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Crude Oil

XOM OUTLOOK 06/05 -06/09After finishing March and April strong and making all time highs at 119.92, NYSE:XOM pulled back in May to a key support level around 102. With $CL_F setting up for a bullish week, and the Saudis plan to cut their OPEC+ oil supply by 1 million barrels per day, we could see gas prices rise and a potential buying opportunity in $XOM. Technical Analysis: NYSE:XOM tested a breakdown of the macro channel we’ve been watching, but was able to reclaim the support during Friday’s session. As long as we respect this channel, I can see us continuing higher. We also have a dirty inverted head and shoulders with the daily 102.33 level as the neckline. Bulls will want to hold above 106.26, reclaim the 200 day moving average and break above the weekly level at 107.90. My lean is bullish, and will look at the 50% short retrace at 110.59 as a potential price target this week. Bears will want to see price action below 102.33. Upside Targets: 106.26 → 107.55 → 107.90 → 109.58 → 109.61 Extended: 110.59 Downside Targets: 105.00 → 103.32 → 102.33 → 101.26 → 99.18 Extended: 97.02
NYSE:XOMLong
by peterjames_6
WTI OIL Buy signal targeting the 1D MA100.WTI Oil (USOIL) reversed after hitting our previous target (see chart below) and is now rebounding again: As you see it bounced off the previous Support Zone of the candle bodies, which we view it as a Pivot Zone similar to the one formed on December 16 2022. On both sequences the 1D RSI rebounded after almost turning oversold (below 30.00) and the current rebound was from the symmetrical 37.50 level. The technical target is the Higher Highs trend-line and the 1D MA100 (green trend-line), as it did on January 18, which we project to be at 75.00. Keep in mind that since November 04 2022 (almost 7 months) of long-term Channel Down trading, the price almost hit the 1D MA100 before getting rejected. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
7
USOIL is getting cheapWe recently noted that an interesting opportunity to go long oil could be on the horizon soon. Accordingly, we waited patiently for the price to fall below $70 per barrel. Now, with the price trading near $68.80, we are starting to consider the price attractive to go long. However, we think it is proper not to use all the firepower yet as technicals still point to more downside. Therefore, our plan is to start accumulating in very small batches and unload the stash with the price retracing back above $70. With that said, we would like to set a price target for USOIL at $71. 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.
TVC:USOILLong
by Tradersweekly
22
WTI CRUDE OIL Sell continuation at least to 64.50WTI Crude Oil / USOIL is on a strong 1 week selling streak after the rejection on the 1day MA50. With the MACD on a Sell Cross and the price long broken under the Rising Support, every similar past sequence hit at least Support A. You can even sell on the current market price and target 64.50. The long term trend remains heavily bearish inside almost a yearly Channel Down. Every contact with the 1day MA100 is a sell opportunity. Previous chart: Follow us, like the idea and leave a comment below!!
TVC:USOILShort
by TheCryptagon
18
CRUDE OIL ( XTIUSD ) Long Term Technical AnalysisHello Traders In This Chart XTIUSD HOURLY Forex Forecast By World of Forex today nzdcad 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.
FXOPEN:XTIUSDLong
by forexplanet797
Oil Order Flow - OFA Script Triggers Bearish OutlookHey traders, One wonders. Is there a case to be made to be short Oil? The OFA is telling us, you bet there is, judging by the realized order flow as depicted by the script. I won’t defend this point with any subjective opinion. Instead, I will let you see the Oil chart in this 4h timeframe, with the OFA script attached to it, to show you what’s the current state of affairs. What do you notice in this chart? 'DIAMONDS' tend to see a failure in amplifying the move in equal or greater magnitude than the preceding cycle. When that occurs, we want to stay on the lookout as this is by no means a sign that validates aping in, but rather it is an early sign that the tide might be turning. We then start getting more validation should the structure start shifting by breaking the previously identified low in the OFA script, in this case at $71.00. If that break materializes with price acceptance beyond, then we know we might be onto something. Well, all the stars are now aligning for further falls in Oil. Remember the two key main features of the OFA script : Magnitude: A major clue that will help determine the health of a trend is the type of progress by the dominant side in control of the trend. We need to ask the following question: Are the new legs in the active buy-sell side campaign as identified by the script increasing or decreasing in magnitude? Velocity: When it comes to the distance the price moves, the magnitude is only ½ the equation. The other ½ has to do with the velocity of the move or the speed. Was the new leg created after a fast and impulsive move? Or did price make a new low or high with the movement being sluggish, compressive and taking too long to form? A good rule of thumb is to count the number of candles it took to achieve a new leg. DISCLAIMER: This post contains commentary published solely for educational and informational purposes. This post's content (and any content available through links in this post) and its views do not constitute financial advice or an investment or trading recommendation, and they do not account for readers' personal financial circumstances, or their investing or trading objectives, time frame, and risk tolerance. Readers should perform their own due diligence, and consult a qualified financial adviser or other investment / financial professional before entering any trade, investment or other transaction.
NYMEX:CL1!Short
by FlowState