USOIL looking out to break the strong resistance of 51.65 level. Once if the price break the 51.65 level the further uptrend may come upto 61.15 level.
It's a short term recommendation.
Trade:
Buy above = 51.70
Target 1 = 56.60
Target 2 = 61.05
Stop Loss = 45.00
Total Reward Points = 9.35
Risk Points = 6.7
Crude oil markets have been responding positively to the cut by OPEC and this has effected the sentiment of crude heavy stocks like XOM. In Sept of this year a double bottom formation was seen as confirmed by MACD indicator followed by a sharp increase in prices. The 50 day EMA shows signs of slight uptrend. I would expect a correction in the price down to the 48...
$WTIC (Light crude oil) is waiting for a breakout
from the IHS pattern.If correct it will have a huge
target $25 plus as the pattern depth from the
neckline to head, will reach around $75.
Crude OIl Weakly Chart Show
Head And Shoulder Pattern
Trade Only
Close Above Neckline
Storg Up Move Crude Oil
My side Target
$61...
$66...
$73..
HAPPY TO HELP
Crude oil continue to go downward since last inventory report to yesterday report and OPEC denial mode of production cut, crude oil looking weak and may go further down to its support $43, risky traders may go further short, conservative traders wait for tomorrow till NFP data as better numbers can give crude some spike up to $46.
see wti crude oil have bullish divergance in rsi..... prise is goinig down and as wel rsi is up so its bullish divergance so .... its risky but if we want buy then buy with small 40 pips sl trg 100 pips....
With WTI Crude Oil breaking a Crucial trendline its time to get bullish
Also, Watchout for the Head & Shoulder Pattern Big Targets of 70+ Can be Expected in Next Year or So.
Quite Bullish if it Can Sustain above $50 for few weeks :)
Happy trading Guys Cheers !!!
