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OIL WTI BUY/LONG OPPORTUNITYOil has broken out of the local resistance (The red dashed line).
Longing a 40% portion and then also waiting on the daily close. If we manage to close above the dashed line I will go long further.
Will state targets once the daily closes.
USOIL could hit 62.50-64.50 to complete correction62.50 is where the 1.272x in y (white)
64.50 = 1.618 of x in y (white)
WTI is Trading Sideway Around 61.8% FiboOil fell from its highest close in almost 3 months after the API inventory reported a build bearish to consciences while uncertainly over the December tariff deferral added to the soft tone. The WTI Crude oil has been trading around 61.8% Fibonacci retracement of its September-October declines and the price action here will determine the next move direction.
Fundamentally, the Federal Reserve will be in the spotlight today and if policymakers sound positive about economic conditions, crude prices could respond with gains.
The key resistance level to watch on WTI now is $60. However, with OPEC cutting production by another 500,000 barrels and beyond that the extension of the 1.2 million barrels cut, one would think that there is the possibility of a breakout. This will be further exacerbated if the US and China come together with any type of “phase 1 deal.” In this event we could see further upside pressure towards $61, followed by 62.55 - 63 resistance. Otherwise, we expect a lot of sideways action over the next several days.
On the downside, the energy benchmark is expected to find support at $58.50, and a fall through could take it to the next support area of 58.00 - 57.50. There are located 200- day SMA and the middle lice of Bollinger Bands. We're expect the uptrend line bellow to provide a support.
West Texas Oil - follow channelANALYSIS ON West Texas Oil
Welcome to my analysis
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2HR CHart
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Interesting Point of interest In the West Texas Oil pair.
- Price above 200 day EMA.
- look for buy signals.
- Expecting some minor downward movement.
- Watch 59.00 for take profit.
- MACD showing bullish divergence
Stay Tuned
OIl Closed above countertrend resistance , confirming move upOIl Closed above countertrend resistance , confirming move up. Probably last move up for this uptrend.
Crude Oil Markets Seems Try to Recover After Initially FallingRecently, the oil market follow the general run of risk sentiment. However, oil markets are still weaker this morning despite the rebound in risk sentiment.
The last main story in oil markets was the news over the weekend of the discovery of new oil reserves by Iran. They were reported to have discovered an oil field containing the equivalent of 53bn barrels of oil. However, it is not clear how much of that is new or commercially viable. The last thing OPEC needs is more oil discoveries given oil’s current level of abundance...
In spite of a large inventory build the net long oil positions on US crude increased last week for the third consecutive week mainly due to the tariff rollback headlines. So without a reaffirmation of progress between the US and China, these new contracts remain susceptible to headline risk and even a long position squeeze.
Technically, on the daily chart the West Texas Intermediate Crude Oil market initially fell towards the $56 level underneath before turning around and showing signs of strength. At this point, the market looks very likely to turn around and try to reach towards the $58 level. Breaking through that level of course would be very bullish but will run into a significant amount of trouble near the $60 level. In that area is located 78.6% Fibo retracement level (of the fall from the Sept. high 63.68 to the October low $51.06) at $60.77.
To the downside, there is a significant amount of support near the 200-day EMA which is closer to the $55.40 level. Underneath there, the $54 - 53.70 area be targeted for support as well.
Looking at the overall market though, we are essentially in a massive consolidation area.
AUDCAD quick scalp, shortFibonacci retracements level and a gartley pattern, entry at 0.90710, 6 pip SL, 15 pip TP
WTIUSD (bullish on oil this week) oil bullish expected ( wont be trading on Wednesday high volatility expected)
-check out my previous analysis on gold
Crude oil - eyes on $67Price now ranging in strong monthly supply box until momentum picks up.
Crude oil should slowly go up towards $62 - $68 monthly supply or "range of interest".
For those that want to go long, green box should be zone to place buy orders with ~ $67 as a take profit .
MACD suggests that breakout should come in any direction quite soon on weekly/monthly basis.
*Keep in mind that this is a multi-week swing trade*
This is not a financial advise. Have a great day!
USOIL ShortLower lows with a clear level where bounce offs are happening. Trendline for an over all-direction downwards. Great risk/reward.
Feel free to leave additional ideas or thoughts in the comments below!
WTICOUSD West Texas Oil Head & ShouldersWTICOUSD West Texas Oil Head & Shoulders giving us a potential short opportunity. Details on the chart.
OIL to the topJust take a look at my chart drawing.
Enter-reason: clear support-zone (entry zone now), over-all uptrend because this supp zone is formed at 61.8 fib level (not drawn but its a fact), great risk/reward ratio. Target level that high because its the same height that has been occured in the last up-move before so we take that height and place it on our entry level to find out the potential target level. (Black straight lines).
Comments are welcome!
Approaching demand zoneWill it bounces like a tennis ball or drop like an egg. Let see the action in the next few weeks . Cheers !
Saturn Oil - WTI - 60% price increase expectedNobody has the small Canadian oil producer on their screen. With relatively low production costs and high margins, the production volume has been successively expanded over the last 12 months.
Last year I traded the share from 0.12 to 0.24 CAD and now I will be back from 0.13 to at least 0.24 CAD.
If this mark is cracked, then new highs above 0.30 CAD would not surprise me and I take them with me gratefully.
Important!
limited buy order
