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CRUDE OIL (WTI): Will The Gap Be Filled?!🛢️ WTI Oil opened with a huge gap up due to the Israeli - Palestinian conflict. As you know, the is always up to 80% chance that the gap will be filled. For us, it can be a nice shorting opportunity. To trade that with a confirmation, focus on 84.5 - 85.0 area. That is a minor intraday support that is based on gap close level and recent historical price action. My bearish confirmation will be a 4H candle close below that - its breakout. I will anticipate a bearish movement to 83.1 - gap opening level. As always, pay close attention to events. A new higher higher higher close will indicate the escalation of the conflict. ❤️Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
6
Strifor || USDCAD-10/09/2023Preferred direction: BUY Comment: The Canadian is also prone to fall against the dollar. At the moment, the price is trading at the level of 1.36545, and given this fact, in the near future the price may fall a little further below the level, in the form of a breakout. A deep potential false move down is not expected. The purpose of the purchase here will be the same as on other major currency pairs, namely updating extremes. Thank you for like and share your views!
Long
by Strifor
1
Crude Oil (WTI): Preparing For Reversal 🛢️ WTI Crude Oil closed, testing a major horizontal daily support. The price formed an inverted H&S pattern on that on an hourly time frame. Your bullish confirmation next week will be a bullish breakout of 83.37 level - its horizontal neckline. Hourly candle close above will confirm the violation. A bullish continuation will be expected to 84.51 / 85.41 levels then. ❤️Please, support my work with like, thank you!❤️
TVC:USOILLong
by VasilyTrader
5
BTC THE WAY TO 30K IS HERE..Thank you for reading our update. Please remember that this is not advice for trading. Bitcoin (BTC) has faced challenges since it dropped below $30,000. Since then, it has been following a relatively stable trend. Since $24,200 BTC is working towards reaching the $30,000 mark again. We have observed that $24,600 is a strong level of support, but it's essential to consider the timeframe, which needs confirmation. The confirmation of a new upward trend might occur between $27,000 and $27,500. Until that happens, it's advisable to monitor the trend and see if BTC can confirm this positive movement based on technical data. If it does, BTC may have the potential to climb back to $30,000.
Long
by SatochiTrader
4
WTI Crude Oil All Time Chart. Does History Repeat Itself..?!I'm writing this article, because of the striking resemblance with Today's oil and the one that has been a lot of times before.. I believe that history repeats itself, and there are lessons to be learned. And since this boom and bust cycle are not new, it might also provide some understanding on where we are heading. I hope you enjoy. The time of dinosaurs In the 1850s the whale fisheries had failed to keep pace with the mounting need for illuminating oil, forcing the price of whale oil higher and making illumination costly for ordinary Americans. Only the affluent could afford to light their parlors every evening. There were many other lighting options such as lard oil among others but no cheap illuminant that burned in a bright, clean, safe manner. George Bissell, considered as the father of the American oil industry, had the intuition that oil that was plentiful in western Pennsylvania could be a first rate illuminant. The slimy liquid was so ubiquitous that it tainted well water and plagued local contractors drilling for salt. In 1855, Professor Benjamin Silliman from Yale produced a report that vindicated Bissell's hunch that oil could be distilled to produce a fine illuminant (like kerosene), plus a host of other useful products. As a result, Bissel and his company, Seneca Oil Company (formerly the Pennsylvania Rock Oil Company) needed to dispatch someone to Pennsylvania to look for large pools of oil. First oil drilled in America That man was Colonel Edwin Drake, known as the first to successfully drill for oil. Drake arrived in Titusville, Oil Creek Valley. Oil was known to exist here, but there was no practical way to extract it. Its main use at that time had been as a medicine for both animals and humans. Natives used it for war paint and for soothing skin liniment. It took a couple years but Drake struck oil in 1859. This was the beginning of a pandemonium. Bands of fortune seekers and speculators streamed into Titusville and other oil-related businesses quickly exploded on the scene. I guess we can call this the Klondike of oil, as a beginning of Global Industrialization Era. Mr. Rockefeller was known as the co-founder of the Standard Oil Company and was the world's richest person. Crude oil jumped multi X times in 1860s from approximately 50cents per barrel in early 1860s to over 3 dollars in late 1860s. Additionally, I would like to note that crude oil fluctuated between $10 and 10¢ a barrel in 1860! Adjusted for inflation, Mr. Rockefeller fortune upon his death in 1937 stood at $336 billion according to Fortune (in 2008 U.S. dollars). Similar how crypto enthusiasts built their wealth in 2010s, right? 