Oil prices have retraced just under 8% from the MTD (month-to-date) high. And it looks like the market is trying to stabilise around a support cluster, just above the $80 handle. The cluster includes the 50-day MA, high-volume node and prior consolidation zone. A small doji also firmed around these levels to suggest a swing high has formed, or very near. A...
Sharing CL update from TTR. Will be updating CL once a week or so. CL is trending above its 5EMA on a daily level; first support sits at 76.10, and the main support is at 74.55± The main target is above 82.50 Bullish trend was just started imo
With oil prices having fallen around -25% from the September high, a correction higher may be due. And as prices failed to hold beneath $70, Wednesday's bullish hammer (which is also a higher low) has caught out eye). The hammer was coupled with above-average volume to suggest demand around $75, and the initial break below $70 was seen on strong negative delta...
We saw the pullback into the support area we were waiting for, around the 200-dar EMA on the 4hour chart and weekly pivot point. A bullish engulfing candle also formed at the end of the session, and whilst prices have gapped lower at the open, we're now looking to enter long and target the resistance zone around $90.
The more we look at market positioning on WTI, the more we suspect that oil may be dominating headlines as we head into 2024. In recent weeks we can see that large speculators and asset managers have been increasing long exposure and reducing shorts, which is the ideal scenario for a bullish trend. Yet net-long exposure for both sets of traders remains low by...
EMA going to push price to 95 in coming days. 50 crossing 200 very bullish good risk management setup can bring best returns
CL1! - Classic bullish pattern - Our team expects retracement SUGGESTED TRADE: Swing Trade Long CL1! Entry - 81.58 Stop - 79.84 Take - 84.18 Our Risk - 1% Start protection of your profits from lower levels. ❤️ Please, support our work with like & comment! ❤️
this is only my plan possibly I'm wrong. planning first trades for the coming week
Oil prices are trading quite erratically on the daily chart, making it a much less appealing market to trade on that timeframe. But that doesn't mean we cannot find potential inflection points at the intraday level. Monday's opening gap has been filled, and earlier losses on Tuesday were fully recouped to print a bullish pinbar on the daily chart which found...
Please, check our technical outlook for CL1!. Time Frame: 8h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is on a crucial zone of demand 72.77. Taking into consideration the structure & trend analysis, I believe that the market will reach 76.39 level soon. P.S Please, note that an oversold/overbought...
We suspect volatility may be on the quiet side with a US inflation report looming, but this provides the opportunity for markets to consolidate and traders plan trades. Should we see the pace of inflation to continue slowing, it could strengthen oil prices for two basic reasons. 1 - A weaker US dollar, as traders bring forward rate cut bets / solidifies bets of...
WTI broke out of consolidation and closed above its 200-day EMA and resistance zone. The OBV (on balance indicator) confirmed the breakout with a move to a new cycle high, and volumes (whilst below average) are turning higher to show buyers stepping back in. Furthermore, we saw a gap ahead of the consolidation above HKEX:79 , although using classic definitions...
Oil rose sharply after news of production cuts. While "news-driven" price reactions are often volatile, we are inclined to continue rising for Crude Oil. Our priority scenario is to continue rising from the low of 64 into the 86 range. Support is around 78.85-77.10.
CRUDE OIL already hit demand zone several times and will likely go on a reversal. Exit at 2nd supply zone
-Crude oil is currently trading in a ranging market environment between 83.34 and 70.08 (larger range). Price is also in a smaller range between 82.66 and 72.46 (smaller range). -From how I see the markets, the 10AM Feb 23 candle was a retest of a fair value gap before a move higher continues aiming between 79.73 and 81.50 price levels. I would like to see the...
Peace be upon you, there is a high probability of oil rising with the formation of the descending channel. Now he is correcting the golden ratio of Fibonacci 61%. We have two very positive candles in the four-hour time frame
I'm still short on MCL but it looks like an ending diagonal is taking place for wave 5, IF this is the case i will expect an explosive bullish move to $97 once the pattern has unfolded. I will be patiently waiting, for now i will continue taking short trades
This market is witnessing an unusual movement and the possibility of a rise is very high My advice is to buy