Oil is a good time to buy now
Oil is currently priced at 74.245 to buy a large amount. Make money with me. 75.5-76TP
Usoilanalysis
Usoil:Will it continue to fall?
The OPEC meeting originally scheduled for November 26th will be postponed to November 30th, and OPEC will change to an online meeting on November 30th, which will affect the trend of oil.
Oil has always been weak, volatile and falling
Observe the support strength of the support range 73.7-74.1 of the last rebound
If it falls below this support range, oil may reach near 72 again
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USOIL 1D CHART ANALYSISUSOIL if it breaks below then next target will be 61$ - 62$, if breaks above with retest then next target will be 98$ to 99$
OPEC Close to Agreeing Product Cut as African Countries I wanted to draw your attention to recent developments within the Organization of the Petroleum Exporting Countries (OPEC) that could potentially impact the oil market significantly. It appears that OPEC is inching closer to reaching an agreement on production cuts, as several African countries have now joined forces.
Over the past few weeks, discussions within OPEC have intensified, with member countries grappling with the ongoing challenges posed by the COVID-19 pandemic and its impact on global oil demand. The recent addition of African nations, including Nigeria, Angola, and Gabon, to the group's production cut efforts, has injected a new sense of optimism into the market. This collective action aims to stabilize oil prices and reduce the global supply glut that has been weighing heavily on the industry.
However, it is important to approach this development with caution. While the prospect of OPEC reaching an agreement is encouraging, we must acknowledge the inherent uncertainties that still loom over the market. The success of any production cut deal relies on the commitment and adherence of all participating countries, which historically has been a challenge.
Moreover, the global economic recovery remains fragile, and the resurgence of COVID-19 cases in several countries poses a significant threat to oil demand. Any setbacks in the containment of the virus could further dampen the prospects of a sustained oil price recovery.
Considering these factors, it would be prudent to exercise caution when considering investment decisions. As always, thorough analysis and risk management should guide your trading strategies. While the potential for shorting oil may seem compelling given the current situation, it is essential to carefully evaluate the associated risks and consult with your financial advisor.
In conclusion, the news of OPEC's progress towards a production cut agreement, coupled with the involvement of African countries, certainly warrants attention. However, the volatile nature of the oil market demands a cautious approach. As traders, it is crucial to stay informed, adapt to evolving circumstances, and make well-informed decisions based on comprehensive analysis.
Please feel free to reach out if you have any questions or require further insights. Wishing you successful trading ahead!
Usoil:Fluctuation is too small
On the news side, OPEC+ officially announced that the meeting to be held on November 30th will be changed to an online meeting.Regarding the rumors of discord within OPEC, the representative of Nigeria said that he did not know that there were differences within OPEC+, and he was satisfied with the survey results on Nigeria's production plan. Angola stated that it does not intend to withdraw from OPEC+.
OPEC+ is approaching a compromise with African oil-producing countries on production levels in 2024.There are various signs that a new round of production cuts may be coming.
As can be seen from the chart, oil rose again after falling yesterday, and today it also fluctuated narrowly, indicating that oil is still waiting to choose the direction, but recently it is unwilling to fall.
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Usoil:What exactly is OPEC+ going to do?
I reminded yesterday that oil fell rapidly because of the postponement of the OPEC+ meeting, but the final time was set to be held again on November 30, so oil prices began to rebound yesterday.
As can be seen from the chart, the trend of oil after the rebound is relatively weak, and today it did not break through the point where it started to fall at 77 yesterday.
So today you can still choose to sell below 77. If you break through 77.2, you need to re-observe. As long as you strictly set the stop loss and follow my trading, your success rate will be greatly increased.
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Expected to rise
International oil prices rose more than 2% on Monday amid widespread expectations that OPEC+ will announce further production cuts after a meeting of member states early next week. Traders are eyeing potential speculative buying in crude oil trading as global risk sentiment appears to be strengthening and optimism returns among financial institutions.
Crude oil continued its rebound trend and reached the pressure level, but was blocked and fell back. It is still falling back and adjusting. Since the bulls' main bottom-buying signals appeared continuously below, it has rebounded relatively slightly. At present, it should continue to fluctuate and adjust.
Crude oil will currently fluctuate in the range of 78.8-75.5.
