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Crude Oil Futures WTI (CL1!)

WTI Light Sweet Crude Oil, 6/12/23A two-sided framework continues through summer between 62.14 long-term support, and 82.45 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 82.45 indicates 94.67 within several months, able to contain buying on an annual basis. - For Monday, 72.16 can contain buying into later week, below which 68.52 remains a 3 - 5 day target able to contain selling over the same time horizon.   A daily settlement below 68.52 indicates 62.14 over the next 2 - 3 weeks, where the market can bottom out through summer activity.   Upside Monday, closing above 72.16 indicates 77.56 within 3 - 5 days, able to contain weekly buying pressures when tested and the point to settle above for then indicating 81.44 long-term resistance within 2 - 3 more weeks.
NYMEX:CL1!
by SpecialeAnalysis
#Gasoil Update Gasoil Elliott Wave story is less controversial than Crude Oil story . The price rests on Moving Averages support and Gasoil crack appears to be on an upward trend too. This suggests that refinery margins are likely to improve. In practice, this means that Gasoil prices are likely to grow faster than Oil prices, perhaps due to unsatisfied demand for diesel fuel. What I also dislike a bit here is that wave (ii) seems a bit too complicated, being a combination of flat w, simple zigzag x and another simple zigzag y. I was taught that although possible such combinations are rare and shall be used only labeling in retrospective when no other alternatives fit. Now it is part of the ongoing trade and if I am proven wrong I will have to stricten my rules about this combination.
VANTAGE:GASOIL
by Fomenka
#Oil #OOTT UpdateWow oil has been very tough lately. Many times I jumped the gun with long calls. I am actually bearish into the end of 2023. The reason I am so stubborn to pick the local bottom is that my charts just do not make sense without this last big jump to 90-100 range that I expect any time soon. The chart is a complete meat grinder. The price is actually trading under moving averages on many timeframes and sending me bearish technical signals. There are bearish candles and engulfings all over the chart. It is only the Elliott Wave count that keeps me bullish since I cannot see an alternative that could continue the downtrend. However, I am running out of bullish counts as well. The leading diagonal is very risky bet without having it fully formed. However, besides Elliott Wave count there are emerging signs in support of bullish case. See the falling trendline that the price broke through and now retesting from above in a good bye kiss? Gasoil chart looks more pointed upwards trading above moving averages. And gasoil crack has made a bottom and is recovering (will post as an update to this chart).
TVC:USOIL
by Fomenka
1
WTI Light Sweet Crude Oil, 6/9/23For Friday, 72.37 can contain buying later next week, below which 68.34 remains a 3 - 5 day target able to contain selling over the same time horizon.   A daily settlement below 68.34 indicates 62.14 over the next 2 - 3 weeks, where the market can bottom out through summer activity.   Upside Friday, closing above 72.37 indicates 77.56 within 3 - 5 days, able to contain weekly buying pressures when tested and the point to settle above for then indicating 82.18 long-term resistance within 2 - 3 weeks.
NYMEX:CL1!
by SpecialeAnalysis
Trading the range on WTI (CL1!)Oil prices are trading quite erratically on the daily chart, making it a much less appealing market to trade on that timeframe. But that doesn't mean we cannot find potential inflection points at the intraday level. Monday's opening gap has been filled, and earlier losses on Tuesday were fully recouped to print a bullish pinbar on the daily chart which found support just above $70. We're not looking for a huge move, but we see the potential for prices to have another crack at the $73, and the 3-wave retracement towards $71 looks appealing for a swing trade long. Take note of the HVN (high volume node) around $72.64 which could act as a magnet should momentum eventually turn higher. We're not sure the actual swing low is in yet, so we're looking for higher volumes accompanied by one or more bullish reversal candles on the hourly timeframe or lower, to hint at a swing low. And if it can form above or around the $71 support zone it could provide an adequate reward to risk ratio for a cheeky long.
NYMEX:CL1!Long
by CityIndex
1
WTI Light Sweet Crude Oil, 6/8/23For Thursday, 72.58 can contain buying early next week, below which 68.16 remains a 3 - 5 day target able to contain selling through the balance of next week.   A daily settlement below 68.16 indicates 62.14 over the following 2 - 3 weeks, where the market can bottom out through summer activity.   Upside Thursday, closing above 72.58 indicates 77.39 within 3 - 5 days, able to contain weekly buying pressures when tested and the point to settle above for then indicating 82.18 long-term resistance within 2 - 3 more weeks.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 6/7/23For Wednesday, 72.80 can contain buying early next week, below which 67.99 remains 3 - 5 day target able to contain selling over the same time horizon.   A daily settlement below 67.99 indicates 62.14 over the following 2 - 3 weeks, where the market can bottom out through summer activity.   Upside Wednesday, closing above 72.80 indicates 77.21 within 3 - 5 days, able to contain weekly buying pressures when tested and the point to settle above for then indicating 82.18 long-term resistance within 2 - 3 more weeks time.
NYMEX:CL1!
by SpecialeAnalysis
S&P 500, 6/6/23For Tuesday, 4309.25 can contain session strength, 4268.00 in reach and able to contain session weakness.   Closing today below 4268.00 signals 4198.75 - 4212.00 within several days, long-term support able to contain selling through the balance of the year, and above which 4563.25 remains 3 - 5 month objective.   Upside Tuesday, pushing/opening above 4309.25 should yield at least 4327.50, possibly 4355.50 intraday, while closing today above 4309.25 indicates the targeted 4404.25 within 3 - 5 days, able to contain buying through next week and the level to settle above for accelerating the 4563.25 objective to within 3 - 5 weeks.
CME_MINI:ES1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 6/6/23For Tuesday, 71.69 can contain session weakness, above which 73.01 in reach today and able to contain session strength.   A daily settlement outside of this zone would indicate directional continuation in the respective direction.   In other words, closing today above 73.01 indicates 77.04 within 3 - 5 days, able to contain weekly buying pressures when tested and the point to settle above for then indicating 82.18 long-term resistance within 2 - 3 more weeks.   Downside Tuesday, closing today below 71.69 indicates 67.16 – 67.73 within several days, a range of support able to contain selling into later next week, and the area to settle below for then indicating 62.14 long-term support over the following 2 - 3 weeks.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 6/5/23A two-sided framework continues through summer between 62.14 long-term support, and 82.57 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 82.57 indicates 94.67 within several months, able to contain buying on an annual basis. - For Monday, 70.68 can contain session weakness, above which 73.23 remains a 2 - 3 day target able to contain buying into later week, once tested the market susceptible to falling back to 67.16 by the end of next week.   Closing above 73.23 indicates 76.85 within 3 - 5 more days, where the market can top out on a weekly basis and the point to settle above for then indicating 82.18 long-term resistance within 2 - 3 more weeks.   Downside Monday, breaking/opening below 70.68 signal 69.69 intraday, while closing today below 70.68 indicates 67.16 within several days, able to contain selling through the balance of the week and the point to settle below for then indicating 62.14 long-term support within 2 - 3 more weeks.
NYMEX:CL1!
by SpecialeAnalysis
WTI UpdateOkay, the Saudis did cut. I must confess that I underestimated His Royal Highness's ability to surprise. That leaves us with a possible gap on Monday. Given the market pressures and the fact that the previous cut was ineffective in sustaining the price, the gap is unlikely to be as large as in April. The gap is, most likely, wave 3 of (c) of the first wave up in the leading diagonal. There is still a chance that wave (ii) will close the gap, as shown on the chart. MBS, you did an excellent job. I am not as long as I could have been.
TVC:USOIL
by Fomenka
3