Turbo Tuesday's So we are heavily bullish and in this scenario I like to see a retracement around NY that will enable me to start looking for my entry model that will Target the BSL that is marked.
Pretty simple today...
I have a 1hr fvg that I would like to be respected meaning 1hr candle closes above the discount of the FVG.
If before NY we take out the BSL marked I will update here..
Crude Oil Futures WTI (CL1!)
WTI OIL Death Cross formed Pullback to $76 would be very healthyWTI Oil (USOIL) is forming a Death Cross on the 1D time-frame, the first since December 22 2023. That comes after the former Channel Down had a bullish break-out following a rebound on the 1W MA50 (red trend-line), a series of events that happened also on December 20 2023 and before that on May 17 2023.
We already have a 1D MACD Bullish Cross. Circling back to the 1D Death Cross, the one on December 22 2023 formed a short-term top that had the price pull back within the 0.618 - 0.786 Fibonacci retracement Zone.
As a result, even though we have confirmed a new long-term uptrend, we technically turn bearish on the short-term, expecting a pull-back towards the 0.618 Fib, targeting $76.00.
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Weekend Wizardry On Crude OilRight now It makes no sense in my mind why the market would want to return to being bearish.
Yes we are in a premium and after a couple days of upwards movement there can be some stagnent action for traders who like to take more than 25-40 ticks ona single move.
So again why would market want to move lower on a htf bases as pointed in my arrows we have a Daily FVG whcih I will be watching price to respect and create a discount in that FVG
The wicks from Friday and Monday Daily chart show immediate rebalance and a propell higher is what I am looking for.
Given Monday can be opposing price to what Tues and Wed Provide... wink wink
Magnet shows my target for next week. to revisit this and whilst in fvg how do we close? Daily fvg CE?
I really do look at price on the day to day basis weekly targets yes but this is a subconscious thought when im trading pacific times of the day.
CL1! (Cruide Oil Futures) - Top-down Analysis Ok guys, here is my analysis for Crude Oil Futures.
I've been bullish, but the currently I don't have anything in terms of a strong bias in either direction. But what I will be looking for is what I mentioned wanting to see on the weekly timeframe.
Watch the analysis, let me know what you think will happen with crude oil prices!
- R2F
Crude Oil Thursday Rumble...As we are in Bullish territory on the HTF the Daily FVG bellow is where I am anticipating price to retrace too leading upto 0930est... Does it have to retrace there? No.
However I am Looking at Bullish bias towards the Daily V.i Marked in the chart for a Target and Forecast going forward...
Pretty simple.
WTI OIL Shifted to longterm bullish, but expect correction firstWTI Oil (USOIL) broke above its 1D MA50 (blue trend-line) and invalidated April's Channel Down. Last time we saw such a Channel Down bullish break-out following a rebound on the 1W MA50 (red trend-line) was on December 20 2023 and before that on May 17 2023.
The common characteristic was that a 1D MACD Bullish Cross accompanied all those break-outs and the last two formed a 1D Death Cross. On both previous occasions, the price pulled back to at least the 0.618 Fibonacci retracement level, touching the 1W MA50 again.
As a result, even though we have confirmed a new long-term uptrend, we will turn bearish on the short-term, expecting a pull-back towards the 0.618 Fib, targeting $76.00.
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Crude Turbo Tuesday'sYesterday we saw a nice bulish displacement and I would like price to stay above the 1hr FVG..
We can wick bellow on the 1hr but leading into CME open I would wait for bullish price to reach to the 80.00 level which is the Daily FVG..
Once we close inside the Daily FVG we can start looking at CE of it.
Crude oil eyes $80, but resistance loomsWTI is on track for a bullish engulfing week to snap a 3-week losing streak. And as it fell over 17% from the April high, it could pave the way for further gains in the coming weeks. However, there are plenty of resistance levels around the $80 that could spur bears from the side lines.
The May VPOC and VAH sit around Wednesday's high, and the monthly R1 and weekly R2 near the May high. So whilst another crack at $80 seems more likely than note, the $80 area could be an interesting area to fade into.
