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2024-12-03 - priceactiontds - daily update - wti crude oilGood Evening and I hope you are well. tl;dr wti crude oil futures - Neutral. Bulls did what they had to, to prevent a flush down to 66. Market traded above 70 and we made a higher low. Bulls would need to print 71.5 for a higher high and I can’t see that happening as of now. Chop between 68 and 70 is most likely here. comment : Midpoint of this triangle is around 69.3 and this will be a magnet until we either make higher highs or lower lows. It’s a trading range, don’t over analyze it. current market cycle : trading range (big triangle on the daily chart) key levels: 66 - 70 bull case: Bulls had a decent day and turned the market completely neutral again. Only above 71.5 they are favored for higher prices. For tomorrow I expect some more sideways price action between 69 and 70.5. Invalidation is below 66.27 bear case : Bears need to keep it below 71.5 or we are making higher highs again. They tried to close below 68 for 4 days and today we saw bears giving up on it. Bears are still favored to keep it inside the triangle, so either play the range or don’t trade at all. Betting on a huge breakout is not a decent strategy after going sideways for so long. Invalidation is above 71.5. short term: Neutral inside the triangle. Area round 70.5 should be huge resistance. medium-long term - Update from 2024-11-10 : Unless an event comes up, this will very likely close around 70 for the year. current swing trade: Nope trade of the day: Could have longed anywhere and made money. 1h 20ema is strong support until broken.
NYMEX:MCL1!
by priceactiontds
WTI CRUDE OIL: targeting 95.00 with support by the 1M MA100.WTI Crude Oil is neutral on its 1D technical outlook (RSI = 51.599, MACD = -0.340, ADX = 19.425) as the price hasn't practically moved for 3 straight weeks. Even the 1W RSI remains neutral (RSI = 46.004) as the last 4 candles have closed inside the 1M MA50 - 1M MA100 range. The 1M MA100 is basically supporting the pattern since April 2021. As long as it does, chances are will see a strong rebound to the R1 level, a price action much like what followed the 2013 consolidation that pivoted to Leg (4). A similar S1 Zone was supporting on the 1M MA100. Consequently, we turn bullish on WTI expecting a R1 test in the coming months (TP = 95.00). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
1
WTI Crude Oil 2024: Range-Bound Trends and Key LevelsBig Picture: WTI Crude Oil Futures prices have been largely range-bound for most of 2024 with yearly low of 62.54 and high at 81.75 defining the trading range. Analyzing the Composite Volume Profile since January 2022 reveals that 2024’s price action has been contained within the Composite Value Area High (CVAH) at $79.91 and Composite Value Area Low (CVAL) at $63.57 We further note that while there are many bearish and bullish analyses for crude oil floating from different market analysts, market auction theory and charts point towards further range bound price action for December 2024 and foreseeable 2025 ahead until proven otherwise. OPEC+ meeting is scheduled to take place on December 5th, 2024. It was previously planned to take place on Dec 1st, 2024. The change accommodates the Kuwait Summit, with Saudi Arabia and its allies expected to discuss production quotas—a decision that could influence market dynamics. Additionally, U.S. crude oil production in 2024 has reached record-high levels. Geopolitical issues have not had a major impact on Crude prices as prices remain range bound. Intraday volatility remains amidst geopolitical uncertainty. WTI Crude Oil Key Levels: CVAH : 79.91 CVAL : 63.57 2024 Yearly Mid : 72.15 2024 Yearly Lo : 62.54 2024 CVAH : 75.60 2024 CVAL : 66.97 Market Scenarios: Short Term Resistance (2024 Mid and CVAH) : Price movements toward the upper range (CVAH at $79.91 or $75.60) could signal buyer exhaustion, with limited upside momentum expected. Short Term Support (CVAL and Yearly Low) : Movements toward lower levels (CVAL at $63.57 or $66.97) may indicate seller exhaustion, preventing a significant breakdown. As crude oil remains range-bound, traders should monitor these key levels and the OPEC+ meeting outcomes for potential catalysts. Until then, the market appears set to maintain its current trading range. Disclaimer : The views expressed are personal opinions and should not be interpreted as financial advice. Derivatives involve a substantial risk of loss and are not suitable for all investors.
