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Wtioil

Technical analysis update: WTI oil (26th October 2021)WTI oil continues to rise along with other commodities. Recently, USOIL reached our short-term price target of 82.50 USD and then our medium-term price target of 85 USD. In light of these events we would like to change long-term price target of 90 USD to medium-term price target. In short-term we remain neutral as price of USOIl remains overvalued at the moment. Because of that we would not be surprised to see shortlived correction in WTI oil. Despite that we continue to be bullish on USOIL as rising demand and other fundamental factors support bullish case for it. Technical analysis RSI continues to move sideways in overbought territory. Its current value suggests that price is due to correct which would be very healthy for oil before next climb to 90 USD per barrel. We await reversal in RSI which will be accompanied by selling pressure. However, Stochastic and MACD remain bullish. Though, MACD loses momentum. ADX continues to grow which suggest that bullish trend is very strong and it is possibly nearing its peak. Suport and resistance Short-term support sits at 82.50 USD while short-term resistance sits at recent high of 85.39 USD. Support 1 lies at 80 USD and Support 2 sits at 76.95 USD. while Support 3 appears at 74.21 USD. Then major support sits at 61.58 USD. Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
2
WTICOUSDThe West Texas Intermediate Crude Oil market has initially rally during the trading session on Monday, reaching towards the crucial $85 level. The $85 level of course has a certain amount of psychological importance attached to it, so it is worth paying attention to the fact that we have fallen from that level. The market forming a bit of a shooting star suggests that we are ready to pull back just a bit, but I do think there is enough support underneath to keep this market going forward. All things been equal, the market is very bullish, and nothing has changed. I anticipate that there is probably a certain amount of resistance to the $85 level based not only upon psychology, but probably based upon the options market as well. Nonetheless, I do like the idea of pulling back and finding value that we can take advantage of going forward. The $82.50 level attracts a certain amount of attention, and most certainly the $80 level will as well. I think the $80 level is your short-term support level, and therefore I think that is the bottom of the overall range. Keep in mind that there is a major amount of demand for crude oil, and we had also seen a lack of production during the pandemic, so therefore we have a bit of a “perfect storm” for higher pricing as the economies around the world continue to reopen, and of course demand surges for energy. We are not only seen this in the WTI market, but we are seeing it in the Brent market, natural gas markets, and quite frankly even the coal markets. In other words, anything energy related is going to continue to have quite a bit of momentum attached to it. With that in mind, I think this continues to be a “buy on the dips” scenario, and therefore I am not looking for selling opportunities. Longer-term, I do think that we break above the $85 level and go looking towards the $90 level. Looking at this chart, the market has been very bullish, and should continue to be so as we are simply grinding away in a 45° angle, which is a very healthy amount of momentum overall. It is not until we break down below the 50 day EMA that I would consider shorting this market.
OANDA:WTICOUSDLong
by SmoothJB
WTI OIL is about to top soon. Reversal imminent.On my most recent WTI Oil idea I laid out the reason why I expected it to tun parabolic towards $82.50: That target has now been reached and on the 1D time-frame, WTI is approaching a very strong Support cluster both on price and RSI terms. As you see the price is close to the internal Higher Highs trend-line that connects the March 08 and July 06 Highs. Also it is approaching the 2.0 Fibonacci extension of the Fibonacci Channel that is trading on since March. This extension is key because as you see the previous Higher Highs have been rising on a +0.5 Fib interval (1.0 and 1.5). The next in line is arithmetically 2.0. At the same time, the 1D RSI is testing the 76.30 Resistance. The July 06 High came on a RSI Triple Top. We already have a Double Top. Watch this sequence closely as a potential Triple Top may be the signal for the correction. The 1D MA50 and 1D MA200 are there to offer Support. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
10
