stated that “the world has 50 years of proven oil reserves.” Furthermore, he stated, "the prospect of declining demand as a result of electric vehicle adoption and policy changes means we no longer need a huge oil exploration industry tooled up forever-rising consumption – the talent and resources of the industry can be deployed elsewhere.”
However, this has not stopped some producers from making big bets. Chevron acquired Noble energy in an all-stock deal for $13 Billion in amidst of bankruptcies in the oil industry due to the Coronavirus.
For now, the Coronavirus is controlling the oil markets. However, we may see a slow shift out of fossil fuels as time goes along.
