Wtioil
WTI OIL Buy opportunity to 83.00 and 86.00 short-termWTI Oil (USOIL) posted a Bull Flag pattern today similar to September 28 - 30, which is the rebound formation is shares many similarities with. The drop that led to the bottom on both sequences is very similar and you can see that by plotting the September 14 - 26 on November 09 - 18.
The 4H MACD is also on the same pattern, it appears that the price is on the cross point (red flag). The target is now the 4H MA50 (blue trend-line) with an early projected hit at 83.00 and the 4H MA200 (orange trend-line) around 86.00.
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WTI OIL: Strong bottom formation. 4H MA50 and MA200 eyed.Massive development yesterday as Oil broke even below the 76.20 Support of the September 26th Low and reached as low as 75.30 before a massive rebound back to 80.00 that almost closed the day with no losses. This turned 4H neutral again (RSI = 45.032, MACD = -1.560, ADX = 33.080). Since the price broke above the 1H MA50 (yellow) again, we have a confirmed bullish continuation and the target is the 4H MA50 (blue) and 4H MA200 (orange) in extension.
Watch how this is so far the very same Inverted Head and Shoulders bottom into rebound formation as on the September 26th Low. That rebound hit the 4H MA50 and 4H MA200 and formed a Resistance level at 93.65 that was pushed to 93.75 on the November 7th High. We can't yet call for such a high test this time as there is the 1D MA100 (red) posing as a Resistance first, just above the 4H MA200.
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WTI OIL: Can have a huge upswing long term.Crude Oil seems to be virtually repeating since November 2020 the past Cycle that started after the January 2009 recession bottom. All levels are the same and even though this March 2022 top smashed through the symmetric Resistance Zone due to the war in Ukraine, it pulled back below it.
Right now the price is rebounding on the Huge Pivot line as in August 2011 (see the Pivot acted as a Resistance on October 2018) after being rejected on the 1W MA50 (blue line). The RSI is also a copy paste of that period. The model suggests that WTI oil as long as it closes this week above the 1W MA100 (green), it should break above the 1W MA50 again and test the Resistance Zone again. There is also a Rising Support (Higher Lows) below since March 2021, which was also present from July 2009 to August 2014. The strongest technical support is the 1W MA200 (orange). It will be really interesting to see how the market handles this input.
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WTI OIL Strong Support cluster. Fractal pointing to $93.00.The WTI Oil (USOIL) followed the exact projection we made earlier this week, as after a rebound to its 4H MA50 (blue trend-line), it got rejected again and even broke as low as the Support Zone 1:
By doing so it reached the 1W MA100 (red trend-line), which is the most important long-term Support. Last time it hit that level (September 26), it made an incredible rebound immediately. As you see we projected this drop on the bearish fractal of October 10 - 18. Plotting (yellow line) it on the price action since the November 07 rejection, it made a fairly accurate projection. This time we even looked at the September 14 - 26 bearish leg and as you see, the yellow fractal fits that one fairly well too. Also the resemblances between their 4H MACD sequences are evident.
Technically the 1W MA100 should hold and provide a rebound first to the 4H MA50 and 4H MA200 (orange trend-line) and then towards the 93.75 Resistance. As with the September 26 bottom, we give it a small tolerance limit to allow for a fake-out. If this is exceeded, we'll take it as a sell break-out signal, targeting the 77.25 - 76.25 Support Zone (2).
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WTI OIL Hit the bottom of H&S. Scenarios and how to trade them.WTI Oil (USOIL) hit today the bottom of a Head and Shoulders pattern since late October. With the Head being on November 07 and rejected on the 93.75 Resistance (1), the current Low is a short-term buy opportunity, targeting the 4H MA200 (orange trend-line) and the 4H MA50 (blue trend-line), as long as today's Low holds.
A closing below the bottom targets the Support Zone 1 but the long-term Support is the 1W MA100 (red trend-line). We see that such scenario matches almost perfectly the previous Resistance (1) rejection from October 09 to October 18. The MACD sequences between the two fractals are similar.
On the other hand, a break above the top of the Right Shoulder, would be a bullish break-out signal targeting again the 93.75 Resistance (1).
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WTI 4H Hey Guys
I think the downtrend will continue until the target area, any rise to the target area is temporary and on the way down!
