usoil possible scenarioIt is likely to go up now as abcde wave is completed. Let us see this time if it is breaking contracting triangle.
USCRUDEOILCFD trade ideas
USOIL Crude oil possible Elliott wave counts on hourly chartHello Friends,
Here we had shared possible Elliott wave counts on hourly chart of USOIL CRUDE OIL, in which we can clearly see that after low of May 2023 Oil has done wave (1) & (2) of some degree and now we are unfolding wave (3) of same degree, Inside (3) also we had finished wave 1 & 2, and now possibly we had started wave 3 of (3) which may go $ 73 as an equality or $ 76 as an 161.8% of wave 1 of (3), and in wave 3 also we had started wave i and still wave ii is pending, so buy on dips funda will be worth full in this case with invalidation level of $66.77, so if price goes below $ 66.77 then our currently shared view will be invalidated, because wave 2 will never retrace more than 100% of wave 1.
Some referral snapshots are shared below, please go throughout, 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.
Overall wave structure looks bullish as of now
Price making lower low while indicator making higher low on completion of wave C of wave 2 of wave (3)
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.
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...!
Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
USOIL.F ANALYSIS ( Crude Oil Prices )ANTICIPATION OF FED DECISION
The Federal Reserve is meeting this week to decide on a potential interest rate hike. While analysts agree that the central bank will maintain its rates for the first time since March 2022, investors are focused on the tone of the announcement. If the Fed hints at further rate hikes later in the year, as many predict, oil prices could decline further🔻📉.
GLOBAL ECONOMIC CONCERN
The Eurozone has entered a technical recession, and there are concerns about the U.S. economy facing a similar fate due to potential interest rate hikes by the Federal Reserve in response to high inflation. The economic data from China, the world's largest oil importer, also showed a decrease in exports for the first time this year, raising concerns about short-term global oil demand.
TECHNICAL ANALYSIS
As per the technical analysis of USOIL in a DAY-TF,WEEKLY-TF & MONTHLY-TF are showing downtrend ( STRONG SELL ). Apart from this, Moving Average ( MA5 (SELL 69.28), MA10(SELL 70.47), MA50 ( SELL 73.88), MA200 (SELL 78.20)) & Technical Indicator ((RSI(14)SELL), (STOCH(9,6)OVERSOLD), (MACD(12,26)SELL)) are showing strong sell.
Go Long On crude for $20 tgt ($95) On weekly to 10D & 12D charts, it's time to go long on oil. Use your 1h & 2h charts for entries as per your TS. Find chances to go long on pullbacks & other consolidation-b/o patterns . Tgt can take 15-30 days, though one can take multiple trades & book Profits at several intervals. Along with it, we need to keep an eye on copper long trades as well.
CRUDE OIL(US OIL)US oil has broken its major downtrend line and is managing to test and sustain above the supports , is buy on every dips untill it stays above 70$ levels , keep SL very small at 60$ , any monthly candle closing below 70$ is an exit from trade , RR looking great and potential reward on the upside is very high
usoil is going through complex correctionwe can see usoil is going through complex correction, moving in set of 3 waves. creating difficulty for the traders to find a good RR trade. since it have bounced back from new low last night its its expected to move to 71$ and make a fall again. good place to sell would be around the given area of interest.
Bullish | 4H | inverted head & shoulderin 4H its a swing, & in 1H its a head & shoulder pattern, after the breakout in 1H , its a buy.
the take profit and stop loss level in mentioned in the snapshot.
hopping the maket will rally up..
if the US OIL closes above 82.60 in weekly, then it's a cyclic DB pattern breakout.
Elliott wave counts of USOIL and Fibonacci levels (up, down, up)Hello Friends, here we had shared possible Elliott wave counts of USOIL CRUDEOIL chart on hourly time frame, which is suggesting we are currently in impulse wave of some degree, in which we had completed (i)-(ii)-(iii)-(iv) and now possibly we are unfolding wave (v) of bigger degree wave 1, in this scenario we had seen that wave (iii) has been extended and clearly showing subdivisions inside it and also shown gap up as its nature, so we can assume that wave (v) can go up to equality of wave (i) which is showing price level of near $ 86.75, post completion of it, we can start retracement as a wave 2 in a-b-c pattern, that correction could get support at that same gap which we got gap up in wave (iii) so it can provide good support and as per Fibonacci measurements 50% retracement of entire rally also meets that same level of gap support which is pegged at $ 75.50, which can make that support more stronger. 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.
Overall crude oil is looking bullish right now then little down to unfold wave 2 and then again up to unfold wave 3.
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.
