Crude oil (WTI) long term view

https://www.tradingview.com/chart/xPaGj93p/

Oil price is right above ema 5 on the monthly chart. Ema 68 acts as a resistance. Stoch shows some room for moving up. if breaks ema 68, ema 200 and 300 would be the next targets. those would be goals for a long term.

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the monthly chart without indicators

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oil is testing the previous resistance $51.3x, which would be a support for now. if it doesn't hold, the next support would be $48.3x

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on the daily chart, the price is still in the zone of sideways. all EIA and API reports/data, plus OPEC news/meetings would make it fluctuated.

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It would be good to keep an eye on the 4H chart as well

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good luck in trading!

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we got a daily doji candle with a long upper shadow. let's see if it can hold $52.48

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The previous resistance is being tested as a support again after a fairly bearish day. The first support should be around $50.6x and the second $49.8x. We will get EIA tomorrow (a delay due to the holiday Monday)

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It was a doji day today. EIA reported a build. Expect oil would reflect US dollar movement before the next week reports. By the way, crude oil future contracts rolled to the next month. A gap was left on the chart.
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The chart of CLG17 has been attached
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Oil tests 53 ~ 54 again
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Crude oil is moving in the range. Yet, a resistance is still between $53 ~ $54. It would take time to get out the choppy zone and see high oil price. www.bloomberg.com/ne...roup-s-top-customers

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Crude oil today was rejected by the pink line on the daily chart again. Added some indicators/oscillators to the chart. all those show that oil price likely could move up. but ADX is fairly low, even lower than DI+ and DI-. That says to me: " be patient".

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Oh, well, a patience needed again.
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Finally, oil broke the pink line and could test Jan 03 high soon. Good luck! :)

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Oil breakout was failed again. Now the daily candle looks bearish to me
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Crude oil trend is still bearish. It may be early to say the trend reversed. Let's see if oil gives another red candle tomorrow.

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Today, oil tested 53.5x resistance again, but didn't break, and left the daily candle with a long spinning head. Plus today's API showed an inventory build, the number is almost double the last week reading This week 5.80 vs the last week 2.90. Yet, EIA will be released @ 10:30 am est tomorrow.


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Crude oil tested the pink trend line again and closed 1 cent below it. I don't expect US dollar would be bullish any time soon. Oil might just be in the range. Those reports/data matter. Oh, well, need a lot of patience :)

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As you can see from the daily chart, the resistance 53.53 has been tested numerous times. The daily candle closed above it today. Please mind the long upper shadow of the candle on the daily chart.

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Crude didn't break yesterday high, but the candle looks bullish since DXY closed @ 99.73 ( < 100 mark) today. How high crude oil could reach?! I see another resistance around 54.5x, let's wait and see :) The daily Kagi has bee attached as well.

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Here is the line to DXY analysis:

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The link to DXY :)

Have a nice weekend!

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On the daily oil chart, i see a wedge being formed. Let's see how API, EIA and OPEC output cuts move the oil price.

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Just a quick update. Oil broke the wedge....let's see if $52 could hold

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API reported a build. Crude oil may head to $50 territory if the daily ema 68 ($51.1x) broke. One more EIA report has to keep an eye on by 10:30 am et tomorrow.

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Today's EIA reported a build, but oil moved up. Technically, oil should go to test the wedge breakout level.

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Oil tested the wedge and got rejected. So far, the range between 51 and 54 has been maintained nicely. Let's see if Friday Rig Count could push oil price Up or drag it Down.

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Oil got into the wedge again because of the news on OPEC output cuts. Here is the link to it. Wait and see how much Rigs would be reported . www.reuters.com...l-idUSKBN15P05I?feedType=R...

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Oil becomes ranging again. The price action around $54.3x has to be watched.

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A bearish engulfing was printed. Would like to see ema 68 being tested before API

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There was not much movement. Still ranging....

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Oil left a doji for today. Overall, the candle pattern doesn't look too bullish to me because of those upper shadows.

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Crude oil left a green candle right below the 53.53 line. Still within the range.

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Crude oil support looks like at 53.1x ~ 53.3x

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Crude broke out the consolidation area.

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a quick update for crude: the price is declining and potentially could be back down to the consolidation area again.

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Crude got a support so far. :)

www.youtube.com/watch?v=RU8aKj8t...

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There would be some room for crude to move up a bit. $53.53 should be a support now.

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What a move! Is it all above the production cuts? www.cnbc.com/2017/03...-loss-in-a-year.html

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Crude price is still below those MAs. Hope a confirmation of a reversal could be seen this week. Otherwise, i would likely hold short a bit longer.

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Oil price tumbled as OPEC and Non-OPEC oil producers haven't given the clear agreement about the further output cuts. www.cnbc.com/2017/03...-cut-compliance.html

Once US dollar gains some strength, crude oil could go lower without a positive news from OPEC. I will keep an eye on the area between 45.1x and 45.3x.

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OPEC and non-members agreed on 9-month cuts. www.reuters.com/arti...ec-oil-idUSKBN18L0S8
Oil price dropped from 51ish. With a further inventory growth, the lowest price in May could be tested again. By the way, US seems to work on the oil reserves. A proposal has been sent Congress to aim selling SPR oil in fiscal 2018, which begins on Oct 1st. www.reuters.com/arti...serves-idUSKBN18J0T2
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oil is in a resistance zone. let's see if eia and api would be bullish or not. chances are, oil could correct a bit to reset oscillators.
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the renko shows a bearish trend.
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expect crude oil testing 47.08 (ema 68) before api/eia. if we get bullish reports, oil could go up to around 48.3x.

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crude oil printed a red candle. but it still sits on a support at 45.94~45.95. if it drops below this level, 45.6ish would be expected. 47.05 (ema 68) and 48.3x are still on the radar. api and eia would matter.

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the monthly update:
one of scenarios. happy trading!
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the monthly giant wedge would likely be broken by the end of March.