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.
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Oil(wti)
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:
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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).
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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.
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.
CL1! OilOil is looking good to buy after the correction, the triggers for entry are a breakdown of the downtrend, a consolidation breakdown and the high of 78.35, where there were large cluster volumes. The price remains above the breakdown so I opened a long position at 78.7, with an exit under the lower consolidation boundary below 76.7. The first target is 80, then 81.5-82.5-83.4.
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Good luck and profit to all.
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.
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CRUDE OIL (WTI) Pullback From Key Level Explained 🛢
WTI Crude Oil reached a key daily structure resistance.
Testing that, the price formed a double top pattern on 1H time frame.
Its neckline was successfully violated then.
I expect a retracement from the underlined blue area.
Goals: 82.0 / 81.4
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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.
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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.
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.
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WISH YOU ALL LUCK
WTI CRUDE OIL Those are the conditions for a sell.WTI Crude Oil is trading inside a 7 month Channel Down. The current rise is targeting the 1day MA50 - MA100 Resistance Zone.
When the 1day RSI hits its Resistance Zone, it is a signal to Sell. That has generated 4 solid sell sequences.
The target on those sequences has initially been the Rising Support from the Channel's previous Low.
Target 68.50.
Previous chart:
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Oil WTIas I know about this commodity, I think this item is on edge and we must be careful . we need to wait for the best region to enter this trade. personally i.m waiting for a signal of short or a long. Oil had a good correction in the past month so, need more evidence for more goes down and absolutely fundamental.
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
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).
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WTI CRUDE OIL short term buy but new Low in AprilWTI Crude Oil is having the worst 3 day selling streak of the year, getting rejected on the 1day MA50.
The 1day RSI got oversold and should cause a short-term rebound, which is what happened on the oversold Lows of December 9th and September 26th.
We are short term bullish near the 1day MA50, Target A 73.50 and long term bearish, Target B 61.00 (bottom of Channel Down on a -25% decline).
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CRUDE OIL (WTI) Bearish Setup Explained🛢
On a today's live stream, we discussed WTI Oil.
The price formed a tiny double top pattern on 1H time frame,
approaching a wide supply cluster.
Its neckline was broken.
I expect a bearish continuation to 70.9 now.
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