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Crudeoilwti

#CRUDEOIL - LONG IF CRUDE HOLDS ABOVE $41 RESISTANCE ZONEThanks for coming to this update. Before you start reading kindly hit that like button and follow. It motivates me to keep doing such work for free. Thanks Crudeoil bounced from the middle of the trading range after the rejection from the $41 gap zone and since then has again rallied back to the top of the trading range. The top of the range - $40.45 has been tested quite a few times and there is a higher possibility of it breaking on the next few re-tests. It the top of the range breaks then the $41 region would again act as resistance from where Crude saw good selling pressure previously. A break and hold above the $41 region could lead to a good upside move in crude oil so we can long that zone if crude holds above that region. Also, have a view ready for the short scenario as there can be a good number of sellers waiting to short crude from that zone, and in that case, we would need to exit longs or reverse your position to short if you want to take that chance. Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision. DAILY RSI CRUDEOIL - 58 (neutral zone) If you don't have time to do it right, when will you have time to do it over? John Wooden.
TVC:USOILLong
by iSauravKr
#CRUDEOIL - WAIT FOR A BOUNCE AND SHORTThanks for coming to this update. Before you start reading kindly hit that like button. It motivates me to keep doing such work for free. Thanks CRUDEOIL got rejected from the $41 resistance level and has fallen close to 10% from there within a comparatively small span of time. Global markets like US30 / DOW JONES, SPY, SPX have also seen a good drop during the same time period and that could be the reason for the drop in CRUDEOIL prices. Since we had a steep rejection from the $41 level, i would be more inclined towards expecting a fade off of the next upside rally. Have the $41 level as a stop loss in case you try to short because if CRUDEOIL breaks above that level we can expect a teleport to higher levels (as a zone where we had seen good rejection earlier would now be broken). If you look at the daily chart for CRUDEOIL, you will realise that it CRUDEOIL hadn't had a healthy pull back yet (see image below) and thus this drop can extend further downwards before we see a up-side rally. The RSI, has also seen a steep drop in crude oil on the 4H chart which is a bearish sign. Anyways, CRUDEOIL is correlated with GLOBAL MARKETS named above and trade along with them. Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision. DAILY RSI CRUDEOIL - 58 ( bullish / neutral zone) The market can stay irrational longer than you can stay solvent - John Maynard Keynes
TVC:USOILShort
by iSauravKr
Crude Oil Wave Analysis After a strong show in the last weeks, crude oil needs to make an obvious correction. We expect the correction to be of ABC structure and it has already completed waves A and B. Further, the structure resembles a bullish flag pattern and the price is at the upper parallel now. Currently, the pair is forming a bearish flag pattern in the short-term charts and a break below could guarantee a safe entry to bears. PS: Aggressive trades, refer to the resistance at 40.41 for the stop.
TVC:USOILShort
by traderpulse
1
CRUDEOIL & DOW Jones - is there a correlation? is there a doubt?TVC:USOIL & CURRENCYCOM:US30 (DJI) For quite a few number of days / weeks USOIL has been having a positive correlation with other global markets such as US30. Thus movement of these markets will determine the movement of USOIL too to a certain extent. Keeping a close eye on US30 has been greatly beneficial on few days as other markets for e.g. Nifty tend to correlate with it on those days. But as far as crude oil is concerned, the correlation has been great. Following US30 can help you decide future positions in CRUDEOIL, especially if you are short term trader. On the hourly, USOIL has started to trade below the 200MA which is a bit bearish (see image below). Also, CRUDEOIL has bounced from the swap zone but further retests of the level may break that zone and send it lower. Don’t focus on making money, focus on protecting what you have. - Paul Tudor Jones Daily RSI USOIL - 60 ( Leaning Bullish ) If you found the article useful - HIT LIKE & FOLLOW FOR MORE
TVC:USOIL
by iSauravKr
USOIL - Trading in GAP Range | Next Resistance $41-$41.5TVC:USOIL With Global Markets turning positive, CRUDE OIL is also showing great recovery since it's slump. Currently, it is trading in the gap range it formed during the crash. Gaps act as support and resistance and tend to get filled. My view is that we can see CRUDE OIL move up to $41 level where it will face some heavy resistance. If global markets remain positive and there is no negative news, breaking out of the resistance zone would be easier. We can expect a retrace either in the near future since we have already run up a lot or when we hit the $41-$41.5 level followed by re-test(s) of the zone (if we stay bullish). The $36.4 level has been a SWAP zone earlier (as shown in the image below) and should now act as support if we break down. Break and close below $36 level would create lower low in the current trend and would be bearish. Keep and eye on key levels along with price action and global markets + cues. Trade Safe! Daily RSI US OIL - 72 (Bullish + Overbought zone) If you found the article useful - HIT LIKE & FOLLOW FOR MORE
TVC:USOIL
by iSauravKr