CRUDE OIL (WTI): Detailed Technical Analysis Ahead of FED 🛢️
Multiple time frame analysis on Crude Oil.
Potential scenarios.
Detailed trading plan.
Important key levels.
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Crude Oil
WTI OIL Head and Shoulders within A Channel Up.WTI Oil (USOIL) eventually formed the Channel Up we projected on our most recent (see chart below) analysis 2 weeks ago:
As the price is below both the 4H MA200 (orange trend-line) and the 4H MA50 (blue trend-line), we spot the completion of the Right Shoulder of a Head and Shoulders (H&S) pattern inside that Channel. We will not short however before the price closes a 4H candle below the bottom (Higher Lows trend-line) of the Channel Up. Technically the H&S targets the 2.0 Fibonacci extension (75.00) but for the time being, we will settle for a 79.00 target, which will be marginally above the 1W MA50 (red trend-line) and 1.5 Fibonacci extension.
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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 :-)
CRUDE OIL (WTI) Bullish Outlook For Next Week Explained 🛢️
WTI Crude Oil formed a double bottom formation after a test
of a solid rising trend line on a daily.
Its neckline was broken this week.
The broken neckline and a trend line compose a contracting demand zone now.
A bullish continuation will be expected to 93.7 level from that.
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Brent OIL in USD until April 2024 + some projections into 2025 Weekly timeframe suggests that BRENT is in its second half accumulation area, which will last until April 2024. Inside the accumulation area OIL will in the range of USD 79-96, bottoming in the mid of December 2023 and topping in the end of February 2024. The last bottom of accumulation phase will happen in the mid of April at the level of around USD 90, but no lower than USD 87.
End of April will mark a major breakout from the accumulation phase starting a new sequence of higher highs, the first is expected around the level of USD 98. Followed by a quick retest of USD 93-96 range ending in the beginning of July 2024.
The long awaited OIL bullrun is likely to start in July 2024 and last until mid September 2025 reaching USD 213 level.
USOIL (WTI) BUYING ON DIPS HELLO TRADERS,,,
As i can see this chart of USOIL it is moving same as we had predicted in our previous analysis
Israeli & Gaza War Tensions are driving Gold and Oil prices in bullish trend and we can see a Wyckoff Pattern on the base of technical view the support is holding the price of oil and i am expecting it will boost to the upside for completing this technical pattern...
History will repeat, like the 1973-1974 war, where all the Arab countries stopped the supply of OIL. Can we see the same thing in 2023-2024 as war is at its peak? If the same happens, the OIL price will shoot to 120-130 barrels directly .
this is just an trade idea with Technically + Fundamentally view Kindly share Ur thoughts on US OIL so it will help alote traders community we appreciate Ur love and support
Stay tuned for more updates
CRUDE OIL (WTI): Your Trading Plan For Next Week Explained 🛢️
Crude Oil is consolidating within a range on a solid support.
85.8 is the resistance of the range.
If the price breaks and closes above that next week,
I would suggest buying the market,
anticipating a bullish continuation at least to 87.6 level.
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Crude Oil - Correction? Or Change in Trend?The December Crude oil contract has endured a precipitous drop in the past three trading sessions - falling nearly $7 per barrel. Is this just a correction? Are we in the midst of a trend change?
The Bullish Case:
Crude gapped higher on Monday, October 9th, following the start of the conflict between Hammas and Israel, and the geopolitical risk surrounding the situation served as a bullish catalyst for the crude oil contracts. A primary reason for the rally was anticipated escalation in the conflict, which has yet to materialize - causing the rally to stall. However, the risk of escalation still remains. Third party involvement from other nations or interest groups has the propensity to push crude oil prices even higher than the initial rally following the onset of the conflict.
The Bearish Case:
The winter months are typically not very kind to crude oil prices. Demand for crude oil wanes as consumers are usually more sedentary during the winter months. The seasonal chart below displays the 5, 10, and 15 year average tendencies for the December Crude Oil contract. Over each of those periods, crude oil prices trended lower from mid-October through November. If escalation does not materialize, it is likely that crude oil will continue to move lower.
How Will We Know?