WTI OIL , channel breakout , time for retest and then pump!hey yall , if you look at WTI Oil's past rn , you'll see we kinda have the same pattern rn . in both of them we have descending channels . in the last pattern , WTI did a retest after breaking above the channel . so I'm guessing after going up a little bit , we will have a retest and then pump is gonna happen . it'll be a huge pump . imo the price will even get to 1000 $ . we'll see though , if we were alive... so the next update will be 3 years later perhaps , this retest will probably take 3 years to happen cause we are on monthly chart . Imma update it if I was alive :D if you liked the idea , give it a like . and if you wanna see more of these , follow , heck of analysis are on the way ! also tell me your opinions on this idea in the comments . GoOOoOd LuUuUUuck
FX:USOILLong
by ArminChiani
USOIL. P-Modeling PT V2. Inverted Springs of Cajun OilWelcome Hyperspace Agents, This is the second part of US OIL. Part V2. In order to understand this chart. You must do the following: - View the ENTIRE Time-Series Analysis. - View Pt. 1 of the US OIL idea. -Try and Grasp the understanding of Harmonics and Inverted C&H formations. -Be open minded. Please see the snapshots in order. They represent a snapshot progression of the dynamic model being executed. This is called a Time-Series Analysis. Time-Series Start: Baseline Snapshot: 1 Week TF. Inverted cup and handle formation not yet executed. Dec 6th, 2019 Price $58.25 Next Snapshot: 1 Week TF. Inverted Cup and Handle formation has been partially executed up to the C & D conjunction of the HANDLE harmonic of the formation. Formation Validated. March 26th, 2020 Price $23.79 Next Snapshot: 1 Week TF. Inverted Cup and Handle formation EXECUTED. Past lowest linear conjunction of Handle. April 20th,2020 Price $14.85 Next TWO snapshot: 1 Week TF. Inverted Cup and Handle formation Executed. Full cup pour to $0.00 and oil goes (-) on some exchanges. April 20th, 2020 Price $13.61 & Oil goes to 0. Now let us fast forward to the rebound dead-cat. We create a harmonic exit pattern, leading into new bull-run for oil. Sept 1st, 2020 Price $43.06 I thought, why not a nice double bottom inverted spring to set us off the cajun way. We begin 2nd crash of oil. Sept 8th, 2020 (posted date). Price: $36.46 ________________________________________________________________ You can find all the original snapshots here: Please view PT 1. Snapshot Time-Series Analyses are very hard to refute. Because the proof is in front of you. No numbers. No guessing. Simply View the evidence in picture format. Area of Interest was confirmed in PT 1. Target for this drop is $11 stable on US OIL.<--- WTI OIL will also drop to a TP of 0.11 cents. Idea here : Covid-19 Wave Two. Dropped demand. Complex Supply availability due to weather. May even see a flash crash to 0$ again.. Who knows.. Not I said the sheep. Thanks for Pondering the Unknown with Me, Glitch420
TVC:USOILShort
by Glitch420
1
Technical analysis update: WTI oil (11th October 2021)USOIL reached our short-term price target of 80 USD. Because of that we would like to update our idea. We would like to change medium-term price target of 82 USD to short-term price target. In addition to that we would like to set new medium-term price target to 85 USD. Our long-term price target of 90 USD remains unchanged. We continue to be bullish on WTI oil and we expect price to continue its climb. Technical analysis MACD is bullish. Stochastic is also bullish. RSI is bullish, however, it reached overbought condition again. We previously noted that such phenomenon is often followed by correction in price (we noted that before slump towards 75 USD occured). ADX continues to grow which suggests that trend is strenghtening. We continue to be bullish but we would like to see price stabilize at current level first. It is possible that USOIL will move in certain range for while before continuing higher. Support and resistance Short-term support appears at 79.76 USD. Another two supports below that sit at 76.95 USD and at 74.21 respectively. Next strong support sits around 65 USD while major support lies at 61.58 USD. Current short-term resistance sits around 82.50 USD. Another resistance level appears at 85 USD. Here is link to our previous thought from 7th October 2021: Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