I look forward to your questions or comments!
thanks
11/10/2022
DYOR
WTI CRUDE OIL SEEM SELL CORRECTION THEN BUY....
Hello Traders, here is the full analysis for this pair,
let me know in the comment section below if you have any questions,
the entry will be taken only if all rules of the strategies will be
satisfied. I suggest you keep this pair on your watch list and see if
the rules of your strategy are satisfied.
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WTI OIL Near the top of the 4 month Channel Down.The WTI Oil (USOIL) rebounded on its 4H MA200 (orange trend-line) yesterday and is once again near the top (Lower Highs trend-line) of the long-term Channel Down pattern that started at the end of June.
On the short-term, it has been trading within a Channel Up (dashed lines) since the October 18 Low. Naturally, the Higher Lows on the 4H RSI draw comparisons with the August 30 - September 20 fractal, which formed a Channel Down and eventually bottomed around the 1W MA100 (yellow trend-line).
Our trading plan involves break-outs. A 1D closing above the top (Lower Highs trend-line) of the Channel Down, targets the 1D MA100 (red trend-line) on the short-term, also inside the August Resistance Zone. On the longer term, the upper Fibonacci retracement levels can be targeted once the previous breaks.
If the price breaks below the 4H MA200, a short-term Channel Down similar to that of mid September (blue) can be materialized and target the 1W MA100 again.
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USOil | New perspective for the week | Follow-up detailThe OPEC+ production cut from two weeks ago is yet to reflect the anticipated consequence in the market as price action appears to be completing the retracement of the previous impulse leg that started a couple of weeks ago. A breakout of the $86 mark this week will be a signal for me to buy the USOil.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
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Past performance is not necessarily indicative of future results.
CRUDE OIL EXPECTED RALLYRising US crude exports, indicator for increased demand, and weakening of the dollar helped for a price surge of WTI, which broke and close above the 12 days formed resistance on the 4H graph.
The technical indicators are also suggesting a bullish movement, with MACD histogram above 0 line and rising and RSI above 50 neutral line.
If this movement continues, the price of the instrument might try to reach levels of 93.8, but in the opposite scenario the price might test its previous support at 82.7
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WTI OIL Short-term breakout levels and one long-term to considerWTI Oil (USOIL) broke today above its 4H MA50 (blue trend-line) after three consecutive rejections and is going for the 1D MA50 (green trend-line) test where it was rejected on October 20. A break above it would be a short-term bullish break-out signal, targeting the top (Lower Highs trend-line) of the Channel Down pattern that the commodity has been trading in since June 29 (rough estimate 90.00).
Remember that this is the very same Channel Down that helped us take an accurate sell position 2 weeks ago as shown on the chart below:
If however the price breaks below the (dashed) Higher Lows trend-line, we will take it as a break-out sell signal, initially targeting the middle (dotted line) of the Channel Down, which is where the crucial 1W MA100 (yellow trend-line) is and then the September 25 Low (76.20) in extension (but only if the 1W candle closes below the 1W MA100).
Keep in mind that the only level we can buy comfortably on is upon a break above the 1D MA100 (red trend-line), which has been unbroken since July 05. That would target 105.00 initially.
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USOIL - WTI Crude Oil - 1Y Chart ReviewToday you can review the technical analysis idea on a 1Y linear scale chart for WTI Crude Oil (USOIL).
The chart shows the price has been moving in a descending channel with the current year (2022) looking similar to 2008. Using the Fibonacci Retracement tool, I estimated the price reviewing the next 6 years showing similarities to the price from 2008-2014. It's important to keep in mind that MACD possible bullish cross may be coming next year as well as upward momentum in the Stochastic RSI. RSI also has room for growth. Prior to the price moving higher, I believe that the price will come down lower sometime next year before moving higher very quickly. This may fall in line with the "recession" and economic challenges the global economy is facing.
As always, this is a prediction with a great deal of possibilities to come as well as my opinions and knowledge included in the chart. Anything is likely at this point!
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #millionaireeconomics
WTI: StretchingWTI is done recovering and has finished wave b in blue. Already, it is stretching upwards, striving to work on our primary scenario. We expect the marker crude to climb above the resistance at $97.66 and into the turquoise zone between $99.97 and $113.53, where it should complete wave b in turquoise. After this feat, WTI should relax once more and fall into the green zone between $70.12 and $35.77 to conclude the overarching downwards movement. There is a 35% chance, though, that WTI could tackle this task directly, dropping below the support at $76.25 earlier already.
