WTI-OIL
WTI about to take a quick breather - let's play the correction!After rallying strong off the DEC '18 lows -which elevated WTI more than 40%!- and as prices gradually approach the 50 Fib level of the whole gargantuan sell-off move dating back to the last October high all through December of 2018 and with the RSI already in overbought territory, I assume it is now time for some rather prolonged rectracement/correction... possible entry-levels given on the chart...
Who's in?!
:D
WTI Oil: Sell opportunity on the 1D Lower High.The price is currently near the peak of an overbought 4H Channel Up (RSI = 76.597, STOCHRSI = 99.117) which is the Higher High extension of the 1D Channel Up (RSI = 69.418, MACD = 1.160, Highs/Lows = 1.8686, B/BP = 3.5340). The Higher High zone is inside 60.00 - 60.70 and as soon as it is priced, the 1D Channel Down should pull back to meet the inner (4H) support and possibly even make a Higher Low below 57.00. We are however on a more moderate sell perspective with TP = 58.30 and 57.85 depending on the Higher High made.
Take a look out at the previous estimation of the current bullish leg on 4H:
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head and shoulders pattern on overbought market
hey guys,
from my previous analysis of wti we see that the market has recently touched a very significant potential reversal zone.
taking into account overbought rsi we can look for selling opportunities.
this head and shoulders pattern is a perfect way to catch a pullback with your targets based on structure.
just wait for a bearish violation of a neckline and sell the market.
I will give further updates!
good luck!
WTI US OIL Buy on H4WTICOUSD (US OIL) Uptrend
Trend: Up trend (signal: strong buy)
Long on EMA50 (57.338)
USOil Welcome back to the $60s!The USOIL is looking for $60 dollars per barrel, but the 200-daily moving average is at $61.90. So what are we expecting then? The price already broke clusters and walking through 200-daily moving average, the tiny trend is still going up, the 50-daily moving average is crossing the 100-daily moving average, so we still have a bullish signal. Not convinced yet? It will be clear enough in the coming days.
Have a Nice Trading Week!
Cream Live Trading, Best Regards!
Another Short on OilCheck out the link below (time for natural...), this is just another SELL following the previous idea
WTI Crude oil choppy season for several months expectedToday in the world, all the central banks are too artificially trying to control all the market.
Although their attitude will ruin all the system eventually, currently I guess shit tons of money will be prepared for us in this choppy season.
Get tons of money and prepare end of system by gathering actual gold bar and safe house.
WAIT, BUY WTI FROM 55 or 54 AREA, TARGET 59. WE WILL WAIT TO BUY FROM 54-55 AREA, NO GOOD HERE TO BUY.
WTI shortNot the worlds best setup.
Just showing what we are doing.
Risky trade, take at your own discretion.
WTI CRUDE OIL - DAILY CHART1)If break out green trendline, probably will go target in vertical line or 261,80% Fibonacci(US$ 63.49). SHS inverted.
2) Wave B Elliott
3) Strong resistance at the green trendline.
WTI Oil: Head and ShouldersWill see the close of today but we could may see the top of the right shoulder on WTI Oil TVC:USOIL . It can be a nice price to short to the neck of the head & shoulder and maybe more if the neck breaks. Wait & see
WTI Oil: Head and Shoulders on 4H. Potential scalp.WTI rebounded on Monday exactly on the 28 Jan low = 51.158 and 4H support and is now close to the 54.245 Resistance. If it gets rejected it creates the opportunity for a new short towards the support as 4H is forming a Head and Shoulders pattern (overbought on the Right Shoulder with STOCH = 83.318, STOCHRSI = 92.174, Williams = -13.879) and 1D remains neutral (RSI = 54.704, Highs/Lows = 0.0000). On the long term however, the bias remain bullish.
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WTI POSSIBLY DIP TO 50, ONLY BUY IT THERE. DONT SELL NOWHELLO,
Technical, H1 TIME FRAME
21 Ma Crossed 50 Ma, AND 50 Ma approaching 250. There is a chance the price continue falling, HOWEVER 49-50 AREA SHOULD and most likely will Offer a very strong SUPPORT, and price is expected to bounce FAST from there as buyers will jump in.
ALSO THE TREND LINE is broken and closed under it.
Fundamental,
OPEC has announced cut production last meeting and hinted further cut will happen if needed, giving a strong signal, They want prices to not drop to the 45 level.
GULF countries rely mainly on oil revenue to support their budget, A DROP to 45 wil trigger production CUT, NO RECESSION globay to get us back to 45 level.
US DOLLAR will drop, making oil prices more expensive, slightly like gold.
USA CHINA trade deal once announced, STOCK will fly and OIL as well, slightly USDJPY will go up, but will never break 111 LEVEL, so gives a great price to sell it above 110.
How can I trade oil, ****DON'T SELL IT NOW****, WAIT TO DROP TO 50 AND BUY IT WITH A BUY SIGNAL, IF IT DROPS AGAIN, HOLD YOUR POSITION WILL BE 49. THEN IT SHOULD CONTINUE TO 57-60 LEVEL.
USOIL HEAD&SHOULDERS? Hey Traders,
I see a head and shoulders pattern on daily chart. What's your opinion?
Good luck, enjoy profit
Benjamin
WTI OIl USCup and handle forming on the 4hr chart.
Need to break and stay above 53.40 to confirm.
Pattern target 64.00
50.35 support key.