Strong support sits around $75.50, making it a viable target for bears and area for bulls to reconsider entering for an anticipated move above $80.
WTI OIL Sell signal at the top of the Channel Down.WIT Oil (USOIL) didn't disappoint last time we looked at it (June 05, see chart below) and delivered our buy signal, easily hitting the 75.70 Target:
The price is now at the top (Lower Highs trend-line) of the 2-month Channel Down and just below the 4H MA200 (orange trend-line), which is where the last Lower High was priced and rejected. At the same time, the 1D RSI is on the 53.80 Resistance, which was the level that priced the last two Lower Highs.
Technically this is the most optimal sell entry on this pattern. We have a modest target at 72.45 (Support 1), as despite the fact that a Lower Low is expected lower, the 1W MA200 looms as a Support and long-term may form a strong Support base. That remains to be seen, so for the time being we take only short-term targets.
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CRUDE OIL (CL): Weak Momentum Likely to Persist?Assalamualaikum wbt and Good Day to fellow traders!
From my rather simplistic view, the overall two-hour time frame (TF2hr) chart seems to indicate that the prices for WTI Light Crude Oil ( NYMEX:CL1! ) could go further south at least for the time being.
The further potential weakness is being reinforced by the significant key moving averages (in this case Exponential Moving Averages or EMAs ) - the EMA50 (blue line) and EMA200 (amber line) - in which the Black Gold sits below those lines since April 17, 2024.
Despite several rebound attempts, the commodity has continued to slide downwards making some notable Lower Lows and Lower Highs until recently last Friday while trading range-bound in between.
In addition, the Moving Average Convergence Divergence (MACD) indicator also flashed a cautious sell signal last Friday following a cross over.
On top of that, the obvious rejection at the 76.03-76.30 key level could possibly suggest that the bearish momentum is still in play.
However, a bullish reversal may occur should the MACD crossover take place above the 0 line with the help of a significant volume, as well as the two EMAs crossing up.
Wallahu a'lam.
#cl #crudeoil #wti #blackgold #exponentialmovingaverage #ema #macd
WTI OIL Oversold. Short-term buy signal.WTI Oil (USOIL) hit the bottom of the 2-month Channel Down and is consolidating since yesterday. This prompts to being a technical Lower Low for the pattern and the buy signal gets even stronger as the 1D RSI broke below the oversold barrier for the first time in 6 months (since December 06 2023).
The 4H MA200 (orange trend-line) provided the last rejection (Lower High) on May 29, so that is our Resistance and unless we break above it, the long-term trend remains bearish. But on the short-term we will use this oversold opportunity to buy and target 75.70 (+4.65% rise, which has been the minimum Bullish Leg % within the Channel Down.
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Crude Oil - Turbo TuesdayWell yesterday all targets where hit and some!
Today we have more targets to meet and London has not dissapointed so far
NY we will see what happens but for now I have Monthly ssl and weekly CE of wick and the Daily SSL as 3 main draws that will act as Bearish Bias.
That is the Forecast!
Crude Monday Drab Bias and ForecastI am HTF bearish on Crude OiL
I have PD arrays marked out that should be respected if market was to retrace and take some BSL.
The targets for today are Lows marked out.
Pretty simple.
Stay bellow 1hr fvg and 1hr -OB = BEARISH
Close above the 1hr FVG start looking for short term BSL
Wednesday Forecast Crude OilWe had a very expansive two days From the Bank Holiday Monday and Tuesday.
I do expect the market to slow down a little before we start to move higher to 81.50 as long as price stays above the 1hr fvg and the 1hr +ob my bias will be Bullish.
If we close bellow these pd arrays then a retracement is in order and different targets will have to be looked at.
Pretty simple
Friday retracement?? Forecasting.I am looking at crude to make a retracement today after couple days of down movement its been nice but can;t last forever.
So the arrows display where I think price will go today as a first target and second PDL
Keep it real simple on Fridays you got the weekend coming and you don't want to go into it with a loss or a win stay neutral.