WTI Crude Oil - USOIL Possible bearish scenario!The chart, wave count, and support resistance level shown indicate a possibility for bearish trend.
Crude-oil
WTI Crude Oil: Long-term Buy OpportunityOil just broke the 4H MA200 which hasn't been touched since May 3rd. The chart is close to turning oversold (RSI = 29.01, MACD = -0.170, ADX = 32.681) so it is natural to see some buying now, especially as the Higher Low trend-line of the June Channel Up was almost touched (the dashed Channel). If it holds, we expect 42.00 - 42.50. If it breaks, we will halt buying until the price tests the top of the 37.50 - 37.00 Support Zone. Also, as you see the 4H RSI follows a very specific Channel Down pattern, and if that test happens to be within the RSI 24.90 - 19.00 levels, then the buy will be even stronger.
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Brent Crude: Ending diagonal, down then up in 5 of (5)This is the updated map. Could be an ending diagonal in wave 5 to complete the first impulse up
It goes in line with the big map (see related) and also my forecast
that price should fill in the gap occurred when Saudis started price war this March
Bullish movement expected on Crude Oil by ThinkingAntsOkMain items we can see on the chart:
a) The price was inside a compression
b) The price broke the compression and now we are observing a corrective structure above it
c) If the price breaks the new corrective structure we expect a bullish movement
d) The target we will be aiming for is the next Resistance zone
CRUDE OIL SELL SET UP (1H)I am seeing an Ending Diagonal develop in the Crude oil chart for an upcoming Sell opportunity. This seems to line up with this week's EIA data indicating an oversupply. If this plays out, we should be hearing more about over supply over the next week or more. I will look for a sell when we get to the end of the 5th leg of the ED as indicated by my Sell zone box.
𝗖𝗿𝘂𝗱𝗲 𝗨𝗽𝗱𝗮𝘁𝗲: $CL_F Daily. Nice pop today over 200dmaComing into a resistance area I expect to hold (42.50-43.70) for a pullback. Could be a large one in August which is also when seasonality flips
$USO $XLE $XOM $CVX $XOP $GUSH $DRIP $SPY #Oil #CrudeOil #OOTT 🛢️
Brent Crude Updated Map - Triangle in wave X - watch 41.30 This is an update for the earlier map (see related)
Wave X could have built a triangle ABCDE.
All rules are obeyed.
Price should trigger the terminal point of wave D of triangle to destroy it below 41.30.
The target is the same
WTI Oil: Made a Top formation on 4H. Two possible rebound pointsWTI Crude Oil is trading within a Channel Up on the 4H chart (RSI = 36.632, MACD = 0.170, ADX = 31.347). The MACD turned flat and as you see on the chart that has been a signal of a top formation on three previous occasions. In two of them the price dropped a little more than -11% and on the other around -15.50%. The Symmetrical Support zone that held on three occasions since June 16th is 37.50 - 37.00. It is possible to see the price rebound either there or a little earlier on the 4H MA200.
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🛢 Brent Crude Full Analysis - July 07Please hit the "LIKE" button if you find this post useful. Also, don't forget to subscribe to get more trade ideas like this. Thanks!
TECHNICALS:
Brent crude is trading at an important long-term rising trendline which acts as a solid support at the moment.
The 1-hour chart shows a nice retracement today, signaling further strength in the price from a technical standpoint. The RSI formed a hidden bullish divergence just before the spike.
CORRELATIONS:
The chart shows the USD index (inversed) and Brent crude. The recent up-move in Brent can be partly explained by the downtrend in the US dollar.
However, notice that Brent is closer to its June highs than the USD is to its June lows, signaling a slight bearish divergence.
THEMES:
Recent reports suggest oil demand to rebound despite the spike In COVID-19 cases.
China's crude oil imports of 11.93 million bpd also hit a record high in June.
UPCOMING ECONOMIC REPORTS:
The US Crude Oil Inventories report is scheduled for release tomorrow (July 08) at 15:30 GMT with a forecast of a -3.2 million barrels. The previous release showed a fall of 7.2 million barrels.
=== SUMMARY ===
I remain bullish on Brent crude as long as it trades above the rising trendline.
Our previous post on Brent suggested taking a long position at the $39 pullback which is in a nice profit so far.
A close above $43.50 paves the road to $50.
Crude oil - SELL on the Long runCrude oil - SELL on the Long run
One might think Oil may fly but reality will be different
US CRUDE OIL - Still Cautious, Still Driven By Travel & $40structure is clear
$40 clear pivot point
bullish above
Brent Crude: Watch Recovery For Another SellWe got the first leg down (A) of the second drop ((W)) to complete the big consolidation (((4))).
I expect the retracement (B) to emerge soon to reach between 41.60 and 42.20
I highlighted the historical pullback with green ellipse for sample.
Another drop down (C) could undershoot at 37.51, ((Y))=((W)) or overlap beyond the terminal point of wave ((W)) below 36.99.
Crude Oil USOIL Quick short ideaJust a quick short to target area 1. Oil looks exhausted and ready to take a breather. I think It might only be a quick rest then back to the upward momentum.
Brent Crude Could Have Started Another Drop to 36.99The price failed to tag the former top of 43.40, but it's ok and the huge flat correction goes as planned (see related).
We got move down and almost full retracement of it in place. Another drop is pending to complete the correction.
The minimum target is located at the former low of 36.99.
Brent Crude Updated Map - More Down 32.90/29.70Current consolidation is a classic flat within double three WXY (white labels).
Which is in its turn is the wave ((X)) of the larger yellow degree - the junction between ((W)) and ((Y)).
After it gets completed another drop would follow to hit the blue box between 32.90 (38.2% Fib) and 29.70 (50% Fib).
Brent Crude Correction Gets Complicated range 43.40-36.99The current move up is not an impulse as its 1-2-3 maybe (A) of yellow ((X)).
Then the correction gets more complex and we will get stuck in the 43.40-36.99 range.
CL: Crude Oil Forming a Reversal Top?Crude Oil reversed from its highs of last week near $40.7, almost closing the gap. The chart rallied up to its 50% retracement level ($40.7) of the recent major decline and is now pointing downward. Possible next retracement levels are: 78.6% ($35.39), 61.8% ($31.14), and 50% level at $28.7. MACD is forming a top; RSI is pointing downward.
Fundamentals are bearish: Supply cuts have been confirmed by OPEC+ last week, but only through July, which is a short-term measure. Inventories showed a build of 5.7 Mb for the week of June 5 (EIA report). Lack of demand is a major concern to investors, although production is slowing down. Supply is still ahead of demand.
CRUDE OIL (WTI) Price Action & Bullish Forecast
WTI Oil reached a key daily/4h structure.
The price has been surely retraced from the underlined support violating 1H minor structure resistance.
Based on that the price may keep growing today.
Targets based on recent structure levels:
37.0
38.0
Brent Crude Consolidation Alternative view - Simple ZigZag downThis could be more simple - just a zigzag
wave (C) could be underway then. It could hit at least the 61.8% of (A) = 39.77 or just below the terminal point of wave (A).
It can go deeper to hit 38.40 where (C) = (A).
Watch reaction in blue box.
Brent Crude Entered Consolidation The target from my last update for this idea was reached at 43.40 - exactly to the tick. I think it's just lucky coincidence ))
Now the market is consolidating within 39.84-43.40 range.
We got sharp wave (A) down in place, which hit 39.84; now the wave (B) is underway. It could retest the former top of 43.40.
Let's see.
