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Oil(wti)

Bullish opportunity for oil might be on the horizon soonFor some time now, we held the view that the price of West Texas Intermediate crude oil would remain volatile, trapped within a wide range between $70 and $82. Then more recently, we stated that the oil price was likely to break below $70 as the U.S. administration sought to unload more crude oil from its Strategic Petroleum Reserves. Today, we would like to highlight (again) how the United States has continued to play a carefully calculated game in the oil market for the past two years. Between 7th January 2022 and 6th January 2023, the U.S. administration drained its crude oil in Strategic Petroleum Reserves (SPR) by approximately 221,8 million barrels (by 37% in the respected period), selling a significant portion of the stockpile at a relatively high price. By doing so, the administration put pressure on rising energy costs, which, combined with other factors, helped drive the price of WTI crude oil from nearly $130 per barrel on 8th March 2022 toward the $70 price tag in the first half of 2023. With the oil prices being down by approximately 45% from their 2022 highs and SPR being drawn by 39% from 7th January 2022 (up to date), the U.S. government is (unsurprisingly) changing its policy concerning Strategic Petroleum Reserves. Last week, U.S. Energy Secretary Jennifer Granholm notified the public that the Energy Department would begin refilling SPR as soon as next month. We think this process could make a good case for a temporary rebound in the oil price and thus bring an interesting opportunity to go long (though only for a very limited time) if the price falls below $70 again. Until then, however, we will stay on the sidelines and patiently wait. If the price drops below Support 1 at $69.44, we will reassess the situation and (potentially) start looking for attractive entry-level. Technical analysis Daily time frame = Neutral/Slightly bearish Weekly time frame = Neutral/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.
TVC:USOILLong
by Tradersweekly
8
OIL Further Price accumulation on the way?Fundamental Analysis Here are the important updates about oil and the market: The uncertainty surrounding the US debt-ceiling talks is affecting the price of oil. If the US defaults on its debt, it could lead to a global recession. The US Dollar is gaining value because investors are seeking safety and there are expectations that the Federal Reserve will continue to raise interest rates. Recent macroeconomic data from the US supports the strength of the US Dollar. The Gross Domestic Product (GDP) for the first quarter was revised up to 1.3% from an initial estimate of 1.1%. The GDP price index was also revised up to 4.2% from 4.0%. Additionally, the Core Personal Consumption Expenditures for the first quarter were revised up to 5.0% from 4.9%. The US Dollar is further supported by positive labor market data. The number of Initial Jobless Claims for May 19 was lower than expected, indicating a strong job market. The Energy Information Administration released inventory data on Wednesday, showing a much larger-than-expected decrease of 12.5 million barrels. This suggests that there is robust demand for oil. Analysts had predicted a rise of 775,000 barrels. The oil price received support from comments made by Saudi Oil Minister, Prince Abdulaziz bin Salman. He warned speculators to be cautious and mentioned that they might face consequences similar to what happened in April. His comments are seen as a warning to those who are betting against the price of oil. Abdulaziz defended the decision made by OPEC to cut production by 2 million barrels per day at their October 2022 meeting. Since the oil price is currently at similar levels to October, there is a possibility that OPEC may announce another production cut in June. The Memorial Day weekend in the US, starting on May 27, marks the beginning of the summer driving season. This will increase the demand for oil, which will likely support oil prices. Technical Analysis We believe that the price of oil went down earlier this morning (Thursday) because traders were worried about the debt ceiling and wanted to secure their profits from the recent increase in prices. Oil is mainly priced in US Dollars, and since the US Dollar is getting stronger, it is putting pressure on the price of Oil price too. Right now, price is in a somewhat messy “bullish range” ($70 to $75) potentially making a “five-wave” corrective pattern - so would expect to reverse from $71 / $70 price lower level, to go back up to the $77 price level and potentially reverse down one more time before seeing any true bullish move. Right now, Oil price is not clean, so I would like to wait the end of this price accumulation before looking at any trades.
