Subscribethis is because of the weekly and monthly trend of the market and we can see that on monthly basis this trend is strong and it should move up little if the gold price will move upOriginally Posted by ihab
Thread: Oil
this is because of the weekly and monthly trend of the market and we can see that on monthly basis this trend is strong and it should move up little if the gold price will move up
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Oil is now possible to observe a converging triangle formed, the price now forms the northern wave and almost comes close to the upper boundary of the shape-resistance 94.30, also note that the triangle is bullish because the lower-lows, higher and higher, so I'll wait for the purchase of a breakthrough 94.30 .
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Keep the cost of oil on a everyday ending above the 94.00 money per gun barrel
and this aspect motivate us to keep onto our favorable intarday pattern and brief time
thanks and good luck with oil trading[COLOR="Silver"]
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the try is gaining ground for your own 15 consecutive day supported by risk avrsion and falling crude oil costs. the barrel WTI is trading below $80 at the cheapest level since february.
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Entry price recommendation: 94.32
The focal point trading: 93.70
Recommendation: enter into long positions above 93.70 with a target of 94.7 & 95.25
Alternative scenario: in the case of decline under 93.70, it is likely that the price up to 93 & 92.6
Comment: Crude Oil chart today, RSI broke the downtrend line
Direction: downward trend in the short term, and the direction of medium-term accidental.
Resistance levels
95.9-level drop Fibonacci
95.25-level Fibonacci retracement (61.8%)
94.7-highest price earlier
Support levels
93.7-pivot point during the trading day
93 - the level of support during the trading day
92.6-level support during the trading day
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Keep the price of oil on a daily closing above the 94.00 dollar per barrel
and this factor encourage us to hold onto our bullish intraday trend and short time
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long positions at 92.80 with 93.00 and 93.30 as next targets
the breakout of 92.60 will call fro arebound towards 92.20
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The price reached at the main resistance and also touch the long term descending trendline. The stochastic and RSI indicator also shows the weakness in the momentum. According to my chart analysis, I prefer to selling the Oil below 94.50 with targets 93.80 then 92.90 and stoploss with four hour candle closing above 95.00.
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Recommendation entry price: 94.14
The focal point trading: 93.50
Recommendation: enter into long positions above 93.50 with a target of 94.7 & 95.25
Alternative scenario: in the case of decline under 93.50, it is likely that it gets to 92.7 & 92.45
Comment: Crude Oil chart today, no conflict on the RSI with bullish bias
Direction: downward trend in the short term, and the direction of medium-term accidental.
Resistance levels
95.9-level drop Fibonacci
95.25-level Fibonacci retracement (61.8%)
94.7-highest price earlier
Support levels
93.5-pivot point during the trading day
92.7 - the level of support during the trading day
92.45-level support during the trading day
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\\\\Of oil today will wait because the price decline of the southern in any can not overcome the resistance of 94.26 and from him again went to the southern retreat, held on the formation of fractals and the top 2 to 4 hour chart Stochastic shows a sell signal, while strengthening the lower figure of 94.00 will be adding more one sale.\\\
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