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Wtianalysis

Ending Diagonal and Double Top patterns Drop to the level of 31$The oil price is directly related to the Canadian dollar level, let's discuss oil in light of the Canadian dollar, which is likely enters to a corrective uptrend. The uptrend has ended in the range of USD 43.15, and the price has entered to the corrective phase (the downtrend), the first wave of which ended the range of 36.01. Currently, we are in the C wave from B point, where the price is beautifully forming the patterns of Ending Diagonal and Double Top. Also, divergence is quite visible in MACD and RSI, all these cases indicate a strong downtrend in the direction of C wave and the completion of B / 2 wave, the first target of which is 36.01, and then, according to Fibonacci percentages, it can drop to the range of USD 33 and 31 Please note that the Ending Diagonal pattern is not completed yet, this analysis can be confirmed by crossing the price from a range of 40.17
OANDA:WTICOUSDShort
by NirmataFX
OIL WEEKLY ANALYSIS – PRICES UNLIKELY TO BREAK RESISTANCEThe market traded in a tight range this week, near its top around the 40$ handle failing to break the resistance level. Moreover, a whole month into consolidation with a total lack of fundamental supports has brought the market to retrace in yesterday's trading session, losing its grip and registering a drop of about 3% and continuing this downward momentum at today's opening Friday Asian's session. Finally, the "debate" about peak oil demand having already arrived aims the pandemic, and new outbreaks continue now with some skepticism. Technically speaking, there is not much to say, a whole month into consolidation, and last week trading in a tight range, it has kept most investors out of the market expecting some real catalyst. In the intraday realm of H4, a breakout from a smooth ascending channel has just happened, EMA forming a death-cross and price heading towards its support level from the D1 timeframe channel. MACD in a diminished bullish trend with RSI in the land of nobody for unambiguous confirmation of bears diving in. The trend consolidation in price action is expected to remain unchanged for the time being Now, concerns are coming from the fundamental front, with some states in the US hitting single day peaks for coronavirus deaths, Anthony Fauci, the "expert" suggesting to look into lockdown protocols raising concern about the country's economic outcomes. Reports from EIA and build-up of inventories to +5.6M barrels vs. -3.19 M expected has hit the demand and confirm the economic recovery slowdown. With Saudi Arabia and the OPEC+ new concerns about the expiring agreement for production cuts and no-compliance of some members in the cartel, that remain laggards in their quotes create a dark-cloud shadow that unfortunately dominates the market sentiment. This week's closing looks bearish for the market. In the meantime, let's keep sit on our hands, enjoying the weekend ahead. Stay safe and remember the social distancing. May the market stays with us. Happy Friday.
FX_IDC:USDWTIShort
by OGFXTRADER
WTI CAPPING UP FRESH HIGHWith just four trading sessions left before the WTI June contract expires, in despite the total number of coronavirus cases reaching 4.5 million and 300k death reported worldwide by Johns Hopkins and the market, in general, ignoring the US unemployment claims close to 3 million, the oil price was able to capped to a fresh high. A whole trading week has cost the market to shatter its consolidation and finally break the $26 handle. Market impulse can be attributed to the additional 1mb/d pledge cut from Saudi Arabia on Monday to take effect next month in the aim to support the stability of global oil markets, where concerns remain about the easing of the lockdowns leading to a second wave of COVID-19 cases that could profoundly impact the already crippled demand. Moving on to the technical side, the chart indicates a clear bullish bias after the breakout of the flag formation in the D1 chart. Price action is currently trading above the 50EMA, fighting the resistance from previous high on April 3rd at 28.63 handle, with sufficient room for price action to manage and reach next golden Fibonacci level 6.18 where the bullish momentum in MACD and the RSI still far from the overbought level support the bias. However, we could expect a small correction and price re-testing the upper line from the flag as long as price action is not able to break the current level.\ This week probably close inarguably bullish, where the OPEC+ altogether with non-OPEC producers and their 6.6mb/d cuts response informed on the IEA’s monthly report has given the marker the need support for this roaring come back.
FX_IDC:USDWTILong
by OGFXTRADER
WTI US OIL Outlook : High chance of a SHORT OPPORTUNITYHELLO EVERYONE, FEEL FREE TO LIKE AND FOLLOW IF YOU LIKE MY IDEAS! First of, H1 Time frame, shows a recent bearish double top pattern that lead to a sell off to the nearest support level @ 25.00. This is followed by a SHARP REJECTION at the resistance line @ 27.70, proving to be a tough barrier to break through. WTI is now fighting in the 25.00 - 26.00 range Possible Opportunities: - An hourly candle CLOSE ABOVE 26.00 followed by bullish confirmation would see WTI retest the resistance of @ 27.70, giving us a possible LONG opportunity to 27.70 - A BREAKDOWN BELOW 24.50-25.00 area of support would see us a SHORT opportunity to TP1 @ 20.60, an area of major support As always, remember to place your stop losses and good luck! Regards, Gol D Roger
TVC:USOILShort
by Gold_D_Roger
OIL Break 20$ Support and NEXT 17.89$ FOR LONG.Many Reasons behind Oil continues dropping After OPEC cut Production. 1- Oil should stay above 20$ after Deal Cut, but look like price war still going on. 2-Demand is very low at the moment all over the country because of lockdown and Economy under the shutdown. Coming weeks expecting Oil will do big correction upside end of April to mid-May, but before correction Oil could hit support level 2001 Year 16.90 to 17.26$ Good to long entry 18$ as major support level 🛑SUPPORT/RESISTANCE ✅S1= 17.25 ✅S2=16.10 ✴️R1=20.50 ✴️R2=24.10 Please like, share, comments and follow me to get daily base analysis Thank you for your support, I appreciate it.
FX:USOILLong
by Allmypips
2
CRUDE OIL (WTI) | Bearlish scenario The graphs of CRUDE OIL (WTI) and BRENT OIL are very similar. However, I want to show a separate scenario for CRUDE OIL (WTI Scenario for BRENT is BELOW ____________________________ Guys, please hit the like button, and write any comment, this will be the best thanks from your side. !!! Please, dont forget, the content on this analysis is provided for the sole purpose of assisting traders to make independent investment decisions. Do not trade this idea before you make your own analysis! !!! ______________________________
FX:USOILShort
by MinnieTrading
1