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Crudeoillong

Oil prices have spiked more than 10%|Next rally can hit $75.24On 13 Sep 19, Market closed on $54.87 but Oil prices have spiked after a destructive attack on the Saudi Arabian oil production on weekend shocked markets and produced shortage in global supply of crude for some time. Now we can see the price spiked more than 10% in a day after market opens and hits the 50SMA even the 100SMA on week chart. At this point we also have the price resistance level and the pennant's resistance at $60.63 which is not broken since May 2019, if this resistance level would be broken then the price action will take no time to reach the 2nd resistance at $75.24 where we also have tail of the pennant and in case of breaking out $75.24 resistance level the price action can hit the strong resistance at $107.45. If we see the technical indicators then can be clearly observed that the all of a sudden the chop zone is turned strong bullish and even MACD has given strong bullish signals including bull cross. For me after breakout the 1st resistance and if all indicators would be remained bullish even after price correction would be ideal for buying. Market fundamentals + technical analysis are very strong in favor of bullish move. Next target should be : $75.24. Regards, Atif Akbar (moon333)
TVC:USOILLong
by moon333
5
BRENT.CMD/USD 4H Chart: Likely to hit $70 markThe BRENT.CMD/USD pair has been trading in a medium-term ascending channel pattern since the end of December 2018. The pair re-tested the lower boundary of the channel pattern at 66.50 during last week’s trading session. As for the near future, it is likely that the Brent crude oil prices will continue to appreciate and potentially hits the $70 mark before the end of March trading session. Moreover, the three simple moving averages are below the price level, and technical indicators suggest that bullish traders could push the commodity prices further north.
TVC:UKOILLong
by UnknownUnicorn890690
CrudeOil Bullish Structure ConfirmationHere we go again! Crude oil's super mega uptrend looks to continue! Last time we saw a trend like this was 2009, and it's a long time coming after the major declines in 2014. Quick summary why I'm bullish in the next weeks: 1. Overall bullish trend 2. Consolidate and form a higher low 3. Failed breakout lower, breakout higher My next target is 75.50, and if we really move then 80 and 90 are still possible. The announcement of OPEC's higher production limits this Friday potentially puts a limit on the overall trend. Higher production with relatively constant demand (I mean we didn't just start needing 600k/day barrels more oil overnight) should weaken price. Will need to see this in the charts before I give it much weight. So what do you think? Am I crazy to be so bullish? We've already moved so far...will it keep going? Share with me your charts, ideas, and comments! Love to hear other traders opinions! Peace, love, and sweet bamboo, tbp Note: All ideas expressed here are presented solely for learning and educational purposes only. Any gains or losses assumed by trading ideas presented by The Bad Panda are done so at your own risk.
OANDA:WTICOUSDLong
by TheBadPanda
Crude Oil technical analysis and levels to watchAs mentioned in the latest analysis, our LONG target was 65.25 – 65.50 region. Then we followed the bearish harmonic pattern, and our second target was 64.06. Price reached the second target and reacted. – 110 pips were not bad – We tried to explain the bullish and bearish fundamentals of Crude Oil. The main trend is bullish. Intraday Levels to keep eye on : 64.84 is the first support. The bullish move will continue as long as the price holds above 64.84. 65.26 and 65.63 are the next targets. Daily closing above 65.63 will take the price 66.41 and 67.49. If the breaks below 64.84, 64.45 and 64.06 will be the targets of Crude Oil. 63.33 is the EMA support and can be used as buying opportunity. Good Luck
TVC:USOILLong
by chartreader_pro