Category: wti

US Oil Correction Is Over!

US Oil Correction Is Over!

US Oil rallies today and it seems determined to come back higher. It’s traded at 60.61 at the time of writing and it could hit new highs soon. As you already know, the price was into a corrective phase after reaching the 67.94 level.

Technically, the price of oil ended its short-term corrective phase and now it could develop a new swing higher. The Candian Dollar appreciation versus the USD helps the WTI oil to start increasing again.

US Oil H4 Chart Analysis!

US Oil has found strong support on the descending pitchfork’s lower median line (LML) signaling bullish momentum. Today’s rally above the weekly pivot (59.46) and through the daily pivot (59.47) signaled further growth.

The price’s failure to stabilize under the lower median line (LML) indicates that the correction is over. US Oil is trapped between 62.01 and 57.24 levels. An upside breakout from this pattern validates a strong rally.

Conclusion!

The aggressive breakout above the R1 59.81 and through the 23.6% level indicates strong buyers. Stabilizing above these obstacles could lead to a strong swing higher in the short term.

 

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Author: Olimpiu Tuns

Last Updated: April 12th, 2021

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.

USOIL (WTI) Trades Marginally as Buyers and Sellers Reach a Period of Indecision

USOIL (WTI) Trades Marginally as Buyers and Sellers Reach a Period of Indecision

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Ranging
USOIL was earlier in an uptrend. WTI faced rejection at $67.50 resistance. The market declined to a $57.50 low and resumed a range-bound move. Presently, WTI is fluctuating between levels $57.50 and $67.50. Since March 18, USOIL has been in a range-bound movement.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 46 of the Relative Strength Index period 14. It indicates that WTI is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping horizontally indicating the uptrend.

USOIL (WTI) Medium-term bias: Ranging
On the 4 hour chart, WTI price is also in a sideways trend. The market is fluctuating between levels $58 and $62. WTI price is in a choppy price action. The market is not trending. The price action is characterized by small indecisive candlesticks.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is below the 75% range of the daily stochastic. The market is in a bearish momentum The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for USOIL (WTI)
USOIL (WTI) is presently is in a range-bound. Today, WTI price is falling and it is approaching the lower price range. The price action is characterized by small body candlesticks called Doji and spinning tops. The candlesticks indicate that buyers and sellers are undecided about the direction of the market.


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USOIL (WTI) Is Range-Bound between Levels $58 and $62

USOIL (WTI) Is Range-Bound between Levels $58 and $62

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bearish
USOIL is in an uptrend. The uptrend has been terminated at the $68 high. WTI fell to the low of $57 and resumed consolidation above the current support. On March 8 uptrend a retraced candle body tested the 50% Fibonacci retracement level. This implies that USOIL will rise to level 2.0 Fibonacci extension or level $76.68.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.

USOIL (WTI) Medium-term bias: Ranging
On the 4 hour chart, the USOIL is in a sideways trend. The market is fluctuating between levels $58 and $62. WTI price retested the resistance on three occasions but could not break it. The bears have failed to break the support level as bulls showed resistance. If bulls break the $62 resistance, WTI will rise to retest the $68 high.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is above the 40% range of the daily stochastic. The market is in a bullish momentum The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for USOIL (WTI)
USOIL (WTI) is presently fluctuating in a range. Today, the price is rising and approaching the resistance at $62 high. The range-bound move will continue if the bulls fail to break the resistance at level $62. According to the Fibonacci tool analysis WTI crude oil will rise to level 2.0 Fibonacci extension or the high of $76.68.


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Last Updated: April 2nd, 2021

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How Long The US Oil Drop Could Be?

How Long The US Oil Drop Could Be?

US Oil (WTI) dropped in the short term after reaching a resistance area. Actually, a temporary decline was somehow expected after the amazing rally started in November 2020.

Everyone’s wondering if the corrective phase will continue after the short-term rebound from 57.28, or the US Oil price will resume its major, long-term, uptrend.

Personally, I believe that the price action will bring confirmation soon.

US Oil Daily Chart!

WTI oil was rejected by the 66.58 – 65.62 resistance area. The false breakout and the retest have signaled a potential decline. Now is traded above the 23.6% retracement level and beyond the pivot point (58.98).

The price could challenge the 23.6% retracement level and the pivot point again before deciding what it will do in the upcoming period.

Today, the US is to release the Crude Oil Inventories data which will definitely have a big impact on the oil price.

Crude Oil Inventories Could Be Decisive!

The indicator could drop from 1.9M to -1.3M in the last week. Dropping in the negative territory could help the price to increase again.

Still, the increase could be only temporary, that’s why we need strong confirmation from the technical analysis.

The bias remains bullish even if the corrective phase will continue. Now is very important to identify where the decline, retreat ends to be able to go long again on the US oil price and catch the major uptrend.

If you want to get the next buying signal when the correction is over just subscribe to the VIP channel HERE

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Last Updated: March 31st, 2021

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.

Crude Oil breaks reversal pattern

Crude Oil breaks reversal pattern

Key Support: 61.00
Key Resistance: 65.00 – 67.50

Crude has been rallying hard since the Pandemic hardline quarantine rules started to ease worldwide. More air travel and less restrictions means more demand for crude derived products on a period where the OPEC had contracted their oil output to face the fast decline of prices.