😉 Pump and Dump By the late 1860s, there was a slump in the oil industry, keeping it depressed for the next five years. Low kerosene prices, a boon to consumers, were catastrophic for refiners, who saw the profit margin between crude and refined oil prices shrink to a vanishing point. Worse, the oil market wasn't correcting itself according to the self-regulating mechanism described by neoclassical economists. Producers and refiners didn't shut down operations in the expected numbers. John D. Rockefeller said "So many wells were flowing that the price of oil kept falling, yet they went right on drilling." Rockefeller tirelessly mocked those "academic enthusiasts" and "sentimentalists" who expected business to conform to their tidy competitive models. One Hundred Years of Resistance for $4 According to the standard model of competition, as oil prices fell below production costs, refiners and producers should have shutdown. But the oil market didn't correct itself in this manner because refiners and producers carried heavy bank debt and other fixed costs and by operating at a loss they could still service some debt. Each refiner, pursuing his own self-interest, generated collective misery. Does it sound like today's crypto news, right? 😉 The U.S. drilling activity didn't slow down after hot 1860s as much as expected and a lot of producers are still pumping oil to avoid defaulting on their loans.. There was World War I in 1914-18, and total number of military and civilian casualties was around 40 million - around 20 million deaths and 21 million wounded. 😓 There was World War II in 1939-45, and total number of military and civilian casualties estimated around 50 - 56 million.. 😓 Crude oil prices jumped again, and again. But still remained below $4 until 1970s, as there were no all time peaks in crude oil after super hot 1860s. Money-printing Era Breaks the Rules The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system, that has been resulted with huge inflation all over the world within further decades.. Technical pictures at the main WTI crude oil chart illustrates, oil price are on the sustainable path since then, with huge bullish accelerations within local and global conflicts, like Arab-Israeli War in 1973, 9/11 attacks in 2001 and Russia-Ukraine conflict in 2022. Nowadays Knee-jerk surge’ happens again, and again, so oil experts repeatedly predict market impact of new 2023 Israel-Hamas conflict. Crude oil price sees a spike on early Monday trading Oct 9, 2023 so the overall impact of the attack on Israel by Palestinian militants Hamas has yet to consider... In a conclusion.. Does history repeat itself.. Certainly "Yes". As lessons of history still remain unlearned.
TVC:USOIL
by Pandorra
BRENT OIL ( UK OIL ) LONG term Trade AnalysisHello Traders In This Chart UK OIL HOURLY Forex Forecast By Forex Planet today UKOIL analysis 👆 🟢This Chart includes_ (UKOIL market update) 🟢What is The Next Opportunity on UKOIL Market 🟢how to Enter to the Valid Entry With Assurance Profit This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.
TVC:UKOILLong
by ForexPlanet20
CRUDE OIL (WTI): Top-Down Analysis & Your Trading Plan 🛢️ Have you seen that sell-off on WTI?! The market was falling like crazy, breaking one key level after another. Now the price is on a key daily horizontal support. I see a nice double bottom on 1H time frame that can give us a perfect confirmation to buy. Wait for 1H candle close above 82.92 - its neckline. Then buy aggressively or on a retest with goal - 84.4 Alternatively, if the price sets a new lower low, the setup will become invalid. ❤️Please, support my work with like, thank you!❤️
TVC:USOILLong
by VasilyTrader
9
Oil to bounce to test $94I think oil will now bounce to test $94. I'm short term bullish; medium term bearish. Oil took a hard dive "low liquidity run" through the previous swing-low which was taken out. The next swing-low is $77-ish. But we are hitting 20 week MA and prior old highs at the same time. Thus the slow stochastic weekly losing embedded (was above 80 now falling below 80) means a run to the 20week MA was likely. The next few days will show whether or not this confluence of old highs and 20week is strong enough to arrest oil's fall towad the liquidity pool (swing low) of $77. My trade has been to open longs using credit-puts below that $77 level where there should be much stronger resistance than the confluence already mentioned. Counter thesis is that the price cheese-knife's toward the $77 liq pool which could accelerate a sell-off. 20 Week is the "hold the line" for the trade.
