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Crude Oil Futures WTI (CL1!)

Oil Order Flow - OFA Script Triggers Bearish OutlookHey traders, One wonders. Is there a case to be made to be short Oil? The OFA is telling us, you bet there is, judging by the realized order flow as depicted by the script. I won’t defend this point with any subjective opinion. Instead, I will let you see the Oil chart in this 4h timeframe, with the OFA script attached to it, to show you what’s the current state of affairs. What do you notice in this chart? 'DIAMONDS' tend to see a failure in amplifying the move in equal or greater magnitude than the preceding cycle. When that occurs, we want to stay on the lookout as this is by no means a sign that validates aping in, but rather it is an early sign that the tide might be turning. We then start getting more validation should the structure start shifting by breaking the previously identified low in the OFA script, in this case at $71.00. If that break materializes with price acceptance beyond, then we know we might be onto something. Well, all the stars are now aligning for further falls in Oil. Remember the two key main features of the OFA script : Magnitude: A major clue that will help determine the health of a trend is the type of progress by the dominant side in control of the trend. We need to ask the following question: Are the new legs in the active buy-sell side campaign as identified by the script increasing or decreasing in magnitude? Velocity: When it comes to the distance the price moves, the magnitude is only ½ the equation. The other ½ has to do with the velocity of the move or the speed. Was the new leg created after a fast and impulsive move? Or did price make a new low or high with the movement being sluggish, compressive and taking too long to form? A good rule of thumb is to count the number of candles it took to achieve a new leg. DISCLAIMER: This post contains commentary published solely for educational and informational purposes. This post's content (and any content available through links in this post) and its views do not constitute financial advice or an investment or trading recommendation, and they do not account for readers' personal financial circumstances, or their investing or trading objectives, time frame, and risk tolerance. Readers should perform their own due diligence, and consult a qualified financial adviser or other investment / financial professional before entering any trade, investment or other transaction.
NYMEX:CL1!Short
by FlowState
Bobby's Homework Assignment5.30.23 I think this is a great trade to think about for oil because it actually gave a signal to go long and then It reversed and there would have been a loss,But it could have been managed with a small loss ...But this was a great setup to actually short the market.... and equally as important the market still had a correction they gave you a second opportunity to short this market and make a couple thousand dollars or more. I believe A lot of the price action that occurs in the market.... the patterns and the retests As markets move in one direction and then correct for a while any other direction Represents the algorithms of high frequency Trading that occurs with large money... smart money... the trade with scaling techniques to manage large volumes of contracts that require that they need the scale... contract.... but they make their wealth by scaling in and out with hundreds of contracts or more... and you and I won't even recognize it as the smart money. There's a very well recognized way of trading by looking at Markets as auctioning... market profile is one of those software packages that is very good and was developed by a very smart man who became a billionaire Trading the bond markets before he sold his proprietary system. it was one of the first Systems I looked at around the 1985 time of my life. It didn't work for me because my brain didn't work well at that time in life when it came to Trading. I see the market more as algorithms the facilitate the trading of professional trading firms that use scaling techniques along with large volumes of contracts... but scaling in and out as the market moves....As a reflection of the patterns that I use to analyze the market. In other words the market Trading in one direction and then correcting for a while in the other direction is a reflection of large amounts of money that make Profits for buyers and sellers....Including sophisticated trading strategies that buy and sell... and lock in profits Using scaling techniques. Even if you don't scale and you only trade one contract, if you change your paradigm of thought to factor in how smart money and large capital Creates opportunity and manages risk... there were ways you could have taken A long trade oil with a small stop... you would have lost money but you would quickly make it back with a very profitable trait.... and if you hadn't been in the market at all, you would have an opportunity to Trade this market at a double bottom and wait for it to get to the 382 which I show you in the video and you would have made over a couple thousand dollars on that opportunity if you missed everything else today. I believe the paradigms of Skilled professional Traders versus less qualified Traders Makes all the difference on how you'll manage the market and think about the market. for years I believe that markets have lots of random behavior and now I believe that's a toxic point of view that is Woefully Inadequate. We are all entitled to our own point of view... this is mine. I think this video is worth listening to one or two times... to see if it resonates with you.
NYMEX:CL1!
by ScottBogatin
WTI Light Sweet Crude Oil, 5/30/23A two-sided framework continues through summer between 62.14 long-term support, and 82.93 long-term resistance, both regions able to contain seasonal activity.   Downside, a weekly settlement below 62.14 indicates 53.87 within several months, longer term Fibonacci support able to contain selling into later year.   Upside, a weekly settlement above 82.93 indicates 94.67 within several months, able to contain buying on an annual basis. - For Tuesday, 70.31 - 69.81 can contain weekly selling pressures, above which 75.53 remains a 3 - 5 day target, the next 3 - 5 weeks allowing 82.93 long-term resistance.   Upside Tuesday, 73.30 can contain intraday strength, beyond which 75.53 is attainable intraday and able to contain session strength.   A settlement today above 75.53 signals 77.35 within several more days, the targeted 82.93 within 2 - 3 more weeks.   Downside Tuesday, closing below 70.31 pivots the market south into later June, 62.14 long-term support then considered a 3 - 5 week target.