NYMEX:CL1!
by EdgeClear
2
#202448 - priceactiontds - weekly update - wti crude oil futuresGood Evening and I hope you are well. tl;dr wti crude oil futures: Bearish. Bears printed 4 consecutive bear bars and made new lows. Next target is 67. Only a daily close above 70 would do it for the bulls but even then the next bear trend line runs below 71. Market is once again forming nested triangles on the daily chart. Tough to trade. Quote from last week: comment: Was also bullish on this and bulls finally came around. Clear break of the bear trend line and next target is 72.6. Is this a very bullish structure? Hell no. I expect more sideways movement just in a bigger range 69 - 72/73 until the bear gap is closed. If bulls somehow manage to close it next week, we can expect 75+ next. Continuation of the current range is much more likely though and that is why you should not over analyze trading ranges. Market is in balance in the midpoint, so mark it and fade the extremes. comment: The most likely outcome was a continuation of the trading range and that’s what we got. Bears are on their way to test 67 again and the market now have formed a head & shoulders pattern like in August where we broke down to make new lows. Most h&s patterns fail and are just continuation patterns. We will likely get the answer to that next week. Anything between 68 and 70 is a dead zone and I will only be interested in longs around 67, if bulls come around again. Shorts do not make sense below 70. current market cycle: trading range key levels: 67 - 72.6 bull case: Horrible week for the bulls with a clear sell signal going into next week. They have to defend 67 or we will likely go down to 66 or 65.74 again. Bulls who bought 67 have made money since September and we have no reason to expect it to be different this time. Daily close above 69 brings 70 and 70.5 in play. Invalidation is below 67. bear case: I do think Monday’s bar was a big bear surprise and market went mostly sideways afterwards. They also had a really good reversal on Friday which is a sell signal going into next week. They want to test the November low 66.27 and break below the very shallow bull trend line to test 65.73 or the lower bull trend line starting December 2023 at around 64. Invalidation is above 71.6. outlook last week: short term: Bullish that we reach 72 but upside is probably limited after that. Pullbacks are likely to be bought if not too strong and if we stay above 68. → Last Sunday we traded 71.24 and now we are at 68. Outlook was just plain wrong and that was already clear on Monday at US open. Market basically went nowhere after that. short term: Neutral 68 - 70 and I doubt we make lower lows below 66. Even if bears push below, downside is likely limited. medium-long term - Update from 2024-11-10: Unless an event comes up, this will very likely close around 70 for the year. current swing trade: None chart update: Nothing worth mentioning.
NYMEX:MCL1!
by priceactiontds
WTI crude looks poised for breakdownWTI has held the key resistance level of $69.30 today, marking a pivotal level on the intraday charts. Here, the resistance trend of the bear channel also came into focus. With support at 68.60/68.70 area broken, this level is now the most important short-term resistance to watch now. I think if we get a retest of this level from underneath, it could get sold and cause prices to drop to take out liquidity resting below the most recent low at 68.06. My next downside target would be $67.00. News of ceasefire between Israel and Hezbollah has helped to weigh on prices, potentially a positive step towards regional stability.
FOREXCOM:USOILShort
by FOREXcom
WTI Oil H4 | Potential bearish reversalWTI oil (USOIL) has reversed off a resistance zone and it could drop lower from here. Sell entry is at 70.81 which is a pullback resistance that aligns close to the 61.8% Fibonacci retracement level. Stop loss is at 73.00 which is a level that sits above a swing-high resistance. Take profit is at 66.90 which is a multi-swing-low support. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). 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 TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILShort
by FXCM
WTI OIL 4H RSI Bullish Divergence sending a strong buy signal.WTI Oil (USOIL) stopped yesterday's rebound on the 4H MA50 (blue trend-line) and is now on a small pull-back. Technically that is the Resistance level it needs to break if it wants to break-out aggressively towards the long-term Resistance Zone. There are high probabilities of doing so, as the 4H RSI formed Higher Lows, which is a Bullish Divergence against the Lower Lows of the price. In fact, it is the exact same formation as the October 01 Low that rebounded aggressively above the 0.786 Fibonacci retracement level. As a result, we are bullish on this one, targeting $76.00 (the 0.786 Fib currently). ------------------------------------------------------------------------------- ** 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
