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Crude Oil

Oil could go to $90 and higher if this happens...Since the eruption of the war between Hamas and Israel in early October 2023, we have been occasionally reporting on some of the developments in the oil-rich region. In one of the more recent articles, we outlined how Israel’s deadly airstrike against Iranian generals in Damascus, Syria, was likely to provoke retaliation from Iran and its proxies. On Saturday, Iran followed through and launched a large-scale attack on Israel. Per media reports, Iran sent approximately 170 drones, 120 ballistic missiles, and 30 cruise missiles, most of which were intercepted outside of Israel’s airspace with the help of Israel’s allies, including the United States. The attack sparked a discussion of retaliatory strike against Iran within Israel’s war cabinet, with officials not being able to agree on a timeline. Initially, it was announced Israel would reciprocate aggression in a window of 24 to 48 hours. However, just shortly before the futures market opened on Monday, Israel’s officials backtracked their plans, noting the country was not looking for significant escalation of the conflict while leaving a possibility of payback on the table. Besides the attack, there was also news concerning Iran’s seizure of the Israel-linked MV MSC Aries cargo ship (operated by Geneva-based Mediterranean Shipping Company and owned by Gortal Shipping) off the Strait of Hormuz. At the moment, it does not seem very probable there will be some sort of disruption to cargo or tankers transiting through the area, but keep in mind that about 21 million barrels per day were transiting through here in 2022, which is about three times more than oil passing through the Red Sea before the start of the Israel-Hamas War. All in all, the geopolitical situation in the region progresses from bad to worse, carrying many unknowns. But judging by how things are unfolding, there is a high chance of a conflict passing beyond a point of no return, which, in turn, has profound implications for the oil market and could see the oil price rise above $90 per barrel (and potentially to the upper $90 per barrel). Illustration 1.01 Illustration 1.01 shows the daily chart of USOIL and simple support/resistance levels derived from past peaks and troughs. Technical analysis Daily time frame = Bullish Weekly time frame = Bullish 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILLong
by Tradersweekly
The Crude Oil SetupCrude Oil (May) Yesterday’s close: Settled at 85.41, down 0.25 Crude Oil futures have traded in a quiet range, going back through last week, outside of an early Friday morning geopolitical spike. A slate of economic data from China last night printed better Q1 GDP results at 5.3% versus 4.8%, but Industrial Production and Retail Sales whiffed. However, U.S. Retail Sales yesterday came in much stronger than expected, leading to a revision higher in the Atlanta Fed’s GDP forecast from 2.4% to 2.8%. It is important to note that Crude Oil has reacted favorably to surprisingly resilient and strong U.S. economic data, especially that which highlights the consumer. Waves of weakness over the last week have helped define a floor at $84 and just above, while the gap settlement from April 1st sits just below at 83.71. This establishes a line in the sand in which the bulls can become more comfortable leaning against. However, a break below could quickly open the floodgates. Bias: Bullish/Neutral Resistance: 85.72-85.86**, 86.09-86.29**, 86.81**, 87.34-87.67***, 88.37-88.64*** Pivot: 85.32-85.35 Support: 84.69***, 84.04-84.33***, 83.71***, 83.12-83.25*** Check out CME Group real-time data plans available on TradingView here: www.tradingview.com Disclaimers: CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
NYMEX:CL1!
by Blue_Line_Futures
USOIL Trading IdeaBased on Simple Technical Analysis ( Trendline + Support & Resistance ) Risk Disclaimer: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my analysis as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this page, and they are for educational purposes only. Any action you take on the information in these analysis is strictly at your own risk. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Good luck :-)
FX:USOILShort
by ShahedZare
CRUDE OIL (WTI): Potential Scenarios For Next Week 🛢️ Crude Oil is consolidating after a strong bullish wave. The price formed a horizontal range on a daily. Next week, wait for a breakout of one of the boundaries of the range for a confirmation. Bearish violation - a daily candle close below a support of the range, will give you a strong bearish signal. A bearish continuation will be expected to 83.0 level then. Alternatively, a bullish breakout of the resistance of the range - a daily candle close above, will push the prices higher to 89.0 level. Wait for a breakout, it will give you a strong confirmation. ❤️Please, support my work with like, thank you!❤️
TVC:USOILLong
by VasilyTrader
7
Where Does Crude Invite Buyers?Crude Oil (May) Yesterday’s close: Settled at 86.21, up 0.98 Crude Oil futures slipped early yesterday due to the broader risk-off sentiment and saw further selling on larger builds within the weekly EIA inventory data. However, price action held major three-star support (newly adjusted to 84.55-84.69 and 84.90-85.10) before geopolitical premium brought a fresh bid as news flow called an Iranian strike on Israel imminent. Price action is again slipping into the onset of U.S. hours and with support well-defined, we will look to a pivot and point of balance at 86.02. Bias: Bullish/Neutral Resistance: 85.29**, 86.58-86.71**, 86.91-87.10***, 87.07-87.22**, 88.37-88.64*** Pivot: 86.02 Support: 84.90-85.10***, 84.55-84.69***, 84.04-84.09**, 83.71***, 83.12-83.25*** Check out CME Group real-time data plans available on TradingView here: www.tradingview.com Disclaimers: CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
NYMEX:CL1!