Usoil:Observe the trend line
OPEC+ will hold a meeting this weekend, and WTI oil traders will face significant risks.If more and longer production cuts are announced at the OPEC+ meeting, oil prices may pick up
As can be seen from the chart, oil has been in an upward trend, but it has not broken through the middle edge of the trend line.
So we are still waiting to fall to the support point to buy, strictly set the stop loss, and continue to observe the strength of 78.4 and 79.5 resistance, so that your success rate will be greatly improved
It can be observed that the support of the trend line is near 75.7
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Crude oil looks set to bounce ahead of OPECWith oil prices having fallen around -25% from the September high, a correction higher may be due.
And as prices failed to hold beneath $70, Wednesday's bullish hammer (which is also a higher low) has caught out eye). The hammer was coupled with above-average volume to suggest demand around $75, and the initial break below $70 was seen on strong negative delta (more sellers than buyers) which means the subsequent move higher likely forced them to cover and reconsider their direction.
A move towards $75 could help improve the reward to risk ration for an anticipate move to $80, a break above which brings $82 into focus just beneath the January and April highs.
Crude Oil Correction - Bearish Scenario (4H)Brent Crude Oil Forecast 🛢️ TVC:UKOIL
Recent sessions saw a surge in Brent crude futures, hitting the top of a descending channel and undergoing huge correction currently. This paves the way for potential fall from 82.00 to 80 then 79.
The bearish trend remains strong as price got rejected from the 100-day moving average (4H timeframe). A break above 83 could signal bullish move.
Note: Keep an eye on unexpected movements due to Fed's meeting minutes and ongoing conflict between Palestine and Israel.
Support lines: 80.00
Resistance lines: 83.00
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Usoil:Will oil rise today?
Oil was blocked from the middle edge of the trend line yesterday and began to fall
As long as oil breaks through 78.4, there is still a lot of room for growth above, so the resistance of 78.4 is still observed today.
Oil is still on the upward trend for the time being, so you can still choose to buy at the support point
You need to strictly set the stop loss every time you trade, so that even if the trend changes, you can reduce your losses.
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Usoil:The prediction is correct
This is my forecast in the morning. Now that the oil has risen to the middle edge of the trend line, observe the resistance of 78.4.
Judging from the news, the OPEC+ meeting is discussing further production cuts, which may intensify tensions with the United States. At the same time, the market is focusing on whether Saudi Arabia and Russia will extend voluntary production cuts to 2024.Based on the comprehensive assessment of the core member states such as Saudi Arabia and Russia, based on their own interests, they are expected to do their best to maintain the stability of the crude oil market, and there is still some room for short-term prices to rebound.
I also reminded last week that oil is rebounding
From the chart, you can see that the oil has broken through the trend line, and now you need to observe the resistance above.
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BUY USOIL !!! TIME TO RETRACE hello traders as i can see its a great entry point for oil to caught some easy pips oil had created a good support zone on last daily low in shorter TF its seems more upside to test broken support zone Saudi and Russian are stick on their cut policy and war is also creating more demands
trade with ur on risk its just and trade idea if ur like our prediction we appreciate ur support it help our trader community stay tuned for more updates
USOILUSOIL was trading under declining trendline and recently it seems like the sellers are bit exhausted then bulls took the charge and break through declining trendline.
Currently the price has given the breakout from falling trendline and now forming a local support around 76.50 region.
Will the bulls take charge again continue for leg higher?
US Crude OIL 4H : DESCENDING CHANNEL US Crude Oil
New forecast
The price of oil continued the upward push to reach the top of the descending channel and test the resistance of the descending channel at 77.20. We expect the price to continue to decline as long as it trades within the descending channel to visit the 74.41 level as a negative target and extend towards the 72.90 level again.
Therefore the downward scenario will be remain as long as price trade at the bearish channel and moving average 50 still support the price to decline , taking into account that stabilized above 78.83 will force the price to get out of the descending channel and will start a positive trades .
The expected trading range for today is between support 74.41 and resistance 78.83 .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 74.41 , 72.90
resistance line : 78.00 , 78.83
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Usoil:Where is the bottom?