2024-11-18 - priceactiontds - daily update - oilGood Evening and I hope you are well. tl;dr oil - I talked about the previous low 66.72 extensively and today bears dipped below but bulls bought it with vengeance. We are on our way to 70 and a test of the bear trend line from the October high. I do expect the lows to be in and we go higher from here. Best for bulls would be to make 68 support and keep the market above, below I am probably wrong and we chop more at the lows. comment : If bulls get follow through to 70 tomorrow, bulls are in control again until they fail at the bear trend line (breakout above is possible). I do think the low 66.27 can hold. Right now it’s unclear if bulls are as strong as today looks because it’s only an expanding triangle over the past 5 trading days and bulls could not close today above the daily 20ema which is 20 points above us. So it’s possible that the descending triangle continues for more days before we get a breakout. Not much interest in selling this though. Will continue to long against 67. current market cycle : trading range (big triangle on the daily chart) key levels: 66 - 70 bull case: Bulls need follow through and test 70 tomorrow. A close above it would turn the market always in long and bulls in full control then. The bear trend line is the next target to break but until that happens, 70 is likely resistance and we go more sideways. Invalidation is below 66.27 bear case: Bears want to keep the trading range at the lows going since they are making new lows. Selling above 69 has been profitable for the past week and until that changes and bulls trap bears, we can expect bears to keep trying. Invalidation is above 71. short term: Neutral but looking for longs when it’s clear that bulls can keep the 1h ema support. Will otherwise wait for market to come down to 67/67.5 and scale into longs. No interest in selling. medium-long term - Update from 2024-10-20: No idea where this wants to go in the remaining 2 months of this year so I am neutral until we have a better pattern. The big triangle on the weekly chart is alive and until that changes, no more updates. current swing trade: Nope trade of the day: Buying the liquidity grap down to 66.27. The price action there on the very low tf was really interesting. Basically bears just left. Two more quick retries but only made higher lows and then a giant give up bar by the bears for 123 ticks on the 1h tf.
NYMEX:MCL1!
by priceactiontds
2
#202446 - priceactiontds - weekly update - wti crude oil futuresGood Evening and I hope you are well. tl;dr wti crude oil futures: Neutral until bulls do more. 66.72 is still the low to be broken if bears want more downside, otherwise it’s a descending triangle with clear support around 67. It does look like bulls need an event to help them. Every small rip is sold and it’s a matter of time until one side gives up and we see another breakout. Last thing I want to be is bullish on this but until we have a daily close below 67, it’s huge support. Quote from last week: comment: Market is now trying for 4 weeks to get below 73 and still failing. Friday’s bar is decent enough that bears could have given up and market has to drop down to 68 or lower to 67 to find more buyers. The trading range 68 - 73 is still not broken and until it is, that is the range to play. I just expecting bears to be stronger next week than the bulls. comment: Huge support around 67 and bears need a daily close below for lower prices. Bulls a daily close above 69 for 70 and potentially 70.4. No more magic to it and I won’t make stuff up for the fun of it. Market has no direction for weeks and the range is tighter than my food exit. As long as market does not drop below 66.72, bulls are ok but it’s really tough to make money as a bull in this. If bears break that price, we go 65 next, followed by 63.5. current market cycle: trading range (descending triangle) key levels: 67 - 71 bull case: At this point I am too lazy to come up with something for either side. I follow the range and past pattern. Last week was bearish and support held. Next week I expect trading above 69-71. I stop being lazy once the given range breaks. Maybe long range missiles onto Russian Oil depots will help this break out. Invalidation is below 66.7. bear case: Either break below 66.7 or give up again. Below 66.7 we see 65.74 and then 65 next. Invalidation is above 69. outlook last week: short term : Neutral again. Range is unbroken, play it until it breaks. → Last Sunday we traded 70.38 and now we are at 67.02. Bad outlook but will probably touch 70 tomorrow or Tuesday again. Probably was just off due to Sunday-Sunday. short term: Neutral. medium-long term - Update from 2024-11-10: Unless an event comes up, this will very likely close around 70 for the year. current swing trade: None chart update: Nothing worth mentioning.
NYMEX:MCL1!