Technical analysis update: WTI oil (7th October 2021)In our last idea we pointed out that RSI reached overbought condition and that such occurence is often followed by correction. We also noted that correction would drag price towards 75 USD per barrel. In addition to that we said that we would remain bullish even if correction took place. We continue to maintain that bullish stance. We actually think that current price is very attractive for investors as we expect eventual resumption of uptrend followed by retest of resistance at 79.76 USD. Our short-term price target remains 80 USD, medium-term price target 82 USD and long-term price target 90 USD. Fundamental analysis Recently OPEC decided not to boost prodcution further which is very positive fundamental development for oil worldwide. Several media news outlets reported that it is very likely that OPEC could not increase its production even if it wanted to because it lacks capacity to do so. Demand continues to pick up and we expect this trend to prevail over following 12 months. United Kingdoms continue to report shortages of fuel at its gas stations. Natural gas continues to grind higher altogether with oil while there is increasing talk of strong winter for 2021. Technical analysis RSI reversed from overbought condition and it currently points in bearish direction. We will observe whether it starts to flatten which would suggest that correction ceased. MACD continues to be bullish at the moment, however, it is losing momentum. Stochastic remains bullish. DM+ and DM- suggest that bullish trend is still present. ADX reversed but it continues to have bullish structure. We will observe it closely and we will look whether it manages to resume growth. Support and resistance Closest area of interest is 75 USD while short-term support appears below that at 74.21 USD. We will observe whether these two levels will manage to stop further selling pressure. Another two areas of interest are at 71.46 USD and 65.11 USD. Below that is major support level at 61.76 USD. Short-term resistance sits at 76.95 USD while another resistance above that lies at recent high of 79.76 USD Recent track record Here we did set short-term price target to 77.50 USD which was reached on 4th October 2021. Here we did set short-term price target to 75 USD which was reached on 27th September 2021. Here we did set short-term price target to 72.50 USD which was reached on 15th September 2021. Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
8
WTI OIL turning Parabolic Towards $82.50.Since WTI Oil broke the former two Resistance levels (74.15 and 77.00), the price turned parabolic outside the Channel Up that dominated most of the price action in September. There seems to be a Buy/ Support Zone consisting of the 4H MA50 (blue trend-line) and the 4H MA100 (green trend-line) and a Resistance Zone on the RSI Higher Highs trend-line. Technically those two pressure levels should provide the next dip buy and target. I've applied the Fibonacci Channel to assist in finding the target and as you see every Fib extension prices a Higher High (1.0, 1.5, 2.0). Naturally the 2.5 Fib extension is next, I project a Higher High around $82.50. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Vergnes --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
5
Technical analysis update: WTI oil (27th September 2021)USOIl reached our short-term price target overnight. We continue to be bullish on WTI oil. Because of that we would like to change medium-term price target of 77.50 USD to short-term price target. Similarly, we would like to change long-term price target of 80 USD to medium-term price target. We would also like to set new long term price target to 90 USD per barrel. Technical analysis RSI continues to evolve its bullish structure. We will observe RSI closely in the following days and we will look for crossover into overbought territory (above 70 points). We expect this phenomenon to be accompanied by strong upside price action. Stochastic is also bullish as it oscillates in the upper area. In addition to that MACD is bullish too. ADX contains low value which suggests that trend is very weak at the moment. Despite that we remain bullish on USOIL and we expect bullish trend to resume soon. Support and resistance Short-term support sits at 73.11 USD. Major support level appears at 61.58 USD while major resistance level appears at 76.95 USD. Here is our previous thought from 15th September 2021: Here we did set short-term price target to 75 USD which was reached today overnight. We also layed out bullish case for USOIL. Here is our previous thought from 3rd September 2021: Here we did set short-term price target of 72.50 USD which was subsequently reached in two weeks. Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
4
WTI OIL Buy levels the MA50/200. Potential $90 move if 77 breaksOn my most recent WTI Oil idea two weeks ago, I highlighted the importance of the Inverse Head and Shoulders (IH&S) pattern that emerged on the 1D time-frame and why the 1D MA50 (blue trend-line) was the 1st buy candidate of the current bullish leg: As you see the 1D MA50 worked perfectly as a buy entry and the upper Resistance targets have been hit. However since the price was rejected just below the 77.00 Resistance, it is possible to see another 1D MA50 test, which again will be our first buy entry. Second and final will be the 1D MA200 (orange trend-line) if the Pivot Zone fails to support. If however we close a 1D candle above the 77.00 Resistance then it will be a bullish break-out of the Inverse Head and Shoulders, in a similar way as the previous IH&S that broke upwards on May 28 2021. The break-out extended as high as the 2.0 Fibonacci extension. If the same sequence is followed, then the 2.0 is currently at 92.24. In that case our long-term target will be $90. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Vergnes --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
