Wtioil
WTI OIL Getting closer to a buyPattern: Channel Up on 1D.
Signal: Buy when contact is made with the 1D MA50 (blue trend-line) or the RSI enters the long-term buy zone.
Target: 79.50 (top of the Channel).
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OIL- OPEC Deal or No Deal?What a lovely day this is, what a fantastic thing Technical Analysis is.
Yes, we took profit perfectly today on what was a rather easy and predictable trade.
The price dropped minutes later from resistance to support and off from support bouncing back up at the moment.
What is important to understand now is the fundamentals.
Oil price surge triggers new inflation fears as Opec talks break down
The United Arab Emirates refused Saudi Arabia’s demands to increase production, leaving the meeting collapsing with no decision.
Some analysts are now predicting oil will climb to $100 a barrel. Economists said surging oil prices threaten to destabilise the world economy’s fight back from the Covid doldrums. As well as being key to the cost of powering factories, oil and its associated products form a key element in most consumer goods...
Check the idea below and remember who the greatest Bull of ALL TIMES is...(inflation)
Technical analysis update: USOIL (22nd June 2021)On 16th June 2021 we said that we might see small and shortlived correction towards 68 USD per barrel. However, USOIL stopped its decline at 69.80 USD on 17th June 2021. Then it reversed back up and made a new peak. Our medium term price target remains at 75 USD per barrel. MACD, Stochastics and DMI are all bullish. Although, RSI remains in overbought zone. In addition to that RSI again shows signs of reversing to the downside. We think analysts should be cautious about this observation. It is possible that USOIL will drop again below 70 USD before finally going to 75 USD.
Here are our thoughts from 16th June 2021:
Here we said that price drop could send us to Support 2 around 68 USD per barrel.
Here are prior thoughts from 4th June 2021:
Here we outlined case for 70 USD and 72.50 USD pricetag.
More prior thoughts from 24th May 2021:
Our first idea from 28th April 2021:
Here we outlined case for 65 USD pricetag with simple use of moving averages.
Disclaimer: This analysis is not intended to encourage 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.
WTI OIL Channel Up rejection shows strong pull-back nextPattern: Channel Up on 1D.
Signal: Sell as the price got rejected on the Higher Highs trend-line of the Channel Up. This will be confirmed once the 1D MACD makes a Bearish Cross.
Target: The 4H MA200 initially (red trend-line) and the 1D MA50 (blue trend-line) in extension where yuo can shift to a buy.
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WTICOUSD correction begins.WTICOUSD correction begins. My analysis shows that the rise has stalled. The halt is caused by the upper level of D1ATR. The D1ATR(white square height) shows the 14-day average of the maximum value of the intraday move. In other words, the maximum distance that the price movement can travel in a day with the currently measured ATR value. Simple math. Let's move on. Above and below the white square of D1ATR is a red square. This is the so-called "spike area". In these areas, price movement can occur, but no price can close beyond one day. This ensures the symmetry of the wave movement within the D1ATR. Also visible is a green square within the D1ATR. This is also significant. This is actually the wave of the symmetrical wave structure that has formed. I am waiting for the second period of this. To briefly summarize. A correction in oil(WTI) may begin. The first target price : 71.887 usd
USOILCurrently oil is trading @ 73.00 dollars and we've been looking for a 50% pullback since the beginning of the uptrend after the devastating downtrend which was caused by the COVID19, we believe we are about to get our 50% pullback once price reaches 86.00 dollars. Once we reach 86.00 dollars we expect price to reach for the 50% around 52.00 dollars or 43.00 dollars if the bears decides to take it to 61.8%.
Once we get the complete pullback we expect the bulls to push price to 140.00 dollars completing our predicted price move.
Disclaimer: This idea is not a trading signal but it is merely just an idea any information provided here is only the personal opinion of the author (not advice or financial advice in any sense, and in the sense of any act, ordinance or law of any country) and must not be used for financial activities.
Technical analysis update: WTI oil (16th June 2021)USOIL reached our short term price target of 72.50 USD per barrel. Because of that we would like to update our thoughts on WTI oil. Moving averages and MACD remain bullish. However, price traveled too far from its 20-day Simple Moving Average. At the same time RSI reached overbought levels. Our medium term price target remains at 75 USD per barrel but we think in short term there is possibility of short lived correction that could take us back towards Support 2 level around 68 USD per barrel. However, we think bullish trend of higher degree will remain intact. This is because economic recovery is still in progress. Demand is expected to rise about 6 million bpd in 2021 and another 3 million bpd next year. Pre-pandemic demand was around 100.6 million bpd. Same level of demand is expected to be reached in second half of 2022.
Here are our thoughts from 9th June 2021:
Here are prior developements from 4th June 2021:
Here are more prior developements from 1st June 2021:
Disclaimer: This analysis is not intended to encourage 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.
WTI OIL overbought stillPattern: Channel Up on 1D.
Signal: Buy once the price breaks below the 1D MA50 again (blue trend-line).
Target: 76.00 (closer to the top of the inner Channel).
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WTI Oil An interesting fractalWhat do you think of this fractal on the 1W time-frame? The price action since mid 2020 resembles that from early 2017 to mid-late 2018. During that time, WTI started off a Channel Down (blue), then as it broke above the 1W MA50 (blue trend-line) it rose aggressive and after it broke above the 1W MA200 (orange trend-line) as well, it entered a a 9 month Channel Up (green) that eventually led to the October - December 2018 collapse. During that Channel Up, a 1W Golden Cross got formed.
Since mid 2020, the price seems to be following the 2017/2018 sequence. We are currently inside the (green) Channel Up. Even the RSI and MACD are printing similar sequences. Will another 1W Golden Cross emerge that will lead the Channel Up to a blow-off top? What do you think?