TVC:USOIL
by financialflagship
2
WTI BEARISH OUTLOOKThe price of WTI fell with 1.15 USD last trading day, due to expectations by investors that Fed will keep increasing the interest rate. US CPI had risen in April and is suggesting that the interest rates will remain high. Nearly 3M barrels oil inventory growth, weaker imports in April and slow export growth to China are putting additional downward pressure to the price of the crude oil. Both RSI and MACD indicators are also suggesting continue of the down trend. If this trend continues, the price might test levels of 64 USD. In the opposite scenario, the price might reach levels of 77 USD. Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
BLACKBULL:WTIShort
by legacyFXofficial
CRUDE OIL TO HIT $160?😳 (UPDATE)Both the Dollar & Oil are moving in a negative correlation with each other, which fits with our long term bias for both markets🦾 The Dollar is weakening & pushing institutional investments into commodities such as Oil. Oil flew up 30% from its low, currently retracing down but still up 18%. Use this chance to DCA average into buy positions if you haven't already. I posted the original analysis back in February, which you can find attached below. Drop a like/follow if you agree or let me know what you think✅
TVC:USOILLong
by BA_Investments
2
WTI CRUDE OIL: Any pull back is a bargain to buy.WTI Crude Oil delivered what was expected, it hit our long term TP = 66.00 and is rebounding after a new Lower Low at 63.65 (S1). The 1D RSI is still very low (35.546) while the 4H technicals just got out of their yesterday's remarkably oversold condition (RSI = 36.200, MACD = -1.970, ADX = 63.277). Our short term target is the 0.382 Fibonacci (TP = 71.25) and medium term the 0.618 Fibonacci (TP = 75.50). We don't rule out one last pull back and if it happens it will be another bargain to buy low, as it was on March 20th. Regardless of that, the 4H MA50 is always a candidate for rebounds and it can match the 71.25 short term target ideally. Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
2
WTI OIL Target hit. Now sell the rebound.WTI Oil (USOIL) hit our 72.50 target we set last week (see chart below) and maintains the tight trade within this short-term Channel Down pattern: At the moment today's aggressive bearish leg can very well make a Lower Low of the Channel Down at 71.10 and then rebound, with the 4H RSI Rectangle giving a valid level on its bottom to be prepared for. Until the price closes above the 4H MA50 (blue trend-line), we will look to sell again near the top of the Channel Down and target the bottom at 68.10, near the 1W MA200 (yellow trend-line). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
USDCAD short on CAD GDP data?Now that we have had the data from the BoJ, I am focusing on the news that is coming out later today. At 1:30pm my time we receive the Canadian GDP m/m, which is expected to come in at 0.2% and down from the previous reading of 0.5%. So anything stringer and the CAD will strengthen. Then we also have the US Core PCE Price Index m/m which is expected to come in unchanged at 0.3%. The Fed looks at this data to help make decisions on whether to change the policy rate or not. Oil has some imbalances above that it could go back and retest in the near future. Higher oil price is always good for the Canadian dollar. The US dollar index still looks weak in the higher time frames. With the US dollar strengthening against the yen, this is weakening the yen. Which makes it more expensive for the Japanese to buy oil. This will help push inflationary pressures onto the Japanese economy. There is also a chance then that Japan buys less oil and the price of oil comes lower.
Short
by Macrobriefing
Prepare for Impact: Scorpio Tankers Approaching Free FallScorpio Tankers Inc. (STNG) appears to be headed for a downside based on two significant factors - the impact of the oil market and the approach of Wave 3 in the Elliott Wave Theory. The recent downturn in the oil market has hit the entire industry hard, and Scorpio Tankers is no exception. As a company that operates in the oil tanker shipping industry, the drop in oil prices and demand for oil transportation services will have a significant impact on its revenue and earnings. Additionally, from a technical analysis perspective, Scorpio Tankers is approaching Wave 3 of the Elliott Wave Theory. After touching the 0.786 Fibonacci retracement of Wave 2, the stock saw a sharp decline, indicating that Wave 3 may be on the horizon. Based on this analysis, investors should look for the price of Scorpio Tankers to head towards the range of TASE:47 - TASE:43 in the near future.
