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WTI OIL Strong rebound on oversold RSI Resistance.The WTI Oil (USOIL) almost turned oversold on its 1D RSI today and the last time it approached the 30.000 level was on September 26. That was the low of the multi-month downtrend, with Oil making a counter trend rebound to 93.65 in just 10 days! On the short-term, the Resistance that has been intact since November 15 is the 4H MA50 (red trend-line). Breaking above it would be confirmation of the rebound extension. On the medium-term the target is the 1D MA50 (blue trend-line). On the long-term it can be within 89.50 - 90.00, the first is the 0.786 Fibonacci retracement level and the second represents a +22.60% rise, identical with the rise of September 26 - October 10. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
1
WTI OIL Buy opportunity to 83.00 and 86.00 short-termWTI Oil (USOIL) posted a Bull Flag pattern today similar to September 28 - 30, which is the rebound formation is shares many similarities with. The drop that led to the bottom on both sequences is very similar and you can see that by plotting the September 14 - 26 on November 09 - 18. The 4H MACD is also on the same pattern, it appears that the price is on the cross point (red flag). The target is now the 4H MA50 (blue trend-line) with an early projected hit at 83.00 and the 4H MA200 (orange trend-line) around 86.00. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
Why buying oil Oil have to scenarios on is going up to 106 $ where it will form double bottom pattern . At 75 $ which is forming now . How it fail ? Close 2 days below 75 $ Second scenario , going down as we have double top at 92 $ . Where it can reach 70 $ I believe upside worth more risk . Because it more logical and reflect the indicators as we are in over sold monthly If we cross bellow 75 $ 2 days ill be seller to 70 max 63 For daily trades i believe we have a big bounce can kill the seller soon . GOOD LUCK
TVC:USOILLong
by tornadosoul
10
WTI OIL Strong Support cluster. Fractal pointing to $93.00.The WTI Oil (USOIL) followed the exact projection we made earlier this week, as after a rebound to its 4H MA50 (blue trend-line), it got rejected again and even broke as low as the Support Zone 1: By doing so it reached the 1W MA100 (red trend-line), which is the most important long-term Support. Last time it hit that level (September 26), it made an incredible rebound immediately. As you see we projected this drop on the bearish fractal of October 10 - 18. Plotting (yellow line) it on the price action since the November 07 rejection, it made a fairly accurate projection. This time we even looked at the September 14 - 26 bearish leg and as you see, the yellow fractal fits that one fairly well too. Also the resemblances between their 4H MACD sequences are evident. Technically the 1W MA100 should hold and provide a rebound first to the 4H MA50 and 4H MA200 (orange trend-line) and then towards the 93.75 Resistance. As with the September 26 bottom, we give it a small tolerance limit to allow for a fake-out. If this is exceeded, we'll take it as a sell break-out signal, targeting the 77.25 - 76.25 Support Zone (2). ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
2
Crude prices under downside pressureCrude prices under downside pressure on the back of weaker demand outlook The recent break below the $92 short term support level has opened up the prospects for a further decline towards a test of the September 30th lows near $84, the bearish outlook can be technically supported by the fact that current price is below its 20 and 50 day simple moving averages, as well as the fact that the 14 day relative strength index has crossed below its respective signal line (bearish). Short positions can therefore be technically supported provided price is unable to push back above the recent support now turned resistance at $92. Short sellers may be looking for $84 and $81 as potential downside targets, while longs may be aiming for a retest of the $92 area with $93.54 in extension.
SKILLING:XBRUSDShort
by Skilling
USOIL Forecast: Position Trade IdeaHey trader, As you can the price is currently bearish running in the head and shoulders level 2, and below the 50 and bearish crossed short-term MAs. It is preparing to drop for the patterns L3 together for the 200 MA (that's visible on the MT4 chart). But that bias will be fully confirmed once the price has bearish closed and retested below the Daily Neckline and 8 MA (1st trade) or 3rd Weekly Key Lvl (2nd trade), to trigger what I call the "H&S C-E.1 & E.2 signals". However if the price decides to bullish rally to break and retest the 3rd Monthly Key Lvl and 8 MA, the bias will be rejected. With that said, take the trades at your own risk, because this is not financial advice. I'm just sharing my point of view, which you also can do in the comments section below. I don't mind if you do so; I'd love to know your thoughts! That's it for today. I hope you found value from this article. If you wish to see more content on trade ideas and psychology, click the posts linked below. You won't regret it. Trade Safe, Sphatrades.