by Blue_Line_Futures
Oil: Thoughts and analysis Today's focus: Oil Pattern – Continuation? Support – 85.38 Resistance – 87.37 Hi, traders; thanks for tuning in for today's update. Today, we are looking at oil on the daily. After a surge from the USD caught a lot of attention yesterday, we are watching oil after it rejected a push lower by sellers and continues to hold in a potential continuation type set-up. Do you think that price is showing signs of a continuation? Could a close above yesterday's high signal a new move higher that could test resistance at 87.37? Watch out for a new move lower that tests the 85.50 area, as that could be a sign that sellers have more numbers than first thought. Good trading.
EIGHTCAP:USOUSDLong
by Eightcap
WTI remains on the 'buy the dip' statusMarket positioning data from the COT report shows that asset managers and large speculators are piling into longs, yet shorts remain subdued. The price on the 4-hour chart also shows an established uptrend within a bullish channel. Prices have not yet completed a 3-wave retracement against the trend, hence the bias for a slightly deeper pullback before its trend resume. Also note that RSI (14) has not yet dipped into the oversold zone (which is now 40 given the strong uptrend). Any pullbacks towards the internal trendline or $84 will pique our bullish interest for new longs, in anticipation of its next leg higher on route towards $90.
NYMEX:CL1!Long
by CityIndex
Crude Oil, Bulls in Driver’s Seat?Crude Oil (May) Yesterday’s close: Settled at 86.43, down 0.48 On Friday, geopolitical premium helped the nearby month in Crude Oil futures traded to the highest level since October 23rd, and the May contract hit the highest since June 2022. Price action gapped lower from the 86.91 settlement on the open Sunday night, but strength into the onset of U.S. hours yesterday hit a high of 87.10. The resilience lends optimism, with the session low (Sunday night) holding that of Thursday’s before headlines lifted to new local highs. This newly established floor is now major three-star support at 84.64-84.93 and we see the bulls in the driver’s seat while above here. The EIA will release its Short-Term Energy Outlook at 11:00 am CT, and API’s private weekly inventory survey is due at 3:30 pm CT. Bias: Bullish/Neutral Resistance: 86.91-87.10***, 87.07-87.22**, 88.37-88.64*** Pivot: 86.10 Support: 85.39-85.50**, 84.64-84.93***, 84.04-84.09**, 83.71***, 83.12-83.25*** CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
NYMEX:CL1!
by Blue_Line_Futures
Oil unaffected by the Port of Baltimore's closureAfter breaking above the ascending channel and reaching its highest value in nearly six months late last week, the price of West Texas Intermediate crude oil retested the upper bound of the channel during yesterday’s trading session. The outlook continues to look bullish on daily and weekly time frames. Nevertheless, multiple indicators flash overbought signals on the daily chart, implying this might not be the best spot to enter the market on the long side, and instead, it might be preferable to wait for a more substantial correction. While waiting for such an event, we would like to address a recent tragedy in Baltimore that captured national headlines and caused the closure of the Port of Baltimore. Some analysts proclaimed this to be the start of bigger problems for various supply chains. However, despite the event's emotional weight and social implications, its impact on the oil market has been minimal. That is mainly because the port’s imports are not made up of crude oil but rather petroleum-derived products, including biodiesel, asphalt, and numerous fertilizers (along with different non-petroleum products). Therefore, the port does not hold considerable significance to the oil market. Illustration 1.01 Illustration 1.01 shows the daily chart of USOIL and the upward-sloping channel. Technical analysis Daily time frame = Bullish Weekly time frame = Bullish 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILLong
by Tradersweekly
WTI OIL Consolidation before rise to $91.50.WTI Oil (USOIL) is trading within a Channel Up pattern since the January 28 High supported by the 4H MA50 (blue trend-line) - 4H MA200 (orange trend-line) Zone. The Bullish Legs have so far recorded rises within a +8.24% to +10.24% range. Right now it appears that Oil has finished the latest Bullish Leg as the 4H RSI made its standard Peak formation and declined. According to the previous RSI patterns, this decline is the most optimal buy entry. Now we should be expecting a consolidation around the 4H MA50 and not lower than the 4H MA200 before the next rally. Taking the lowest +8.24% rise scenario, we are targeting for a minimum Higher High at 91.50. ------------------------------------------------------------------------------- ** 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
2