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Oil

US oil - Crude oil Elliot wave countAs per wave structure wave 1 and wave 2 of bigger degree has been completed and now, possibly we are unfolding smaller degree wave 1 of bigger degree wave 3. It has given breakout with good intensity of volumes on hourly chart. Well, Overall crude oil is looking good to go long at these levels with stop loss of $ 85.70, for Targets of $ 90, 92, 93.70, 97.86, 100.71, and up to 105. Breakout with good intensity of volume MACD already positive and uptick and also above zero line on hourly time frame MACD uptick and now positive crossing on daily time frame RSI uptick on hourly time frame RK's mass psychological cloud suggesting to Buy now or Buy on Dips (if any) Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Disclaimer. I am not sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
TVC:USOILLong
by RK_Chaarts
7
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support Why we like it Price trading the 4hr resistance moving to the next level support waiting for bearish candlestick formation Trading in channel 1st support: 82.68 Next Zone area & horizontal swing Low support 1st Resistance 99.68 Zone area & horizontal swing high resistance
TVC:USOILShort
by Skandhatrade
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support Why we like it Price trading the 4hr resistance moving to the next level support waiting for bearish candlestick formation Trading in channel 1st support: 82.68 Next Zone area & horizontal swing Low support 1st Resistance 99.68 Zone area & horizontal swing high resistance
TVC:USOILShort
by Skandhatrade
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support Why we like it Price trading the 4hr resistance moving to the next level support waiting for bearish candlestick formation Trading in channel 1st support: 82.68 Next Zone area & horizontal swing Low support 1st Resistance 99.68 Zone area & horizontal swing high resistance
TVC:USOILShort
by Skandhatrade
1
What 1-hour chart says? Fundamental Development: Oil prices fell on Wednesday, taking a breather from a near 4% surge the previous day, on receding fears of an imminent output cut by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+. Global benchmark Brent crude futures fell 40 cents, or 0.4%, to $99.82 a barrel, after rising 3.9% on Tuesday. The U.S. West Texas Intermediate crude futures contract was down 27 cents, or 0.29%, at $93.47 a barrel, having jumped 3.7% the previous day. Both contracts soared on Tuesday after the energy minister of de facto OPEC leader Saudi Arabia flagged the possibility of supply cuts to balance a market it described as "schizophrenic", with the paper and physical markets becoming increasingly disconnected. Short Term Technical View: In daily chart XTIUSD is trading below 200 SMA & in 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 92.75 as per today 1-hour chart, my view is buy on dip strategy is good for XTIUSD. Buy range of XTIUSD is 92.75 to 92.50 and there is very strong support zone at 91.50. Alternative Scenario: If XTIUSD will trade above 91.50 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 90 with the stop loss of 92.75. (Note: Crude oil inventories at 8 PM IST)
FXOPEN:XTIUSD
by RATONYCNC
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support Why we like it Price trading the 4hr resistance moving to the next level support waiting for bearish candlestick formation Trading in channel 1st support: 82.68 Next Zone area & horizontal swing Low support 1st Resistance 99.68 Zone area & horizontal swing high resistance
TVC:USOILShort
by Skandhatrade
What 1-hour chart says? Fundamental Development: Oil prices dipped on Friday after two days of gain, as market participants weighed worries about global economic slowdown - that could dampen fuel demand - against expectations of tighter supplies toward year-end. Brent crude futures fell 36 cents, or 0.4%, to $96.23 a barrel after settling 3.1% higher on Thursday. U.S. West Texas Intermediate crude was at $90.29 a barrel, down 21 cents, or 0.2%, following a 2.7% increase in the previous session. Still, the benchmark contracts headed for weekly losses of about 1.5%. U.S. CRUDE inventories fell sharply as the nation exported a record 5 million barrels of oil a day in the most recent week, with oil companies finding heavy demand from European nations looking to replace crude from warring Russia. Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. As per RSI Indicator showing Weakness in 1-hour chart, XTIUSD pivot level is 89.15 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 90 to 90.25 and there is very strong resistance zone at 91.50. Alternative Scenario: If XTIUSD will trade above 91.50 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 93 with the stop loss of 89.
FXOPEN:XTIUSD
by RATONYCNC
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support Why we like it Price trading the 4hr resistance moving to the next level support waiting for bearish candlestick formation Trading in channel 1st support: 82.68 Next Zone area & horizontal swing Low support 1st Resistance 99.68 Zone area & horizontal swing high resistance
TVC:USOILShort
by Skandhatrade
What 1-hour chart says? Fundamental Development: Oil prices little changed on Thursday as investors grappled with falling stockpiles in the United States, rising output from Russia and worries about a potential global recession. Brent crude futures climbed 15 cents, or 0.2%, to $93.80 a barrel. U.S. crude futures gained 4 cents, or 0.1%, to $88.15 a barrel. Prices rose more than 1% during the previous session, although Brent at one point fell to its lowest since February. Futures have fallen over the past few months, as investors have pored over economic data that has spurred concerns about a potential recession that could hurt energy demand. British consumer price inflation jumped to 10.1% in July, it is highest since February 1982, intensifying a squeeze on households. Short Term Technical View: In 1-hour chart, XTIUSD is trading at middle line of Bollinger band indicator. As per RSI Indicator showing Weakness in 1-hour chart, XTIUSD pivot level is 87 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 88.25 to 88.50 and there is very strong resistance zone at 89.50. Alternative Scenario: If XTIUSD will trade above 89.50 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 90.50 with the stop loss of 88.50.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil prices rose over $1 on Wednesday, rebounding from six-month lows hit the previous day, as an unexpectedly large drop in U.S. oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession. Brent crude futures were last up 82 cents, or 0.9%, to $93.16 a barrel. West Texas Intermediate (WTI) crude futures also rose 85 cents, or 1%, to $87.38 a barrel. The contracts slumped about 3% on Tuesday as weak U.S. housing starts data spurred concerns about a potential global recession. U.S. crude and fuel stocks fell in the latest week, according to market sources citing American Petroleum Institute figures on Tuesday. Short Term Technical View: In 1-hour chart, XTIUSD is trading at middle line of Bollinger band indicator. As per RSI Indicator showing Weakness in 1-hour chart, XTIUSD pivot level is 87.50 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 87.50 to 87.75 and there is very strong resistance zone at 89. Alternative Scenario: If XTIUSD will trade above 89 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 91 with the stop loss of 87.50. (Note- Crude oil inventory at 8 PM IST)
FXOPEN:XTIUSD
by RATONYCNC