Oil
USOIL Trading Plan - 18/Nov/2021Hello Traders,
Hope you all are doing good!!
I expect USOIL to go UP to complete this correction.
Look for your BUY setups.
Please follow me and like if you agree or this idea helps you out in your trading plan.
Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management.
Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea
CRUDE OILOne can go long at current levels or in dips (if any) with stop loss of 5880
for targets of 5990, 6050, 6100, and 6150.
Disclaimer
I am not sebi registered analyst
My studies are for educational purpose only
Consult your financial advisor before trading or investing
I am not responsible for your profits and losses
CRUDE OIL at important juncture - 87, Trade Setups in Daily.Check 'CRUDE OIL at important juncture - 87, watch for Oil companies ' where i have explained the logic of these trades in details.
Sustaining above 87 will mean break of important resistance, change in structure.
Buyers are wiling to buy higher, enter with them.
1. BUY if it sustains above 87. Target 115.
CRUDE OIL at important juncture - 87, watch for Oil companiesCrude oil is at an important juncture.
1. Around 87 which is an important resistance.
2. Should move down quickly to 46 levels.
3. If we have slower fall that will mean re attempt of 87 and possible long. Exit shorts.
Possible trades should be taken in daily time frame-
1. SHORT - as swing high break fails in daily.
2. BUY - when it sustains above 87 for 115.
Will share setups chart in daily time frame under my ideas section.
Brent oil bears set to retake controls, 61.8% Fibo. eyedBrent oil fades bounce off 61.8% Fibonacci retracement (Fibo.) level of September-October upside, drops back below 200-SMA amid bearish MACD signals during early Friday. The UK benchmark for oil currently eyes 50% Fibo. level of $81.55 on the way to retest the early November trough surrounding $80.80. However, any further downside will be challenged by oversold RSI conditions and the $80.00 round figure.
On the contrary, 200-SMA guards immediate upside around $83.50, a break of which will direct the oil prices towards the monthly peak of $86.00. In a case where the Brent bulls refrain to pause around $86.00, October’s high near $87.00 and June 2012 low near $88.50 should gain the market’s attention. To sum up, Brent oil prices are set for a corrective pullback but the overall bulls trend remains intact.
Crude Oil | Head & Shoulder PatternAfter a long rally and a series of higher highs & higher lows we are seeing Head & Shoulder pattern at the top of chart in CRUDE suggesting some correction in prices. MACD has also shown divergence, untill the price stays below neckline of the pattern we can see more decline in prices of Crude till 5900 to 5700. Break of the neckline and right shoulder will invalidate the pattern.
MCS Crude Oil Technical AnalysisAt present Crude Oil on MCX is trading around 6210 with a day low of ₹ 6197 and made a high of ₹ 6244. Crude oil remained under pressure this week globally.
If we talk on technical side, Crude Oil was running in a fixed channel since Septmber 2021, but on October 27th 2021, it closed below support line and yesterday on 28th Oct, it opened at 6180 with a gap opening of almost 200 points down from its previous day's high.
OPPORTUNITY
You can short crude oil around 6240 today with a stop loss of ₹ 6336 for a taget of ₹ 6065-5990.
MCX Crude OilCrude Oil is running in channel since septmber, we many time initiated purchases near support lines but avoided short selling as Crude is in Bull cycle. We suggested you to buy near 6200 on 22nd Oct for a target of Rs 6500 which you may see tomorrow.
In a few days crude may give another signal either for long or short position.
We may soon see a trend reversal signal in crude oil. Stay connected with us for more updates.
MCX CRUDE OIL TRADING STRETAGYCrude oil is running in a channel.
Crude oil is moving in a fixed channel. If you get a chance to buy near support line go for long in crude oil, as mentioned in earlier blogs we are bullish on crude oil untill it achieves a target of ₹ 6500.
Do follow our stop loss stretagy.