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OIL bullish for short term upside to 550Hello Everyone, Have spotted a bullish pattern on the chart that can take the prices to 510-550 in the short while. Points to note: > Out of all, Oil sector is showing some strength. > OIL has seen recovery for the current support levels multiple times in the past. > Trading above 100EMA with good volumes. > Hammer spotted Important leves: Support: 464 Resistence: 450 Entry Levels: 485-490 Exit Levels: 464 or trail with EMA 100 once it breaches 500 levels. Risk to Reward: Optimal Entry 485 – Target 550 = Almost 3x Reward to Risk
NSE:OILLong
by madhubansal
4
Crude Oil Ready to Explode: Wave (iii) Targets Sky-High Gains Chart Interpretation 1. Triangle Pattern: A visible contracting triangle pattern (marked as Wave (ii)) indicates consolidation before a breakout. Triangles typically occur in Wave 4 or corrective waves (B waves). Fibonacci Levels: Fibonacci extensions (1.618, 2.618, 3.618, etc.) are used to project potential targets for Wave (iii), Wave (v), or corrective moves. 1.618 (7,156): A potential target for Wave (iii). 2.618 (8,125): Extended target for Wave (iii). 3.618 (9,094): A stretch target if the trend is powerful. Current Status: The chart indicates that Wave (ii) (a corrective phase) is concluding, with a breakout expected into Wave (iii). Wave (iii) targets are aligned with key Fibonacci levels, showing potential price surges. 2. Future Projection After completing Wave (iii) and a brief correction in Wave (iv), the price may proceed to Wave (v), likely targeting higher levels. Post the 5-wave impulse, a corrective A-B-C structure may follow, resetting the trend. 3. Trading Insight A breakout above the triangle pattern could confirm the start of Wave (iii). Regards, SG
MCX:CRUDEOIL1!Long
by subhagghosh
1
WTI Crude Oil Analysis: Key Levels and $65 Accumulation StrategyThe WTI Crude Oil chart highlights a long-term bearish trend, with price testing key support and resistance zones. Here's a concise breakdown: Key Levels to Watch Support Levels: $65.00 (immediate), $61.52, $56.97, $55.00, $51.76, $42.87. Resistance Levels: $72.80, $78.44, $83.64, $93.40. Current Opportunity for Swing Trade Accumulate near $65.00 with a stop-loss slightly below $65.00. Targets: $69.00, $72.80, $78.44. Trade Setups Bullish: Enter on $65.00 support bounce or breakout above $72.80. Bearish: Short on rejection at $72.80 or breakdown below $65.00. Market Outlook Bearish Bias: Break below $65.00 could lead to $61.52 or $56.97. Bullish Reversal: Break above $72.80 targets $78.44 and beyond.
TVC:USOILLong
by ayusharya_001
Crude Oil Futures: Key Levels and Scalp Trade StrategiesThe daily chart of Light Crude Oil Futures (NYMEX) indicates a long-term bearish trend, with key levels offering opportunities for short-term scalp trades. Key Observations: Downtrend Resistance: The yellow trendline starting from 2022 highs continues to cap upward movements. Support Zone: $66.40 is a critical level where buyers repeatedly defend, creating a strong price floor. Resistance Levels: $72.58, $77.20, and $84.20 serve as major hurdles for upward price action. Volume: No significant volume spikes currently, but monitor closely for breakout confirmation. Scalp Trading Opportunities: 1. Long Trade: Entry: Near $66.40 support on a bounce. Targets: $69.00 (nearest resistance) and $72.58. Stop-Loss: Below $65.90. Why? Buyers consistently hold this level, making it ideal for quick upward moves. 2. Short Trade: Entry: Near $72.58 resistance after a rejection. Targets: $69.00 and $66.40. Stop-Loss: Above $73.50. Why? Sellers dominate this zone, offering quick pullback opportunities. Key Points to Watch: Bearish Breakout: A high-volume breakdown below $66.40 could send prices to $60 or lower. Bullish Reversal: Breaking the yellow trendline and $77.20 resistance could spark a rally toward $84.20. Volume Confirmation: Significant volume spikes near key levels (support or resistance) often confirm a breakout or rejection.
NYMEX:CL1!
by ayusharya_001