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WTI analysis: Will OPEC+ cuts boost crude to $100?OPEC+ has taken a tough stance, slashing output by 2 million barrels per day (bpd) beginning in November 2022, the largest reduction in crude oil production since March 2020. In addition to production extending the agreement through 2023, oil producers have agreed to hold semiannual rather than monthly meetings. WTI oil briefly spiked to $87/bbl following the OPEC+ announcement. It then broke through that level in response to disappointing US crude oil inventory data (-1.36 million barrels vs. 2.05 expected) and a strong US ISM Services PMI, which delayed recessionary warning signs following the weak ISM Manufacturing PMI earlier this week. The move by OPEC+ risks putting renewed pressure on crude oil’s global supply-demand balance in the coming months, potentially resulting in a price floor at pre-OPEC+ meeting levels. On a technical level, WTI crude and (also Brent) prices are currently testing a key resistance area, defined by the 50-day moving average and the 23.6% Fibonacci retracement level of the range between September lows and June highs. A sharp break above this resistance zone and then the $90/bbl level (September highs) could put additional upward pressure on an extension towards the 50% of the Fibonacci level ($98.6/bbl) and then $100/bbl. Idea written by Piero Cingari, forex and commodity analyst at Capital.com
CAPITALCOM:OIL_CRUDE
by Capitalcom
Titlle: Light Crude Oil Futures ( CL1! ), H4 Potential for BulliType: Bullish Momentum Resistance: 90.21 Pivot: 86.10 Support: 83.00 Preferred Case: The price is above the ichimoku cloud and breaking descending trendline, we have a bullish bias that the price may rise from the pivot at 86.10 which is in line with the overlap support to the 1st resistance at 90.21, which is in line with the overlap resistance and 61.8% fibonacci retracement. Alternative scenario: If bearish momentum persists, expect price drop to the 1st support at 83.00, where the 38.2% fibonacci retracement is. Fundamentals: There is no major news.
NYMEX:CL1!Long
by Genesiv
OPEC Lifts OilOil has dipped into the $70's again, but has regained the $80's following reports that OPEC will cut production . We blasted through lower levels in the $80's, and are currently retesting $83.21, with a red triangle on the KRI confirming resistance. If momentum continues, we have several more levels to cross before our target of $85.55. Depending on how much OPEC cuts, this could drive prices back to the $100's again in the longer term. Expect support at the base of the $80 handle if we reject current levels.
NYMEX:CL1!Long
by quantguy
Crude Oil in Daily timeframe. UPDATED !Hi Everyone, Sorry For the late update, but here some update for you.: Beware of next move.. there is probability to get rebound and aim 88 - 110 and make range around that after some of country and Russia cut the oil Production. our last Ideas: i try to always we will keep you all updated . Please don't forget to like, comment and follow to support us, i really appreciate you support ! Goodluck i'll help you to have a great trade. Please using good money management. dont take any emotional trade. Note: Dont risk more than 0.2% on trending market Dont risk more than 1% on ranging market Wish good luck for all people. Please help support me by Clicking like button, and if you like my ideas please follow me and support me. i Relly Appreciate it! i'll make more and more great analysis if this chanel grows. on Gold , Oil , Nasdaq, SP500 , and some American, China, Japan, Indonesia stocks. Best luck for you. Cheers mate! Thankyou.
NYMEX:CL1!Long
by LaurentWilvyne
3
Crude Oil (WTI) Short Trade Explained 🛢️ WTI Crude Oil opened with a nice gap today. What we know about the gaps is the fact that 80% of the time they are filled. To trade this gap, watch 81.3 - 81.5 horizontal support. It is a neckline of a double top pattern. Wait for 1H candle close below that, then short on a retest. Initial target will be 79.8 If the price sets a new high, the setup will be invalid. ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
10
USOIL 3rd OCTOBER 2022 - COMBINATION STRATEGYUSOIL Combination strategy with a Trendline, Unfilled Order (UFO) and Psychological level. Trend is a movement that shows where the market is moving. The term "trend" in everyday life is often used to express a situation, where something is in vogue or is gaining public attention. As you know, a trendline is a tool that can be used to recognize the direction of a trend. Therefore, a trendline can serve as both Support (in an uptrend) and Resistance (in a downtrend). Trend line, Its function as a technical tool does not need to be doubted. Besides being able to help identify trends, this tool can also be used to find entry points. In looking for entry points, you can use bounce and breakout opportunities. remember "the trend is your friend". Believe it or not, in forex trading, the trendline is one of the friends that can help you to follow the direction where the market is moving. This trend movement forms a series of sequential waves with the following levels: Peak (High/H), Higher peak (Higher High / HH) Lower peak (Lower High / LH ) Valley (Low/L) higher valley (Higher Low / HL ) Lower valley (Lower Low / LL) By knowing the support and resistance levels, a trader can minimize risks and maximize profits. During a downtrend, a trendline can serve as resistance. But conversely, during an uptrend, the trendline can function as support. In finance market, a psychological level, is a price level in technical analysis that significantly influences the price of the underlying security, commodity or derivative. Usually, the number is something "easy to remember," like a number that is rounded up. Meanwhile, Unfilled order is a shipment of orders that have not been fulfilled and inventory reported by domestic manufacturing companies. historically it can be seen that the balance between buyers and sellers is broken due to high volatility. for example in the case of US30 23rd AUGUST 2022
TVC:USOILEducation
by DNP-FX
2
Crude Oil (WTI) Your Detailed Trading Plan For Next Week 🛢️ Hey traders, As I predicted, WTI Crude Oil has perfectly respected a major falling trend line and dropped from that. We already caught 2 very nice winners shorting that. To catch a bearish continuation, watch 79.15 - 80.90 horizontal neckline of a head and shoulders pattern. We should wait for 4H candle close below that to confirm the breakout. Then shorting on a retest, we will expect a bearish continuation to 76.5. If the price respect a yellow zone and breaks a trend line, the setup will be invalid. ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
8
Will the $80's Hold for Oil?Oil has weakened with the price action rounding off at $83.21. We are currently seeing support at the base of the $80 handle with the level at $80.00 holding strong for now. We have several green triangles on the KRI confirming support. The Kovach OBV has dipped with the selloff, and we will need more momentum to come through in order to establish higher levels. If we break down further, then $78.90 or $77.56 are the next levels where we can anticipate support.
