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Bearish reversal off overlap resistance? (Fri, 22 Nov 2024)
WTI oil (XTI/USD) is rising towards the pivot and could reverse to the 1st support which acts as a pullback support. Pivot: 71.13 1st Support: 68.99 1st Resistance: 72.94 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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Crude Oil to $72 and then potentially $75 (Thu, 21 Nov 2024)
Crude Oil to $72 and then potentially $75 Idea would invalidate with a daily close below $68.8
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Bearish Storm Incoming: Will USOIL Collapse to $67? (Thu, 21 Nov 2024)
Key Observations Current Strong High & Invalidation Point (70.34): Marked as Wave 0 and serves as the critical level for invalidating any bearish outlook. If this level is breached, it may signal the continuation of the bullish trend. Primary Distribution Structure: The chart is showcasing Wyckoff Distribution with the following features: Preliminary Supply (PSY): Initial reaction around 69.19 indicates buyers were overwhelmed. Buying Climax (BC): A peak at the liquidity level (approx. 70.34), marking the point of institutional distribution. Automatic Reaction (AR): Subsequent pullback leading to the initial range. Liquidity Traps: Inducement: Highlighted above the fake breakout line around 69.35, trapping retail traders who anticipated a breakout higher. Liquidity Pool: Formation of equal lows near 68.00 suggests stops are building, acting as a magnet for price. Supply Zones and Key Areas: Bearish Order Block (OB): Around 69.35, which aligns with the Point of Control (POC) on the Volume Profile. This zone may act as a resistance for price action. Support Line - AR Distribution: Near 68.88, which aligns with the low-volume node on the profile, indicating minimal institutional activity in this zone. Projected Elliott Wave Count: Current count suggests we are heading into Wave 5 of the bearish cycle. Wave 3: Shows impulsive price action, which broke through liquidity. Wave 4: Retracement has hit resistance within the supply zone. Wave 5 Targets: Potential targets are around 67.42-66.91, which aligns with historical liquidity levels. Creek Formation: The Creek Line indicates minimal resistance in the current path, where a low-resistance liquidity run (LRLR) may accelerate momentum to the downside. Volume Profile Insight: The Point of Control (POC) resides at 69.22, suggesting that most transactions have occurred here. This level aligns with the AR zone, which could act as a decisive battleground. Potential Scenarios Bearish Scenario (Primary): Price fails to sustain above the Bearish OB (69.35) and breaks below the AR line at 68.88. Wave 5 completes at the liquidity pool levels between 67.42-66.91. Bullish Scenario (Alternate): A sharp breakout above the invalid point (70.34) confirms the strength of the buyers and invalidates Wave 5 projections. This would signal a transition from distribution to an accumulation phase.
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Oil belong at 80 LOOK FOR BUYS HUGE BUY!! (Thu, 21 Nov 2024)
Gold will pump for a year till trumps new drilling developments start to take affect . We will see major swings in oil and commodities next few years
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Usoil (Thu, 21 Nov 2024)
Le pétrole est pas mal a vendre 61.8 % c'est bien pour vendre
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68+66+64 incoming (Thu, 21 Nov 2024)
More Shorts from 70..1St Tp 68..2nd Tp 66..and 3rd Tp 64.. Good luck and safe trade
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USOIL - BULLISH MOVE (Thu, 21 Nov 2024)
Hello Traders ! On Friday 15 Nov, USOIL reached the support level (66.85 - 67.38). The price broke the last lower high (change of character). So, I expect a bullish move _____________ TARGET: 71.24
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USOIL | Where Next For This Commodity? (Thu, 21 Nov 2024)
Oil has slowly trickled to continuous lows and key support areas. Rallying each time, Investor demand at such prices is clear. Any further rallies, may be rejected on undermined long side sentiment. This suits the mid/long term trajectory.
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USOIL-bias long (Thu, 21 Nov 2024)
Bullish indications: Inverted head and shoulder pattern Trend line resistance break out Resistance broken at 69.91 Moving average respected. Major support respected at 66.81 Bearish indications: LLLH in higher time frame and sideways . Trade plan bias long @ 69.89 SL:68.63 TP1:71.37 TP2:72.48
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Usoil Triangle fakeout (Thu, 21 Nov 2024)
Its seems so weird for usoil to keep going down, but looking things from political side it should be going up. IMO its should be quiet high probability that we could see bullish rally after sweep of the lows.
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