NYMEX:CL1!Long
by DarthTrader1357
Impact of Fed's Interest Rate Hikes on Gas and OilOn October 4, 2023, the OPEC+ ministerial panel did not make any changes to the group's oil production policy after Russia and Saudi Arabia announced continued voluntary supply cuts to support the price of black gold. However, Brent and WTI crude futures have fallen more than 13% over the past week on concerns that central banks could raise interest rates again to more aggressively fight inflation. In addition, rising unemployment and the slower pace of China's economic recovery are also putting further pressure on oil prices. On the other hand, the US and European Union economies remain strong despite numerous problems, including high inflation and geopolitical tensions due to the military conflict between Russia and Ukraine. Thanks to stronger-than-expected consumer spending, global economic growth continued into the third quarter of 2023. From the point of view of technical analysis, we believe that on September 28, the global wave (3) was completed, which, as it should be, was the longest and strongest wave, which is also reflected in the fact that this asset attracted the attention of the mass public. On October 5, 2023, wave A was completed, which belongs to a larger corrective pattern of the (4) wave, implying a continuation of the downward movement of the Brent crude oil price after reaching a strong resistance zone in the $89-$90 range. By the end of the fourth quarter of 2023, we expect the price to reach $77-$78. In addition, global oil prices are under pressure, partly because gas storage facilities in Europe are full. It should be noted that oil prices and the US Dollar index (DXY) are often inversely correlated, meaning that when the DXY rises, oil prices usually fall and vice versa. So, in recent weeks, the dollar has been strengthening, making oil more expensive for countries using other currencies, which reduces demand for it and, as a result, oil prices.
NYMEX:CL1!
by AisenQuantum
1
SasanSeifi 💁‍♂️Brent 👉1D🔼 90 / 94 Hey there! 😊 On the daily chart, As you can see, the trend turned quite bullish after it broke past that pesky resistance at 78 and overcame the dynamic resistance too. Right now, it's hanging out around 86. Fingers crossed, if it stays above the 82 mark, we could see it making its way up to the 90.70 resistance level and even touching the long-term supply zone. If it keeps climbing, we'll want to keep an eye on how it interacts with those resistance spots. Let's see where it goes from here! 🚀 Just keep these scenarios in mind as you analyze the market. Remember, things can always change unexpectedly, so stay flexible in your trading approach.❗ Wishing you loads of success in your trading adventures, my friend!✌ ❎ (DYOR)...⚠️⚜️ Sure, if you have any more questions or need further clarification, feel free to ask. I'm here to help! And if you found my analysis helpful, I would appreciate it if you could show your support by liking and commenting. Thank you!🙌
BLACKBULL:BRENTLong
by SasanSeifi
TradePlus-Fx|EURUSD: complicated situation💬Description: The situation is quite complicated in terms of finding an entry point today. Most likely, one should wait for the American session, where everything may become clearer. It is clear that the currency pair is still under selling pressure. All buy-trades (countertrend trades), are made exclusively intraday with a small stop loss. Today, the release of data on the labor market is expected, which may immediately cause volatility in the market. Here you should be careful, and there is a possibility of updating local minima (look at the chart). It is best not to set targets above 1.05194. 🔔 FX CALENDAR TODAY 🔔 🇺🇸JOLTs Job Openings ➖➖➖➖➖➖➖ 🚀 Thank for your BOOSTS 🚀 👇 Share your views and FOLLOW US 👇
by TradePlus-Fx
10
Odd things in the oil market, reminiscent of 2022 market topRecently, more and more financial institutions have been upgrading their price targets for oil. Mostly, these forecasts were upward of $100 per barrel, with JP Morgan and some other financial entities forecasting prices as high as $150 in the coming months. About three weeks ago, we tweeted that these statements are very reminiscent of those made in the second quarter of 2022 when many of the same corporations upgraded their forecasts right at the market top (to $150, $200, etc., depending on the entity). While $100 per barrel could be in play if OPEC and OPEC+ (mainly referring to Saudi Arabia and Russia in this regard) manage to maintain production cuts and the U.S. stops releasing oil from the Strategic Petroleum Reserves, we are very skeptical about the ultra bullish calls out there. The