In order to keep the uptrend intact, December crude oil will have to defend its recent low around $80/bbl. A turn higher ahead of that point will be a strong indication that crude will buck seasonal tendencies and continue higher. A failure to defend $80/bbl likely indicates that prices will continue to move lower.
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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.
Oil Short Term Sell IdeaH1 - Bearish trend pattern.
Currently it looks like a correction is happening.
Until the two strong resistance zones hold my short term view remains bearish here.
The U.S. reveals a trick up its sleeveA few weeks ago, we expressed our bewilderment at the U.S. administration and its handling of the oil stockpiles. Despite oil plummeting below $70 during the summer, officials did not take the initiative to refill the Strategic Petroleum Reserves (also canceling plans to buy oil in July 2023), prompting us to speculate about what trick the administration could have up its sleeve. Finally, last week, we might have discovered exactly what it was when news erupted that the United States lifted some of the sanctions on Venezuela, allowing it to produce and export oil to its chosen markets for the next six months without limitation.
While Venezuela’s oil production is only about 800,000 barrels per day, the news announcement is still quite a big thing as it will enable U.S. entities to buy crude oil and help alleviate rising crude oil prices (especially if the country ramps up production in the coming months and the global economy continues to slow down - presuming no broad conflict will affect oil supply in the Middle East).
Now, on the topic of technicals, we are paying close attention to the Sloping Support/Resistance. If the price breaks back above the resistance (and holds the ground), it will be bullish. However, a failure will raise our skepticism about more upside. In addition to that, we are watching MACD, RSI, and Stochastic on the daily chart. To support a bearish case, we would want to see all of them continue declining. Contrarily, to support a bullish case, we would like to see MACD reversing and breaking above the midpoint.
Illustration 1.01
Illustration 1.01 shows the daily chart of USOIL and a simple setup with bullish prospects above the sloping support/resistance and bearish prospects below it.
Illustration 1.02
Illustration 1.02 displays the daily chart of MACD. The yellow arrow indicates a bearish breakout below the midpoint. If MACD fails to rebound back into the bullish area above zero, it will raise the odds for a continuation lower.
Illustration 1.03
Illustration 1.03 shows the daily chart of USOIL and simple moving averages. The yellow arrow indicates an impending bearish crossover between the 20-day SMA and the 50-day SMA. If successful, it will bolster a bearish case.
Technical analysis
Daily time frame = Bearish (with weak trend)
Weekly time frame = 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.
🛢️ Oil at $88: Told Ya! (Now toss a coin!)Hey Oil Traders! 🤟
Oil is at a critical S/R level of $88, and it's anyone's game right now. 🎯
📈 Recent Trades: Went long under $70 and short at the $93 top. Nailed it! 🎉
🔮 Next Moves: It's a 50-50 toss-up. Could go to $93 or drop to $82. 🪙
🤷♂️ Why I'm Not Trading: With such uncertainty, why risk it? There are better setups out there. 🎣
📊 Other Setups: If you're itching to trade, maybe look at other assets. Bitcoin, anyone? 🚀
🤔 My Call: If I had to pick, I'd say we're going lower next. But again, why trade it now? 🤷♂️
That's the quick rundown, folks! Sometimes the best trade is no trade. 🤓
One Love,
The FXPROFESSOR 💙
long:
short:
WTI CRUDE OIL: Channel Down emerging.WTI Crude Oil got rejected on Friday on the former HL trendline which should now be considered a Resistance, rejecting the attempt to resume the uptrend. This turned the 1D timeframe technically bearish (RSI = 41.271, MACD = 0.120, ADX = 25.766) and the 1D MACD Bearish Cross (straight after a Bullish Cross) allows us to attempt a short entry, targeting the 1D MA200 (TP = 78.50).
See how well our prior idea has worked:
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CRUDE OIL (WTI): Your Trading Plan For Today 🛢️
WTI Crude Oil is trading within a wide horizontal range on a 4h time frame.
The price is currently testing a support of the range.
To buy the market with a confirmation,
watch a tiny double bottom formation.
