US Oil- Can see 60 levelsUS Crude Oil forming head and shoulder pattern on weekly timeframe. Can move towards 60 levels soon.
XTIUSD trade ideas
Oil - LongOil Price is expected to average at around $92 within a few weeks. Then depending on the global cues at that time we can have a much clear idea about whether it is going to rally further or crash.
This is going to affect the profitability of the oil stocks in India and will affect their share price adversely.
www.thebalancemoney.com
Short for mondayWeekly candle looks bullish with an engulf at the bottom. But won't be an easy bullish rally.
On the way up from bottom these things happened.
1. Daily candle intercepted by ema15, leaves a wick on Wednesday. (Normal)
2. Thursday saw spike above Wednesday but closed within the highs of Wednesday (smell bears coming in?)
3. Thursday's candle body gets engulfed in red by Friday candle. (Bears arrived for sure)
All these happened at the EMA resistance, this is a strong bearish indication.
Weekly looks bullish, daily looks bearish, confusing isn't? Both will play out.
Now look at the 4H Chart shown, inverted head and shoulder is forming.
Market will be bearish on monday (may be on tuesday too), will try to take support near 77-78 range and that will form the right shoulder. 50% retracement level of recent rally also falls in this range.
From there, weekly bullishnesss will kick in for a sharp rally upward.
Be patient before taking long position. Since daily chart price action is very bearish, it needs strong rejection from deep support to negate the daily chart bearishness and push higher. Expect big volatility below 78$.
Be very sure before taking long position between 77-78 because, deviation from projected chart pattern is observed and market may even breakdown without holding support for right shoulder formation, monthly candle shows bearish engulf.
Conclusion - Short for start of next week, minimum target near 77-78 range.
Decide to go long based on monday Tuesday price action.
Anybody holding long may exit and wait for better entry after bullish confirmation.
Crude buy CMP 80.70$ for target 81.5- 82.5- 84-85+ sl belo 79 Crude buy CMP 80.70$
for target 81.5- 82.5- 84-85+
sl belo 79 $
1 hr candle closing basis
#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:
75.68
Next Zone area & horizontal swing Low support
1st Resistance
96.53
Zone area & horizontal swing high resistance
Long CrudeWTI crude oil has formed a double bottom pattern on the daily chart with a positive RSI divergence
One can go long at current market price of 81, with a stop loss of 76
The target for this trade will be 92
The time frame for this trade is 20-Dec-2022
WTI crude at support level for Bounce.WTI crude is at Support level. Trading with positive divergence it may bounce from here.
#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:
75.68
Next Zone area & horizontal swing Low support
1st Resistance
96.53
Zone area & horizontal swing high resistance
OIL to bounce upOIL is EXPECTED to bounce up in coming days
Wait to close above 91,
and may test again 118 levels
#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:
75.68
Next Zone area & horizontal swing Low support
1st Resistance
96.53
Zone area & horizontal swing high resistance
UsoilAlways follow Risk and Position Management❇️❇️
For more information like this follow me in Tradingview @Jagadeesh11616125
Happy trading
OIL reddy to go up...!oil now reddy to go up my target on it 79.80 than final 81.90 SL 75.80 on closing basis
#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:
75.68
Next Zone area & horizontal swing Low support
1st Resistance
96.53
Zone area & horizontal swing high resistance
#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:
75.68
Next Zone area & horizontal swing Low support
1st Resistance
96.53
Zone area & horizontal swing high resistance
#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:
75.68
Next Zone area & horizontal swing Low support
1st Resistance
96.53
Zone area & horizontal swing high resistance
USOIL Trading Plan - 17/Nov/2022Hello Traders,
Hope you all are doing good!!
I expect USOIL to go UP after finishing 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
OIL reddy to go down..!oil now reddy to go down reject from 89.60. my target on crude for intraday 87.10 than after 82.80 SL 89.30 on closing basis
Oil down gain...!crude oil buy side is over now return from big resistance small support is 90.70 than 89.30. my short side target is 86.90
USOILMy analysis for US OIL is bearish. Though we have liquidity above and a unmitigated supply zone sitting above. I believe after liquidity sweep we might turn around in the bearish direction.
Thank you.
US OIL ELLIOT WAVE COUNTS AND BREAKOUTCrude oil is looking Bullish ahead Reasons are mentioned below
Inverted head n shoulder Neckline Breakout
Price taking support from RK's Mass psychological cloud and RK's stopline in daily time frame
Possible wave counts on weekly chart
Possible wave counts on Daily chart
Possible wave counts on 4 hourly
Possible wave counts on 1 hourly
Price challenging upper band on daily time frame
macd positive cross in daily time frame
macd converging towards north uptick in weekly time frame
RSI uptick above 60 in daily time frame
DMI ADX positive uptick in daily time frame
Price closed above 50dema, 100dema & 200dema
Weekly close above 20WEMA, its also above 50 WEMA, 100 WEMA & 200 WEMA.
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.