NYSE:STNGShort
by UnknownUnicorn910751
1
WTI CRUDE OIL: Forming a Head and ShouldersWTI Crude Oil is in the process of forming the Right Shoulder part of the Head and Shoulders pattern on a neutral 4H technical outlook (RSI = 48.188, MACD = 0.000, ADX = 33.202). A long as the price keeps getting rejected on the 4H MA50, the trend remains bearish but it will be confirmed if the price crosses under the HL trendline (sell trigger). If that happens, we will target the middle of the S1 Zone (TP = 73.00), which is where the 4 prior H&S patterns aimed at. Note that for more than 1 year, the Head and Shoulders pattern has always been the market peak and started strong declines. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
NYMEX:CL1!Short
by InvestingScope
4
WTI H4 | A Bearish Momentum? Looking at H4 chart, it appears that the price has reversed from the sell entry at 81.13, which is a multi-swing high resistance level. In light of this, it may be a good idea to consider taking a profit at 78.08, which aligns with the 23.6% Fibonacci retracement and is also a swing low support level. To manage the risk in this trade, it would be advisable to place a stop loss at 82.92, which is slightly above the multiple swing high resistance level. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
BLACKBULL:WTIShort
by Rockqet
CRUDE OIL TO HIT $160!?😳The price of Crude Oil gapped 6% on market open tonight & moved up 460 PIPS😳 What a crazy move! This was caused on the back of Saudi Arabia & OPEC announcing further Oil output cuts of around 1.16 million barrels a day. This is their way of fighting back against the U.S. & punishing them. This'll create immediate price rises in the United States, then also follow into the U.K.📉 I did warn you guys that this PLANNED Oil shortage & price rise will be next pandemic! This is what will force the everyday person to start switching to electric vehicles.
TVC:USOILLong
by BA_Investments
Crude Oil The Target is DOWN! Sell! My dear followers, This is my opinion on the USOIL next move: The price is coiling around a solid key level - 74.0. Bias - Bearish. Technical Indicators: Pivot Points (High/Low) anticipates a potential price reversal. Super trend shows a clear sell, giving a perfect indicators' convergence. Target - 71.6 Recommended Stop Loss - 75.0 On the subsequent day, trading above the pivot point is thought to indicate ongoing bullish sentiment, while trading below the pivot point indicates bearish sentiment. ——————————— WISH YOU ALL LUCK
TVC:USOILShort
by AnabelSignals
12
US Oil - Last downward leg - Pt.4Hello traders! In the previous sequence of posts, during last months we argued that OIL was about to conclude a triple three correction in cycle wave (2). url=https://www.tradingview.com/chart/USOIL/bXUSnG2y-US-Oil-Last-downward-leg-Pt-3/]1 We identified the count in the above chart after the bearish triangle that led to this last leg up. We already took profit our shorts as posted, so now we are waiting and monitoring the conclusion of this C wave. We will soon update about the following possible scenarios on OIL. Bests, GMR
TVC:USOIL
by GMR-Capital
WTI CRUDE OIL: Found Support on the 1W MA200.WTI Crude Oil has been on a long term downtrend since March 2022 and the heights of the Russian/Ukraine war. The 1W time frame technically turned bearish (RSI = 39.105, MACD = -5.090, ADX = 26.852) but the price just entered the S1 Zone, while making contact with the 1W MA200 for the first time since February 2021. This is a heavy Support Zone and the fact that last week's candle closed over the 1W MA200, amplifies it. Target a little under the 1D MA50 (TP = 75.00). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
2