Brent
WTI Crude - Step 1) $88 --> Step 2) $58.When it comes to oil, it was supposed to do the super moon back to $120 thing when Xi Jinping and his Chinese Communist Party finally stopped welding people in their homes and going full blown technocratic social credit while humans tried to "fight" Wuhan Pneumonia (COVID-19), but for one reason or another, the pump never got off the ground.
Probably because a whole lot more than the 87,468 people Xi and his CCP claim to have died from the disease are actually dead, and so demand is just legit in the toilet and industry can't get going, because China has big time problems stemming from its 23-year-long persecution of Falun Gong, which includes the unprecedented crime of live organ harvesting (they've done it to Uyghurs too), and the Party's outright fetish for human rights, freedom of speech, and freedom of belief abuses.
Being bullish on "China" is a totally separate thing from being bullish on "the Chinese Communist Party." One is extremely wise, while the other is totally moronic.
Totalitarian regimes never last a long time, and the Party has already had more than a century. Clinging to Marxism is like clinging to the Titanic when it's 5/6ths of the way under the water.
When it comes to WTI oil, both the fundamentals and the price action are strange. This is a commodity that you don't want to be very bearish on after it traded at literally $0 during 2020's western COVID pseudopandemic theatre hysterics. Yet, while oil also isn't liking to go down, it isn't liking to go up.
In October, I had a pretty accurate call that WTI would plink the $70 range.
WTI Crude Oil / CL1 - Accumulation Before Global Conflict
And a pretty good call in September too when everyone was convinced oil could never trade low again
WTI Crude / CL - An Intervention: Saving Blind Bulls
But the ultimate endgame of the calls, $50, has not manifested. It seems as if perhaps these prices won't manifest, and it's almost time for the uppy.
There's some problems with this narrative, however.
The key factor is that the United States and its vassal states (including Canada) are the world's largest producers of oil, by far. Russia and OPEC combined are really the only challengers, but the US has the advantage in that you need the USD to buy oil, and so ultimately the Biden Administration is the legit market maker.
The problem with the bull thesis is that the SPR was filled at $29.70 over the years while Biden and friends sold half of it off in the $80s and $90s. This inherently tells you not that they're trying to destroy themselves, but just that they're short on crude oil.
The news in December, right after oil wicked the $70 mark, was that the Biden Admin was buying it all back .
But then in January, the tune changed as the US Government said "The bids didn't come in low enough, so we haven't bought yet." Media says they want to buy around $70.
And this brings us to our very strange price action in WTI.
Crude has a gap at $85-86 and combines with a Dec. 1 pivot around $83, while recent trading activity was a triple top of successive lows at $82~.
Then we dumped to $72, but did not make a new low, and have since bounced back to $80.
All of this combines to give us no reason to believe that a hybrid short-killer/breakout trader-crusher play is not about to be made around the $88 level.
This gives us 10% to the upside, which is really quite nice to work with when WTI trades 1,000 barrel lots and you also have access to the leveraged ETFs like UCO and SCO.
But the bottom is not in. Look at the weekly candles.
Oil just hasn't retested the long-term trendline from late 2021, and in combination with the US Government having been unwilling to refill the SPR at $75+, should give you all the reason in the world to be extra cautious with going long as more than a scalp.
Under $60 **combining** with media chatter that Democrats are refilling the SPR is where you want to go long. And if you do it right, you'll get the bottom for what will quickly turn into $180.
2023 is going to be a wild year starting in July. If humanity makes it to 2024, it will be even more of a ride.
TL;DR: Long to $88 --> Short to $55, and start treating Bloomberg's Javier Blass like Jim Cramer. Trade against the narrative. Be patient. It's too early for the next moon, yet $120 in '22 was no top.
This should combine with natural gas being on the cusp of pumping:
Natural Gas? More Like Natural Go. 4-Handle Coming
Be careful, and trade safe.
