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Crude Oil Futures WTI (CL1!)

WTI Light Sweet Crude Oil, 7/25/23For Tuesday, the 77.79 level can contain selling into later week, above which 80.65 and 81.73 long-term resistance remains in 3 - 5 day target able to contain buying through summer activity. A weekly settlement above 81.73 would set off a significant buy signal into later year, 103.70 then expected over the following 3 - 5 months. Downside Tuesday, closing below 77.79 indicates a good weekly high, 75.34 then expected within several days, 73.30 by the end of next week, able to contain weekly selling pressures when tested and a meaningful downside continuation point into later August.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 7/24/23A two-sided framework continues through summer between 62.14 long-term support, and 81.73 long-term resistance, both regions able to contain seasonal activity. Inside this wide range, 77.71 can contain weekly buying pressures, 73.27 weekly selling pressures, with a settlement below 73.27 indicating 68.25 within several weeks, where the market can bottom out on a monthly basis. Closing below 68.25 indicates 62.14 within several weeks, able to contain selling into autumn activity and a meaningful downside continuation point into later year. Upside, a weekly settlement above 81.73 indicates a good low for the year, 103.70 seven considered 3 - 5 to month target able to contain buying well into next year. - For Monday, the 76.98 - 77.71 region can contain weekly buying pressures, possibly through August activity, below which 73.27 remains 1 - 2 week objective, possibly yielding 68.25 by the end of August. Downside, 74.66 can contain session weakness, while closing below 74.66 signals 73.27 tomorrow, able to contain weekly selling pressures and the point to settle below for signaling 68.25 within 1 - 2 more weeks, able to contain selling through August activity. Upside Monday, closing above 77.71 indicates 80.61 - 81.73 by the end of next week, longer-term resistance able to contain buying through summer trade, with a weekly settlement above 81.73 setting off a significant buy signal into later year, 103.70 that expected over the following 3 - 5 months.
NYMEX:CL1!
by SpecialeAnalysis
CL Double top on 4hrly Timeframe?Looks like we might get a short trade here. CL rejected in the sell zone this morning and can form a double top pattern here. I would still wait for the current 4hr candle to close below $75.83 to go short Entry - 75.83 (I would wait for the current candle to close below this level in 4 hr timeframe) Stoploss - 76.4 ( I would like to see a close above this level on 4 hr timeframe if the trade is executed) First target - 74 Final Target - 72.5 Please share your views. Thank you!
NYMEX:CL1!Short
by AS_Futures_FX
WTI Light Sweet Crude Oil, 7/21/23For Friday, 73.24 and contain selling into later next week, once tested the 77.63 formation attainable again within a full week of activity. On the other hand, closing today below 73.24 signals 68.25 within 1 - 2 weeks, where the market can bottom out through August trade. Upside Friday, the 77.63 - 77.72 area can contain buying through next week, and below which the market prone to testing 68.25 over the next several weeks. On the other hand, closing above 77.72 signals 81.85 by the end of next week, longer-term resistance able to contain buying into later year and a significant upside continuation region over the same time horizon.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 7/20/23For Thursday, 73.22 and contain selling through the balance of the week, once tested the 77.55 formation attainable again by the end of next week. On the other hand, closing today below 73.22 signals 68.25 within 1 - 2 weeks, where the market can bottom out through August activity. Upside Thursday, the 77.55 - 77.72 area can contain buying through next week, and below which 68.25 is attainable over the next several weeks. On the other hand, closing above 77.72 signals 81.85 by the end of next week, longer-term resistance able to contain buying into later year and a significant upside continuation region over the same time horizon.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 7/19/23For Wednesday, 76.00 can contain intraday buying pressures, below which 73.19 is attainable intraday, able to contain selling through the balance of the week and the region to settle below for then indicating 68.25 longer-term support within 1 - 2 more weeks.   Upside Wednesday, pushing/opening above 76.00 allows 77.46 - 77.72 intraday, able to contain weekly buying pressures, and below which 68.25 is attainable over the next several weeks.   On the other hand, closing above 77.72 signals 81.85 by the end of next week, able to contain buying into later year and a significant upside continuation region over the same time horizon.
