CRUDE: Iran Oil minister Bijan Namdar wants to cut OPEC production by 5% to 30mn barrels a day. The OPEC meeting is going ahead in June 05, in Vienna. Today, OPEC secretariat is going to release the monthly market report. This can reveal individual data for countries' oil production the March. The overall OPEC oil production stands at 30.72 million barrels per day in March. We didn't expect OPEC to cut production in the coming June meeting. It's going to be a big thump up. In the context of technical analysis, crude oil gave an upside breakout from the inverse head and shoulder. Parallel resistance is seen at $54.22. A daily close above $54.22 is likely to lead to $57.00, $58.50, and $59.00 in the coming weeks. A break below $47.00 will cancel the view. In the four-hour chart, the higher highs and higher lows formation takes place. Intraday support is found at $53.07 and resistance is seen at $54.22. Weekly resistance is seen at $55.65. In the daily chart, the prices closed above 20, 50 and 100Dsma. It turned me to bullish side. In case of a close above $55.65 100Dema, the price can move towards the given upside targets. On a positional view, we recommend buying between the current market price and $50.00 with sl 47.00 and targets at $55.50, $57.00, $58.00, $59.00, and $62.00. NUTSHEEL In case the price closes above $54.22, it is likely to touch $55.50 and $57.00 In case the price closes above $55.65, it is likely to touch $59.00 and $62.00
CRUDE OIL: The lower-than-expected crude oil inventory spiked oil prices at the highest level of the year. At yesterday's session, we recommended buying with a target at 57.00. In the context of technical analysis, crude oil gave an upside breakout from the inverse head and shoulder. A daily close above $54.22 is likely to lead to $57.00, $58.50, and $59.00 in the coming weeks. The price managed to close above $54.22, waiting for the rest of the targets. A break below $47.00 will cancel the view. In the four-hour chart, the higher highs and higher lows formation takes place. Intraday support is found at $55.80 and resistance is seen at $57.00. In the daily chart, the prices closed above 20, 50 and 100Dsma. It turned me to bullish side. On a positional view, we recommend buying between the current market price and $50.00 with sl 47.00 and targets at $55.50, $57.00, $58.00, $59.00, and $62.00. As 56.68 is done now. Use any dip to buy.
Technical analysis and trading recommendation for Crude Oil for April 24, 2015
CRUDE
Crude oil prices jumped at yesterday's session. US official said on Thursday Iranian ships are moving northeast away from Yemen. According to US official, Iran ships will be evacuated from the northeast Yemen, the release of "the promising signal". The Iran Oil minister Bijan Namdar wants to cut OPEC production by 5%, 30mn b/d. The OPEC's meeting is scheduled for June 05. In the coming June meeting we do not expect OPEC to cut production. In case a cut takes place, it will be a big thumb up. Technically, the crude oil price gave an upside breakout from the inverse head and shoulder breakout ($62.00). We have been recommending buying from the level of $53.40. We recommended buying with targets at 57.00, $58.50, and $59.00 in the coming weeks. Now, $58.40 is done. In the least case, it can touch $62.00 as well. The 100Dema is found at 55.75, which acts as strong support.
AAfter a downtrend throughout January to March 2015, WTI oil was consolidating between 44 and 54 USD a barrel. During that time, WTI formed a triple bottom signaling for a potential reversal to the upside. On April 7, the price broke out above the descending channel confirmed bullish sentiment. Fibonacci indicator applied to the channel breakout point provided current support levels as well as a potential near-term target. Clearly Fibonacci levels were acting as support. In particular, the price bounced off the S4 (50.24), S2 (55.31) and most recently S1 (58.44). While S1 is holding, buyers should be dominating and WTI might target 0% Fibonacci at R1 (63.50) Consider buying USOIL near S1 (58.44) targeting the area around R1 (63.50). The most recent support, S1, can be used as a protective stop loss level; although it is better to give a trade some room and place the stop loss slightly lower. A daily close below 58.00 could trigger further correction down, back to the point of the channel breakout � S3 (52.78). Support: 58.44, 55.31, 52.78
The US oil found a strong resistance between 04.2011 and 11.2014 near 112 and support near 80 USD a barrel. On November 2014, this range was broken, which resulted in the breakout of the slightly descending channel. The Fibonacci applied to the channel breakout point shows that the 38.2% (60.07) support level has been broken, then tested as resistance (R2) and rejected. The last week close confirmed the breakout of the 23.6% (47.75) support which now is acting as resistance (R1). All in all, the trend is extremely bearish and it is likely to accelerate and move further down towards 0% Fibs level to re-test 2009 lows. Consider selling the US crude this month while it is trading between the current level 44 and R1 resistance 48 targeting the S1 area near 28. Weekly closure above R1 could be used as a signal to exit short positions. Support: 27.80 Resistance: 47.75
Technical outlook and chart setups: WTI Crude has bounced off smartly from last week's lows around $38.00 and is trading above $44.00 at the moment. Crude might formed an important low last week, and could be on its way up, towards $60-70 from here on. It is hence recommended to initiate long positions now and also look to add around $40.50/41.00 with risk below the levels of $38.00. Immediate support is seen at $38.00 followed by $37.00, $30.00, and lower, while resistance is seen at $60.00/70.00, and higher. Trading recommendations: Initiate long positions now, stop is at $37.00, a target is open. Good luck!
Technical outlook and chart setups: Crude prices seem to have bounced off its Fibonacci 0.618 support around the level of 42.50 yesterday. An entire rally that had begun at 37.40 through 51.00 has been retraced and bounced off the levels of 42.50. A correction might expand lower towards 41.72 before resuming its previous rally. It is therefore recommended to remain long from yesterday with risk at 38.00 and extensions up to 56.00. Immediate support is seen through 41.80 followed by 38.50 and lower, while resistance is seen at 48.00 (interim) followed by 51.00 and higher. Trading recommendations: Remain long with stop at 38.00, a target is at the level of 56.00. Good luck!
Technical outlook and chart setups: Crude has reacted well at the Fibonacci 0.618 levels at the 42.50 levels yesterday by forming a huge engulfing bullish candlestick pattern on the daily chart. The commodity trades above the 45.50 levels at the moment, looking to hit yet another high before pulling back lower. Structurally, bulls shall remain poised and in control to push through the 56.00 levels in the coming sessions, till prices stay above 42.00 and subsequently above 38.00. It is hence recommended to remain long for now and also look to add further on intraday dips. Immediate support is seen at the 42.50 levels, followed by 41.70 and lower, while resistance is seen through the 48.00 levels, followed by 51.00 and higher. Trading recommendations: Remain long from yesterday, stop is at 39.00, target is 56.00. Good luck!
Technical analysis of Crude Oil for April 29, 2016
Technical outlook and chart setups: Crude oil is seen to be trading higher at 46.20 levels (spot) for now, looking to push higher towards 49.00 levels at least. Looking at the wave structure, a corrective rally is under way from 26.00 levels, and is expected to push through 50.00 levels at least before resuming its down trend. Please note that the commodity is well supported by a trend line as depicted here. Bulls are expected to remain in control till prices remain on the north side of the same trend line. Also note that prices have bounced off the fibonacci 0.382 support levels as seen here. It is hence recommended to remain long for now, with risk at 43.00 levels. Immediate support is seen at 43.00 levels, while resistance is seen at 49.00 levels respectively. Trading recommendations: Remain long, stop at 43.00 levels, target is open. Good luck!