first reason for our view is that if the global economy continues slowing down and heads into recession, we will likely see oil demand falling. The second one, which surprises us, is that the Biden administration has not started filling up Strategic Petroleum Reserves despite planning to do so earlier this year (plus, despite oil falling below $70), which makes us wonder why the administration is not buying. Could it be that they completely miscalculated their game and missed the chance, or are they expecting a better opportunity to come (supposedly better than $64 per barrel)? We honestly do not know, but it is very odd, to say the least. Illustration 1.01 The picture above shows the monthly chart of U.S. crude oil production. From the start of 2023 through June 2023, U.S. crude oil production has grown by more than 500,000 barrels per day (by more than 4%). Illustration 1.02 Illustration 1.02 displays the daily chart of USOIL and simple support/resistance levels. Technical analysis Daily time frame = Bearish Weekly time frame = Neutral Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOIL
by Tradersweekly
14
Oil Brent - H4Oil Brent You can already see the formation of an ABC correction - if the price does not form a full-fledged three-wave structure and turns the trend downward. The nearest target is at 87.50 What can you expect now? You can consider entering from current price levels, but reduce the risks . When opening a position, it is best to exit the position from the level of 91.50, if this scenario does not materialize. You should be careful, as this is a correctional formation. Targets 89.15 - 88.20 - 87.50
TVC:UKOILShort
by Trade_Hive_Signals
TradePlus-Fx|EURUSD: start of the week💬 Description: The attempt by buyers to recover on Friday did not justify itself, and the currency pair is still a sell priority. Level 1.06167 has proven itself to be a mirror level, which in turn confirms the current sales. The daily level of 1.05194 has shown itself only once so far, and its retest is expected in the very near future. An update to the current low is highly likely. Considering the economic calendar for this week, you can count on some pretty strong movements. It is expected that the first half of the week will take place within the framework of a downward movement; by the end of the week, there is a possibility of an upward correction. 🔔 FX CALENDAR TODAY: 🇺🇸ISM Manufacturing PMI 🇺🇸Fed Chair Powell Speaks ➖➖➖➖➖➖➖ 🚀 Thank for your BOOSTS 🚀 👇 Share your views and FOLLOW US 👇
Short
by TradePlus-Fx
14
TradePlus-Fx|GOLD: aggressive shorts💬 Description: Aggressive shorts significantly pushed buyers beyond the level of 1900 , thus we are now trading in the short zone. However, it should be noted that the fall is fading and an upward correction can be expected in the near future. The instrument will most likely update its minimums this week. After this, in the 1860 area, a reversal can be expected. The entry point will be available only after it has been formed; it is not recommended to enter into the “emptiness” without confirmation. 🔔 Let’s not forget about today’s data, especially before and at the beginning of the American session: 🇪🇺 ECB Economic Bulletin 🇪🇺 Consumer Confidence 🇪🇺 Consumer Inflation Expectation 🇩🇪 German CPI 🇺🇸 Initial Jobless Claims 🇺🇸 GDP 🇺🇸 KC Fed Manufacturing Index 🇺🇸 Fed Chair Powell Speaks ➖➖➖➖➖➖➖ 🚀 Thank for your BOOSTS 🚀 👇 Share your views and FOLLOW US 👇
OANDA:XAUUSDLong
by TradePlus-Fx
18
TradePlus-Fx|USDCAD: mid-term view💬Description: As a result of yesterday's trading day, the currency pair closed above the level of 1.35019 , which is a very significant event, especially for buyers. The dollar continues to exert pressure across the board, and with the daily close above this level, this trend for USDCAD will continue. However, most likely, growth is limited and setting targets above 1.36447 would even be naive. The medium-term prospects for this instrument are more interesting. Here, you should most likely expect sell-priority. The accumulation volume is distributed in such a way that a big player is likely to change the direction of the market, since the “market crowd” will satisfy his request and close all his longs. For the “crowd”, this is a loss. Here we highlight two scenarios for the development of events, respectively, and two options for entering a sell on the USDCAD currency pair. Both options are shown on the chart. Of course, the entry point in the second scenario will be stronger for the seller, but one can gain a medium-term position according to the first scenario. ➖➖➖➖➖➖➖ 🚀 Thank for your BOOSTS 🚀 👇 Share your views and FOLLOW US 👇
Short
by TradePlus-Fx
7