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Crude

#OIL #OOTT UpdateI think I just decoded the oil chart. I have been contemplating a rise to $90+ because I expected ABC flat where I now see WXY combination of zigzag, zigzag and triangle. The chart now perfectly aligns with Brent where wave [ B] did make lowest low presumably shaping a symmetrical triangle whereas WTI is working on a running triangle. That means that we have only strong push left upwards from current low which should come either as a straight impulse or an expanding diagonal which will be extremely annoying.
TVC:USOIL
by Fomenka
Oil: Can support survive? Today's focus: Oil Pattern – Descending Triangle Possible targets – 64.06 73.22 Support – 67.05 Resistance – 72.22 74.15 Hi, and thanks for looking at today’s update. Our attention is on oil after yesterday’s sharp selling took price back to key support. This level has held firm for buyers, but could this be the fourth time lucky for sellers? So far, production cut updates have done little more than spur on sellers. Will we see buyers re-hold this level, or could we see a new break lower by sellers that gets the downtrend back on track? Thanks for stopping by. Good trading, and have a great day.
EIGHTCAP:USOUSD
by Eightcap
Crude Oil on a Major Level of Support on the Daily timeframeCrude oil has revisited the significant daily support level at $67. The price has previously shown a strong rebound by respecting this support. There is a possibility of a bullish reversal taking place, potentially forming a triple bottom pattern. However, it is important to consider the alternative scenario where the price maintains a bearish sentiment. In this case, a bearish breakout below the support level could occur, leading to a decline below this level and potentially establishing a new low for the year 2023. Traders and investors should closely monitor the price action and market conditions to gauge the direction and strength of the crude oil market.
TVC:USOILLong
by TraderChamp-Pro
#Oil #OOTT UpdateWow oil has been very tough lately. Many times I jumped the gun with long calls. I am actually bearish into the end of 2023. The reason I am so stubborn to pick the local bottom is that my charts just do not make sense without this last big jump to 90-100 range that I expect any time soon. The chart is a complete meat grinder. The price is actually trading under moving averages on many timeframes and sending me bearish technical signals. There are bearish candles and engulfings all over the chart. It is only the Elliott Wave count that keeps me bullish since I cannot see an alternative that could continue the downtrend. However, I am running out of bullish counts as well. The leading diagonal is very risky bet without having it fully formed. However, besides Elliott Wave count there are emerging signs in support of bullish case. See the falling trendline that the price broke through and now retesting from above in a good bye kiss? Gasoil chart looks more pointed upwards trading above moving averages. And gasoil crack has made a bottom and is recovering (will post as an update to this chart).
TVC:USOIL
by Fomenka
1
USOILSPOT H4|Falling to support?USOILSPOT is falling towards a key support level and could potentially reverse from here. We could see price bounce up to our take profit target. Entry: 69.325 Why we like it: There is an overlap support Stop Loss: 67.163 Why we like it: There is an overlap support Take Profit: 73.294 Why we like it: There is an overlap resistance Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
FX:USOILSPOTLong
by VantageMarkets
USOIL H4| Rising into resistance?USOIL could rise towards an overlap resistance that sits above the 50.0% Fibonacci retracement level. Price could hit the sell entry at 74.034 and potentially reverse to drop lower. Take profit is at 69.436 which is an overlap support. Stop loss is at 76.944 which is an overlap resistance. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
FX:USOILShort
by FXCM
EURUSD | STILL BULLISH AT THE MOMENTHello Traders, price perfectly went with yesterday's prediction, tho entry was not precise but trade went well as you can see above. Today we have retail Sales releasing and also the US Crude Oil report with consensus that might not really be in favour of the United States or enough impact to help. The area marked in triangle is where I think price could change or reverse in support the Euro around 1.06500, what do you think 🤔?
