Get started

Oil(wti)

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
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). Follow us, like the idea and leave a comment below!!
TVC:USOILLong
by TheCryptagon
3
Energy Fundamental + Technical Macroeconomic Update | 3.14.23WTI Crude Futures Rebound, Brent Crude Futures Rise On Wednesday, Brent crude futures rose above $78 per barrel, rebounding from three-month lows as OPEC raised its forecast for Chinese oil demand growth in 2023 due to the country's exit from the zero-Covid policy. However, the group left its outlook for global demand unchanged, citing potential downside risks for global growth. On the supply side, Saudi Arabia's energy minister confirmed that OPEC+ would continue with production cuts agreed upon in October until the end of the year. Meanwhile, the international oil benchmark remained down by more than 5% this week due to the turmoil in the US banking sector and the prospect of another interest rate hike from the Federal Reserve. Heating Oil Futures Fall Heating oil futures extended losses and were priced at around $2.7 per gallon, approaching their lowest point since February 2022. This was due to weak domestic demand and concerns about a recession caused by the Fed. The unusually warm winter season significantly reduced demand and increased supply. According to the latest EIA data, distillate stockpiles, including diesel and heating oil, rose by 0.138 million barrels in the week ending March 3rd, while analysts predicted a decrease of 1.038 million barrels. Gasoline Futures Dip Gasoline futures fell below $2.6 per gallon, slipping further from an over one-month high of $2.8 reached last week. This was due to overall weakness in energy markets and persistent concerns about low domestic demand, exacerbated by the failure of SVB and the closure of Signature Bank. Despite this, the upcoming peak demand season for gasoline and increased demand from China could lead to higher gasoline prices in the medium term. OPEC's reluctance to raise production should also keep a floor under the cost. According to the latest EIA report, US gasoline stocks fell by 1.134 million barrels in the week ending March 3rd, 2023. Gold Prices Unchanged Gold prices remained steady at around $1908 an ounce on Tuesday, near high levels not seen since early February. Investors are digesting the latest US CPI report and adjusting their monetary tightening expectations. Concerns regarding the collapse of SVB and Signature Bank, and news that Credit Suisse found "material weaknesses" in its reporting, continue to raise fears of contagion to other banks, leading to a risk-off mood. The inflation rate in the US slowed as expected, but the core monthly rate accelerated, indicating that inflationary pressures remain elevated. Most investors now expect a 25bps rate hike from the Fed next week, while the ECB is expected to raise rates by either 25bps or 50bps.
OANDA:WTICOUSD
by TayFx
Overall bullish direction unchangedNews: The short-term impact of Saudi Arabia and Iran announcing the resumption of diplomatic relations on the international energy market is limited. However, in the long term, due to the impact of the development of new energy sources and reduced international investment, OPEC oil-producing countries hope to maintain oil prices at relatively high levels to achieve fiscal balance and ensure domestic financial income. This means that the expansion of OPEC's influence will be beneficial for the global oil market to stabilize and maintain at a relatively high level for a longer period. Technical Analysis: Crude oil is still volatile and closed lower this week, but the real body of the candlestick chart has not broken down. Therefore, it is possible to see a bullish candlestick chart next week, with a preference for low long positions. The weekly support level is around 75.6, and the resistance level is around 80, so it is possible to consider high short and low long positions. On Friday, the daily chart showed a bullish candlestick with a long shadow and closed at 74.7, suggesting an upward trend at the beginning of the week. The support level is around 76.1, and the daily trading position is uncertain, but a long position can be taken if it does not break down. If the market is volatile, it may give a buying opportunity near 75.3, with the target of breaking above 77.4 and possibly reaching above 1 USD. The recent strategy is based on two possibilities shown in the chart, and the second possibility is currently being followed. However, regardless of which possibility is followed, the overall direction is still bullish, and attention should be paid to the retracement of small cycles. Specific operations will be updated in real-time, and everyone should keep track of the market's real-time changes, remain calm, and make accurate judgments. All theories are just references.
TVC:USOILLong
by Navigation-h