CRUDE OIL (WTI): Intraday Bearish Confirmation?! 🛢️
Retesting a broken daily horizontal structure,
Crude Oil formed a tiny double top pattern on an hourly time frame.
The neckline of the pattern was broken after the market opening with a gap
and a consequent strong bearish candle.
We can anticipate a further bearish continuation.
Goals: 75.9 / 75.5
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Crude Oil
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 :-)
WTI Crude oil - front expiration
Technical Analysis:
Today, the WTI Crude Oil futures experienced a negative extension in their price, and they reached an important support level around $75. On an hourly basis, it seems like wave 3 may have exhausted. This suggests a potential change in the price direction.
Scenarios:
1. Scenario 1 - Positive Rebound. It's realistic to expect a rebound in the price to around $80. This means the price may go up from the current level.
Strategy for Scenario 1:
- Set the position's Delta to positive, following your investment criteria.
- First target: $77.50
- Strategy on reaching target 1: Set the position's Delta to zero
- Second target: $79
- Strategy on reaching target 2: Set the position's Delta to zero
2. Scenario 2 - Negative Acceleration. If the price breaks down below today's low of $74.91, we could see a further decline to around $73.90. This would indicate a negative acceleration in price.
Strategy for Scenario 2:
- Set the position's Delta to negative, following your investment criteria.
- First target: $73.90
- Strategy on reaching target 1: Set the position's Delta to zero
- Second target: $72.50
- Strategy on reaching target 2: Set the position's Delta to zero
Summary:
The technical analysis suggests a potential short term technical change in the price direction. We consider a positive rebound strategy if the price hold level $75. I the price drops below $74.91 experiencing a negative extension, we will consider a short strategy.
Make sure to follow your investment and adjust your position's Delta accordingly to manage your risk.
Investment criteria we highly recommend:
CONSERVATIVE strategy: max position's Delta value (+/-) 0.20
MODERATE strategy: max position's Delta value (+/-) 0.30
AGGRESSIVE strategy: max position's Delta value (+/-) 0.40
Please note that investing in derivatives involves hight risks. We strongly advise against invest in future or options naked (not hedged), and to carefully follow your investment strategy criteria and risk management.
Delta Zero
Technical Analysis team
Crude Oil to $160?😳 (Stop Harbouring Iranian Petroleum Bill)The U.S. House of Representatives has passed a bill called ‘Stop Harbouring Iranian Petroleum’. The purpose of the bill is to do all the following listed above🔺
But in more simple terms, the plan of the U.S. government is to pull Iran into the war & shift blame onto them, for the genocide currently going on in the Middle East. They’ll say Iran is funding the war & the only way to stop that is by blocking & putting a price cap on Iranian Oil. They do this knowing Iran will likely block off the ‘Strait of Hormuz’ as a retaliation.
What happens now? Saudi countries can no longer use the Strait of Hormuz to export their Oil, which’ll create supply shortage for Western nations. This’ll lead to Crude Oil prices shooting higher & forcing more people towards electric vehicles & products📈
WTI OIL Hit both bearish targets. Time to buy again?WTI Oil (USOIL) hit both our 79.00 and 75.00 targets on the H&S sell call we made (see chart below) on October 30:
The trend on the 1D time-frame evolved into a Channel Down that broke below the 1D MA200 (orange trend-line) but hit on Wednesday it's bottom (Lower Lows trend-line) and is so far holding. As the 1D RSI touched the 30.00 oversold barrier, we have a strong buy signal emerging as every time in the last 2 years the 1D RSI got oversold, Oil always rebounded to reach the 1D MA50 (blue trend-line) at least.
The 1D MA50 has been the Resistance since October 24 and as Support 1 (73.85) is very close, we turn bullish again after a long time to target the top of the Channel Down at 82.00.
Notice that this correction got closer to the 1W MA200 (red trend-line) which is the ultimate long-term Support and the one that held on 5 different times from mid March to June (closed all 1W candles above it and eventually led to September's High).
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Crude Oil Futures ~ Golden Pocket Support (2H Intraday)NYMEX:CL1! intraday mapping/analysis.
Crude Oil Futures finding support on Golden Pocket + lower range of descending parallel channel (white dashed) confluence zone after flat bottom break, while hovering above lower range of ascending parallel channel (green) + 66% Fib confluence.
Price action accumulating while digesting recent sell-off
Bias leaning towards bullish reversal to re-test break aka "return to scene of crime", TBC
Heavy confluence zone(s) underneath to keep price elevated (unless wrecked by major economic/geopolitical news catalyst)
Breakout above accumulation to validate bullish reversal &/or tap parallel channel (green) + 66% Fib confluence & rip back up to trigger fake dump/liquidity grab
Eyes on US Yields for correlation (linked via Related Ideas)
Set alerts - wait for trade to setup - hyper-awareness for potential oil manipulation by either OPEC+ or US (SPR refill narrative)
Crude Oil Futures ~ November TA Outlook (4H Intraday)NYMEX:CL1! chart mapping/analysis.
