USOIL …66.6 reappears yet again.. been like 6/7 times already
WTI Light Crude Oil forum
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 🤭
USOIL 
OIL Oil prices have signs of upward breakthrough at present, yesterday's trend broke the short - term narrow range of shock range, on the idea of retracting to do more. The more appropriate long point is 66-66.3, if short, the more appropriate point is 67-67.4, but the short position is recommended not to be too heavy, not to do less than the point.
Trading Strategy:
SELL@67-67.4
TP: 66-66.3
BUY@66-66.3
TP: 67.5-68
Idea: USOIL:Today's Trading Strategy
WTICOUSD Once we are past the NFP this afternoon and considering their is a minor special event tomorrow in the US. News reports and data suggest that the unwinding of cuts by OPEC have largely been soaked up by the oil industry. Therefore going into Sunday we have two scenarios. Cuts remain the same at 411 k per day. Oil continues to bounce around here. OPEC accelerate removing the production cuts price will fall heavily. Until that meeting is concluded, thoughts of price direction are pretty much inconsequential.