a correctionin general USOIL is still trending up. an intra-day drop is expected should the daily trend line (purple) is respected.
Timescale: max 1 day.
Note: This is a quick analysis for supporting my USDCAD analysis. I do not trade USOIL .
Usoilshort
US Oil (WTI Crude Oil) Analysis and trade Idea...UpdatePrice has invalidated the right shoulder OB I highlighted in the previous video. It has reacted off of the "head" OB, forming a double top, formed an engulfer, and is now retesting the base candle.
This may lead to the bearish PA I was hoping for.
Crude Oil OutlookGreetings traders. Today I am taking a look at the oil and its possible future moves. Generally, like other indices and commodities, overall, oil is bullish. In the channel above, we notice that price has reversed off the channel's diagonal resistance and broke below the trendline. Price gave us a nice retest which potentially confirms the reversal continuation.
Oil is positively correlated to the Canadian Dollar as Canada is one of the top exporters of oil. This means the price of oil dropping will affect XXXCAD pairs positively, and CADXXX pairs negatively. Going into this coming week, my focus will be on these CAD pairs and trade 2 - 3 high probability setups. One of these will most like be CADJPY. Japan imports oil. A decline in the price of oil is most likely to be in favor of the Yen.
Short US oil here head and shoulders As shown in chart.
Very overbought, everyone thinks oils just going to keep going up. I don't think so.
I'm taking the short with lower high on the chart. I'll take some profits at the neckline breakout if it comes in case of a fakeout. Lots of potential though to move down to the green support line for further profits.
Enter as always before breakouts not after to minimise risk
WTI Short setupThe WTI seem to be entering into a top setup, with a Daily MACD turning red and upper BB closing.
In H4 price have closed above the Upper BB and has been followed by a seller rejection.
I would try a short trade here at 84$ with a stop at 86.5$ and final target around 75.5$. At 81$ i would think of putting SL to BE.
Plan to be followed during the week..
USOIL (The Sell Continues)Oil found resistance at 85.
Oil Moved down from 85.
Then oil has made a lower lower high at the 61.8 retracement level.
I suspect oil will continue down from this level.
USOIL ShortHey traders, in the coming week we are monitoring USOIL for a selling opportunity around 83.5 zone, after USOIL breakout of the uptrend at 4h frame we will consider selling at the retracement once we receive any bearish confirmation.
Trade safe and use proper risk management.
Joe.
2810 6HPLAN USOIL dont buy, just sell for daily correctionHello traders,
USOIL is starting daily correction now.
Dont buy, just sell on 6h Chart with confirming signal .
Good luck!!!
LESS IS MORE!
HTF Shark 🦈 LTF Butterfly 🦋USOIL - Momentum is bearish on the HTF and I'm looking for the shark to complete, however price is currently ranging and I expect another push to the upside before the continuation.
Let me know your thoughts!
Usoil Will it correct the bottom of the triangle?As we see in front of us a symmetrical triangle for American crude oil. Will it correct the decline in the mentioned areas and then start the required ascent journey? We must also wait for the important meeting on November 7, the OPEC group. All of them have a strong effect on oil. Follow and wait for the strongest opportunity to catch profits (Fatma Al-Harbi)
USO: Down Down! ↘️↘️↘️We are expecting a decline of the USO until it reaches regions around $53.08. Here, a turnaround is expected and the price should rise again. In total, we see the market move towards areas above $65.65.
Oilyyyyy!
USOIL Full Analysis ,Short Scalping And Long For Long Term SetupThis is an educational + analytic content that will teach why and how to enter a trade
Make sure you watch the price action closely in each analysis as this is a very important part of our method
Disclaimer : this analysis can change at anytime without notice and it is only for the purpose of assisting traders to make independent investments decisions
Oil short readyHi there,
Oil preparing a big move to the downside, since March 2020 lows we are on a new trend, completing the 3 wave we go for the big correction to the downside, Long term, Oil still a buy, but for now look for shorts only.
Watch price action in lower timeframes to go short,
Good luck
Usoil sell sell sell Hi guys here's a trade as fast as it could be get in and out in days or weeks.
Mind your money management.
This is a analyse not a advice.
OIL UPDATE
I'm shorting after price rejected on a daily basis.
sl $76.5
targeting $69
❤️Please, support this idea with like and comment!❤️
Usoil short trade idea It's looking for good short trade. Price near at strong resistance $76.XX. Goodluck
Slippery When Wet......Just like my girlfriend after i tell her i have made £100,000 this week trading.
76 is such a key phycological level for oil, as you can see it has been used so many times as support and resistance before and take in to note this is the monthly timeframe this makes it about as strong as it can get!
I can personally see price dropping from this 76 level, if price does drop then my next level of possible support would be 63 as shown on the chart, this also has been used as strong support and resistance in the past. The reason i think price will drop is because i can see more lockdowns coming, this will lead to nobody travelling in cars or going on holiday so there will be no need for aeroplane travel, this will lead to less demand for fuel so price will drop.
You always have to look on the other side and see what would happen if price breaks 76, If this happens then my next possible resistance level is marked on the chart at 86, for the same reasons as all the other levels it has been used as strong support and resistance before.
Let me know your thoughts, do you think we will be getting more lockdowns?
Cheers.
