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WTI OIL Still bullish, targeting the 1D MA200.WTI Oil (USOIL) eventually gave us the 2 green day streak we wanted in order to turn bullish, as per our suggestion 2 weeks ago (September 10, see chart below): Event though it marginally broke below April's Channel Down, the buying pressure it has build is similar to all 3 major Bullish Legs since June 2023. Notice how the 1D RSI forms the same Bullish Divergence (Channel Up). However due to the lower bottom than the one we expected, we have to change our Target to 76.00, which represents a +16.60% rise from the bottom, similar to the smaller Bullish Leg of the three that started on the June 04 2024 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:USOILLong
by TradingShot
1
CRUDE OIL (WTI): Detailed Support and Resistance Analysis Here is my latest structure analysis and important key levels to pay close attention to on WTI Crude Oil. Vertical Structures Vertical Resistance 1: Falling Trend Line Horizontal Structures Resistance 1: 71.46 - 71.90 area Resistance 2: 73.80 - 74.30 area Resistance 3: 76.00 - 77.60 area Resistance 4: 79.60 - 80.16 area Support 1: 63.80 - 65.70 area Consider these structures for pullback/breakout trading. ❤️Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
1
WTI CRUDE OIL: Best buy opportunity in more than a year.WTI Crude Oil is almost oversold on its 1D technical outlook (RSI = 36.459, MACD = -2.670, ADX = 29.899) and coupled with the the price breaching inside the S1 Zone, the market is giving the best long term buy opportunity in more than 1 year. The S1 Zone is in place since March 15th 2023. Additionally, the 1D RSI has made a Double Bottom (DB), which has a 100% success record out of 3 times since March 2023. Every rebound to the LH trendline (pattern is a long Descending Triangle) approached the 0.786 Fibonacci level. Our TP = 78.00. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
WTI OIL giving a buy signal under this condition.Last week we saw how WTI Oil (USOIL) turned bearish long-term following the 1W Death Cross and the breaking below the 16-month Higher Lows trend-line. Even on the 1D time-frame we got a Death Cross formation with the price seemingly reaching the bottom (Lower Lows trend-line) of a newly formed Channel Down. As a result we may have a short-term buy signal but only if today's 1D candle closes in green, which together with yesterday will make it a series of green days. As you can see on the chart, every time the 1D RSI posted a Bullish Divergence (rising while Oil was falling), it posted successive 1D green candles to confirm a rebound. So the key now is to form again a streak (even 2) of green days. If not, the buy potential is invalidated. If successful though, we will target 78.00 (top of the Channel Down, +16.55% rise as the previous Bullish Leg). ------------------------------------------------------------------------------- ** 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
WTI OIL formed 1st 1W Death Cross in 4.5 years!The last long-term signal (July 09, see chart below) on WTI Oil (USOIL) was a rejection (sell) at the top of the former Triangle (Lower Highs trend-line): The price not only broke below both the 1W MA50 (blue trend-line) and the 1W MA200 (orange trend-line) but also the bottom of the Triangle. The result this week is the formation of a 1W Death Cross, the first one since the COVID crash back in March 2020! Naturally this is a strong bearish signal, which will be confirmed if the price breaks below the Higher Lows trend-line. If it does we may see a fatal market collapse, as this is a cyclical signal (observe the Sine Waves). In May 2009, it was invalid as the Housing Crisis preceded it, in November 2014 it was halfway through the sell-off of the Oil Crisis and Chinese economic slowdown and in March 2020 it came earlier relative to the previous two but still after the price broke below the Higher Lows trend-line. As a result, this trend-line is of the utmost importance currently and only if broken (and close a 1M candle below it) can we consider a similar collapse. If it does, we expect at least $45.00, on the way to the Symmetrical Support Zone test. ------------------------------------------------------------------------------- ** 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
WTI OIL This is why it's going to $95.00 if the 1M MA50 helps.WTI Crude Oil (USOIL) has been practically neutral within a Triangle pattern since September 2023, trading under the Resistance pressure of the Lower Highs but at the same time supported by a Higher Lows trend-line. The latter has been placed just below the 1M MA50 (blue trend-line), which is the key to Oil's price action in the coming months. As you can see, even when the price breaks below it, Oil manages to close the 1M candle (month) above the 1M MA50. In fact the last time it closed a month below it was more than 3.5 years ago (January 2021)! As a result, if we manage to close August above it again, we expect a strong rebound for Oil. In fact, a similar Triangle pattern was spotted back in 2011 - 2013. As you can see, after several breakings but also closings above the 1M MA50, it eventually initiated a rally that hit the Resistance 2 level. The 1M RSI sequences among the two fractals are similar as well, so we find no reason why Oil won't stage a similar rally as long as the 1M MA50 keeps holding. Our long-term Target is $95.00. ------------------------------------------------------------------------------- ** 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
3