NYMEX:CL1!
by SpecialeAnalysis
$74 could be pivotal for WTI over the near termCommodities were broadly lower yesterday with the CRB index falling to a 4-day low. Geopolitical tensions are rising following Russia’s decision to back out of a key grain deal which allowed Ukraine to export grain through the Black Sea. Weak data from China and news that Libya will restart oil production also saw WTI fall for a second day. What has caught our eye is that WTI played very nicely with its round numbers yesterday, printing the high of the day at $76, a lower high at $75 and lows around $74. It is also considering the break of a trendline, although unless volatility picks up it runs the risk of moving sideways through it (which is not in the spirit of a trendline break). Still, $74 appears to be a pivotal level over the near-term. And if prices print a minor bounce, we’d still consider shorts below $75 with a view for it to trade to $73. Take note that it is contract expiration today so we may see spills of undesirable volatility, but overall we want to see which way momentum takes this market next.
NYMEX:CL1!Short
by CityIndex
WTI Light Sweet Crude Oil, 7/18/23For Tuesday, 76.20 can contain daily buying pressures, below which the targeted 72.87 - 73.34 area is likely today, able to contain selling into later week and the region to settle below for then indicating 67.08 within 1 - 2 more weeks.   Upside Tuesday, closing back above 76.20 signals 77.77 within 1 - 2 days, able to contain weekly buying pressures, and below which 67.08 is attainable over the next several weeks.   On the other hand, closing above 77.77 signals 81.85 within 1 - 2 weeks, long-term resistance able to contain buying into autumn activity and a significant upside continuation region over the same time horizon.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 7/17/23A two-sided framework continues through summer between 62.14 long-term support, and 81.85 long-term resistance, both regions able to contain seasonal activity.   Inside of this wide range 77.70 and 67.08 can both contain weekly activity, possibly into August trade.   Closing below 67.08 indicates 62.14 within several weeks, able to contain selling into autumn activity and the level to settle below for then indicating 53.87 within several months, longer term Fibonacci support able to contain selling into later year.   Upside, a settlement above 77.70 indicates 81.85 within 1 - 2 weeks, able to contain buying into autumn trade, and the region to settle above on a weekly basis for then indicating 94.67 within several months, able to contain annual highs. - For Monday, 77.70 can contain weekly buying pressures, possibly into August activity, below which the 72.86 level is likely within the week, 67.08 attainable over the next 2 - 3 weeks.   Downside Monday, 75.45 can contain session weakness, while closing today below 75.45 signals a test tomorrow of 72.86 - 73.16, able to contain selling into later week and the region to settle below for then indicating 67.08 within 1 - 2 more weeks.   Upside Monday, closing above 77.70 signals 81.85 within 1 - 2 weeks, long-term resistance able to contain buying into autumn activity and a significant upside continuation region over the same time horizon.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 7/14/23For Friday, the 72.85 - 72.97 area can contain selling through the balance of the week, above which the 77.63 formation is likely by the end of next week or sooner, able to contain weekly buying pressures - possibly through the balance of July.   A daily settlement above 77.63 indicates the more significant 81.97 long-term resistance level within 1 - 2 more weeks, where the broader market can top out into later year and a significant upside continuation point over the same time horizon.   Downside Friday, closing below 72.85 signals 69.05 within several days, possibly yielding a retest within 1 - 2 weeks of 67.08, able to contain selling on a weekly basis and above which 77.63 remains attainable over the next 3 - 5 weeks.
NYMEX:CL1!
by SpecialeAnalysis
CL - Crude Oil is respecting the Lower extremes ProjectionI've been often asked, how I choose the A/B/C Points when I apply a Pitchfork. Just use context and learn the Swing rules. Then you cannot go wrong, and you will get the correct information from the market when you throw a Pitchfork on the Chart. Be open minded, but don't force your meaning to the market. The market is doing what he wants. So, we look for a change in behavior. Something obvious. FACTS. Don't FOMO. There's plenty for you, even if you miss a couple points or eve $s. Let's put the stalking Hat on.
NYMEX:CL1!
by Tr8dingN3rd