US OIL BULLISHUS oil seems to have a complete monthly correction, CRUDE oil will most likely trade at higher prices in the next coming months.
Oilforecast
Oil Descending Channel - Short TradeOil Descending Channel - Short Position
Entry: $53.16
TP & RR: $51.61 (2.77)
Stop Loss: $53.72
REASONS FOR THE TRADE
Similarly to my previous trade idea about SPX500 from today, I am placing an alert at $53 and I will be patiently waiting to see how price action develops. You never know what's been going on in the traders' and investors' heads over the weekend, so we want to see the volume and a 1h close around that level before opening a position.
I believe we are now in a downtrend channel, which should bring more balance to that longer-than-expected move up. My entry is quite high and we very much may miss it, so I have highlighted the upper trendline as an entry-level suggestion. Any position around that level with a SL place reasonably high should provide a good trade setup. Ultimately, I am expecting that we reach the $49 level (bigger trendline) before we move up again.
Let me know what you think in the comment section below.
WTI CRUDE LONG TERM VIEWoil prices maybe on the road for another bottom in 2021.
ATH possible in 5 years possible due to massive demands followed by a robust economic recovery .
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
52.45 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 57.25 on 01/13/2021, so more losses minimum to Major Support (52.45) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 61.
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💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
52.45 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 57.25 on 01/13/2021, so more losses minimum to Major Support (52.45) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 61.
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Oil Double Bounce and Up - Long PositionOIL BUY ORDER
Entry: $52.71
TP & RR: $54.66 (4.88)
Stop Loss: $52.31
REASONS FOR THE TRADE
If you followed my trade idea from yesterday, then you know that I was expecting either for the price to bounce from the lower trendline and then start trending up or break through it and take a deep dive down. While the position is still profitable and you may choose to keep it open, here I am suggesting another alternative of how price action may develop.
I think the price will start zig-zagging around the support level, do a double bottom and then start trending up towards the upper trendline from the channel we already defined. The Market Flow indicator turned green, which in my trading system is an indication to close short orders and look for a long one. Those of you holding the short from yesterday may choose to hedge that trade with a long from that level.
The Stop Loss is fairly close, so feel free to adjust it if you are worried it will get hit (especially if the spread on the exchange you are trading on is fairly big).
Oil Time For Reversal - Short TradeOil Short Trade
Entry: $53.76
TP & RR: $52.41
Stop Loss: $54.51
REASONS FOR THE TRADE
So far Oil has respected the channel and I believe that it is now reaching a point of exhaustion. This upper trendline from the channel is also in confluence with a fairly strong resistance level, so I believe a small pullback is due.
The Stop Loss is well above the channel and similarly to the trade from a few days ago, if the price starts pushing up we will close the position because a spike up should follow.
Oil Ascending Channel - Long OrderOil Ascending Channel Long Position
Entry: $51.69
TP & RR: $52.87 (1.59)
Stop Loss: $50.95
REASONS FOR THE TRADE
After breaking up at the ascending triangle, Oil has now formed an ascending triangle, testing the lower trendline. If it holds I believe that it will make a higher high and potentially trying to test the upper trendline or at the very least do a double top.
My Stop Loss is very conservative here because there may be a fakeout and I don't want to get stopped out (my USDJPY trade is still haunting me I guess). As I am writing this I can see that the price is already going up, so I hope a small pullback will give me the entry I want, after which I will start trailing my SL.
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
52.45 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 50.55 on 12/23/2020, so more gains to resistance(s) 58.65, 62.30, 66.05 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 76.
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💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
52.45 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 50.55 on 12/23/2020, so more gains to resistance(s) 58.65, 62.30, 66.05 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 76.
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USOIL Ascending Triangle - Long PositionUSOIL Long Order
Entry: $51.04
TP & RR: $52.49 (2.54)
Stop Loss: $50.47
USOIL Short Order
Entry: $51.50
TP & RR: $50.01 (4.14)
Stop Loss: $51.86
REASONS FOR THE TRADE
As you can see I have mapped two potential trades here, but since the first one is Long, that's the center of the analysis here.
What we see is an ascending triangle in an uptrend, so I expect Oil to have an explosive move up (no pun intended). With that being said, I also think that this trend is starting to get a bit exhausted, so if the price breaks down from the lower trendline I will be looking to open a short position. Alternatively, if it reaches the upper trendline I will hedge my long with a short to protect my profits and look for a suitable place to close the losing trade.
Oil Reached Upper Channel - Time For a PullbackUSOIL (WTI Crude Oil) SHOST SETUP IDEA
Entry: $50.94
Stop Loss: $51.82
TP & RR: $48.39 (2.9)
REASONS FOR THE TRADE
So far Oil has respected the channel fairly well and I am expecting at least some pullback (best case scenario reaching the lower trendline).
The Stop Loss is set at a good distance, so generally speaking, a small fakeout shouldn't trigger it. Breaking above that channel, however, would invalidate the setup and I would look for a good place to open long. If you are a breakout trader then this would be your opportunity.
My suspicion is further confirmed by the two indicators I am using below, printing a decline in volume and momentum. The effective volume bars give a clearer picture of what's going on in a smaller time frame.
Oil- Time to go shortJust listening to my chart here and also thinking about lockdowns and their impact on crude oil consumption
I use 4 take profit levels. When first take profit is taken I simply move the stop loss to zero (entry) and wait to take another 3 take profits lower, if possible.
How far will #oil spill?The area to watch is 45.69 to 46.16. If crude oil remains above that level the trend is still bullish. A solid close below 45.69 would be bearish or neutral at best. That threshold area, or pivot point area is the low end of the recent range (white rectangle on the chart). I use those areas to determine trend and where I generate potential trades on any asset. Also keeping an eye on net volume to see whether its expanding or contracting into a pivot zone. Even though there was heavy selling today there is still some space between here and there for now.
OIL Hello, receive a cordial greeting, you have the oil analysis at your disposal in the short term, you have marked supports and resistances.
Oil rises almost 2% and hits the highest since February awaiting the OPEC meeting.
Kind regards, Happy New Year !!! L.E.D
In Spain on 01/04/2020
WTI Crude Short Term Outlookstrong rolling into 2021 possible.but a tiny drop can happen here first.
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 52.38 on 12/18/2020, so more losses to support(s) 48.95 and minimum to Major Support (46.50) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 64.
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💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 52.38 on 12/18/2020, so more losses to support(s) 48.95 and minimum to Major Support (46.50) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 64.
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💡WTI . Weekly Technical Analysis UpdateMidterm forecast:
43.75 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 40.20 on 11/13/2020, so more gains to resistance(s) 50.70, 54.75, 57.80 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 74.
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💡WTI . Weekly Technical Analysis UpdateMidterm forecast:
43.75 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 40.20 on 11/13/2020, so more gains to resistance(s) 50.70, 54.75, 57.80 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 74.
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ForecastCity English Support Team ❤️
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 42.70 on 11/13/2020, so more gains to resistance(s) 54.40, 58.65, 62.30 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 68.
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💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 42.70 on 11/13/2020, so more gains to resistance(s) 54.40, 58.65, 62.30 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 68.
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Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
