CL1! Time To buyafter the creation of the reversal figure '' inverse head and shoulders '' and the confirmation of the breakout of vwap and neckline we can take the buy position after the opening of the market
Crude Oil Futures WTI (CL1!)
CRUDE Bounce and rehash IILast week's assessment was way off, admittedly. No follow through and just a turn and dive. It went further down to 92, and bounced strongly to end the day, and the week with a candlestick and long lower tail.
Expecting bullish week ahead... later in the week.
104 resistance, then 108 next resistance.
TRADE OF THE WEEK | Patience Pays & Winners Win💰
Hey traders,
As you know, I made 4 accurate predictions in a row on WTI Crude Oil.
This week the price was retesting a key level.
I spotted a very nice confirmation on that with a double top formation and a bearish breakout of a rising wedge pattern.
The market dropped sharply then and I spotted one my confirmation:
neckline breakout of a head and shoulders pattern.
Great winner and nice trade.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
Oil Digs into the Lower $90'sOil dipped down further into the $90's, with a wick touching $92.03, as we have noted in these reports as the next level of support. We do appear to be pivoting nicely back to $95.24, but are bounded by $96.88. The Kovach OBV appears bearish, but does seem to have bottomed out, suggesting potentially that oil has reached a floor. If so, we expect it to shoot back up to the $100's. If not, we could retest $92.03. The next level after that is $90.06, which is our last technical level at the base of the $90 handle, before we dig into the $80's.
Crude oil will probably find its long term top soonAfter almost two and a half years, i decided to come back to tradingview again. Right now i am working for one of the largest commodity trading houses and covering our metals trading business in Asia. In the future, i will try to share as much as my personal views at here, also you all welcome to challenge and discuss.
In the last few months, we see an incredible inflation increased in Europe and USA due to the Ukraine war. The gap of export push the price of almost all kinds of commodities to the historical high, including agriculture products, energy products, metals, etc. The people in Europe and USA are suffering from this sudden increasing of living cost, which also brings a lot of pressures to their governments.
For crude oil, I think those leaders will give up to the inflations and try their best to buy Russian oil and Russian gas to lower down their domestic energy price. ( I believe that they will also buy a lot of corn and wheat from Russia ) In the other hand, the Fed's rate hiking decision will keep bringing pressures to the commodity market. So due to the economic cycle and potential cooling down of global energy crisis, I think Crude oil will find its long term top soon.
At the technical side, i marked two resistances and one support line. For sure, the resistance zone will attract many bears to join the fight.
Good bearish trend in last week so a small recovery is needed.So the recovery will determine whether the market to more long or its going to remain in the same bearish trend.
So kindly plan accordingly as per your analysis.
Possible top coming soon for $DXY?I can't say that I've called a top using trendlines atop of a bullish trend, but I've seen a few others do it. With the rise in the dollar bringing mass bearishness to rest of the investment complex, a pause could bring some welcome relief. Anyway, I thought the timing might be relevant as important lower levels approach in $CL, $UX, and some metals, as well being overdue for a meaningful bounce in the equities. I will use the $109.xx marker in DXY to signal a buying point for small positions in UUUU, UEX, NXE, USO, GDX, SILJ, SPY, IWM, AAPL, AMD, et al
CL1!7.13.22 OIL Part 2 I think it helps to look at part 1 before you look at this video. The video speaks for itself because it shows similarities and also differences and this is helpful if you recognize the differences because you trade markets differently based on some of these patterns. Not all patterns and differences in volatility will be equal for you. You may find that you prefer some markets more than others and you'll become expert at those patterns, and you will be more comfortable with those patterns. If you're trying to sew up a hand laceration, it's a lot easier to do that with a magnifying glass then it is to do it with an electron microscope. On the other hand, now that I think about it, it's frequently easier to trade a 4-Hour chart then it is a 30-minute chart. The 30-minute chart has more data, but see for our chart shows you things did you will not see on the smaller time frame.... plus you have work time to take more coffee breaks with the higher time frame.
OIL7.13.22 Oil Part 1 This is part one on oil. I want to emphasize the importance of looking at higher time frames in more difficult markets and that this can simplify your analysis using less detail while allowing you to see important patterns more easily because you are looking at a higher time frame.
CRUDE OIL (WTI) Important Update 🛢
As I predicted, WTI Oil dropped nicely yesterday.
The price formed a head and shoulders pattern.
To catch a bearish continuation, watch 100.3 - 102.0 horizontal neckline.
We need a 4H candle close below that to confirm the breakout.
Then, shorting on a retest, a bearish continuation will be expected to 97.2 level.
If the price sets a new high, the setup will be invalid, though.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
🚨 Oil Tests the $90's; Read More for our Trading Idea 🚨Oil caved through support at the base of the $100's, making its way down to $95.24. We expected this value to hold as a floor price, as discussed yesterday, and we just barely broke through, with a low just above our level at $92.03. We immediately equilibrated back to $95.24, and are currently testing the next level above at $96.88. A red triangle on the KRI confirms resistance here. We appear to be forming a small inverse head and shoulders pattern, suggesting a strong possibility that we will correct back to the $100's. A long position here in futures, or oil related stocks such as XOM or ETF's may be profitable. A stop loss at $95.24 with a profit target set conservatively at $100 may provide a 2:1 return on risk.
CRUDE OIL (WTI) Very Bearish Outlook 🛢
WTI Crude Oil retraced to a peculiar zone of confluence on 4H:
we see a perfect match between a horizontal structure and 618 retracement of the last bearish impulse.
Reaching that structure, the price broke a support line of a rising wedge pattern on 1H.
I expect a bearish continuation now.
Goals: 101.93 / 100.0
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
SPX500 USOIL and BTC - the week's playbook and the CPI wildcardAll in the video, my guess is CPI is a bounce and then fail.
How to trade OilLooking at CL1! now, a break of Friday's low is a daily-down rotation. Below $100 opens the door back down to the $96.50 area, followed by ~$93 and the 200-day.
Oil bulls have not been used to seeing /CL in a downtrend this year. However, that's the case at the moment with the 10-day acting as active resistance, while it's below all of its major short- and intermediate-term moving averages, as well as uptrend support.
Longer term, the trend still remains constructive, but /CL is currently vulnerable.
On the upside, oil needs to reclaim $105 to $105.50 to unlock $110+ but it will need to do more than that to repair the recent stress on the charts.
