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Wtioil

Urgent! WTI has successfully tested the broken support on D1As we've seen in our previous post, we succeeded to expect what will happen and we successfully had reached our target of 37$. Please note that our game now is on the daily chart as the price could successfully break the 37$ level which was a very important historical support, and then retested it on the H4 chart by making a bullish channel to touch the point and then to fall down, then it made a double-top formation on the h1 chart and RSI warning us that it's time to short. But on the D1 chart, why did it break the support then retested it? where it's going to? If you have a good eye, you'd see a double-bottom formation with a broken neckline on the 28$ level, but we haven't tested this line yet, so we need a confirmation between the area of 28$ - 32$. Yeah, a wide area, but it's because we have some strong resistances on 32.5$ (Fibo 23% of the bullish wave that started from 6.5$ + a historical resistance), 31$ (historical resistance, then 28$ (the neckline resistance). So, those should be our main targets in the long-term. When to sell on the H4 chart? As I've just said, it broke the 37$ level then went down to 34.4$, and from that point, it started to make a bullish channel and went to test our broken support. So, we need a H4 candle to close below the down-trend of the bullish channel, and we are about to have this right now, although it may go up a bit to close the gap that was made when the market opened today. And here we go, we are about to start shorting with so nice opportunity to have nice profits. Our target as I've said are 32.5$ (main target), 31$ (normal target), and 28$ (main target). We should put our stop loss above the right shoulder on 39.1$ and wait for H4 candle to close above it to make sure that it's time to close the 41$ gap. Don't forget to tell me your opinion and how you see OIL in comments! I'm waiting for you ideas Chiao!
FX:USOILShort
by Amro_Elzeiny
4
US oil short, strong divergence Oil looks good for a temporary respite on the march to close the gap at 41. We now have a nice strong divergence on the hour chart at the top of the rising wedge channel, we can probably expect a pull back to test either of the green support lines and possibly a test break of the rising wedge. Stop just above the hourly divergence, profits to be taken at each support level. If the divergence fails 41 may come sooner than expected... and we could consider reverses and going long
TVC:USOILShort
by breakoutfakeout
WTI- Crude Oil, Market recovery ? Or dead cat bounce After the historical sell off that we have recently seen in oil last month it is normal to see a quick price recovery back to normal levels. It has been in a downtrend since the start of the year, and now some country's and states are slowly easing lockdown restrictions which will start to see a demand for crude again, Although all storage spaces are full Opec are still announcing oil cuts as the weeks go by. So with that said the demand for oil will soon start picking up as flights will soon begin to resume in some countrys interstate, and international travel will soon resume for Australia to New Zealand trans-tasman flights. So after testing the $33 resistance area we have seen a slight pullback where price is now consolidating, A run up to $41 seems likely to me (no time frame given) which is also the 61.8 fib retracement on the daily time frame, and will also fill the huge gap that was formed from the 7th of March. But then again fundamentals can just blow all Technical Analysis out of the water. Remember, Dont trade on anyone else's ideas but your own, At the end of the day we trade for ourselves no one else. So this is my idea on WTI crude hope yous enjoy my idea. :)
TVC:USOILLong
by steevyp2820
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