TVC:USOILShort
by Doji-2k1
WTI OIL Hit the bottom of H&S. Scenarios and how to trade them.WTI Oil (USOIL) hit today the bottom of a Head and Shoulders pattern since late October. With the Head being on November 07 and rejected on the 93.75 Resistance (1), the current Low is a short-term buy opportunity, targeting the 4H MA200 (orange trend-line) and the 4H MA50 (blue trend-line), as long as today's Low holds. A closing below the bottom targets the Support Zone 1 but the long-term Support is the 1W MA100 (red trend-line). We see that such scenario matches almost perfectly the previous Resistance (1) rejection from October 09 to October 18. The MACD sequences between the two fractals are similar. On the other hand, a break above the top of the Right Shoulder, would be a bullish break-out signal targeting again the 93.75 Resistance (1). ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
2
WTI OIL Broke above the 1D MA100 for the first time in 4 months!WTI Oil (USOIL) didn't just break above its long-term Channel Down pattern on Friday, but at the same time broke and closed above its 1D MA100 (green trend-line) for the first time since July 05. That alone is the second major bullish signal on WTI, after the September 27 rebound on the 1W MA100 (red trend-line). That is something we made clear on our previous analysis: Right now the price is entering the Resistance Zone of August, which only broke once in August 29/30. This time however the technicals are different as the 1D MA50 (blue trend-line) has become as Support and the MACD on the 1W time-frame has made a Bullish Cross, the first since January 17 2022! At the same time, the 1D RSI remains on Higher Highs and a huge bullish divergence as the actual price is on Lower Highs (since August 29). As a result, trade within the medium-term (October) Channel Up (dotted lines) for as long as it lasts. A break above, targets the 1D MA200 (orange trend-line) and above the 0.618 Fib, strong bounce to the 0.786. On the other hand, we will turn bearish on if the price breaks below the 1D MA50, and target the 1W MA100. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
1
WTI OIL Near the top of the 4 month Channel Down.The WTI Oil (USOIL) rebounded on its 4H MA200 (orange trend-line) yesterday and is once again near the top (Lower Highs trend-line) of the long-term Channel Down pattern that started at the end of June. On the short-term, it has been trading within a Channel Up (dashed lines) since the October 18 Low. Naturally, the Higher Lows on the 4H RSI draw comparisons with the August 30 - September 20 fractal, which formed a Channel Down and eventually bottomed around the 1W MA100 (yellow trend-line). Our trading plan involves break-outs. A 1D closing above the top (Lower Highs trend-line) of the Channel Down, targets the 1D MA100 (red trend-line) on the short-term, also inside the August Resistance Zone. On the longer term, the upper Fibonacci retracement levels can be targeted once the previous breaks. If the price breaks below the 4H MA200, a short-term Channel Down similar to that of mid September (blue) can be materialized and target the 1W MA100 again. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
1
WTI OIL Short-term breakout levels and one long-term to considerWTI Oil (USOIL) broke today above its 4H MA50 (blue trend-line) after three consecutive rejections and is going for the 1D MA50 (green trend-line) test where it was rejected on October 20. A break above it would be a short-term bullish break-out signal, targeting the top (Lower Highs trend-line) of the Channel Down pattern that the commodity has been trading in since June 29 (rough estimate 90.00). Remember that this is the very same Channel Down that helped us take an accurate sell position 2 weeks ago as shown on the chart below: If however the price breaks below the (dashed) Higher Lows trend-line, we will take it as a break-out sell signal, initially targeting the middle (dotted line) of the Channel Down, which is where the crucial 1W MA100 (yellow trend-line) is and then the September 25 Low (76.20) in extension (but only if the 1W candle closes below the 1W MA100). Keep in mind that the only level we can buy comfortably on is upon a break above the 1D MA100 (red trend-line), which has been unbroken since July 05. That would target 105.00 initially. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYMEX:CL1!
by TradingShot
1
Long WTI & Short Brent as price differential tightens?Oil Brent continues to trade at a premium of more than $8 per barrel to WTI oil , with the price difference between the two oil benchmarks increasing significantly and well above its historical average this year. One of the primary drivers of the widening Brent/WTI price spread has been a significant increase in the availability of North American crude, which has created more downward price pressure on the WTI market. The US government has injected180 million barrels of crude into the market through scheduled Strategic Petroleum Reserve (SPR) releases as of October 18, 2022, to help resolve the market supply disruption created by Russia's full-scale invasion of Ukraine and to help cut energy costs. U.S. SPR releases are now complete, and crude oil reserves in the United States are at their lowest point since 1983, according to the latest estimates from EIA. The possibility that the Democrats would suffer a loss in the midterm elections in two weeks might rule out the possibility of more SPR releases being made at a later stage. In this scenario, the forces that pushed the price of WTI below that of Brent would diminish significantly. As a result, the price spread between the two oil benchmarks may return to tighter levels. Going long on WTI and short on Brent is one way to reflect the idea of closing this oil price gap. Throughout 2021, the difference between WTI and Brent was on average about -$2/bbl and ranged from -$4.5/bbl to parity levels. A mean reversion to the period prior to US SPR releases would suggest an increase from current prices of about $6.5/bbl. If, on the other side, the spread widens again and breaks through the -$10/bbl threshold, the strategy will be proven incorrect.
NYMEX:CL1!
by Capitalcom
10
WTI OIL broke below the 4H MA200. Bearish confirmation.This is an update to our WTI Oil (USOIL) post published last week, as our sell signal was confirmed: The price broke below both the (dashed) Higher Lows trend-line and the 4H MA200 (orange trend-line) and following the Rejection on the August Resistance Zone and the pricing of the new Lower High on the Channel Down since June, we can now expect at least a test of the previous Low at 76.30. A break above the 4H MA50 (blue trend-line) shouldn't invalidate that. In our opinion technically only a 1D candle closing above the August Resistance Zone will be a bullish break-out signal (aimed at the 0.786 Fib), which now will be a break above both the 1D MA100 (red trend-line) and the 0.5 Fibonacci retracement level. We can start considering booking the sell and instead open a lower buy position when the 4H RSI breaks into its multi-month Support Zone. As you see, such RSI rebounds have always hit the 4H MA50 at least. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYMEX:CL1!
by TradingShot
4