got 3 longs in it from different prices (look at my status on profile).
wti is a BUY , psychologically for the market, it would lose to get again to 3x.xx $, not reckoning anymore with thirties area.
if you can hold, hold it for 20 years around, we'll get prices over 150 $
Strictly Technical WTI Channel In Play //
STOCH SIGNAL // Bullish start H1/H4 // Oversold conditions
GMACD // Trend/UP Medium M15/M30/H1/D1/
Very strong downtrend for WTI and if breakouts of channel we will look to short Crude Oil but if we get a bounce from this upwards channel we can take a position going long to 48-49. I will update this Idea if I find a valid setup.
the 4 hour time frame for WTI is showing strong bearish momentum and when also taking in consideration that the price of oil on the daily time frame has broken through a support its highly likely that the 4 hour time frame will also break down further.
My advice:
Sell at current market price:
Tp 45.60 > 43.80
SL 48.20
WTI Crude Oil shows a breakout of the upper range on the 4 hour time frame. This can lead to a wave towards 50.30 before retracing a bit back down again. A few days ago I also published an idea on WTI Crude Oil at the Daily time frame which shows 52.50 as longer term target. Short term the 4 hour time frame is now atleast supporting a break of 50 and I am not...
With no further cuts announced yet and Iraq increasing production by the end of this year, oil is squeezed in a narrow trendline which it could break once resistance levels are hit.
Now we have the following structure on WTI
It is likely that we will break(besides taking into consideration technical indicators) the resistance line of 51.75 $ and then we go to the area of 60 $
Globally, it is the 4-th wave and it will be the last part of this growth
Note: This is not trading chart, only the analyst.
A bottoming formation with valid setups suggest trend reversal, better to long 35.8x if happens RR wise, one should dig in smaller time frames for long setups.
Bullish on WTI CRUDE OIL,on bullish falling channel formation. If the channel breaks, next resistance level is at around 47 - 47.5 area. More of a long term trade
OIl is now suffering from the over-hyped bull effect of opec. Friday's non farm payroll numbers will have a dramatic effect on the US dollar as a high jobs number will put further pressure on the Fed to hike rates in September. Oil will feel that effect.
There is still the potential for oil to slip to test or drop below the recent lows. After the big drop we had a stutter step and a retracement followed by another big drop. If price disrespects the 4 hr trend line look for a retracement. It is not if, but when and how far. While oil futures are painting a rosy picture price may be being slightly manipulated.
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