Get started

Crude Oil Futures WTI (CL1!)

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
NYMEX:CL1!
by rahman_daros
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. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
Crude Oil Tuesday ForecastI Have in Mind that we will be BEARISH bias mostly this week as we have Tapped into the Premium Daily FVG yesterday and rejected lower. My two targets shown in the forecast are the arrows. Daily PDL Weekly SSL Now it is important to realise that the market is moving in London and a straight sell into 0830 or 0930est wouldn't be the best move. Waiting for a retracement and then finding your model to get into the market is what we all strive for and to do couple times a week as intra day traders if the market gives us the opportunity. Lets see how this plays out !!!
NYMEX:CL1!Short
by IamThattrader
WTI OIL Strong rejection on 1D MA200 but be aware of a break-outWTI Oil (USOIL) made yesterday a strong rejection on the 1D MA200 (orange trend-line), which has been essentially the Resistance since the price broke below it on May 01. Having this level as a Resistance for 3 weeks makes it the strongest sell entry candidate, considering also the fact that this is the top of the 1-month Channel Down, thus a new Lower High. As long as we don't close a 1D candle below the 1D MA200, we will be bearish, targeting 74.00 (-7.75% decline, similar to both previous Bearish Legs of the Channel Down). If we do close a 1D candle above the 1D MA200, we will take the small loss and target 83.00 (the 2.0 Fibonacci extension). The reason for being prepared for a long position as well, is because the 1D MACD formed a Bullish Cross. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
Crude - Testing the waters...We saw our weekly target hit yesterday, I have a hunch as on the Daily we are constantly going back to the middle of the range that bsl of some form is in the eye of the market before we would want to move down. I ask myself.... Why would we want to go all the way back (weekly ssl level) if we have been here and raided Sell Stops... If I was the market I would want some breakfast first before I head down for lunch and dinner right? So for PRE 0930EST im watching to see if price respects the 4hr FVG's. This will indicate some bsl to be taken.
NYMEX:CL1!Long
by IamThattrader
Black Gold Judgment Says Huge Challenge Is Just One Step AheadGlobal shares rose while the dollar retreated on Wednesday, after a hot reading of U.S. wholesale inflation set a nervous tone for trading before a consumer price report that could prove decisive about when the Federal Reserve cuts interest rates. The frenzy in so-called meme stocks entered a third day, with shares in AMC and GameStop soaring by more than 25% at one point in premarket trading before retracing some of those gains. Price action was more subdued as investors were reluctant to push any market too aggressively one way or another ahead of the monthly U.S. consumer price index later in the day. The boom has drawn parallels with the meme-stock craze that gripped markets in early 2021, where retail traders, using trading platforms and social media investment advice pumped up the value of stocks that many large investors had bet heavily against. Technical graph for Brent crude oil says, right here is a similar challenge like in 2021.
TVC:UKOIL
by PandorraResearch
Crude Oil WednesdaySo as per previous forecast for Crude we are bearish bias. We have come to the weekly wick ce again and come CME or NY open I am anticipating a retracement that respects the FVG marked in the chart... Sure sometimes price might 'mowhawk' above like sense says. Be patient and wait for price to make a MSB on at least the 5min before using your entry model to target the INTERNAL SSL as your main objective. If price wants to get outlandish then the WEEKLY SSL'S are the next POI.
NYMEX:CL1!Short
by IamThattrader
Monday Crude Oil ForecastWith no news injections today I would stay on the side lines. We have Daily Wick level in conjunction with a 1hr FVG which if Crude Oil is substantially bearish should respect leading upto NY open and CME open. The overall bias for me is still bearish with weekly ssl in the lower half of the charts marked with a magnet. This is the draw and what I will be waiting for / a setup to form. You do have to stay dynamic however as the Daily candle on Friday took BSL inside of a Daily FVG. This is respecting the bias. EQH's where left in its wake so if the 1hr fvg and Daily wick is closed above on the 1hr TF we should start to consider that the market has other short term plans. Stay Dynamic and if your bias doesn't match you can always stay out of the market! Money preservation is very important. GLGT- ;)
NYMEX:CL1!Short
by IamThattrader
WTI OIL Channel Down in full motion. WTI Oil (USOIL) eventually did give us the bearish break-out trade as per our last outlook (April 29, see chart below) following the first 4H Death Cross in 7 months and easily hit our 78.00 Target: As you can see, the expected Channel Down was formed and the price has been consolidating on the Higher Lows trend-line and the 1D MA100 (green trend-line) for 8 straight sessions. Once broken (1D candle closing below it), we expect the next Support to be tested, the 1W MA200 (red trend-line), which is a long-term one as multiple bottoms have been priced just below it both in 2023 and 2024. Each Bearish Leg of the current Channel Down has been around -7.95% so that is our next Target, $74.00, as a new Lower Low. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
WTI CRUDE OIL: Selling until the end of the month.WTI Crude Oil is bearish on its 1D technical outlook (RSI = 35.492, MACD = -1.060, ADX = 41.641) as it got rejected on the 1D MA200 today. The longer it remains under the 1D MA50, the stronger the selling will be. Being inside a Channel Down similar to October-November 2023 that extended all the way to the 1.5 Fibonacci level, we are expecting selling for the rest of the month. The 1.5 Fib is now just over the S2 level and that is our medium term target (TP = 71.50). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILShort
by InvestingScope
3