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Crude Oil

WTI turns lower after surprise crude stocks buildNews of a surprise inventories build in the US has caused oil prices to give up earlier gains and turn lower. The EIA US weekly crude oil inventories came in at +3591K vs -2850K expected and -2547K prior. The 3.6-million-barrel build suggests weaker demand despite hopes that inventories would draw down more meaningfully due to the US driving season. However, gasoline stocks also rose, coming in at +2654K vs -1024K expected, while the refinery utilization fell to -1.3% vs +0.1% expected. As a result, crude oil prices turned lower on the session to take out the lows of the past several days. The key support to watch is at $80.00 – if it breaks this level decisively now then we could see some follow-up technical selling towards $79.00 next. However, if instead oil prices rise to hit a new high on the session, then this would invalidate any bearish signals we may have seen today. So, watch the closing prices attentively. By Fawad Razaqzada, market analyst at FOREX.com
FOREXCOM:USOIL
by FOREXcom
Weekend Wizardry On Crude OilRight now It makes no sense in my mind why the market would want to return to being bearish. Yes we are in a premium and after a couple days of upwards movement there can be some stagnent action for traders who like to take more than 25-40 ticks ona single move. So again why would market want to move lower on a htf bases as pointed in my arrows we have a Daily FVG whcih I will be watching price to respect and create a discount in that FVG The wicks from Friday and Monday Daily chart show immediate rebalance and a propell higher is what I am looking for. Given Monday can be opposing price to what Tues and Wed Provide... wink wink Magnet shows my target for next week. to revisit this and whilst in fvg how do we close? Daily fvg CE? I really do look at price on the day to day basis weekly targets yes but this is a subconscious thought when im trading pacific times of the day.
NYMEX:CL1!Long
by IamThattrader
MarketBreakdown | Dollar Index, Silver, EURCAD, WTI Oil Here are the updates & outlook for multiple instruments in my watch list. 1️⃣ Dollar Index #DXY daily time frame 💵 Dollar Index nicely respected a key daily horizontal resistance. We see a nice bearish reaction to that today. Because of the absence of important fundamentals, I think that DXY may keep staying under a bearish pressure. 2️⃣ Silver #XAGUSD daily time frame 🪙 The price action on Silver contracts. The market is currently stuck between 2 trend lines, forming a classic symmetrical triangle formation. Before the release of the news, the market will most likely stay within the triangle, respecting its upper and lower boundary. US fundamentals this week can be a catalyst for a breakout. The side of the breakout will indicate you the future direction of the market. 3️⃣ #EURCAD daily time frame 🇪🇺🇨🇦 The market is approaching a significant confluence zone based on a recently broken horizontal support and a trend line. The broken structures compose a supply zone from where we may see a bearish movement. Patiently analyze the reaction of the price to that on lower time frames and look for a confirmation to sell. 4️⃣ #WTI CRUDE OIL 🛢️ The market is currently stuck between 2 horizontal structures within a narrow range. I will wait for a breakout of one of the structures to confirm where the market will go next. ❤️Please, support my work with like, thank you!❤️
TVC:DXYShort
by VasilyTrader
1
oil crudewe anticipate a long term buy for crude oil based on the following analysis of crude oil which is an amalgamation of both fundamental technical analysis. WTI crude oil continues its upward trajectory, with hourly prices testing the upper bounds of the ascending channel. If the short-term ceiling holds, prices could still experience a rapid pullback. The 38.2% Fibonacci retracement level stands at $80.02, with larger pullbacks potentially reaching the 50% level at $79.51, followed by the 61.8% level at $78.99 near the channel bottom and the 200-day SMA dynamic inflection point. The stochastic oscillator dropping from overbought territory indicates rising selling pressure, with room for oscillators to decline further before reflecting bearish exhaustion, which suggests that the correction could persist until such exhaustion is observed. The RSI is also trending downward, indicating that crude oil prices may follow suit until oversold conditions are met and oscillators rebound. However, the overall structure shows the 100 SMA above the 200 SMA, confirming that the path of least resistance remains upward, or that support levels are more likely to hold than break. In this scenario, oil prices may continue to rise toward the swing highs around $81.69 or higher. In terms of trading strategy, it is recommended to buy the dips. ENTRY ; 80.00 tp 85 sl 78.80 risk reward ratio ; 120;500 (approximately 5 times more reward). Follow us for such market related updates contents and news boost us for increasing our reach to more people.
TVC:USOILLong
by realmillionairefx