WTI OIL Short-term pullback possible but doesnt change the trendLast week (August 06, see chart below), we made a strong bullish case on WTI Crude Oil (USOIL) and why on the 1M time-frame, the long-term target is $110.00, a symmetric approach on the 10-year Super Cycles: Today we shift back to the shorter term 1D time-frame, as the price went from $73.00 to $80.00 within a week, and we are looking for potential pull-backs. Short-term corrections on medium-term Channel Ups have been common in the past 1.5 year and are displayed by the red ellipse patterns. Yesterday's rejection took place on the 1D MA100 (green trend-line), which is something that also took place on January 29 2024. Assuming that a new Channel Up will emerge, we expect it to reach at least the 1.5 Fibonacci extension at $91.50, similar to the April 05 2024 High. There are numerous Resistance levels involved this time however, with the strongest being the Lower Highs trend-line that started after the September 28 2023 High. As a result caution is advised once the price approaches that level. ------------------------------------------------------------------------------- ** 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
WTI OIL Strong cyclical support zone can push it to $110.WTI Oil (USOIL) is having a strong correction, along with the majority of the markets due to the fears of an economic slowdown. In times like these, it is always productive to zoom out and look at the long-term perspective, preferably a multi-year one. On the current analysis we look at the 1M time-frame, which offers useful insight on Oil's Cycles. As you can see, the 1M MA50 (blue trend-line) and 1M MA100 (green trend-line) form a formidable Support Zone that hasn't seen a monthly candle closing below it since March 2021. In cyclical terms it appears that the market is around a state similar to the consolidations of July 2009 - September 2010 and April 2002 - September 2003 (green arcs). They both offered a minimum rise of +65% to +70% following a Bullish Cross formation on the 1M MACD. As a result, we are ignoring the short term weakness in the market and turn buyers long-term, targeting $110.00 (+65%). ------------------------------------------------------------------------------- ** 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
1
US Crude Oil Prices Hover at $82: Bearish Setup in Sight?US crude oil prices continue to fluctuate within a sideways trading range, currently hovering around the $82.00 mark. This consolidation phase has presented an intriguing supply area, suggesting a potential bearish movement in the near term. In this context, it's essential to consider the positions of various market participants. Commercial traders, who often include producers and large institutions, are maintaining a bearish stance. This bearish sentiment from the commercial side contrasts with the behavior of retail traders, who are currently in buying mode. This divergence between commercial and retail positions can be a significant indicator of potential market direction. Given the current market conditions, we are monitoring this supply area for a bearish setup. On a daily timeframe, the possible targets for this bearish movement are the next demand areas. These zones represent potential levels where buying interest might re-emerge, providing support to the prices. While there isn't a strong seasonal trend supporting a bearish continuation, statistical analysis suggests that there could be a bearish impulse lasting until mid-August. This potential decline aligns with historical patterns, even though the current market lacks a definitive seasonal bias for a prolonged bearish trend. The interplay between commercial and retail traders' positions provides a nuanced view of market sentiment. Commercial traders' bearish outlook, combined with the retail traders' bullish stance, creates a dynamic environment that could lead to significant price movements. This scenario highlights the importance of closely monitoring market sentiment and positioning to identify potential trading opportunities. In conclusion, US crude oil prices remain in a sideways range around $82.00, with an interesting supply area indicating a possible bearish movement. The contrasting positions of commercial and retail traders add complexity to the market outlook. Despite the absence of strong seasonal trends, statistical analysis suggests a potential bearish impulse until mid-August. Traders should remain vigilant and consider these factors when developing their trading strategies in the current market environment. ✅ Please share your thoughts about Crude Oil in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
NYMEX:CL1!Short
by FOREXN1
1
WTI OIL on the 3.5 year Support!WTI Oil (USOIL) is attempting to form yet another bottom below the 1W MA200 (orange trend-line), which has been the ultimate long-term Support since February 2021. As you can see, since May 2023, Oil has been forming Higher Lows just below this level. Despite the presence of the Lower Highs trend-line since September 25 2023, the pattern shows a break-out above Resistance 1, every time such a low is formed. Our long-term Target remains 90.50 (potential Higher High on an emerging Channel Up). ------------------------------------------------------------------------------- ** 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
WTI OIL Correction is over. Buy strongly.WTI Oil (USOIL) followed our July 02 (see chart below) sell signal to perfection as it got rejected on the Lower Highs trend-line and Resistance 1 and broke today below the 0.618 Fib, hitting our 77.00 Target in the process: For that projection we used the February 05 Low as a benchmark, which also hit the 0.618 Fib and rebounded on the 1W MA200 (red trend-line). That has been the multi-year Support level for WTI, so we currently won't get a better long-term buy signal than this. As a result, we are now turning bullish again on Crude, targeting the -0.5 Fib extension (as on the April 05 High) at 90.50. Note also that the 1D RSI is almost oversold at 30.00, a clear cyclical buy signal in the recent past (green circles). ------------------------------------------------------------------------------- ** 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
4