Long on XTIUSD (Crude Oil)Long on XTIUSD (Crude Oil) on the basis of bullish parallel channel. Weekly resistance lies at 85 level and it is likely that crude will test this resistance area.
Xtiusdlong
XTIUSD....BUY (7.10%)after a long sell on oil, XTI formed a double bottom between 5th and 17th August.....finally i'm expecting a bull run on XTIISD...int0 $96 per barrel!!!
There's a possibility for a price rejection at $94.2
NB: red box: rejection zone
blue box: breakout zone
Crude Oil Sell Setup and confirmationCrude Oil has already ended up with its bullish movement and made a breakout in both D1 and H4 time frame. now Its ready for the downtrend journey. The price already broke the support and also retested the support.
We are expecting down trend now unless any fundamental news comes. Few weeks before EU put ban on Russian OIL and Few other fundamental news released as well. For that reason, OIL was sky rocketed and now market is getting stable.
Technical Analysis:
In 17th June, market was closed at price 110.40. from the cloud breaking strategy, we can see it started to create down-trend. Again, 110-110.40 was working as one of the strongest support for OIL and a successful breakout can lead oil till 106.02 and 99.26.
Signals:
Crude OIL
SELL from 110.00
SL# 113.13
TP# 106.00
Crude OIL (XTIUSD) AnalysisTechnical Facts: Considering Technical analysis, Crude Oil already touched the second highest price in this week. now it’s high time for retrace. The Immediate support level is 117.80 to 118.20. A Strong break can lead the oil price till 114.18 which is the strongest support of 114.18.
Fundamental Facts:
Russia is one of the largest producer of Crude Oil in the world. a recent ban was imposed on Russia in 3rd June, 2022 by European Union. When supply decreases, demand increases and the price goes up. if EU cant convince Saudi Arabia to produce more oil and make a balance of the demands, the price might go up till 130 as well. therefore, the analysis might be invalid.
Signals:
CRUDE OIL
SELL STOP 117.80
SL# 119.61
TP# 114.18
USOIL - LONGUSOIL is looking like it may move higher.
We have found a bottom (point 5 green) and a nice reversal higher.
We have made it above point 4 - creating new high and we should take nice profits now.
Now we expect a reversal to the breakout - blue line.
If it gets there we'll examine the price action to see if we can go long again and continue the swing higher.
XTIUSD LONG - Buy Entry - H4 ChartXTIUSD LONG - Buy Entry - H4 Chart
Order Buy Stop
Symbol: XTIUSD - Crude Oil
Timeframe: H4
Type: BUY
Entry Price: Buy @ Break of 96.562 - Buy Stop
TP - Resistance @ 105.835
TP - Resistance @ 99.686
R1 Y1 - Support @ 91.340
XTIUSD LONG - Buy Entry - H4 ChartXTIUSD LONG - Buy Entry - H4 Chart
Crude Oil Long
Buying Zone
Symbol: XTIUSD
Timeframe: H4
Type: BUY
Entry Price: Buying Zone
Major Resistance @ 118.125
Major Support @ 101.031