BRENT BULLISH OUTLOOKThe price cap on oil imposed on Russia as far is proving unsuccessful, since China and India are bulk purchasing Russian oil, and Japan is opting out to lift the cap as well since it is dependent on oil from Russia.
Both MACD and RSI indicators are confirming the trend, with MACD histogram rising and RSI approaching 50 neutral line from below.
If this scenario continues, the price might test levels of 89 USD. As a pivot point might be considered levels of 77.5, and if the price passes that point, it might test levels of 72.5
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Oil will continue rising to 300$-400$ zoneYou can see my old analysis for oil that linked in bottom and after that you can understand what i mean and how the wave move with my analysis
Good luck all.
usoil 8h chart buy low after pullback tp 85 usd/bbl🔸Today let's review the 8 hour chart for crude oil . Previous setup was invalidated due to
the unexpected OPEC production cuts. Right now technical outlook flipped to bullish.
🔸Price gapped higher almost 10% after the OPEC production cuts were announced.
Bulls hit the strong overhead resistance at 82 USD/bbl and right now I'm expecting
a short-term pullback and re-test of the key s/r bulls below market price.
🔸Recommended strategy for crude oil traders: expecting short-term pullback and
therefore the recommended strategy for bulls is to buy low after we re-test the key s/r
price levels at 72/73 usd bbl. stop below recent market lows and TP1 is 80 USD/bbl and
TP2 is 85 usd/bbl. This is a swing trade setup, so may take a while. good luck traders!
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Crude Oil (WTI): Have You Seen That GAP? 🛢️
With a sudden OPEC decision to cut oil production rate,
the market opened with a huge gap up.
The price is currently testing a solid horizontal supply cluster.
What we know about gaps is the fact that in 80% of the time they tend to be filled.
I believe that sellers will push the price from the underlined resistance and initiate a bearish move.
Goals will be 78.57 - middle of the gap, 75.75 - gap open.
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crude oil bears will target 60 usd/bbl in april 2023🔸Hello traders, today let's review the 4 hour chart for crude oil. Previously we were stuck in
trading range, locked between 73 usd and 81 usd, however recently the trading range broke
down and this exposed further downside below 70 usd / bbl.
🔸The active trading range is defined by 81 usd range highs and 73 usd range lows.
Bears pulled the price down recently due to US banking crisis woes.
It's still worth noting that this distribution fractal setup is continuation of the
prior downtrend, established in 2022.
🔸Recommended strategy for crude oil traders: bears should look for reversal trade
setup near mid range, which is 77.50 USD/bbl. Once we get a decent rejection, bears
should scale in on sell side, initially targeting 70 USD / bbl and subsequently a fresh
low at 60 USD/bbl. We can hit this level sometime in April/May 2023.
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Trading Futures , Forex, CFDs and Stocks involves a risk of loss.
Please consider carefully if such trading is appropriate for you.
Past performance is not indicative of future results.
Always limit your leverage and use tight stop loss.
A potential buying opportunity in oilOil broke through another resistance level and now faces another resistance level at 73.00, which is also the meeting point of the upper trend line of the local ascending channel. Wait for it to rebound to retest the previously broken level at 71, where it will also meet the 38.20 Fibonacci level and a local upward trend line. If any signs of a reversal appear from there, it could be a buying opportunity up to 74.30.
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Crude Oil (WTI): Massive Zone to Watch Next Week 🛢️
Crude Oil has recently broken a massive horizontal demand cluster.
70.0 - 74.0 is the zone that was a key structure support and that was respected multiple time in the recent past.
After a breakout, the underlined area turned into a supply zone.
Probabilities will be high that the next bearish wave will initiate from that.
Goal - 66.3
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DXY (US DOLLAR INDEX)Hello traders! In my opinion, in long term this index is sell.
If the price breaks the level of 100.00, this brings a decrease to the level of 93.54. Also the alternative scenario is up at the 108.80 level and then at the 93.54 level.
Be careful and wait for a confirmation!
Don`t forget to look at the economic calendar!