If the price breaks and closes above its neckline - 86.26,
a bullish movement will be expected to 86.78 / 87.61
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oil to $70there is a big long legged doji on the 26week chart
at the md point of the doji lays the monthly 200mma
and also the 0.5 fib from the move up at $20 lows to $100 highs.
the over 15 year POC sits at low $70s
... would be a great buy opportunity should it materialise.
wti back to $100+ if bullish ms holdswti is near the range low and has already bounced the monthly level and VAL
liquidity still rests below this low and if the bullish market structure holds above $66 we should see a push back into the $100s
Oil: Thoughts and Analysis Today's focus: USOUSD
Pattern – LH after Trend Break
Support – 86.84 - 88.00
Resistance – 90.60
Hi, and thanks for checking out today's update. Today, we are looking at the USOUSD on the daily chart.
We are continuing to watch price after it broke the last trendline. So far, we have a new LH after the break, with price continuing to push lower in today's session.
Will we see further selling confirm the LH trend break pattern? Price will have to beat support to make this happen; otherwise, a new hold at support and break of resistance could suggest buyers are going to form a new leg up.
We will contnue to watch seller momentum today; also, check out the USDCAD, as it may try to make a new push higher, and Crypto, as it continues to push higher into the new week.
Good trading.
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 :-)
🛢️ USOIL Review 📈🛢️ USOIL Review 📈
USOIL is showing a strong bullish momentum, aligning with the "Smart Money" concept. The recent price action exhibits a compelling heavy impulsive move, indicating significant buying interest. The Smart Money principle involves identifying substantial shifts in market sentiment, and this move certainly captures attention.
Notably, we observe just two prominent order blocks within the unmitigated order flow, indicating a clear dominance of buyers. These blocks emphasize the strength of the bullish trend, suggesting that key players are accumulating positions.
Given these factors, it's an attractive opportunity for a "buy" position. The heavy impulsive move and limited order blocks support the idea that institutional investors are driving the market higher.
Overall, USOIL appears primed for an upward trajectory, making it a compelling prospect for traders. 📊📈🚀🛢️ #SmartMoney #BullishBias
CRUDE OIL (WTI): Bullish Outlook Explained 🛢️
Price action analysis for WTI Oil.
Structure analysis.
Important bullish confirmation explained.
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CRUDE OIL TO HIT $160?😳 (12H TF)On a smaller TF we've seen Oil spike up & break structure, by taking out the previous high at $93.80. This indicates a change in structure from bearish to bullish. We're currently seeing an accumulation order take place (Wave II), where new buyers are entering the Oil market. The average retail trader will be scared to take advantage of this dip, which is beneficial for institutional investment firms like hedge funds & banks📈
USOILUS Oil forms this great cup and handle formation, we then break neckline and get continuation entry, we fall back to neckline and as you can see we get this RVI divergence develop we can try a long on a pullback of fridays candle, we can aim to equal the high or break it!
Crude Oil - Elliott Wave CountCrude Oil - Elliott Wave Count
Based on the current market trends, it appears that there is a bearish sentiment prevailing. As a result, it is likely that we may witness a decline in the value of the asset to 85 or below. It is important to note that we have set our stop loss at today's high, which means that if the price breaks above this level, we will exit the market.
Please note that this information is for educational purposes only, and it is crucial to trade with caution.
MCX:CRUDEOIL1! NYMEX:CL1! TVC:USOIL CAPITALCOM:OIL_CRUDE MCX:CRUDEOILM1! EASYMARKETS:OILUSD
WTI CRUDE OIL: Short term sell signal unless this Fib breaks.WTI Crude Oil is on a neutral technical outlook on the 1D timeframe (RSI = 54.002, MACD = 0.110, ADX = 20.935), naturally so as it is ranged between the 1D MA50 and 0.618 Fibonacci level for the past four days.
The MACD now formed a Bullish Cross, which gives an edge to buying but only if the 0.618 Fibonacci level breaks. A similar fractal in May-June offered excellent sideways opportunities until the 0.618 Fib broke.
Consequently, we are selling (TP = 83.20) for as long as the price is under the 0.618 Fib (and buying the bounces) but will buy if the price crosses over it (TP = 95.00).
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