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Wtiusd

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
WTI watch out for a reverseWTI is for now still in strong move up and it wouldn't be a good timing to short now. However i would look out on continuation into the 85$/90$ long term resistance in order to try for a short trade. Before entering i would wait for the MACD to turn red and upper BB to start closing, until this 2 conditions are not meet, there is no question to short this market. Lower target would be to pullback into 76$ support area. This will be interesting to follow next week.
TVC:USOIL
by Heatrading
4
WTIUSD 11 Feb 2021Looking at breaking major resistant trendline or bounce back down? What do you think? Fundamental: after last year oil price , future price crashing, all price reset and FRESH HIGH VOLUME buy orders trigger back! who buying all the orders from that crash? You or institutions? And why? Oil price will sky rocket high! and majority people need to start rethink to use VC as alternative... that's VC company can make large amount of profit! Who ever sell oil good luck! Oil tanks merely stored up as backup for world logistic cargo usage... and moving into war cycle, oil will becoming more demand and ever as nation preparing oil as source of main energy to drive army force beside nuclear reactor core.
TVC:USOILLong
by fxpro86
1
A reversal pattern appeared at an important zone with OILH4 time frame. Structure: Downtrend. After the price rose to the important Key level of 70.00, there is now a head and shoulders - reversal pattern. Now waiting for the price to clearly break this reversal pattern or break the Key level up move at the price of 67.000, we can find selling opportunities. The profit target is the 62.000 zone. ----------------------------------------------------------------------------------------------- Wish you all have a good trading day!
TVC:USOIL
by tradafx
6
WTICOUSDhe West Texas Intermediate Crude Oil market has broken higher during the course of the trading session on Thursday as we broke above the $70 level. That is an area that I have been talking about for a while, and the fact that we broke above there is a very good sign and it is likely that we could go looking towards the $74 level. The $74 level is an area where we have sold off drastically in the past, and as a result it looks like we are going to continue to see that as important. On the other hand, we could turn back around and go looking towards the 50 day EMA underneath, which is near the $60.75 level. That is an area that I think could offer quite a bit of support, and therefore think it is only a matter of time before the buyers would come back into that area. At this point in time, the $67 level is an area that has been support during the previous session, as well as many other days. As long as we can stay above the $67 level then it is likely that we will continue to go higher. However, breaking down below that level would open up a completely different scenario. If we were to break down below the $67 level, then it is likely that the market would fall towards the $65 level, possibly even the 200 day EMA after that. When I look at this chart, that could very well be what happens next, but once we get past the jobs number will have a quite a bit more in the way of clarity, so therefore it is worth paying attention to how things end up at the end of the session. I feel at this point time we are at the precipice of some type of bigger move, so it is interesting to see how the market plays out at the end of the day. The size of the candlestick is relatively impressive, although I do not necessarily think that it is an explosive move to the upside. If we can break above the top of the candlestick, then it is likely that we go much higher. Ultimately, this is a market that looks like we are going to see volatility coming soon. In that scenario, the end of the day on Friday is crucial.
OANDA:WTICOUSD
by SmoothJB
CL1 Short to 0.618 fibIRAQ IS SEEKING HIGHER OPEC+ PRODUCTION BASELINE: DELEGATE UAE ENERGY MINISTRY SAYS NO AGREEMENT HAS BEEN REACHED YET WITH OPEC+ ON SUPPLY DEAL, DELIBERATIONS CONTINUE With the OPEC agreement in a state of deliberation, and compliance a real question, the market is needing to price in some bearish risk potential. Especially given the recent extension that we've had. I believe that there is a real market deficit still, but this bearish risk is also very real. I would be comfortable entering a short CL1 position until around $70, and reassessing before flipping long. Of course, any significant news can change this view... all eyes on are OPEC
FOREXCOM:USOILShort
by austinbru22