NYMEX:CL1!
by SpecialeAnalysis
CL1! Will Go Lower From Resistance! Sell! Please, check our technical outlook for CL1!. Time Frame: 12h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is testing a major horizontal structure 73.13. Taking into consideration the structure & trend analysis, I believe that the market will reach 69.52 level soon. P.S Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback. Like and subscribe and comment my ideas if you enjoy them!
NYMEX:CL1!Short
by SignalProvider
3
WTI Light Sweet Crude Oil, 5/26/23For Friday, 70.22 - 70.21 can contain selling through next week, above which 75.13 remains a 3 - 5 day target, the next 3 - 5 weeks allowing 83.67 long-term resistance.   Upside Friday, 73.13 can contain intraday strength, beyond which 75.13 is attainable intraday and able to contain session strength.   A settlement today above 75.13 signals 77.35 within several more days, the targeted 83.67 within 2 - 3 more weeks.   Downside Friday, closing below 70.22 pivots the market south into later June, 62.14 long-term support then likely within 3 - 5 weeks.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 5/25/23For Thursday, 70.13 - 70.61 can contain selling through the balance of May, above which 74.84 remains a 3 - 5 day target, the next 3 - 5 weeks allowing 83.67 long-term resistance.   Upside Thursday, 74.84 can contain session strength, while closing today above 74.84 signals 77.35 within several more days, the targeted 83.67 within 2 - 3 more weeks.   Downside Thursday, closing below 70.13 pivots the market south into June, 62.14 long-term support then likely by the end of June.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 5/24/23For Wednesday, 71.00 can contain selling through the balance of May, above which 74.58 remains a 3 - 5 day target, the next 3 - 5 weeks allowing 83.67 long-term resistance.   Upside Wednesday, 73.41 can contain intraday strength, beyond which 74.58 is likely and able to contain session strength.   A settlement today above 74.58 signals 77.35 within several more days, able to contain buying into later next week and the point to settle above for then yielding the more meaningful 83.67 within 2 - 3 more weeks.   Downside Wednesday, closing below 71.00 signals 70.02 tomorrow, where the market can place a weekly low and the point to settle below for indicating 62.14 within 3 - 5 more weeks.
NYMEX:CL1!
by SpecialeAnalysis
CL1! Will Go Up From Support! Long! Please, check our technical outlook for CL1!. Time Frame: 8h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is on a crucial zone of demand 72.77. Taking into consideration the structure & trend analysis, I believe that the market will reach 76.39 level soon. P.S Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all. Like and subscribe and comment my ideas if you enjoy them!
NYMEX:CL1!Long
by SignalProvider
6
WTI Light Sweet Crude Oil, 5/23/23For Tuesday, 71.40 can contain selling through the balance of May, above which 74.32 remains a 3 - 5 day target, the next 3 - 5 weeks allowing 83.67 long-term resistance.   Upside Tuesday, 73.41 can contain intraday strength, beyond which 74.32 is attainable intraday and able to contain session strength.   A settlement today above 74.32 signal 77.35 within several more days, able to contain buying into next week and the point to settle above for then yielding the more meaningful 83.67 within 2 - 3 more weeks.   Downside Tuesday, breaking/opening below 71.40 allows 70.02, while closing today below 71.40 will keep 69.19 in reach over the next several days, where the market can place a weekly low and the point to settle below for indicating 62.14 within 3 - 5 more weeks.
NYMEX:CL1!
by SpecialeAnalysis
CL1! Will Explode! BUY! My dear friends , I analysed this chart on CL1!, and concluded the following: The asset is approaching an important pivot point 72.40 Bias - Bullish Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bullish continuation. Goal - 76.49 My Stop Loss - 70.08 About Used Indicators: Pivot points are a great way to identify areas of support and resistance, but they work best when combined with other kinds of technical analysis ——————————— WISH YOU ALL LUCK
NYMEX:CL1!Long
by AnabelSignals
15
WTI Light Sweet Crude Oil, 5/19/23For Friday, 72.33 can contain buying through next week, below which 68.77 is likely over that time horizon, possibly yielding 62.14 by the end of June.   Downside Friday, 71.69 can contain intraday weakness, below which 69.84 is attainable intraday and able to contain session weakness.   Closing today below 69.84 signals 68.77 on Monday, where the market can bottom out into later next week and the point to settle below for then indicating 62.14 within 2 - 3 weeks.   Upside Friday, pushing/opening above 72.33 allows 75.93, while closing today above 72.33 indicates 82.92 within 2 - 3 weeks, the start of a range of long-term resistance up to 84.41 able to contain buying into later summer.
NYMEX:CL1!
by SpecialeAnalysis