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Brentoil

USOIL: Quite The Slippery SlopeSpent all day running through the USOIL market structure to try and figure out what's next to happen for the instrument. With a lot of help from the homies from the USOIL Chat Room, I decided on this as a possible path for the beginning of the fall for USOIL. Next week's start is unwritten however, I believe the push up in price action will find tremendous resistance at $54.72. After failing to pass this level, USOIL will once again descend south towards $35. This idea is based on market structure, candlestick structure and tendencies observed during analysis. Sorry for the lack of technical jargon and fancy indicators. I like to keep it simple.
TVC:USOIL
by UnknownUnicorn5320750
🛢 BRENT OIL - Entered zone of verbal INTERVENTIONS USA&SAUIn this zone, I expect a BUNCH of bullish info-occasions into the oil market and bullish forecasts of energy organizations and OPEC. Thumb UP👍 if you agree with me! Although the United States and Saudi Arabia are already competitors in the oil market, they are in the same team in this zone and will do everything possible to prevent a strong collapse in oil prices. And if this happens, then such a failure should not be long in any case... There are 3 very important reasons for this: 1) the Saudis' budget is burning. 2) the US problem is even more serious - almost the entire oil industry is sitting on a wild leverage before banks (very large debts to banks - just a cosmic exposure)! Low oil prices = defaults from shale producers = defaults from US banks = disaster. 3) the impact of coronavirus on energy quotes can be called short-term, since factories in China are already returning to work. Technical Indicator 12H: 1) Awesome Oscillator - turned to green zone and started rise up. 2) Stochastic RSI - started to rise up from the undervalued zone. Summary: Buy on pullback around 55.15 and sell in 67 zone. Its more than 20% profit. Stop-loss could be around 53.37
TVC:UKOILLong
by Fandorinn
3
Crude Oil Elliott Wave IdeaPurely a guesstimate as predicting long term is impossible but oil could be in a long term correction (ABC). Now nearing the end of (b) (shown in bright blue) to the red trendline around the $47 level, before an impulsive move for (c) (of a larger degree B wave) to $95 (point D of the Gartley and between the 0.5 and 0.618 retracement of the larger degree A wave), then the larger degree C wave to new lows. With Gartley removed > Gartley on its own >
TVC:USOIL
by Joseph_King
5
Crude Oil: The Price Reversal from SupportThe price bounced from 59.00 support zone. We got a bullish candle which confirmed the price reversal. The same goes about RSI, which gave us a bullish signal from the oversold zone. MACD histogram supports a possible upward movement. If we talk about the trading direction for this market, I would like to buy as the price dropped a lot, and a pullback looks logical. But we also should think about fundamental reasons which can push the market lower. If the price breaks the support zone and the local swing low,m it will be a new bearish signal. I'm not sure that it will be good for selling, but after a pullback to a downtrend line, SMAs, and reversal signals, why not? I recommend to add this market to your watchlist as it can provide interesting trade opportunities. Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
FX:UKOILLong
by DLavrov
4