Note: TradingView chart B-ADJ adjusted for contract changes
Crude Oil Futures capitulating from early October rally despite ongoing Middle East tensions & geopolitical uncertainty.
Only macroeconomic narrative/headwind that would override war escalations is increasing probability of global recession-induced demand destruction, IMO.
Notes:
Flat bottom pattern development = bias towards bearish price action, TBC.
Crude Oil = highly manipulated trade with ongoing short-risk from Saudi Arabia &/or Russian market intervention - trade at your own risk to capital.
Should the CRUDE OIL rally from here?The crude oil's 4th wave dip seems to have found the right area from where it might look to reverse and then rise towards the 97-100$ mark in the pending wave 5.
The rise from the MAY bottom may look like a corrective ABC to many but in this chart i considered taking the wave 1 rise in May as a leading diagonal(more clearly visible on hourly and 3-hour charts), and therefore according to my wave counts the 5th wave should begin now as the wave c of ABC is ending now with an ending diagonal formation.
SUPPORT ZONE 77-78 $
Note*- This is not a buy/sell advice. This chart is for educational purpose only.
XTIUSD( US OIL ) LONG term Trade AnalysisHello Traders
In This Chart XTIUSD HOURLY Forex Forecast By Forex Planet
today XNGUSD 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.
Oil says nothing flattering about the global economyWest Texas Intermediate crude oil hit our price target of $80 and continues to slide lower. At the moment, it trades slightly above $76, which marks a decline of nearly 20% from the highs in late September 2023. Today, we want to talk concisely about two things. First, China’s demand for oil began to slow down again after slightly picking up during the summer, which is reflected in the latest data revealing the rising level of the country’s stockpiles (do not forget, China also experienced a significant drop YoY in exports for October 2023). Second, Saudi Aramco posted 23% lower net income in the third quarter of 2023 versus the same time in 2022. All in all, we presume that does not tell anything flattering about the global economy.
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.
Crude Oil - New Lows - DailyCrude Oil just printing another LOWER-LOW.
78 support line became now a resitance zone , so we can see 73-74 zone , very soon.
Also OPEC anounced that they estimate an increase in barels per day in 2024-2025 , that is a bearish info beacause they already cut the production every month and the price is still in down trend, so with an slower economy also the demand its lower for OIL...so medium term im bearish on it.
WTI CRUDE OIL: Very dangerous 1W MACD Bearish Cross formed.WTI Crude Oil materialized our 78.50 short term target (chart at the bottom) and crossed under the 1D MA200. This is a breach of potentially serious consequences as it also breached the 1W MA50, so we need to monitor the closing on a weekly scale. If it closes under it, the bearish trend is very likely to be extended. The formarion of a MACD Bearish Cross on the 1W timeframe can be very dangerous as the last one that happaned while the price breached the 1W MA50 was on June 13th 2022, the market High after the Russia invasion peak.
If the market does close the week under the 1W MA50, we expect a rebound on the Channel Down bottom near 76.00 and if the candles close under the 1W MA50, fresh short targeting the 1W MA200 (TP = 71.00).
See how well our prior idea has worked:
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CL1! Crude Oil Day Trade 7-Nov-2023TRADE DIRECTION: SHORT; as indicated by the 4H-EMA 50 (yellow line) and the market structure.
KEY LEVEL: Round numbers S&R with 50 ticks range between each level.
TRIGGER SIGNAL: Doji and bearish pin bar (red arrows) with price failed to close above 79.50.
RR: 1:1
SL: 100 Ticks
TP: 100 Ticks (achieved)
CL1! Crude Oil Day Trade 6-Nov-2023The price seems not able to close below the 81.00 level. The 5 green arrows showed that buyers keep on pushing the price upward. As a Day Trader, this is an opportunity for a counter-trend trade, because it is obvious that we are in a downtrend at the 4-hour chart.
TRADE DIRECTION: Long
KEY LEVEL: 81.00
TRIGGER SIGNAL: Bullish pin bar (yellow arrow), supported by other bullish reversal candles (green arrows).
Entry: 81.00
Stop Loss: 80.00
Profit Target: 82.00 (100 ticks of profit achieved)
Risk to Reward Ratio - 1:1
CRUDE OIL (WTI): Massive Breakout Confirmed 🛢️
Crude Oil remains under a strong bearish pressure.
First, the market violated a solid rising trend line on a daily,
Second, a wide horizontal zone of demand.
The broken horizontal and vertical structures compose
and expanding supply zone now.
I will expect a bearish movement from that to 78.6 - the next horizontal support.
❤️Please, support my work with like, thank you!❤️
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): Bearish Movement Continues 🛢️
Update for WTI Crude Oil.
The price nicely respected the underlined supply zone that we spotted earlier.
We can see how nicely the price reacted to that yesterday.
We may expect a bearish continuation now.
Goal - 78.56
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Crude Oil - KeyLevelsOil, after breaking the support of the trend line, attempted a comeback and retested the former support line that turned into resistance, from where the sellers managed to defend the price and thus it seems that we only had a discount for a new sell.
Now the price is in an interesting neckline and I, personally, am only looking for a short.