Fast forward to last few weeks when crude peaked at around $71.50 per barrel. We have seen a decline in prices for 3 weeks in a row (-15.50%) to retest, again, the very important $61 per barrel level.

Technically speaking price has broken with the short term bearish structure, which could be called a bull flag, and the previous week´s highs whilst bouncing from the weekly pivot. This is all very, very bullish.

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USOIL (WTI) Continuous Downward Move, Targets Level $55.14

USOIL (WTI) Continuous Downward Move, Targets Level $55.14

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bearish
USOIL is in a downward move after rejection at level $66. On March 18 downtrend; the crude Oil fell to the low of level $58.25 and resumed consolidation above it. The retraced candle body tested the 61.8% Fibonacci retracement level. This implies that USOIL will fall to level 1.618 Fibonacci extension or level $52.90.

USOIL -Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 49 of Relative Strength Index period 14. It indicates that there is a balance of supply and demand. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bearish
On the 4 hour chart, the USOIL is in a downward move since March 8. The WTI crude oil has been falling from the high of level $68. The selling pressure persisted after a retest at $66. On March 10 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the USOIL will fall to level 2.618 Fibonacci extensions or the low of $55.14.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI Crude oil has risen above the 80% range of the daily stochastic. It indicates that price has reached the overbought region. The 21-day and 50-day SMA are sloping southward indicating the downtrend.


General Outlook for USOIL (WTI)
USOIL (WTI) is in a downward move. After the March 18 downtrend, the WTI fell to $58 low. The upward correction has been retesting the $62 high to break above it. Meanwhile, according to the Fibonacci tool, the market will fall at level 2.618 Fibonacci extension or level $55.14.


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Last Updated: March 26th, 2021

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WTI flags bearish below the weekly pivot

WTI flags bearish below the weekly pivot

Key Resistance: 62.00
Key Support: 59.50

WTI dipped hard last week in a -12.29 move from high to low and this Sunday opened flat but the upside is capped by the 61.50 to 62.00 level which confluences with the weekly pivot.

This level is also a previous key level from back in February that also capped WTI prices.

We are targeting the previous weekly lows on a day trade on this great short setup for a bearish continuation.

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USOIL (WTI) Is in a Downtrend, Targets Level $55.52

USOIL (WTI) Is in a Downtrend, Targets Level $55.52

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bearish
USOIL is in a downward move after the rejection from $68 high. The price has fallen to the low of $58.25. The price has broken the 21-day SMA and it is approaching the 50-day SMA. The selling pressure will persist if price breaks below the SMAs.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 43 of Relative Strength Index period 14. It indicates that price is in the downtrend zone and it is below the centerline 50. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bearish
On the 4 hour chart, the USOIL is in a downward move. On March 10 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the USOIL will fall to level 2.618 Fibonacci extensions or the low of $55.52.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI Crude oil has fallen below the 30% range of the daily stochastic. The crude oil is in a bearish momentum. The SMAs are sloping downward indicating the downtrend.


General Outlook for USOIL (WTI)
USOIL (WTI) is in a downward move. WTI crude oil has been trading in the overbought region. The price has fallen to the low of $58. The USOIL is now consolidating above the $58 support. The selling pressure will resume if the support is breached.


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Last Updated: March 19th, 2021

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USOIL (WTI) Resumes Uptrend After a Pullback, Targets Level $73.10

USOIL (WTI) Resumes Uptrend After a Pullback, Targets Level $73.10

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an uptrend. In March, the price is making a series of higher highs and higher lows. On March 5 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the USOIL will rise to level 1.618 Fibonacci extension. That is the high of level $73.10.

USOIL – Daily Chart

.Daily Chart Indicators Reading:
USOIL (WTI) is at level 64 of Relative Strength Index period 14. It indicates that price is in the uptrend zone and it is capable of rallying on the upside. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the USOIL is in an upward move. On March 5, the market reaches a high of $68 but was resisted. The market reached the low of $63 and resumed upward. The current uptrend is facing resistance at level $66. The target price will be reached once the current resistance is breached.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI Crude oil is above the 80% range of the daily stochastic. The price has reached the overbought region of the market. The SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) upward move is facing resistance at level $66. The market will resume once the $66 resistance is cleared. The Fibonacci tool has indicated an upward move to level $73.10.


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Last Updated: March 12th, 2021

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USOIL (WTI) Sustains Recent Rallies, Approaches the Overbought Region

USOIL (WTI) Sustains Recent Rallies, Approaches the Overbought Region

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in a smooth uptrend. The crude oil has risen a high of $64 and was resisted. The price retraced to $60 and resumed the upward move. The resistance at $64 was broken as the market continues its upside momentum. USOIL is likely to reach the high of $68 but the price is likely to reach the overbought region.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 68 of Relative Strength Index period 14. It indicates that price is approaching the overbought region. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the USOIL is in an upward move but the price has reached the overbought region of the market. On March 4 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extension. That is the high of level $66.00. The USOIL is expected to reverse at that price level.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL (WTI) is above the 80% range of the daily stochastic. The price has reached the overbought region of the market. The SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) upward move is reaching bullish exhaustion. The daily stochastic and the RSI that price has reached the overbought region of the market. According to the Fibonacci tool, the market will rise and reverse at level 1.272 or $66 high.


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Author : Azeez Mustapha

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Author: Azeez Mustapha

Last Updated: March 5th, 2021

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.