Crude Oil (WTI): Bearish Outlook Explained 🛢️
WTI Crude Oil reached a key daily structure resistance.
The price formed a tiny little double top on that on 1H time frame.
Its neckline has been just broken.
The market will most likely keep retracing.
Goals: 79.9 / 79.6
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Brentoil
Recap of my trade for todayGood afternoon and good evening traders, for today on CRUDE OIL it went sideways and on the other 2 markets we traded and it's okay since this is how trading works, today's not our day so we stopped at the morning after losing 1.5K and we'll recover it in the following days.
I don't only share my wins, losses also must be shared so beginners know that trading isn't always winning sometimes it goes against you and also advances traders also have bad days in trading. Learn from your losses and never quit !
See you tomorrow in another signal.
In case you got any quesion don't hesitate to ask!
SELL CL1!Good morning traders, I'm sharing with you my trade on CRUDE OIL for today, I got in with my clients an hour ago and I want to share it with you now. As you see on the chart the price broke the channel with a high volume after consolidating the whole night.
SL and TP set them at your own risk
In case you got questions don't hesitate to ask
USOUL OUTLOOKThis week NFP release will be the center of attention for future interest rate release from the federal reserve.
With price currently within indecision, we might as well be expecting a breakout or a rejection from supply at 81.87 due to newly weekly mitigation at 73.70 which buyers have shown momentum in the last seven days.
If price fails to break 80.53- 81.87 range, I see selling opportunity back to major support at 77.43 where I will be anticipating for long if validated back to supply at 81.87
If 77.43 invalidates as support I see further decline towards 73.70- 73.18 range.
Brent bearish Head&Shoulders patternWe see bearish H&S pattern on Brent H4 chart. Also there is strong triangle pattern, thats why we can put limit orders, if bearish H&S pattern will confirmed it will be sell signal, if market will break $87 resistance it will be buy signal...
USOILThis situation has been examined in different dimensions:
1- Strong supply and demand levels that I identify with my own indicator and system.
2- The structure of recently formed waves
3- Current market momentum
4- The structure of classical and price patterns
In this idea, I identified the direction of the market in different ways and in the second step, I analyzed the potential of continuation or reversal. Usually, paying attention to the trend and strength of the trend can greatly increase the accuracy of the analysis.
In general, I tried to describe the continuation of the movement in the simplest possible way in the diagram.
⚠️ Disclaimer:
This is a personal opinion and you are responsible for any trading decisions.
if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad ❤️️
ALL Crude Oil Fractal Corrections' Structures Are Bullish!As forecasted in our Jan 29 post (chart below), crude oil found strong support to reverse price to the upside and price is now back at another resistance level at 80 circa. A break above the resistance level will expose crude oil price to test the swing high at 90.
N.B!
- USOIL price might not follow drawn lines . Actual price movement may likely differ from the forecast.
- Let emotions and sentiments work for you
- ALWAYS Use Proper Risk Management In Your Trades
#usoil
#crudeoil
#wti
#brentoil
USOIL CAN RETEST A NEW LOW CLOSE TO $70The trend line has already been breached and now we can expect the price of oil to follow a new low while the recent bullish trend formed already retraced more than 61% on the fib. On the daily timeframe, we are following a major bearish trend for a few months now which already retraced and almost wiped off the gains that happened last year.
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USOIL RESISTANCE LEVEL ABOVE 80.45 PROVED TO BE STRONG AFTERALL!After many touches of USOIL and followed by rejection, the resistance level above 80.45 actually proved to be strong. Having created micro double top at the resistance level, USOIL is likely ready to re-test its support level.
N.B!
- USOIL price might not follow drawn lines . Actual price movement may likely differ from the forecast.
- Let emotions and sentiments work for you
- ALWAYS Use Proper Risk Management In Your Trades
#usoil
#crudeoil
#wti
#brentoil
Crude Oil (WTI): It Will Keep Falling! Here is Why: 🛢️
Crude Oil broke and closed below a support line of a rising wedge pattern on 4H.
Taking into consideration that the market has recently reached a solid supply area,
probabilities are high that the market will keep falling.
Goals: 78.3 / 77.4
❤️Please, support my work with like, thank you!❤️
beginning of 2023 will be bullish for oilFrom the previous analysis I analyzed as oil could bottom at 75 dollar.
However it broke my resistant and stayed at 70 dollar point.
Even the oil broke my resistant line. I kept my bullish analysis because it didn't show any major bearish pattern.
I personally confirm that recent bearish move was just a fake one.
I adjusted my bullish target to 90 dollar and I will re-analyze oil again when it reaches to my target.
Double overselling term is showing and sustainable oil demand will push to higher price indeed.
USoil to 70 in 2022Taiwan' s conflict between China is rising in thesedays. people were optimistic about WTI
but now they concern about the major war could begin in pacific ocean near Taiwan.
If China begins the war with Taiwan. The US will sanction on china and the most demanding country of Oil will disappear.
Low demand will lower down the price.
Also the MACD is telling me that WTI has no luck to go higher.
FED could catch inflation but it could create depressing deflation.
Let's see traders! good luck.
Monkeypox is still surrounding us also.
What To Expect After Crude Oil Rally Above Resistance Level!USOIL price closed above resistance level @80.48 last week and with increasing bullish momentum, price may likely re-test the next swing high observed @92!
#usoil
#crudeoil
#wti
#brentoil
N.B!
- USOIL price might not follow drawn lines . Actual price movement may likely differ from the forecast.
- Let emotions and sentiments work for you
- ALWAYS Use Proper Risk Management In Your Trades
Brent: Wax your Skis ⛷️Brent accomplished the climb above the $86.06-mark and should continue to rise to finish the blue wave . Once completed, we see the course heading for a steep downwards slope to dip right into the green target zone between $77.13 and $42.20. Within the target zone, we expect the Oil to sink further to end the blue wave around the $62-mark, before rising back North to wrap up the blue wave . Followed by another correction, the course should dig deeper and get closer to the bottom of the green target zone, in order to finalize the green wave .
USOIL BreakOut From Converging Triangle & Resistance To Be BulliAfter our December 18, 2022 post, it seems OPEC and allies are taking control of crude oil price. With oil price about to breakout from the corrective wave and resistance level; the price of this commodity is poised to hit another high...
#usoil
#crudeoil
#wti
#brentoil
N.B
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
🛢Brent oil: wave III target remains $150+●● Preferred count
● CFDs on Brent Crude Oil (TVC) , 🕐TF: 1M
Fig.1
The three-wave movement within the framework of wave III of (V) is not completed. The minimum target is the same — to exceed the wavelength of wave II , which will lead to a rise in the price to $ 150+ . The subsequent wave IV will return the price to the current levels.
______________________________
● Brent Crude Oil (OANDA) , 🕐TF: 2D
Fig.2
From July 2022 , a correction Ⓧ is predicted.
Upon completion of the consolidation in wave (B) , a decline will follow within wave (C) in the form of an impulse. This forecast is based on the norm of the alternation of waves " A " and " C " within a zigzag.
______________________________
● Brent Crude Oil (OANDA) , 🕐TF: 4h
Fig.3
Correction (B) is expected to take the form of a triangle, but other sideways correction are not excluded. The option of counting in the form of a triangle is schematically indicated by a red dotted line. Black color marks an alternative count with a completed wave (B) in the form of a running flat. With the breakdown of the top of wave B , the activation of the alternative marking will follow.
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