Get started

Cl1!bearish

WTI crude looks set to retrace before its next big leg higherWTI appears set tor a cheeky retracement. Volumes were falling during its leg higher from $68, and Wednesday closed with an exhaustion candle. Note the strong trading activity around $70 which indicates some bears were caught short and bulls initiated, which assumes short-covering helped fuel the rally and any retracement towards $70 could also be supported. From here we’re looking for prices to revert to $70. But given the strong support around the June lows / $68 and false break of $70, the bigger picture view is for a bullish rally to develop following a retracement heading into the new year. $80 seems feasible as an initial target, around the 200-day EMA. But as you’ll see in the next post, a bigger bullish reversal could be unfolding on the weekly chart.
NYMEX:CL1!Short
by CityIndex
2
WTI prints key reversal day ahead of FOMCWhilst we retain our view that oil prices could be headed for $100 further out, the trend seems to have hit a speed bump over the near-term. WTI broke above $90 with ease yet faltered around $95 with a shooting car candle with high volume (which makes it a potential key reversal day). A bearish divergence has also formed with the RSI (2) after it reached overbought. With the potential for the Fed to be more hawkish than expected, it could provide the catalyst for a pullback on WTI. A break below $90 confirms the near-term reversal is underway, with $87 making an initial target around the volume node from its preceding leg higher. $85 could also provide support around the August highs, which might tempt dip buyers more focussed on the fundamentals currently supporting higher oil prices.
NYMEX:CL1!Short
by CityIndex
1
$74 could be pivotal for WTI over the near termCommodities were broadly lower yesterday with the CRB index falling to a 4-day low. Geopolitical tensions are rising following Russia’s decision to back out of a key grain deal which allowed Ukraine to export grain through the Black Sea. Weak data from China and news that Libya will restart oil production also saw WTI fall for a second day. What has caught our eye is that WTI played very nicely with its round numbers yesterday, printing the high of the day at $76, a lower high at $75 and lows around $74. It is also considering the break of a trendline, although unless volatility picks up it runs the risk of moving sideways through it (which is not in the spirit of a trendline break). Still, $74 appears to be a pivotal level over the near-term. And if prices print a minor bounce, we’d still consider shorts below $75 with a view for it to trade to $73. Take note that it is contract expiration today so we may see spills of undesirable volatility, but overall we want to see which way momentum takes this market next.
NYMEX:CL1!Short
by CityIndex
WTI falters around $70Oil prices fell to a 15-month low as investors fretted over the potential for a financial meltdown. Whilst that is yet to fully materialise (or if it does at all), investors remain a little on edge - with news of the latest Hindenburg report accusing Block (SQ) of fraudulent activity not likely to quell fears. WTI has manged to lift itself from its 15-month lows, yet volumes declined over this period to suggest the move was corrective. A bearish Pinbar also formed, which not only failed to test the $72.46 breakout level but also closed back below $70 and the December low. Also note that a bullish hammer has formed on the US dollar index (DXY). - We're now waiting for a break of Wednesday's low to assume bearish continuation, with target zones made up of Fibonacci expansions and round numbers residing around $65 and $60 in focus. - The bias remains bearish below $72.46, although yesterday's high can also be used if a tighter approach to risk management is preferred.
NYMEX:CL1!Short
by CityIndex
CL1! Oil has returned to the level it left in Novembre 2014.Hello world! According to my technicale analysis, Oil has returned back to the level it left in November 2014, which is a very strong trading range. We can also observe that oil is reaching the top of the Uptrend channel, which means that we may see a small correction in the next few days/weeks. It can go down to the red line (which is a strong market support) in the worst cases during the current global economic situation. Why get subbed to me on Tradingview? * Professional chart break downs * Supply/Demand Zones * TD9 counts / combo review * Key S/R levels * No junk on my charts * Frequent updates * Before/after analysis * 24/7 uptime so constant updates 🎁Please hit the like button and 🎁Leave a comment for support ! RISK DISCLAIMER: Trading Crypto, Futures , Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results,tight stop loss. Comment: We didn't break the "Support 1", but we had a very big rejection at that level with a big volume, which signifies a trend reversal. However, it could be a fake rejection. As long as we are within the trading range, any decision can be risky.