The EIA report shows that the inventory of Cushing crude oil in the key hub of the United States has increased, rising to the highest level since August last year.In addition, the monthly report of the American Petroleum Institute (API) showed that oil shipments in October increased by 4.6% year-on-year to 31 million barrels per day.Oil supply increased by 3.2% in October to 28.8 million barrels per day.Oil production increased by 6.1% in October to 13.1 million barrels per day, a record high, an increase of 53,000 barrels per day sequentially.U.S. oil companies are taking advantage of high oil prices to sell oil quickly, and they may also smell some less optimistic news in the future.
However, it should be noted that the OPEC+ meeting is about to be held on November 26th. The decline in oil prices has increased the pressure on Saudi Arabia, Russia and other OPEC+ members. They may continue to maintain their production reduction plans and even ask other countries besides Saudi Arabia and Russia to join the reduction team.
Oil is now on a downward trend, because of the rapid decline yesterday, it is now rebounding
From a technical point of view, oil prices have returned to near the low point in early July. If they fall again, it will test the low point of the year, but I think the weekly level of 67-70 is not so easy to be broken.
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📈🛢️US Oil Daily prediction 🛢️📉TVC:USOIL
FX:USOILSPOT
Before we predict the next week, let's take a look at the trend of the oil chart.
The price continues to move in a downward trend. Due to the support area, we can expect a rise in oil price to the previous high level.
If this uptrend fails, the price will reach lower targets below 77$.
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US Crude Oil 4H :Under sell pressureUS OIL
New forecast
Oil trading was confined to the top of the descending channel after touching the resistance of the descending channel at 78.83, to hold below the pivotal resistance of 78.00, waiting for the price to be stimulated to resume the expected downward wave in the immediate term, whose next target reaches 77.21 and 75.70.
Therefore, the downward trend scenario will remain valid and effective for the coming period, keeping in mind that breaking 78.83 and holding above it will pressure the price to the upward corrective path again.
The expected trading range for today is between support 77.21 and resistance 78.83 until breaching one of them .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
Additionally ,Today News will affect the market .
support line : 77.21 , 75.70
resistance line : 78.83 , 80.56
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usoil: accurate signal
Crude oil's downtrend continues, testing support at $72. Anticipate another decline after reaching around $74. If you have long positions in crude oil, consider closing near $74 and following the trend by shorting. Personally, I expect crude oil to reach $70 in the near term before resuming an upward trend.
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USOIL - Bearish Scenario 🛢📉Hello Traders !
On Tuesday 7 November, The USOIL Price Broke The Support Level (79.72 - 77.64).
This Support Level Becomes a New Resistance Level.
Currently,
The Price Pull Back to Important Structure !
I Expect an Upcoming Bearish Move📉.
let's Wait For Retest !
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TARGET: 75.60🎯
USOIL - BEARISH MOVE 📉
As We Talked in The Previous Analysis:
On Tuesday 7 November, The USOIL Price Broke The Support Level (79.72 - 77.64).
This Support Level Becomes a New Resistance Level.
Currently,
The Price pull back to important Resistance Line,
And Formed a Bearish Pin Bar 📉
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TARGET: 75.60🎯
USOIL appears to be in a potential downtrend.Based on my analysis, there seems to be a potential downtrend in the USOIL market. However, it's essential to note that trading in financial markets involves risks and uncertainties, and any decision made should be based on a thorough understanding of one's risk tolerance and market dynamics.
The suggested take profit (TP) level stands at 76.6, while the stop-loss (SL) level is set at 80. These parameters indicate a strategy to potentially capitalize on a perceived downward movement in the market. It's crucial to emphasize that these levels are merely indicative and subject to market volatility, and they should not be considered as guaranteed outcomes.
The decision to act upon this analysis should be made cautiously, and it's imperative to conduct one's due diligence, considering individual risk appetite, financial circumstances, and market conditions. Moreover, using appropriate risk management techniques, such as position sizing and setting stop-loss orders, is highly recommended to mitigate potential losses.
Furthermore, it's important to stay updated on global events, economic indicators, geopolitical factors, and any other news or developments that could significantly impact the USOIL market. Market conditions can change rapidly, and staying informed is crucial when making trading decisions.
In essence, the idea presented here regarding a potential downtrend in USOIL is merely an observation and should not be considered as financial advice. It's always advisable to consult with a financial advisor or conduct thorough research before executing any trades or investments. Trading in financial markets carries inherent risks, and individuals should be well-informed and aware of the potential losses before making any decisions.
