Crude Oil H1 Correction Completing, To Fade Above 74.00In this update we review the recent price action in #crudeoil futures contract and identify the next high probability trading opportunity and price objectives to target
WTI1!
New lows, volatility about to continue, and a potential bounceIn the past few days, USOIL constituted a new low below 73$, marking a 43% decline from its peak a few months earlier. This move came amid our bearish expectations for oil and forecast for lower prices. We continue to stick to this call altogether with our price target at 70$, which was updated recently to a short-term price target (from medium-term). Our views are based on technical and fundamental factors described below and in previous articles.
Illustration 1.01
The daily chart of USOIL shows the price decline between 8th March 2022 and today. The yellow arrow indicates a bearish breakout below the previous low and subsequent bullish retracement. To further support our bearish thesis, we would like to see the price break again below 73.62$ and hold there.
Technical analysis
Daily time frame = Bearish
Weekly time frame = Bearish
Illustration 1.02
Illustration 1.02 displays the daily chart of USOIL and simple support/resistance levels + two simple moving averages. At the moment, the price deviated too far from its 20-day and 50-day SMAs, which is often followed by the price retracement toward a mean; currently, these SMAs act as important resistance levels.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
WTI - Brewing!WTI - Brewing!
Beautiful pattern formed in WTI - its end of month it's a trade i'll probably seek out next week once a break out either direction has been formed.
Overall, the market has had amazing moves this month, bring on next month - another month to excel further in!
TJ
USOIL - 100 USD hit, 95 USD hit... what is next?Our price targets of 100 USD and 95 USD were reached recently. Despite that, we continue to be bearish on USOIL. Accordingly, we still maintain our price target of 90 USD, which we would like to change from long-term to medium-term.
Illustration 1.01
Illustration 1.01 shows the daily chart of USOIL and two moving averages, 20-day SMA and 50-day SMA. These moving averages reflect the downtrend.
Technical analysis - daily time frame
RSI and Stochastic are bearish. MACD is bearish too. DM+ and DM- are bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
buy oil around big trend hold until fibo 61% (can take 7-8 day)
oil can go to fibo 161% too !!! technical say this
note=for sell pressure ,oil can 20-30 pip(64.80) go downer (displacment) from big trend,then fly up
dont close it soon,give time to go up