1
Technical analysis update: WTI oil (15th September 2021)USOIL reached our short term price target of 72.50 USD today. We still remain bullish on USOIL. Because of that we would like to set new short term price target for USOIL to 75 USD per barrel. Our medium price target is 77.50 USD and long term price target is 80 USD. Technical analysis MACD is very bullish as it performed crossover above 0 points and entered a bullish zone (as we previously predicted). This strongly bolsters bullish case for USOIL. In addition to that RSI and Stochastic are also bullish. However, ADX contains low value suggesting neutral trend is present at the moment. Price of USOIL currently trades too far from its 20-days SMA which raises (immediate/short-term) concerns about retracement towards the SMA. Despite that we continue to be bullish on WTI oil (in big picture) and we expect higher price. Short term support sits around 70.50 USD while medium term support sits around 65 USD. Then major support appears around 61.50 USD and closest resistance at 74.21 USD while major resitance sits at 76.95 USD. Our prior thoughts from a week ago: Here we noted that we were closely watching MACD for crossover above 0 points. We also noted that we were looking for breakout above short term resistance. Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
12
Technical analysis update: USOIL (22nd September 2021)In recent days USOIL has been holding up relatively well in comparison to the general market. It currently trades around 71.30 USD. We forecast that positive developments in the airlines and the travel industry will drive demand higher over the next 6 months. Our short term price target remains 75 USD per barrel while our medium term price target is 77.50 USD. Our long term price target is 80 USD per barrel. Technical analysis RSI is bullish. MACD is also bullish. Stochastic oscillates in the bullish zone, however, it strives for reversal. ADX contains low value which suggests that trend is neutral. Despite that we remain bullish on USOIL and we expect resumption of bullish trend in close future. RSI daily timeframe: MACD daily timeframe: Stochastic daily timeframe: Support and resistance Short term support sits around 70.50 USD. Another strong support appears around 65 USD while major support sits around 61.58 USD. Short term resistance sits at 73.11 USD. Medium term resistance sits at 74.21 USD and major resistance at 76.95 USD. Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
4
Wait for the signal to buy Oil when retest appearsH1 time frame. Structure: Uptrend. The price rallied after breaking the double bottom reversal pattern on the 30 minute time frame and breaking the Key level of the correction at 71.50. Waiting for the price to return to this area with a retest signal confirming the uptrend is back, you can find buying opportunities. Profit target is zone 74.000. ----------------------------------------------------------------------------------------------- Wish you all have a good trading day!
TVC:USOILLong
by tradafx
1
WTI OIL Inverse Head and ShouldersLast time I made a post on WTI Oil the price was still struggling to get past both a very strong Lower Highs trend-line and the 1D MA50 (blue trend-line on the left chart): Well the price managed to break and close above both and rallied. The rejection though near the 74.15 Resistance has formed an Inverse Head and Shoulders (IH&S). Look how the Pivot Zone mentioned on the previous analysis is almost perfectly matched as the Shoulder line. Naturally, we should be expecting an initial pull-back and since the IH&S is a bullish reversal pattern, break above the 74.15 afterwards. However we need to consider an earlier potential Support and that's the 1D MA50 which, as mentioned, was previously the Resistance since August 03. That fits well the pattern on the right side (which is on the 4H time-frame) which is a Channel Up whose Higher Lows trend-line limit is currently roughly where the 1D MA50 is. Short-term target if the Pivot Zone holds is the 74.15 Resistance (1). Long-term target is the 77.00 Resistance (2). A candle close below the Pivot Zone temporarily sets this back to the 1D MA200 (orange trend-line on the left chart). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Vergnes --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
7