Forecast and levels for Oil - page 14

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Sergey Golubev
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Sergey Golubev, 2019.09.07 10:39

Crude Oil - bearish ranging; 65.41/67.63 are the key levels for the bullish reversal; 55.86 is the key level for the bearish trend to be resumed (based on the article)

Brent Crude Oil daily Ichimoku chart by Metatrader 5

  • "Recent news suggests that oil producers are attempting to increase production levels after failing to attempt to push prices higher by cutting production levels. Globally, oil producers want to see oil prices rise above $65 ppb in an effort to support profit and production cost expectations. The real issue for the nation/states that rely on oil production/sales is that the global economy may not cooperate with their expectations over the next 24+ months."
  • "Our researchers believe Crude Oil could become very volatile as price nears the apex of the Pennant/Flag formation that is setting up. This Daily chart highlights the attempted “scouting party” price rotation above the price resistance channel. The news over the past holiday weekend suggests the global economy may not see any real bump in activity over the next 12+ months and we believe this aligns with our longer-term research that Oil should target the sub $40 price level before the end of 2019 and potentially fall to levels below $30 in early 2020."

Crude Oil weekly Ichimoku chart by Metatrader 5

  • "We believe the key to all of this price rotation is the $50.50 level and what price does over the next 30 to 60+ days. There is a potential that price may attempt a brief upside move over this span of time, but the true intent of price is to move lower based on our ADL price modeling system. Therefore, we believe the downside potential is the most opportunistic for traders. The next price target based on our Fibonacci bearish price trigger level is the $45 price range."
  • "This move could take place quickly, over the next 2 to 3 weeks on a breakdown move, or over many months. Watch the $50.50 level as that is the key. If the price falls to any level below $50.50, then we could be moving towards the $45 level or even the $40 on a big move related to global economic expectations. Otherwise, expect the price to move towards the $50.50 level over the next few weeks as this support level is key to all future moves. As we wait for the next leg to start to move prices lower, pay attention to any upside price activity as that may present a very clear entry point for skilled technical traders."

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The chart was made on daily timeframe with Ichimoku market condition setup (MT5) from this post (free to download for indicators and template) as well as the following indicators from CodeBase:


Sergey Golubev
Moderator
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Sergey Golubev  

Forum on trading, automated trading systems and testing trading strategies

Press review

Sergey Golubev, 2019.09.12 08:00

U.S. Commercial Crude Oil Inventories news event: breakdown; 55.86 is the key

2019-09-11 14:30 GMT | [USD - Crude Oil Inventories]

  • past data is -4.8M
  • forecast data is -2.7M
  • actual data is -6.9M according to the latest press release

[USD - Crude Oil Inventories] = Change in the number of barrels of crude oil held in inventory by commercial firms during the past week.

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"U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.9 million barrels from the previous week."

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Crude Oil: range price movement by  U.S. Commercial Crude Oil Inventories news events 

Crude Oil: range price movement by  U.S. Commercial Crude Oil Inventories news events

==========

Chart was made on MT5 with Brainwashing system/AscTrend system (MT5) from this thread (free to download) together with following indicators:


Sergey Golubev
Moderator
112855
Sergey Golubev  

Forum on trading, automated trading systems and testing trading strategies

Press review

Sergey Golubev, 2019.09.26 05:29

U.S. Commercial Crude Oil Inventories news event: daily correction from 69.64 resistance to 61.21 support within the primary bullish

2019-09-25 14:30 GMT | [USD - Crude Oil Inventories]

  • past data is 1.1M
  • forecast data is -0.3M
  • actual data is 2.4M according to the latest press release

[USD - Crude Oil Inventories] = Change in the number of barrels of crude oil held in inventory by commercial firms during the past week.

==========

"U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.4 million barrels from the previous week."

==========

Crude Oil: range price movement by  U.S. Commercial Crude Oil Inventories news events 

Crude Oil: range price movement by  U.S. Commercial Crude Oil Inventories news events

==========

Chart was made on MT5 with Brainwashing system/AscTrend system (MT5) from this thread (free to download) together with following indicators:

Same system for MT4:

  1. Brainwashing. Trades: manually and using EAs (MT4)
  2. Brainwashing EAs - the thread (MT4)
  3. Brainwashing: system setup for trading manually and for EAs (MT4) - the thread 
  4. Brainwashing: system development (MT4) - the thread

Sergey Golubev
Moderator
112855
Sergey Golubev  

Forum on trading, automated trading systems and testing trading strategies

Press review

Sergey Golubev, 2019.10.09 17:18

U.S. Commercial Crude Oil Inventories news event: daily bearish ranging with 56.13/62.73 support/resistance levels for the bearish trend to be continuing and for the bullish reversal to be started

2019-10-09 14:30 GMT | [USD - Crude Oil Inventories]

  • past data is 3.1M
  • forecast data is 1.8M
  • actual data is 2.9M according to the latest press release

[USD - Crude Oil Inventories] = Change in the number of barrels of crude oil held in inventory by commercial firms during the past week.

==========

"U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.9 million barrels from the previous week."

==========

Crude Oil: range price movement by  U.S. Commercial Crude Oil Inventories news events 

Crude Oil: range price movement by  U.S. Commercial Crude Oil Inventories news events

==========

Chart was made on MT5 with Brainwashing system/AscTrend system (MT5) from this thread (free to download) together with following indicators:

Same system for MT4:

  1. Brainwashing. Trades: manually and using EAs (MT4)
  2. Brainwashing EAs - the thread (MT4)
  3. Brainwashing: system setup for trading manually and for EAs (MT4) - the thread 
  4. Brainwashing: system development (MT4) - the thread

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