WTI is currently sitting at below 0.5 FIB level on a weekly data -- a key area where most buyers converge.
$65-70 area has been quite a solid order block support. It has been tested many times and oil keeps bouncing up from this range.
A bounce is expected from current price range. Accumulation has notably started increasing at the present levels.
Spotted at 69.0
TAYOR.
Safeguard capital always.
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RELATED NEWS: Reuters
Oil prices settle more than 3% higher after China rate cut
By Stephanie Kelly
NEW YORK, June 13 (Reuters) - Oil prices climbed over 3% on Tuesday on hopes for growing fuel demand after China's central bank lowered a short-term lending rate for the first time in 10 months, boosting crude prices after steep losses the previous session.
The rate cut is aimed at adding momentum to a hesitant post-pandemic recovery in the world's second-largest economy and biggest crude importer.
Brent crude futures settled up $2.45, or 3.4%, to $74.29 a barrel. U.S. West Texas Intermediate (WTI) crude gained $2.30, or 3.4%, at $69.42 a barrel.
$65-70 area has been quite a solid order block support. It has been tested many times and oil keeps bouncing up from this range.
A bounce is expected from current price range. Accumulation has notably started increasing at the present levels.
Spotted at 69.0
TAYOR.
Safeguard capital always.
--------
RELATED NEWS: Reuters
Oil prices settle more than 3% higher after China rate cut
By Stephanie Kelly
NEW YORK, June 13 (Reuters) - Oil prices climbed over 3% on Tuesday on hopes for growing fuel demand after China's central bank lowered a short-term lending rate for the first time in 10 months, boosting crude prices after steep losses the previous session.
The rate cut is aimed at adding momentum to a hesitant post-pandemic recovery in the world's second-largest economy and biggest crude importer.
Brent crude futures settled up $2.45, or 3.4%, to $74.29 a barrel. U.S. West Texas Intermediate (WTI) crude gained $2.30, or 3.4%, at $69.42 a barrel.
Trade attivo
Initial target will be 80 level.Trade attivo
Accumulation still ON. Intended direction is certain: UP.Trade attivo
70 level is firming up as the new base level for ascend.Trade attivo
Ascend confidence, getting higher.Trade attivo
weekend update:OIL is back at 80 levels -- long term trend shift is firm on its intended goal.
a 100 target will be not be far fetched. The possibility is getting higher.
Trade attivo
Targets are by 10s, 90, 100, 110, 120.Trade attivo
WTI has trim down gains -- which I think is necessary before another run up. A touch of the 86 level should be healthy for a new base for ascend.The probability of a break of previous resistance is still high -- after a much needed correction.
TAYOR.
Trade attivo
A healthy correction has materialized way more than we expected. This is good for prospective entry to LONG.
I'll update again soon for a possible entry.
TAYOR.
Trade attivo
Weekend update:OIL managed to bounce off a major support after correcting healthily into the 82 range.
For next week, an upside continuation will still be in play with possible retest of previous peak at 90 levels.
Congrats to those who got to ride this on a quick discount price.
TAYOR.
Happy weekend everyone.
Trade attivo
anticipated movement/direction fulfilled.So far so good for OIL. Targets remain in tact: 3 digit valuation.
TAYOR.
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I admit my inaccuracy on this one, my err. It went below the psychological line at 83.0 and went to further correct. The daily shift has more weight this time.Trade attivo
Trying a new custom approach / visual chart.I'm waiting for a "V" shape bending red line for confirmation on the daily.
It's currently in progress... I'll post once we get that.
tvc-invdn-com.investing.com/data/tvc_60c6b77d0b0a2021ee9e641a4371dd58.png
TAYOR.
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net buying is increasing -- with fundamental news: OPEC planned cuts in production.Trade attivo
moving as planned from our 72.0 spot.Trade attivo
Breakout.Trade attivo
Moving based on expectation.Trade attivo
4h double bottom has been registered today. First good sign for reversal to the upside.
TAYOR.
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STRONG BUY.Trade attivo
This is moving based on expectation.Trade attivo
REITERATION: STRONG BUY.78.50
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There ya go. Almost at 80 now.Further rise is expected.
HOLD.
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So far so good.Trade attivo
Moving based on expectationFurther price growth is expected.
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Beautiful rise. More to go.Going as planned based our spot last June 19.0
Keep it burning.
TAYOR.
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Moving perfectly now as expected.Trade attivo
Inching closer to re-tapping 80 levels -- which we have expected to happen.More series of ascend awaits OIL.
TAYOR.
Nota
Congrats holders we're up by a massive 10 points.More higher prices ahead for OIL.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.