NYMEX:CL1!
by ALMAZakaria
CL1! - Crude Oil - WTI - H1 - Intraday - Bearish CorrectionCL1! - Crude Oil - WTI - H1 - Intraday - Bearish Correction - SELL We have a Bullish Trend continuation with a Bullish Triangle pattern on the H1 chart, but we are waiting for a trend correction to enter short because we have a big resistance zone @ 34.00$ First target @ the 0.618 Fibonacci Level. ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ Entry: 33.70 | Stoploss: 34.70 | Takeprofit1: 32.30 | Takeprofit2: 31.20 | ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ If you like this idea please click the like button to support us, thanks. ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ Disclaimer: All information and ideas provided is for educational purposes only. It is not a recommendation to buy or sell. ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
NYMEX:CL1!Short
by Sami_Derti
3
Chart of the Day: Crude at major inflection point downCouple of major points to unpack relating to oil which points a major inflection point downwards to a material low:- #1 Oil is on a downward trend since peaking in Oct'18. In fact, the Oct'18 peak is a lower high vs. the 2014 peak which was a lower high from the 2008 peak. In short, there is a massive decade long downtrend line which suits the thesis that oil usage is in decline. Please note, I am saying decline in usage but am not saying oil is dead. #2 There are multiple ABCD down patterns in play:- #2.1 Major ABCD starting from Oct'18 peak and CD leg commencing in Apr'19 #2.2 Minor abcd starting in Apr'19 with BC leg just completed with the immaterial new highs into SSR and fibonacci resistance. Link to earlier call for the minor bc leg can be found below. abcd price target is $45 and ABCD price target is $31.50. At $31.50, we can start discussion again for a potential up cycle as there is still an underlying demand for oil coming from the industrial complex and the fact remains, there are no new capacity for conventional oil which would suggest tightness as light sweet is structurally unsuitable for use as an industrial product.
NYMEX:CL1!Short
by WellTrainedMonkey
Look Out Below On $CL1! $CL_F WTI Crude Oil FuturesThere's really no bullish case that we can make for oil at this time. We are already into the summer driving season and supplies continue to increase. Last night, the API reported crude oil supplies rose by 4.9 million barrels. The market was expecting a decrease of 481,000 barrels. All eyes are now focused on the 10:30 am DOE report. With crude oil back under $52, we believe there's no reason for the shorts to cover. Market sentiments are overly weak and bearish and we don't believe $50 will hold. A break of $50 and we will be targeting $42. The overall bearishness in the oil patch is why we are not recommending owning any oil or gas stocks at the moment. For the bulls, the only hope is the June 25th OPEC meeting followed by the group meeting with Russia. If a major supply cut is reached, we will look to re-evaluate our bearish stance. As always, trade with caution and always use protective stops. Good luck to all!
NYMEX:CL1!Short
by InsiderFinancial
Crude CL1! Correction incompleteThanks for viewing. I put CL1! Crude in a wave (4) correction. I was quite happy with my prediction of the last drop from 75 to 64.50 (although I picked the start of the price decline accurately, I was expecting a drop a bit lower on that occasion) but then stopped following crude closely. It would be a little surprising if we were done after that first drop to $65 as wave 4 of any degree tends toward a complex, shallow, and lengthy correction. What we saw since the drop to $64.50: - A nice price recovery to $76.90 exceeding the previous swing high, - What was shaping up to be an impulse wave was forming - I had a tentative target for wave 5 of $78+, - What appeared as an impulse wave retraced deeply and on the 11th of October it revealed itself to be a failed impulse wave due to heavy selling pressure, - In the price decline from $76.90 5 waves down have shown themselves (no internal failures). - The recent down-move may be at or approaching its end - as wave 5 has 5 sub-waves visible, that have met normal extensions, So what happens now? Likely another 5,3,5 abc to retrace somewhere around half of the previous move before extending down to around my speculative lower trend-line. After that? No sure yet, but multiple zig-zags and triangles are common in wave 4 and can be a real challenge to trade successfully. What could happen? A multiple zig-zag could move as low as $55 (the wave 1 top) before the larger-degree upward impulse move, with a tentative target above $85, becomes invalid. Protect your funds everyone.
NYMEX:CL1!Short
by flyinkiwi10