CRUDE OIL (WTI) Detailed Technical Outlook 🛢
Multiple time frame analysis on WTI Crude Oil.
Potential scenarios & trading recommendations.
Price action & thoughts.
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Crude Oil Futures WTI (CL1!)
CL SELLHI GUYS, there is an 70% chance of a sell on CL, even if the market is bullish ,we're gonna do the opposite and enter in the correction , quick scalp on this one aswell.
WTI Light Sweet Crude Oil, DAILY Market Analysis 10/20/22For Thursday, 84.77 can contain buying through the balance of the week, below a 78.43 long-term support is likely over the next several days. Downside Thursday, 82.07 can contain intraday selling, while breaking/opening below 82.07 allows 78.43 intraday, longer-term support able to contain selling through November, and above which the 97.99-100.26 region is attainable by the end of the year or sooner. Upside Thursday, closing today above 84.77 indicates 90.56 within 3-5 days, able to contain buying through next week and the level to settle above for yielding the more meaningful 97.99 - 100.26 region within 1-2 weeks.
Long opportunity for CL Long opportunity for CL
Entry : 77.85
SL : 76.12
TP1 : 86.58
TP2 : 89.75
TP3 : 93.86
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WTI Light Sweet Crude Oil, DAILY Market Analysis 10/18/22Please note today begins DEC-22 contract analysis. For Tuesday, 87.79 can contain session strength, 82.39 in reach today and able to contain selling into later week. A settlement today below 82.39 signals a test this week of 78.43 long-term support, where the market can bottom out through November activity and above which the 98.26-100.26 region is attainable by the end of the year or sooner. Upside Tuesday, pushing/opening above 87.79 signals 89.04, while closing today above 87.79 indicates 90.84 tomorrow, able to contain weekly buying pressures and the level to settle above for indicating the more meaningful 98.26-100.26 region within 1-2 weeks.
Can Oil Break Out Again?Oil has continued its corrective pattern as we have fallen from the $90's, back deep into the mid $80's. The corrective impulse took us back to $85.55, which dedicated readers will remember is a strong support level. We have seen green triangles on the KRI to confirm support every time this level has been tested. The Kovach OBV has flattened, suggesting we will need another strong burst of momentum before we are able to press higher. If so, $88.74 is the next immediate target which we will need to break before $90.06, the barrier to the $90's. If we retrace further the next target from below is $84.75.
CRUDE down first before all elseA few simple observations that tell of Crude falling over, despite a previous week of strong bullish price movement from OPEC cuts announcements.
Weekly chart had crude price break above the 55EMA strongly the previous week with a marubozu like candlestick. However, not only did it failed resistance at 94 (dark green line); it broke back down in failure of the weekly 55EMA (white line).
Weekly candlestick formed a Dark Cloud Cover, fully qualified (unlike the SPY. Read about the Dark Cloud Cover candlestick pattern here . This candlestick pattern does not happen often, but is significant as it tells a very logical underlying issue. The gap up is an exhaustion spike, then the downward momentum to more than half of the previous bullish body underscores the overwhelming of the bulls and the victory of the bears. A follow through down candle seals it.
To break the current TD Sequential Setup, the incoming week must close way below 79. Oddly enough, to change the primary trend in the daily chart to a bearish trend, price has to close below 79. Coincidence? Maybe, but 79 IS the critical support now.
The daily chart (right) has its own failures too. We see a clear breakdown failure of the daily 55EMA, coincidentally about a similar level as the weekly 55EMA (white line). With a retest failure just this week, it ended with a nice large red candle that engulfed the previous day's test of the 55EMA. Here, technical indicators all show more downside to come.
In like with all of these, the expected surge of the USD (recently posted and linked below) over the next few weeks; it appears that crude is about to tank to 70-75. Previously projected a downside target of 70, might have to readjust closer to 75, as conditions continue to develop and evolve.
Crude appears bearish (again) in the short term.
CL1! - Weekly Market Update, 10/17Crude Oil futures have failed at their attempt at overcoming the 200 day SMA. The remains a difficult market to swing trade. However the day trading has been great!
BUY PETROL CLHello ladies and gentlemen,
according to my chart analysis of the PETROL, there is a high probability of a decline toward the $117.00 level in the next few weeks!
Oil Establishes a RangeOil has been maintaining the range between $85.55 and $90.06. We anticipated a dip to $85.55 and support there, which was validated with this dip. However, oil appears to be continuing a sideways corrective pattern, as it establishes value just below the $90's. We anticipate higher oil prices, as no fundamentals indicate otherwise for now. But we must first break through $90.06 before attempting $92.03, the next target. If we retrace, we expect $85.55 to hold.
