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Wtilong

OIL HURRICANE SURGE|BREAKOUT LONG|TRADING PLAN| The Mexican Gulf Hurricane that is expected to have a massive impact is yet another addition to the 2020 mishaps collection. Anyhow, the refineries, oil/gas hubs and the extraction facilities are shutting down for an unknown period of time, and then the scope of destruction will determine how quickly the market recovers. Oil, having recovered from it's recent downfall, has been reluctant to go higher, being unable to break the horizontal level. The demand was limited by the lockdowns and the sharp drop in the number of flights, with the aviation industry being one of the biggest consumers of oil products. All these factors have been suppressing the price and the hurricane might just be the trigger that helps the precious liquid to break the chains and go higher, to at least R2, possibly R3. The lack of any meaningful demand, however, will likely push the price back closer to the R1, but it will be the support, then. TRADING PLAN: You can either go long now, expecting the bullish breakout wave, or wait for the clearer breakout and then go long from the pullback. I am in the first camp, as due to the reasons above, I think that the rally will be short lived but intense. SL below the red line. 3:1 5:1 risk reward. Trade the idea with call options if you can! Gives better risk reward profile, in my opinion, as you don't need to wait for the breakout this way. Thank you for reading, like and subscribe and have a nice day!
TVC:USOILLong
by ProSignalsFx
1
USOIL 36.91 +3.82%GOOD DAY TRADERS HERE'S A LONG IDEA ON USOIL , AS WE AWAIT A MEETING BETWEEN THE ORGANIZATION OF THE PETROLEUM EXPORTIN COUNTRIES ( OPEC) AND THEIR ALLIES... > DAILYFX - Oil could be in limbo as traders await a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and key allies. Reports crossed the wires on Monday that OPEC+ could bring forward the meeting to June 4. A key issue that is going to be discussed is whether or not record output cuts could be extended between one to three months. As a reminder, earlier this year a price war was triggered between key producers Saudi Arabia and Russia. The latter’s initial refusal to participate was a detriment to the commodity. Towards the end of last month, Russia hinted that it wanted to push for easing production restrictions. A similar row between Moscow and Riyadh could risk reigniting selling pressuring in crude oil prices. www.dailyfx.com > US OIL IS STILL IN AN UPTREND AS WE SAW SOME VOLITILITY COMING BACK TODAY, SO LOOKING FOR LONG ENTRIES IN OIL TARGETING THAT $40.00 MARK ... RISK MANAGEMENT FOLLOW YOUR ENTRY RULES PERIOD - SWING
TVC:USOILLong
by PULEMokhothu
BULLS STUBBORN UNDER RISK AVERSIONOil initially dropped on Monday on worries of a second wave of coronavirus but rebounded after the Federal Reserve promised to buy corporate bonds. With oil prices moving into a more stable trading range between $35 and $40, the market remains supported just by technical. Yesterday, the Philly Fed Manufacturing Index climbed to a high of 27.5, against all the odds where economists' forecast was about a -23.0. The data proved a resilient recovery in the U.S. economy despite rising cases in the country. As the manufacturing sector represents a significant oil consumption sector, oil traders gauge the data as an improvement in overall demand. On the technicality of the price structure, the oil benchmark was able to claim back 14.70% of the value from the lower recorded on Monday. With the price continuing to hold tight to the rising trendline, give a clear path to retest the 40$ handle, where bulls are lining up to dive-in and most probably push the WTI index forward to the 44$ handle. MACD in a diminished bullish momentum with RSI in an overbought zone, price should experience some correction in the intraday realm. Taking about the intraday in H4, the price structure has practically created an inverse Head-and-Shoulder formation, a technical pattern that supports the uptrending bias. The second wave of coronavirus infections poses a threat to oil. A feared second wave of coronavirus infections may have arrived, with cases rising in many parts of the U.S., Germany, and Portugal also reported an increase in new cases. Meantime, the pandemic's epicenter is now the third world, with most cases in Latin America increasing much more rapidly. In China, new cases raised fears of a return of the virus. The government already moving into a level II emergency response has already cancel inbound flights for a total of 40%. With much of the market betting in a steady rebound in demand, any resumed lockdown or economic hit would pull oil back down as the pandemic continues to weight on the energy market. Happy weekend. See you all next week.
FX_IDC:USDWTILong
by OGFXTRADER
WTI Breakout This one is for those breakout traders. Looks like WTI wants to break out of this downward trendline. If it does there is two setups I would take, one with a conservative TP at $23.4, and one much more of a swing type TP that might have to be held for a prolonged time at $28. An aggressive entry would be with any kind of trendline break around the $19.7 - $20.3 range. A more conservative entry would be to wait for a 4H close above trendline and stack limits down to the trendline for the retest. To each their own, follow your rules and manage risk.
OANDA:WTICOUSDLong
by Chloster
OIL Break 20$ Support and NEXT 17.89$ FOR LONG.Many Reasons behind Oil continues dropping After OPEC cut Production. 1- Oil should stay above 20$ after Deal Cut, but look like price war still going on. 2-Demand is very low at the moment all over the country because of lockdown and Economy under the shutdown. Coming weeks expecting Oil will do big correction upside end of April to mid-May, but before correction Oil could hit support level 2001 Year 16.90 to 17.26$ Good to long entry 18$ as major support level 🛑SUPPORT/RESISTANCE ✅S1= 17.25 ✅S2=16.10 ✴️R1=20.50 ✴️R2=24.10 Please like, share, comments and follow me to get daily base analysis Thank you for your support, I appreciate it.
FX:USOILLong
by Allmypips
2