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WTI Crude Oil Preparing for OPEC MeetingThe West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Monday, bouncing from the uptrend line and reaching towards and above the 50-day SMA initially. The crude oil market kick off the week with rally, as an Iraq oil minister suggested that not only would OPEC continue its production cuts, but it would possibly even consider cutting an additional 400,000 barrels a day. The rally ran into a brick wall though as President Trump announced new tariffs in Latin America and threatened new ones on Europe. At the end of the day Brent crude and WTI gave up their gains to finish almost unchanged. Now WTI crude oil is showing convergence with its hourly 20 SMA and trading below its 50 SMA on the same chart. Near-term action is weighed by Friday’s massive bearish daily candle, with Friday’s close below 38.2% Fibo support at $55.78 (on last 2 months rise of $50.55 to $58.71) adding to negative near-term tone, which is expected to persist while recovery attempts remain capped by daily high ($58.15). It is because of this that the $55 level underneath will offer plenty of support, but if it does in fact get broken, the market should goes down towards the $52.50 level (78.6% Fibo). On the upside, the daily 200 SMA line remain relevant and are additional barriers against upward movement. The first resistance is at 56.50. Next is resistance from the 200-EMA at 57.51. Overall, we believe that the market is going to continue the overall uptrend and channel for the rest of the week, but it will more than likely be very choppy, and news driven.
TVC:USOIL
by ForexTrendline
Crude Oil Markets Seems Try to Recover After Initially FallingRecently, the oil market follow the general run of risk sentiment. However, oil markets are still weaker this morning despite the rebound in risk sentiment. The last main story in oil markets was the news over the weekend of the discovery of new oil reserves by Iran. They were reported to have discovered an oil field containing the equivalent of 53bn barrels of oil. However, it is not clear how much of that is new or commercially viable. The last thing OPEC needs is more oil discoveries given oil’s current level of abundance... In spite of a large inventory build the net long oil positions on US crude increased last week for the third consecutive week mainly due to the tariff rollback headlines. So without a reaffirmation of progress between the US and China, these new contracts remain susceptible to headline risk and even a long position squeeze. Technically, on the daily chart the West Texas Intermediate Crude Oil market initially fell towards the $56 level underneath before turning around and showing signs of strength. At this point, the market looks very likely to turn around and try to reach towards the $58 level. Breaking through that level of course would be very bullish but will run into a significant amount of trouble near the $60 level. In that area is located 78.6% Fibo retracement level (of the fall from the Sept. high 63.68 to the October low $51.06) at $60.77. To the downside, there is a significant amount of support near the 200-day EMA which is closer to the $55.40 level. Underneath there, the $54 - 53.70 area be targeted for support as well. Looking at the overall market though, we are essentially in a massive consolidation area.
OANDA:WTICOUSD
by ForexTrendline
WTI OIL Can the road to $70.00 be that easy?I am not going to over analyze this. Just a little possibility that the pitch fan indicates. As long as the median provides Support (which was converted from a Resistance on the previous bullish leg) the 70.00 medium term target is possible. These indicators show that under those circumstances another +11% bullish sequence is certainly possible. I know it may seem too ideal to be true but patterns serve this purpose. What do you think?
TVC:USOILLong
by TradingShot
1
USOIL (WTI) Previous Resistance turning Support?We all know WTI oil is bullish. It has been so since the violent bottom last December. The question is where it is better to buy? Two scenarios: 1. The former Higher High Resistance (red line) has become a Support and the 1D Channel Up breaks aggressively upwards. So far it has provided support twice. 2. The 1D Channel Up pulls back and makes a Higher Low near the inner Higher Low Support (green line). In both cases my TP is 65.00.
TVC:USOILLong
by TradingShot
USOIL Rangebound Morning everyone! I hope you all are doing well. Following oil this week, we should continue to stay rangebound with the 50-EMA and the 200-EMA offering support/resistance. No news yet has triggered a push in either direction. Alarms have to been set to trigger at 55.20 and 57.10 to signal upward or downward momentum. If the market continues to stay range bound, shorting at 57.10 and going long at 55.20 should continue to reap rewards. Triggering in either direction with an igniting factor (supply cuts etc.), would indicate the opposite (going short at 55.20, long at 57.10). Happy Trading! Zak
TVC:USOIL
by ZakaryP