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Wticrudeoil

WTI Oil: Medium term Buy opportunity.Oil took a hard hit last Friday towards the 54.85 1D Support. Technically this makes a perfect Higher Low on the 1D Channel Up (RSI = 47.115, MACD = 0.310, ADX = 20.203, Highs/Lows = -0.4050). On top of that the 4H RSI is on the lowest level since early August, so we are taking this as a strong medium term buy opportunity. Our Target Zone is 58.00 - 58.70 (region within the 4H gap fill and 1D Resistance). ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
TVC:USOILLong
by InvestingScope
2
WTI Could Test $58 Key ResistanceOil posted its biggest percentage decline in nearly 2 months after reports indicated Russia is unlikely to lower production at the upcoming OPEC meeting. WTI dropped towards its 7-week support trend line, but after that rebounded from $ 55.00 and 200-day SMA on H4 chart. Earlier on Wednesday, the EIA reported that overall Crude stocks rose 1.4 Mb, about in line with consensus for a 1.5 Mb. However, the market latched on to the fact inventories at Cushing fell 2.3 Mb barrels, the most significant drop in 3 months. When you look out over the last couple of months, we essentially have been forming an uptrend and bullish channel, and as a result we could very easily go higher. The nearest resistance is near $57.17 at 50% Fibo level on the recent fall from 63.38 to 51.06 (4-hours). A clear break there will extend the rise for testing key resistance $58. It corespondent to the upper border of the current range. In that area the market could see a bit of market memory where sellers could come back in. Conversely, if the price fails to continue under $56.50, it could resume its decline. Ultimately, we like the idea of buying short-term pullbacks. But we're looking for any type of major breakout in one direction or the other, since the market have found a bit of an equilibrium in the last month.
OANDA:WTICOUSDLong
by ForexTrendline
Crude Oil Markets Seems Try to Recover After Initially FallingRecently, the oil market follow the general run of risk sentiment. However, oil markets are still weaker this morning despite the rebound in risk sentiment. The last main story in oil markets was the news over the weekend of the discovery of new oil reserves by Iran. They were reported to have discovered an oil field containing the equivalent of 53bn barrels of oil. However, it is not clear how much of that is new or commercially viable. The last thing OPEC needs is more oil discoveries given oil’s current level of abundance... In spite of a large inventory build the net long oil positions on US crude increased last week for the third consecutive week mainly due to the tariff rollback headlines. So without a reaffirmation of progress between the US and China, these new contracts remain susceptible to headline risk and even a long position squeeze. Technically, on the daily chart the West Texas Intermediate Crude Oil market initially fell towards the $56 level underneath before turning around and showing signs of strength. At this point, the market looks very likely to turn around and try to reach towards the $58 level. Breaking through that level of course would be very bullish but will run into a significant amount of trouble near the $60 level. In that area is located 78.6% Fibo retracement level (of the fall from the Sept. high 63.68 to the October low $51.06) at $60.77. To the downside, there is a significant amount of support near the 200-day EMA which is closer to the $55.40 level. Underneath there, the $54 - 53.70 area be targeted for support as well. Looking at the overall market though, we are essentially in a massive consolidation area.
OANDA:WTICOUSD
by ForexTrendline
WTI Oil: Sell and Buy entries within the Channel Up.Oil hit our last buy target (57.30) and the 1D Channel Up (RSI = 58.982, MACD = 0.300, Highs/Lows = 1.1300) is near its Higher High trend line. As mentioned since October 16th, the Higher Highs of the Channel are symmetrical with the Lower Lows of September's downtrend (see that idea below): We are expecting a similar price action with a rebound near the 4H MA200 (55.00). Our long Target is 58.50. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
TVC:USOIL
by InvestingScope
5
WTI Oil: Long signal on the Higher Low. Golden Cross emerging.Oil has been trading within a 4H Channel Up (RSI = 53.399, MACD = 0.280, Highs/Lows = -0.0057) since the beginning of October. Today the pattern made a Higher Low and naturally the price rebounded above the 4H MA200 (orange line). The expected target is 57.30 which is marginally under the 57.70 Top of the current bullish leg (safer call). If you remember our last call, the Higher Highs of the Channel are symmetrical with the Lower Lows of Septembers downtrend. See how accurately this pattern traded: Also keep in mind that 4H is about to form a Golden Cross (MA50 over MA200) which is a bullish pattern and last time that happened in September 6th, Oil hit the 63.35 High in 10 days. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
TVC:USOILLong
by InvestingScope
7