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OIL PRICE IS TOO LOW TO STAY AT THIS LEVEL FOR LONG#COMMODITIES #TRADESETUP
📡🔞 TRADE $BRENT
🔽 LONG (BUY) > 76.20$
❌ STOP > 75.10$ (1.18%)
✅ T1 > 93.32$ (RR 19.31)
✅ T2 > 119.5 (RR 48.41)
☠️CAUTION !!!!
2 IMPORTANT INFORMATION TO TAKE INTO CONSIDERATION:
> THIS IS A MT/LT TRADE. REGARDING THE SETUP. JAC IS DONE AND WE ARE WORKING ON THE EXIT. PIV D (76.47$) MIGHT BE THE KEY.
> IF WE REINTEGRATE THE FORK (BACK BELOW 75$). LAST CALL MIGHT BE THE LEFT LQ ZONE (73.30$)
> FUNDAMENTALS
OPEC+ likely to stick to its guns despite price slump, delegates say
www.reuters.com
Wo1and, PhD
⚡️UPDATE: OIL PRICE, 21 March 2023My last update was over 1.5 months ago.
I was looking for a continuation of the downtrend in the price of Oil down to the mid-60s area. I expected this to happen soon or after a period of side-ways movement.
Subsequently, Oil proceeded to trade sideways and in recent days has reached the support level as outlined in the chart.
We should expect strong support around this area. Extending back to 2019, this area has acted as both support and resistance on numerous occasions.
📉 A strong move below this area could see an acceleration in the pace of the downtrend with Mid-40s being the next stopping point. The narrative/rationale for such a move would be a collapse in inflation expectations/demand destruction due to the current banking crisis and flow on effects.
📈 A bounce higher is also possible. An outsized bounce would signal a change of behaviour that may result in a trend reversal. On the other hand, a minor bounce would not change the bearish trend and we should expect 📉 as outlined above.
Last time: 7th Feb 2023
No change of opinion. Looks to be headed lower. Currently moving in a choppy sideways pattern (horizontal green arrow) . There are currently no reversal signs such as a large bullish candle or significant bounce - the scale of which will need to surpass the Oct 2022 short-term rally.
In the short-term, prices can move higher to the upper range of the current side-ways movement or just simply fail to the downside. I don't forsee a long period of consolidation.
The medium-term price target is still the mid-$60s. That's the strongest immediate support zone.
DYOR, not investment advice.
UKOIL🛢️ macro movesBrent Crude Oil : Multiyear(2015-2022) inverted Head and Shoulders triggered at the beginning of this year. Price broke the major downtrendline and subsequently iH&S neckline at 87 (lime) and then skyrocketed to 138. Now pulling back down to the neckline. We could actually see the backtest of the major downtrendline and dip into the S/R Zone 76-68. This would be great buying opportunity. Price shouldn't get much below right shoulder (65.8), otherwise the setup would be invalidated. Will set SL to 60, Target 157.
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Brent: In the Jungle 🌳🌴🎍Wimoweh, wimoweh, wimoweh, wimoweh
Wimoweh, wimoweh, wimoweh, wimoweh
Wimoweh, wimoweh, wimoweh, wimoweh
Wimoweh, wimoweh, wimoweh, wimoweh
In the jungle, the mighty jungle
The lion sleeps tonight,
In the jungle the quiet jungle
The lion sleeps tonigh
Wee heeheehee…–
… – okay, let’s stop here before we won’t be able to get this song out of our heads. We should rather take a look at Brent, which has advanced deep into the dark green jungle between $77.13 and $42.20 and has left the mark at $75.09 behind. We hope, the course has taken a sharp machete along, as we expect it to penetrate the scrub further – ideally until the 61.80%-retracement at $62.71. There, it should complete wave 2 in green and subsequently turn upwards again.
Bullish Market for The OIL This Week ?As the markets attempt to digest two bank failures in the U.S., a plunge in shares of Credit Suisse and plummeting bank stocks on two continents, fears mount that a banking collapse could lead to a sustained economic downturn and cap demand for oil. So that will push the OIL up .