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Oilforecast

Oil Long SetupOil Long Setup (refer to the trade marked with "2") 🔵 Entry: $62.24 🟢 TP & RR: $64.55 (2.69) ⛔ Stop Loss: $61.38 Trade Reasons: ✔️ Support Level 📝 A very basic setup relying on a support bounce. I still believe that we need to reach the 1.618 level before price reverts (the setup posted yesterday and marked with "1"). In the meantime I want to take advantage of the move up (if I even get a fill), but my position will be much smaller than usual due to the last trading day of the month.
TVC:USOILLong
by Quant_
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast: 54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A peak is formed in daily chart at 64.83 on 02/18/2021, so more losses to support(s) 58.65 and minimum to Major Support (54.40) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 66. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
FX_IDC:USDBRO
by ForecastCity_World
34
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast: 54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A peak is formed in daily chart at 64.83 on 02/18/2021, so more losses to support(s) 58.65 and minimum to Major Support (54.40) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 66. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
FX_IDC:USDBRO
by ForecastCity
1
US OIL - snipe your profit targetsHello Traders and Analysts, A Note before reading - this is a forecast analysis - based upon our trading strategy. Please do not take this as face value. Master Key: Purple = weekly Blue = Monthly Orange = Daily Grey = 4hour Pink = 1 hour Here is an update to our original view back in December 2020 - for the start of 2021. Our imbalances are clearly identified on the chart - where the blue imbalance which relates to the monthly zones - where little price action is needed but identified on the higher time frames to provide insights as to where the fractals in the market are taking place. There imbalance price has previously broken through builds upon the support for Oil demand. Based on what merit? We have seen a nice impulse into the channel and a rejection upon reaching the trendline at $53.00 Good question, based on the fact - from a technical standpoint - the sell off back in February, March 2020 - reversed on a fractal point within the market structure to the crisis of Oil supply being heavy weighted in comparison to the demand . The spike to zero was the abundance of supply which effectively the storage supply became over saturated and "worthless", the May contracts were not accepted for physical delivery and the paying for the delivery took place to prevent further storage. This imbalance was created in which created the impulse. Price re-established itself with $30-36 zone for a further imbalance where price will now look to as a strong demand for price engineering if needed. Looking for an entry long term in 2021? Based on the orange trendline - we would be looking to buy further at $48.00 where price may look to establish a lower high. If* this zone is broken, the correction will deepen with $46-48 looking to be a buying area. price has now completed this zone New buy zone: $55.00 if a pullback breaks our blue trendline on a daily channel. This zone is still valid. Due to global recovery optimism, the demand is still very much in control with restricted access and output cuts still in play, the OPEC + JMMC both have not made any recommendations in the January meeting. Commodities here will still be in the balance upon economies re-igniting. Here is the chart from January 17, 2021 Do you enjoy the setups? We have 10 years combined analysis experience in world markets. Offer our technical breakdowns here Focus on technical output not fundamentals Position and swing trades Provide updates where necessary - with new updated ideas tracking the progress. If you like the idea, please leave a like or comment. To all the followers, thank you for your continued support. Thanks, Team LVPA MMXXI
TVC:USOILLong
by LupaCapital
6
💡WTI . Weekly Technical Analysis UpdateMidterm forecast: 51.60 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A trough is formed in daily chart at 51.60 on 02/01/2021, so more gains to resistance(s) 63.10, 66.50, 72.55 and more heights is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 79. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
TVC:USOIL
by ForecastCity_World
16
💡WTI . Weekly Technical Analysis UpdateMidterm forecast: 51.60 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A trough is formed in daily chart at 51.60 on 02/01/2021, so more gains to resistance(s) 63.10, 66.50, 72.55 and more heights is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 79. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
TVC:USOIL
by ForecastCity
8
Oil Short SetupOil Short Setup 🔵 Entry: $58.73 🟢 TP & RR: $53.73 (2.91) ⛔ Stop Loss: $60.45 REASONS FOR THE TRADE ✔️ Reaching a strong resistance level ✔️ Market Flow Indicator seriously overbought ✔️ Ascending channel upper trendline resistance ✔️ 1.618 Fibonacci Level (although not plotted on the chart as it becomes a bit clustered) 📝 Stop Loss is above the $59-$60 resistance level, although if you want a more relaxed trade you may move the SL higher to about $61. The confluence of the three factors above makes me believe that the price is due for a pullback if not even trend reversion. I will be monitoring the entry level mentioned above and may open the position prematurely if I see that the price is getting ready to take a dive down.
TVC:USOILShort
by Quant_
2
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast: 54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A trough is formed in daily chart at 54.40 on 02/01/2021, so more gains to resistance(s) 62.30, 66.05, 70.35 and more heights is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 73. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
FX_IDC:USDBRO
by ForecastCity_World
28
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast: 54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A trough is formed in daily chart at 54.40 on 02/01/2021, so more gains to resistance(s) 62.30, 66.05, 70.35 and more heights is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 73. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
FX_IDC:USDBRO
by ForecastCity
6
go short US oil to possible $54Here we can see a nice hourly divergence on US Oil 1 hr charts. Higher prices, bearish indictors so price should move a little lower. Trading inside a rising wedge as well, a reversal pattern, major support at the green line. Look for the wedge to break to take profits after the break. We can also see price is in optimum short zone as well above the falling daily trend line and at the top of another rising wedge Stop loss at $57.30. Not everything works, but most things I post do. Here is another low risk high reward set up you might like to take. Follow me on trading view for regular updates to this trade.
TVC:USOILShort
by breakoutfakeout
Crude Oil Long SetupOil Long Setup Entry: $53.68 TP & RR: $57.65 Stop Loss: $52.57 REASONS FOR THE TRADE Contrary to most expectations that Oil was overpriced, it continues to trend up. I won't open a long order at the current level, nor would I short obvious strength. However, if price retraces back to previous resistance, which is now support, I am more than happy to buy. I believe we are now in a channel and we are yet to see how we go through the awaited $55-$56 level. With that being said, we may not get filled at all. Should this be the case, we will be targeting the upper channel with a short order.
TVC:USOILLong
by Quant_