by priceactiontds
USOIL A HARMONIC CRAB FOR 100$HELLO FRIENDS As i can see us oil is now trading near 67.00 $ i can see a strong horizontal Support Zone on Daily based and weekly based also we can see a bullish crap harmonic pattren with FIb retracement it can be a life changing trade we need patience time will decice after theses over sold weeks on oil and wars are the world will boost the demand because wars r not based on EV, they need Crude also fundamental issues and tight supply with exceeding demand will boost the price charts always talk we always prefer 80% of technical Friends our trade idea is based on very lower risk and big weekly rewards it's just a trade idea share Ur thoughts with us Stay Tuned for more updates
TVC:USOILLong
by APEX_TRADING_ACADMEY
WTI oil making its way to lowest point of this year?The commodity is near a key are of support right now, so let's see if today's US economic data can continue boosting the US dollar. If so, WTI oil may end up traveling further south. EASYMARKETS:OILUSD TVC:USOIL Disclaimer: easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration. 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, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
EASYMARKETS:OILUSD
by easyMarkets
WTI set for breakdown amid supply, demand concernsAlthough oil prices were trading higher at the time of this writing, it is becoming increasingly difficult to foresee a big rally at this stage, without any supply-side shocks. WTI's price action has been quite heavy as it continues to make lower lows and lower highs. While it has held its own around the December 2023 levels of around $67.00 to $68.00 area, this could prove to be a temporary respite before we potentially see a bigger breakdown. Not only has oil broken the key $69.30 to $70.00 support range, which is now holding as resistance, sentiment towards oil is increasingly turning bearish amid growing signs of excess surplus from non-OPEC. Indeed, the oil market is heading for a surplus next year, according to the IEA. The agency is forecasting an excess of over a million barrels per day, mainly due to faltering demand from China. Once the driver of global oil consumption, China has seen demand shrink for six consecutive months, largely as its economy pivots to electric vehicles and high-speed rail. Growing supplies from the US, Brazil, Canada, and Guyana keep the market well-supplied, says IEA. Demand growth this year and next will stay subdued due to slower economic growth and clean energy transitions. OPEC+ plans to cautiously restart production, with a 180,000-barrel-per-day increase set for January, though they’ll reassess in December. With supply growth outpacing demand, the market is likely to stay comfortably stocked well into 2025. Against this backdrop, crude oil looks set for a sharp drop after drifting lower in recent weeks. By Fawad Razaqzada, market analyst with FOREX.com
FOREXCOM:USOILShort
by FOREXcom
WTI Oil D1 | Falling to multi-swing-low supportWTI oil (USOIL) is falling towards a multi-swing-low support and could potentially bounce off this level to climb higher. Buy entry is at 67.44 which is a multi-swing-low support. Stop loss is at 65.10 which is a level that lies underneath a swing-low support. Take profit is at 72.17 which is a swing-high resistance that aligns with the 50.0% Fibonacci retracement level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). 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 TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILLong
by FXCM
WTI CRUDE OIL: confirmed bottom formation. Buy and target 77.50.WTI Crude Oil is bearish on its 1D technical outlook (RSI = 42.429, MACD = -0.380, ADX = 24.190) but that bearish sentiment is the ideal buy entry as the price hit today the top of the S1 Zone and stayed supported, extending the sideways price action of the last 2 days. The 4H RSI is on HL, which has been the distinct characteristic of all prior 3 bottoms. Being on the 0.236 Fibonacci level, we expect a strong rebound to start even as soon as tomorrow, to test the bottom of the R1 Zone (TP = 77.50). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
1
2024-11-12 - priceactiontds - daily update - oilGood Evening and I hope you are well. tl;dr oil - Neutral. 3 legs down are done and bulls got a couple of 1h bars that closed above the 1h 20ema. We have formed a descending triangle which will break out tomorrow and I do think a break to the upside is much more likely than below but it could happen. Bulls want 70 and bears 67. Below 67 would be 66.72 but I doubt bears can get there. comment : Market is trying to find a bottom. Can wait for a breakout and not trade this contracting range. Bears want 67 and then 66.72 and bulls 70 if they can break above the bear trend line. Not more magic to it. current market cycle: trading range (big triangle on the daily chart) key levels: 63 - 78 bull case: Bulls see the 3 clear legs down and now want a correction to at least the 50% retracement at 70.30. Today they finally printed multiple bars above the 1h 20ema and they are producing good buying pressure at 68. Bears will likely try 1-2 more times at 68 before they could give up and we see the upside breakout. Invalidation is below 67.50. bear case: I do think it’s tough to be a bear below 68. Downside could be limited to 66.72 and where would you put your stop? 69? Could work but I would not. Market has not traded below 67 for more than 5 days in September. Ultimately bears want to retest the October low at 65.74 and they have more arguments on their side than the bulls and yet I still don’t think the risk:reward selling below 68 is worth it. Invalidation is above 69.3. short term: Neutral until bulls break 69.3. No interest in selling below 68. medium-long term - Update from 2024-10-20 : No idea where this wants to go in the remaining 2 months of this year so I am neutral until we have a better pattern. The big triangle on the weekly chart is alive and until that changes, no more updates. current swing trade: Nope trade of the day: Buying 68 has been profitable and will likely continue to be.
NYMEX:MCL1!
by priceactiontds
2