Long
by Forex_Sentralytic
1
XOM OUTLOOK 06/05 -06/09After finishing March and April strong and making all time highs at 119.92, NYSE:XOM pulled back in May to a key support level around 102. With $CL_F setting up for a bullish week, and the Saudis plan to cut their OPEC+ oil supply by 1 million barrels per day, we could see gas prices rise and a potential buying opportunity in $XOM. Technical Analysis: NYSE:XOM tested a breakdown of the macro channel we’ve been watching, but was able to reclaim the support during Friday’s session. As long as we respect this channel, I can see us continuing higher. We also have a dirty inverted head and shoulders with the daily 102.33 level as the neckline. Bulls will want to hold above 106.26, reclaim the 200 day moving average and break above the weekly level at 107.90. My lean is bullish, and will look at the 50% short retrace at 110.59 as a potential price target this week. Bears will want to see price action below 102.33. Upside Targets: 106.26 → 107.55 → 107.90 → 109.58 → 109.61 Extended: 110.59 Downside Targets: 105.00 → 103.32 → 102.33 → 101.26 → 99.18 Extended: 97.02
NYSE:XOMLong
by peterjames_6
USOIL is getting cheapWe recently noted that an interesting opportunity to go long oil could be on the horizon soon. Accordingly, we waited patiently for the price to fall below $70 per barrel. Now, with the price trading near $68.80, we are starting to consider the price attractive to go long. However, we think it is proper not to use all the firepower yet as technicals still point to more downside. Therefore, our plan is to start accumulating in very small batches and unload the stash with the price retracing back above $70. With that said, we would like to set a price target for USOIL at $71. Technical analysis Daily time frame = Bearish Weekly time frame = Bearish Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOILLong
by Tradersweekly
22
USOILSPOT H4|Falling to support?USOILSPOT is falling towards a key overlap support and could potentially reverse from this level. Price could hit our buy entry at 66.859 and bounce up from here. Our stop loss will be at 64.959 which is an overlap support. The take profit level will be at 70.025 which is an overlap resistance that aligns with the 38.2% Fibonacci retracement. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
FX:USOILSPOTLong
by Rockqet
CRUDE OIL ( XTIUSD ) Long Term Technical AnalysisHello Traders In This Chart XTIUSD HOURLY Forex Forecast By World of Forex today nzdcad analysis 👆 🟢This Chart includes_ (XTIUSD market update) 🟢What is The Next Opportunity on XtiUsd Market 🟢how to Enter to the Valid Entry With Assurance Profit This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.
FXOPEN:XTIUSDLong
by forexplanet797
WTI OIL Sell now and buy back on this levelWTI Crude Oil had a heavy rejection on the MA50 (1d) that broke today Support (1). The selling can extend beyong Support (2) before we get a new buy signal on the (1d) time frame. The long term pattern remains a Channel Down and every MA50/100/200 (1d) test is a sell opportunity. Trading Plan: 1. Sell on the current market price. 2. Buy at 66.00. Targets: 1. 66.00 (Fibonacci 0.1 as it happened on January 5th, a similar fractal). 2. 75.00 (the MA100 (1d)). Tips: 1. The RSI (1d) is under its MA level, which is exactly what happened on January 5th on the short term Low. If the RSI crosses back above its MA, it will be a confirmed buy signal. Please like, follow and comment!! Notes: Past trading plan:
TVC:USOILShort
by TradingBrokersView
1
Bullish opportunity for oil might be on the horizon soonFor some time now, we held the view that the price of West Texas Intermediate crude oil would remain volatile, trapped within a wide range between $70 and $82. Then more recently, we stated that the oil price was likely to break below $70 as the U.S. administration sought to unload more crude oil from its Strategic Petroleum Reserves. Today, we would like to highlight (again) how the United States has continued to play a carefully calculated game in the oil market for the past two years. Between 7th January 2022 and 6th January 2023, the U.S. administration drained its crude oil in Strategic Petroleum Reserves (SPR) by approximately 221,8 million barrels (by 37% in the respected period), selling a significant portion of the stockpile at a relatively high price. By doing so, the administration put pressure on rising energy costs, which, combined with other factors, helped drive the price of WTI crude oil from nearly $130 per barrel on 8th March 2022 toward the $70 price tag in the first half of 2023. With the oil prices being down by approximately 45% from their 2022 highs and SPR being drawn by 39% from 7th January 2022 (up to date), the U.S. government is (unsurprisingly) changing its policy concerning Strategic Petroleum Reserves. Last week, U.S. Energy Secretary Jennifer Granholm notified the public that the Energy Department would begin refilling SPR as soon as next month. We think this process could make a good case for a temporary rebound in the oil price and thus bring an interesting opportunity to go long (though only for a very limited time) if the price falls below $70 again. Until then, however, we will stay on the sidelines and patiently wait. If the price drops below Support 1 at $69.44, we will reassess the situation and (potentially) start looking for attractive entry-level. Technical analysis Daily time frame = Neutral/Slightly bearish Weekly time frame = Neutral/Slightly bearish Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOILLong
by Tradersweekly
8