WTI Congrats on Trump bill on officially passing the House! More drilling and slashing of renewable subsidies = cheaper oil?Hakeems 8 wasted hours of hot air didn't change a thing 👍
Oil - Crude (WTI) forum
WTI Congrats on Trump bill on officially passing the House! More drilling and slashing of renewable subsidies = cheaper oil?Hakeems 8 wasted hours of hot air didn't change a thing 👍
USOIL Something New:Through tight consolidation, a S&R Zone formed. A true (and not false) breakout from the Zone will give the intended direction.
Also, a S&R Zone is a "footprint" by the market makers for a buildup of energies and a means for them to get ready and take action from it. That's why it's important to watch how the candles behave around a S&R Zone.
USOIL …66.6 reappears yet again.. been like 6/7 times already
USOIL The previous, last two candles have a long lower wick that rejected the Swing Low of 66.62.Tricky Situation:
The Doji (highlighted in blue) is within a bearish descent. If it's not at the bottom, then the bearish trend can continue until a bottom reversal pattern forms, based on the presence of the Doji. But if this area is the bottom then the bulls can go up.
USOIL The way Crude is moving today, I took couple of unscheduled naps;D
USOIL The market waits on the OPEC+ Jul 6 meeting to finalize the next output increase. Meanwhile, Trump's tiny orange hands remain unpredictable on Iran, creating a price premium. NatGas storage levels in 60, 59, 58, 57...USOIL Switching to the Hourly that is in Bullish (directional) Market Bias, do you see on the chart below that's a giant M-shaped pattern forming its 4th leg, which is usually a long, bearish trend?As the bears drop, they can potentially do a breakout from the Inside Day's low of 66.78 (shown as an orange line). We'll see if they can or not.
If the bears drop down, beyond the low of the Inside Day at 66.78, they can also breach the Tweezers Bottom (from two candles with the same low that created a Support Line), that would boost more of a move down to breach the Swing Low of 66.62 to flip the market bias from bullish to bearish.
USOIL On the 4-Hour, it's in Bullish (directional) Market Bias. A Double Inside Day showed up, so a BIG move is coming.
Also, the bullish candle still forming is a Shooting Star with an upper wick rejecting the high of the Inside Day at 67.70, so down it goes towards the S&R Zone that starts at 65.37.
We'll see if the bears can drop down more to breach the 2 S&R Zones; the Swing Low of 64.48 and be able to do a breakout at the low of the Inside Day at 64.35.
USOIL Awfully quiet in here today 🤭