WTI (Crude Oil)
WTICOUSD 3.29% decrease followed by 18% increase...WTICOUSD 3.29% decrease followed by 18% increase. The rate correction level is 60.1 usd. I'm waiting for this level to test back and then rise. I expect a rise in a double wave structure with a first resistance level of 66 usd. The current motion target price is 70.8 usd.
WTICOUSD exchange rate before 9% decrease... The WTCOUSD correction level is 55.69 usd. I think that this level is tested by the exchange rate. Then I expect an additional long-term rise.
Down?Price has stalled and we may be seeing a H&S. Multiple rejections before 65.00 could be a sign to take a dive. Price would need to break 66.00 with conviction to signal a bullish continuation.
watch the channel for potential wave 4Recently Ucad has been quite stubborn. Therefore I look to oil to help make sense of it. what I'm looking at is a potential wave 4 forming on both the primary and intermediate degree. I' ( looking at further upside in oil prices up to around 67.15$ per barrel (next support level).
WTICOUSD SellHi All ,
Price broken down from rectangle range , with Bearish engulfing candle . Sell till next support as Tp1 and Tp2 D1 uptrend channel trendline .
Sl to entry .
Many Thanks.
OIL hitting resistance with double topOil has made a huge rally past months, without any corrections. I did not touch it for a while, but think we have a good chance this time to short it. More factors in favor now for the first time in a while.
The double top is something i saw yesterday, so unfortunately the entry is less great now, since it's already at the neckline of the double top. But that doesn't matter that much. For me this will be a swing trade and we have a good tight stop for this one, which is the high of the double top around 64.8/65. At the moment it looks like a flag at support, which is usually a very good sign. So i will try to short half at top of that flag on the right and the other half when support breaks of the neckline. First target will be around 60ish, don't know yet if more is possible.
Previous analysis:
Is another Long signal in the building?Seems WTICO is forming support here! Though we will have to wait for breakout.
Update CRUDE OIL: 7.238M barrel build - CAUTION... to finish after I was rudely cut off, options returns are a bell curve based on duration, you never want to hold them until expiry unless you are planning on taking delivery!
(*Note to tradingview - performance should increase for paid subscriptions)
WTI crude oil - daily chartI believe that achieved target of the wave b(261,80% of the wave a). Can reaches 361,80% Fibonacci.
Wave b, yet.
Update USOIL: $61.50 first, then $52Commodities are typically the last asset to peak during a cycle. We typically interest rates peak first, a couple of months later that followed by equities and a couple of months after equities we see commodities peak. Commodities such as crude oil, are part of the contraction phase in the cycle, the higher the price rises it begins to acts as a tax on consumers and that begins the early recession phase. For that reason, I have marked this rally in crude as a wave A of a bigger corrective pattern.
Downtrend ContinuationEntry was triggered around 58.80 and SL is set around 59.20. TP has yet to be determined but I do not expect support to hold should the trade go my way.
