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Oil
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romanodc

Member Since Oct 06, 2019  1 posts CManny (romanodc) Oct 06 2019 at 20:05
Does anyone have insights about the price of oil? I found this to be profitable this month by selling when it goes up.

alexforex007

Member Since Oct 11, 2013  773 posts alexforex007 Oct 08 2019 at 01:14 (edited Oct 08 2019 at 01:15 )
On the WTI oil we can see that the price has broken below the 54.00 level, but it retraces to that same leve which acts as resistance. If the price bounces back down from the 54.00 level, then it could form a breakout-pullback pattern and the price could fall to the 50.50 zone. Below the 50.50 level, its next support could be the 49.00 level.
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itradeandwin

Member Since Feb 08, 2018  38 posts Mark (itradeandwin) Oct 08 2019 at 07:39
WTI is weak both fundamentally and technically.

Global demand is low and getting lower. Both IEA, WTO even OPEC lower their Global Oil Demand forecast.

Throwbacks are selling opportunities.

Near Term potential selling opportunities are shown in the chart.



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jamesgwyther

Member Since Aug 05, 2017  289 posts jamesgwyther Oct 09 2019 at 09:26
Never traded oil.

alexforex007

Member Since Oct 11, 2013  773 posts alexforex007 Nov 06 2019 at 00:32
Oil could be very difficult to trade due to its geopolitical exposure and it may not respect the technical levels. WTI oil tries to break above the 57.00 level, but is loses some steam.

alexforex007

Member Since Oct 11, 2013  773 posts alexforex007 Dec 20 2019 at 03:21
WTI oil keeps heading higher to the 61.00 level, which could act as resistance in the short term, but the 55 day EMA has crossed above the 200 day EMA, forming a golden cross, which has bullish implications in the long term.

ProfitableRisks

Member Since Dec 18, 2019  38 posts ProfitableRisks (ProfitableRisks) Dec 28 2019 at 05:19
Oil is one of my favourites

Trender
alexforex007

Member Since Oct 11, 2013  773 posts alexforex007 Jan 10 at 03:30
High volatility on WTI oil and a big drop from the 65.00 zone to the 55 day EMA, just below the 60.00 level. The moving average may act as a support, but if it continues dropping, then the 57.00 zone may be its next support.

alexforex007

Member Since Oct 11, 2013  773 posts alexforex007 Feb 21 at 02:50
WTI oil tried to break above the 54.00 level, but leaves a fake breakout and comes back down. The 52.00 level could act as support, but to the upside the 55 day EMA could act as resistance, followed by the 200 day EMA around the 57.00 level.


alexforex007

Member Since Oct 11, 2013  773 posts alexforex007 Feb 28 at 02:43
WTI oil keeps dropping and completes 5 consecutive sessions falling, but the 46,25 could act as support. In case of continuing lower, the 44,43 level could act as support. To the upside, the 50.00 level could act as resistance.

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