Oil Finds SupportOil has fallen but is finding support in the high $80's. The level $87.21 seems to be providing good support, with two green triangles on the KRI serving as confirmation. The Kovach OBV confirmed a strong rally that took us back to the $90's, just shy of $94. Two attempts to break higher formed a double top which suggested an inability to make new highs and portended the correction. We subsequently fell several handles, but current levels seem strong. Anticipate ranging from here. Aother selloff could take us back to $85.55.
TSLA GC1! CL1!10. 12. 22 This is turning out to be ABCD pattern Week. That's okay because you should work the heck out of every new tool for weeks>>>>And then you Integrate it with all your other tools. Hopefully you don't use too many tools. You should really use the 382 retracements when you're working with the ABCD pattern. Yesterday hypothetically suggested did you might use the ABCD tool Take long Trades in oil end Gold. They are still holding up... haven't been stopped out. I spent most of the time Tesla.
OIL GOLD10.11.22 On this video, I'm looking for ABCD patterns it might help us define reversals. I am using the oil and the gold charts to look at these patterns. In fact, there may be a reversal pattern for the will to go higher, and for the gold to move higher based on the ABCD patterns.....Do not trade this. Get a feel for it before you risk capital.
WTI OIL Sell Signal and invalidation levelFollowing our break-out buy signal last week, the WTI Oil (USOIL) has entered a Resistance Zone, which since the start of August has rejected the price every time with the temporary exception of 1 day (29-30 Aug):
Eventually the Channel Down turned out to be wider. The price is now pulling back since hitting the August Resistance Zone and the 4H RSI has been emphatically rejected much lower than we'd normally expect. This shows how overbought the price was during that 2 week bullish stretch. Despite the imminent formation of a Bullish Cross (MA50 crossing above the MA200), it is best to wait for a confirmed break-out before entering again.
In our opinion a sell break-out will be when the (dashed) Higher Lows trend-line breaks, which will be a breach of the 4H MA50 (blue trend-line) as well, targeting the September Low.
A buy break-out won't be above the Resistance Zone or the top of the Channel Down but above the 1D MA100 (red trend-line), which has been untouched since July 05 2022, in which case we can target the 0.786 Fibonacci retracement level.
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WTI continues to defy the strong dollarWTI has been one of the few markets to stand up to recent dollar strength, with prices rising over 16% last week alone.
A strong bullish trend has developed on the 1-hour WTI chart. The 20 and 50-bar EMA’s have provided dynamic support throughout the trend and may provide bullish opportunities with a pullback towards them. The 20-bar EMA is near the daily pivot point and the 50-bar is near the $90 handle and daily 1 pivot. The next area for bulls to consider is around $94 or the daily R1 pivot.
CL1! - Weekly Market Update, 10/10Oil futures have found some recent support and a bounce due to OPEC+ decisions regarding production cuts.
Support and resistance structures have been adjusted accordingly for your reference.
cl1! long nowThis market is witnessing an unusual movement and the possibility of a rise is very high
My advice is to buy
LIGHT CRUDE OIL FUTURES longNYMEX:CL1!
This market is witnessing an unusual movement and the possibility of a rise is very high
My advice is to buy
LIGHT CRUDE OIL FUTURES longThis market is witnessing an unusual movement and the possibility of a rise is very high
My advice is to buy
Crude Oil about to dump CL to falltwo days ago they gave you news that there is supply cut; retail are rushing in to buy oil to take to new highs
but little do they know the plan is to take the oil down to abyss
the plan is evil and eveyrthing is planned
Playing The Crude CorrectionIn this update we review the recent price action in the the Crude Oil futures contract and identify the next high probability trading trading opportunities and price objectives tot arget
WTI analysis: Will OPEC+ cuts boost crude to $100?OPEC+ has taken a tough stance, slashing output by 2 million barrels per day (bpd) beginning in November 2022, the largest reduction in crude oil production since March 2020.
In addition to production extending the agreement through 2023, oil producers have agreed to hold semiannual rather than monthly meetings.
WTI oil briefly spiked to $87/bbl following the OPEC+ announcement. It then broke through that level in response to disappointing US crude oil inventory data (-1.36 million barrels vs. 2.05 expected) and a strong US ISM Services PMI, which delayed recessionary warning signs following the weak ISM Manufacturing PMI earlier this week.
The move by OPEC+ risks putting renewed pressure on crude oil’s global supply-demand balance in the coming months, potentially resulting in a price floor at pre-OPEC+ meeting levels.
On a technical level, WTI crude and (also Brent) prices are currently testing a key resistance area, defined by the 50-day moving average and the 23.6% Fibonacci retracement level of the range between September lows and June highs.
A sharp break above this resistance zone and then the $90/bbl level (September highs) could put additional upward pressure on an extension towards the 50% of the Fibonacci level ($98.6/bbl) and then $100/bbl.
Idea written by Piero Cingari, forex and commodity analyst at Capital.com