Oil Short Term Buy IdeaW1 - Price has reached a key support zone and is bouncing higher.
Bullish hidden divergence.
H4 - Currently it looks like a correction is happening.
Bullish divergence.
Until the two strong support zones hold my short term view remains bullish here.
OPEC+ vs. the US: Who will succeed to control Oil Prices ?Technicals:
- Potential Reversal from 4H Order Block to the upside or
- Downtrend continuation to the next 4H Order Block (Price Range: $ 78 - $ 76)
Fundamentals:
- OPEC+ Production cut announcement (5-10-2022) >> Will push price higher if successful
- US-led efforts to ease supply crunch. >> Downtrend to continue to Price Range: $ 78 - $ 76 if successful
OPEC+ vs. the US: Who Controls Oil Prices?
The directional bias of oil prices in the coming weeks will be determined by the fundamental impact of the US vs OPEC+
WTI OIL broke below the 4H MA200. Bearish confirmation.This is an update to our WTI Oil (USOIL) post published last week, as our sell signal was confirmed:
The price broke below both the (dashed) Higher Lows trend-line and the 4H MA200 (orange trend-line) and following the Rejection on the August Resistance Zone and the pricing of the new Lower High on the Channel Down since June, we can now expect at least a test of the previous Low at 76.30. A break above the 4H MA50 (blue trend-line) shouldn't invalidate that.
In our opinion technically only a 1D candle closing above the August Resistance Zone will be a bullish break-out signal (aimed at the 0.786 Fib), which now will be a break above both the 1D MA100 (red trend-line) and the 0.5 Fibonacci retracement level. We can start considering booking the sell and instead open a lower buy position when the 4H RSI breaks into its multi-month Support Zone. As you see, such RSI rebounds have always hit the 4H MA50 at least.
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As the price broke above the downtrend and retested with a HummeAs the price broke above the downtrend and retested with a Hummer candle
WTI OIL Sell Signal and invalidation levelFollowing our break-out buy signal last week, the WTI Oil (USOIL) has entered a Resistance Zone, which since the start of August has rejected the price every time with the temporary exception of 1 day (29-30 Aug):
Eventually the Channel Down turned out to be wider. The price is now pulling back since hitting the August Resistance Zone and the 4H RSI has been emphatically rejected much lower than we'd normally expect. This shows how overbought the price was during that 2 week bullish stretch. Despite the imminent formation of a Bullish Cross (MA50 crossing above the MA200), it is best to wait for a confirmed break-out before entering again.
In our opinion a sell break-out will be when the (dashed) Higher Lows trend-line breaks, which will be a breach of the 4H MA50 (blue trend-line) as well, targeting the September Low.
A buy break-out won't be above the Resistance Zone or the top of the Channel Down but above the 1D MA100 (red trend-line), which has been untouched since July 05 2022, in which case we can target the 0.786 Fibonacci retracement level.
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WTI continues to defy the strong dollarWTI has been one of the few markets to stand up to recent dollar strength, with prices rising over 16% last week alone.
A strong bullish trend has developed on the 1-hour WTI chart. The 20 and 50-bar EMA’s have provided dynamic support throughout the trend and may provide bullish opportunities with a pullback towards them. The 20-bar EMA is near the daily pivot point and the 50-bar is near the $90 handle and daily 1 pivot. The next area for bulls to consider is around $94 or the daily R1 pivot.
WTI Oil Aiming for +99$Hello Traders
This week oil price jumped almost +12.5$ from the opening price on Monday and ended in a big green weekly candle.
2 major factors affected Oil prices:
1- OPEC has reduced its production limit.
2- Cold seasons started in Europe and demand for energies such as oil has soared.
Technically:
1- Price has broken a falling wedge pattern.
2- Price has made a big green weekly candle.
3- Also the price has made a local higher high indicating a reversal in trend.
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Thanks For Reading
Team Fortuna
-RC
(Disclaimer: Published ideas and other Contents on this page are for educational purposes and do not include a financial recommendation. Trading is Risky, so before any action do your research.)
