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Oilusd

USOIL at MULTIYEAR S/R zone!Oil is currently in a base consolidation at a multi-year support & resistance zone. There’s some RSI divergence in this choppiness. Not interested until price action has built support over level 70 for a long or a defined resistance below level 60 for a short. Will be updating as we go. Sharing humbling my POV and will gladly discuss with anyone if we agree or disagree, I'm a Full-time Life & Market student, always learning! Best regards and Happy Trading! Keep it simple 😉
FX:USOIL
by UnknownUnicorn21414332
Exctrene bullish on oil. Trading USOIL to 100 usd!Good day everyone, I'm very bullish on oil. I'm day-trading oil futures contracts upcoming months till it reached around 100 usd. - The reason why I'm so bullish on it: From TA perspective: We did break and hold above a huge wedge. And we're looking for new highs now. From fundamental perspective: - OPEC agreed to not raise oil production upcoming months; - Saudi Arabic is not increasing their oil production as they did in the past against OPEC agreements; - Current oil production is far lower than oil production before the corona crisis; - Oil demand in China, US and especially India is rising quickly; - Corona vaccins starting to pay-off with boosts traveling, economics and production. Conclusion: My expectation is that the oil demand will be way higher than the oil production. The agreement of the OPEC for not increasing oil production will create a shortage in oil. This with will push the OIL price to new highs.
TVC:USOILLong
by TheChallange
1
OILUSD On A Short Term ConsolidationHello everyone, if you like the idea, do not forget to support with a like and follow. Oil is consolidating on 57$ to 61$ region for the last days, not much is happening but opportunity's are everywhere. First of all what is consolidation ? Consolidation is generally market indecisiveness, which ends when the asset's price moves above or below the trading pattern. A consolidation pattern could be broken for several reasons, such as the release of materially important news or the triggering of a succession of limit orders. We can trade this region with a pretty simple plan. A break and a candle close of the resistance will lead us to the upside target. A break and a candle close of the support will lead us to the downside target. Also trading within the range is possible by just longing the support and shorting the resistance. Be on alert for important news about oil with the current world situation that can change the whole analysis with a sudden move. Thank you for reading my post, have a great day, wish you all the best ! Information provided is only educational and should not be used to take action in the market. Feel free to ask anything in the comments :)
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by AM.98
10
CrudeOil Breaks Out Of From The Up Trend Channel Hello everyone, if you like the idea, do not forget to support with a like and follow. Oil price broke the lower trend line of the ascending channel, for the moment i am looking for a retest of the broken trend line as we found support at 59$ and the indicators showing strength to the upside. As market moves i will updating this post stay tuned. Thank you for reading my post, have a great day, wish you all the best ! Information provided is only educational and should not be used to take action in the market. Feel free to ask anything in the comments :)
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by AM.98
1
Brent Crude has peakedBrent Crude looks like it needs a retracement after its stellar recovery. On the weekly chart we can see that its overbought on all three signals. Oil producers need the price to stay above roughly $40 a barrel. In a controlled environment with limited exogenous impacts the price of oil should stay above $40 a barrel. That being said, $70 a barrel isn't going to work for the non-US consumer. By early April we should see the chart reflecting a healthy retracement. Oil producers have benefited from the recovery in the oil price and the increase in demand post lock downs. Perhaps now is the time to take profits or close out one's position in the oil industry. Please note, this idea is shared for educational and discussion purposes only and should not result in speculative investment decisions in any asset class.
FX_IDC:USDBROShort
by JesseMorgans
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.
TVC:USOILShort
by Quant_