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Technical analysis update: WTI oil (4th June 2021)Technicals such as RSI, MACD and Stochastics are all bullish. In addition to that ADX shows signs of awakening. Price continues to rise and on 3rd June USOIL’s price reached 69.37 USD. We think there is high probabillity that USOIL will reach our short term price target of 70 USD within next week. Because of that we would like to update our medium term price target for USOIL to 72.50 USD.
Our thought from 1st June 2021:
Here we see that previous resistance was taken out. Prior resistance level currently acts as support.
Our thought from 24th May 2021:
Here are some prior developements.
Disclaimer: This analysis is not intended to encourage 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.
WTI OIL Is $100 a realistic price target?A lot of talk has been made lately around popular assets like Gold's strength, the selling on BTC and the weakness of the USD while few have been paying attention to WTI Crude Oil's long-term carts. WTI has silently broken above its Historic Lower Highs trend-line (that has been in effect since the July 2008 Market Top) and is on a sustainable trade above it. This key advancement may have very important implications on the long-term, as with the DXY on a continuous fall, it appears that after decades, we may finally see Higher Highs on Oil.
On top of that, last month, the 1W chart formed a Bullish Cross (BC) between the MA50 (blue trend-line) and the MA100 (green trend-line). Since 1995, we have had seven 1W MA50/100 Bullish Crosses and all but one delivered a Higher High. In the 4 most recent ones in particular, 3 times the price reached at least the 1.5 Fibonacci extension counting from the previous bottom. The 1.5 Fib extension currently sits at 102.50.
Is this sustainable break-out from the Historic Lower Highs along with the 1W BC, good news for oil producers? Do you think $100 is realistic in the near future? Feel free to share your work and let me know in the comments section!
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WTI OIL Buy the 1D MA50 pull-backPattern: Channel Up on 1D.
Signal: Buy once contact is made again with the 1D MA50 or the RSI enters its Buy Zone. The entries have been consistent since March 23.
Target: 72.00 (around the 1.5 Fibonacci extension).
Previous WTI plan:
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WTI OIL Resistance Zone being tested. Action plan.Pattern: Descending Triangle on 4H.
Signal: As long as the Resistance Zone stays intact, sell (A). If broken buy (B).
Target: (A) 62.50 (the 0.382 Fibonacci retracement level), (B) 68.30 (the 1.618 Fibonacci extension level).
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Technical analysis update: WTI oil (24th May 2021)WTI oil continues its choppy sideways price action. However, we still remain bullish and our targets remain unchanged. Our short term price target is 67.50 USD per barrel while our medium term price target is 70 USD per barrel. We expect demand to pick up over the summer as travel curbs will ease and people will start to travel more. In addition to that oil failed to fall on headlines of Iran coming back to the market. We interpret this as very bullish.
price reductionDescription :
Apparently we see a good suffering situation, as you can see, it fluctuates between a support and a resistance, and an upward trend line from support to resistance accompanied it, and after breaking, we have seen a strong fall, which is also possible to touch the support. It will take time, but it is possible. Despite the fact that the price is far from its records and the previous trend was upward, a position in the support can be received again, but if the support is broken and below it is proven, a downward trend is likely. There is a powerful.
Crude Oil to 75???? Looks like it...After the recent drop under 60, bulls took control and drove the price to 66 resistance again.
The bullish sentiment for Oil is obvious and a break above this resistance looks imminent
The next technical target is 75
WTICOUSD 4.85% decline ahead.WTICOUSD 4.85% decline ahead. Those who have been following my analysis have seen that I make my predictions using various mathematical model calculations. These include wave techniques , fractal techniques and ATR based calculations. My current analysis is a pure ATR based calculation. We start from the basic theory that the formation of a double wave sequence is given by the percentage size of the ATR of the previous wave sequence. Currently, a double downward wave sequence may be forming in the price movement of WTI. The size of the ATR decline during the first wave sequence is given. Our assumption is that the size of the second wave now forming is equal to the percentage size of the first wave sequence falling ATR. The percentage size of the first wave phase is 7.46% Therefore, we expect the size of the next falling wave to be 7.46%. Target price : 61.28 usd
Note : ATR can be measured on different trading terminals. There are many indicators from which data can be used to extract the ATR size. Almost any indicator that uses average value data in its underlying mathematics is suitable.
Technical analysis update: WTI oil (29th April 2021)As follow-up to previous idea on WTI oil published on 28th April 2021 we would like to upgrade our short term price target from 65 USD to 67.50 USD per barrel. Medium term price target is 70 USD per barrel. Bullish outlook is supported by climbing RSI and bullish crossover in DMI with subsequent revival of ADX action. MACD and Stochastic oscillator suggest burst toward upside.
Previous idea:
Disclaimer: This analysis is not intended to encourage 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.
Technical analysis update: XOM (8th May 2021)XOM currently shows very high correlation with oil price. This coincides with our bullish outlook for oil prices. Furthermore, technical analysis of RSI and MACD remains bullish. We also see buildup in volume. Because of that we would like to upgrade our short term price target for Exxon Mobil to 65 USD per share. We believe that XOM will break above resistance at 62.55 USD during the next week. We view this as possible catalyst for move up.
Disclaimer: This analysis is not intended to encourage 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.
WTI OIL Buy SignalPattern: Channel Up on 4H.
Signal: Buy as the price entered the 4H MA50 (blue) - 4H MA100 (green) range, which has been a Buy Zone before.
Target: 67.50 (just below the 2 month Resistance). With a little more risk you may pursue the 1.618 Fibonacci extension, depending on where the price bottoms now.
Most recent WTI signals:
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