NYMEX:CL1!
by quantguy
New Relative Lows in OilPersistent rececession fears have slammed oil. A momentous selloff has blasted through the $80's, digging deeply into the $70's, currently feeling out the high $77's at the time of this writing. We are getting support from just above $77.56, but are edging lower and things are looking very bearish. The Kovach OBV has pressed lower and is showing little signs of relief. If we are able to pivot, then $80 should be a ceiling, with $76.16 the next target to the downside.
NYMEX:CL1!Short
by quantguy
Oil Order Flow - Opens Door To $60.00In this video I offer my train of thought as to why Oil might be en-route to target as ultimate cyclical target the $60. The OFA script breaks down what otherwise would be a very messy and chaotic price behavior into neat and visually clear waves. Remember the two key main features of the OFA indicator: Magnitude: A major clue that will help determine the health of a trend is the type of progress by the dominant side in control of the trend. We need to ask the following question: Are the new legs in the active buy-sell side campaign as identified by the script increasing or decreasing in magnitude? Velocity: When it comes to the distance the price moves, the magnitude is only ½ the equation. The other ½ has to do with the velocity of the move or the speed. Was the new leg created after a fast and impulsive move? Or did price make a new low or high with the movement being sluggish, compressive and taking too long to form? A good rule of thumb is to count the number of candles it took to achieve a new leg.
NYMEX:CL1!Short
by FlowState
USOIL 23rd SEPTEMBER 2022Oil prices slipped below the US$85 per barrel level after the US central bank, the Fed, announced an interest rate hike. U.S. oil demand over the past four weeks fell to 8.5 million barrels per day (bpd), the lowest since February, according to the Energy Information Administration (EIA). On the other hand, there was a 1.1 million barrel increase in crude oil stocks last week. The European Union is considering restrictions on Russian oil prices, as well as on high-tech exports to Russia, as well as sanctions in the event of an escalation of Moscow's war in Ukraine. On the other hand, China's crude oil demand is also still pressured by tight restrictions due to Covid-19. OPEC crude oil exports have been fairly stable, since the high increase in demand earlier this month for an early winter contract. When Russia refuses to 'restrictions on Russian oil prices', and OPEC starts to 'reduce oil exports', that's we can see prices will tend to be bullish.
TVC:USOIL
by DNP-FX
3
WTI OIL at a critical make or break pointThe WTI Crude Oil (USOIL) has been trading within a structured Channel Down pattern since the March 08 market High, following the immense growth after the COVID 2020 demand crisis. We have covered the Higher Lows zones since the November 02 2020 Low (green circle) and the March 23 2021 Low (blue circle) extensively over the past months on the higher time-frames, which is where Oil is trading at the moment. Basically the price is at the bottom of both the Channel Down and the Higher Lows zone since Nov 02 2020 2021. The bearish sentiment got stronger when the price got rejected exactly on the 1D MA50 (blue trend-line) on August 30 and turned even worse on September 02 when the 1D MA50 crossed below the 1D MA200 (orange trend-line) to form the bearish pattern of the Death Cross. This is the first time we see this formation since February 25 2020!! This was a huge bearish sign at the past as it preceded the COVID crash. As long as the Nov 2020 Higher Lows Zone (dotted lines) hold, the Death Cross effect may be postponed for the short-term but only if the 1D MA50 breaks. A first sign towards that bullish break-out may be the Bullish Divergence on the 8H MACD, which is on Higher Lows while Oil has been on Lower Lows since June 22. Also the 8H MACD resembles the July 09 - August 19 2021 fractal, which rebounded on the March 23 2021 zone. Technically the Channel Down should make a new Lower High within 105.00 - 110.00. A break below the Channel Down though, should finally test the March 23 2021 Higher Lows zone (dashed lines) and at this point under the current fundamentals seems like the most likely scenario. Even if we do get that rebound on the short-term, it would be much safer to be positioned systematically with sells on the rallies, as the Death Cross indicates that the long-term trend is gradually turning bearish . -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
15