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Oil(wti)

Crude Oil dropping contrary to fundamental expectations?. Crude Oil D1 4-9-22: - Fundamentally there are lots of reasons to expect higher prices - Seasonals and technicals however point to more downside Seasonal: - Seasonally Oil tends to be weak in Q4 - Weakness started earlier this year so might end earlier also (NOV-midterms ?) Pivot Points: - Monthly: Price is below SEP Monthly Pivot, heading for S2 = <80.00 - Quarterly : Q3 predicts a run from QPP to QS1 = Yearly Open = Monthly Range Low = 50% retrace of upswing = 75.00 VWAP: - Yearly VWAP has been broken lower - Quarterly VWAP in now in charge - Need a convincing break above QVWAP in order to turn bullish again Correlation: - CADJPY normally follows Oil closely, now big divergence - Divergence probably due to extreme YEN-weakness - Gives reason for a closer look into CADJPY .
NYMEX:CL1!Short
by xtrader1
WTI oil - Change in a rhetoric of the OPECIn our last idea on oil, we outlined a scenario for a downtrend correction if the breakout above the sloping resistance took place. A few days later, the breakout occurred, and technical indicators turned bullish. Additionally, a slight change in the rhetoric of OPEC came, with Saudi Arabia and other members hinting at looming production cuts. This development forces us to abandon our price targets because of OPEC's ability to maintain a floor or a lid on oil prices. We will update our thoughts as we get more information concerning the cartel's production. Until then, we abstain from setting price targets for USOIL. Illustration 1.01 The chart above shows the bullish breakout above the prior resistance. Technical analysis - daily time frame RSI is bullish. The same applies to Stochastic and MACD. However, MACD stays below 0 points; if it breaks above, it will be bullish. DM+ and DM- performed bullish crossover. Overall, the daily time frame is bullish. Technical analysis - weekly time frame RSI strives to reverse to the upside; the same applies to Stochastic and MACD. DM+ and DM- are bearish. Overall, the weekly time frame is neutral/slightly bullish. 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
15
USOIL - The downtrend continuesIn the first quarter of 2022, we warned market participants about the peaking conditions in the oil bull market. Since then, our predictions came true, and USOIL dropped over 30% from its highs, hitting our 100 USD and 90 USD price targets. At the moment, we still remain bearish on WTI oil with a medium-term price target of 80 USD. Our views are based on technical and fundamental factors. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.01 Illustration 1.01 shows USOIL down approximately 33% from its 2022 highs. At the moment, we pay close attention to the sloping resistance; a breakout above it will be a bullish sign, potentially hinting at the correction of the downtrend. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is 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:USOILShort
by Tradersweekly
16
USOIL 11th AUGUST 2022The United States posted an increase in inventories of 5.5 million barrels in the past week. The realization was higher than the expected 73,000 barrels. Gasoline products supplied also rose in the last week to 9.1 million barrels per day. The figure marks a 6% decline in demand over the last four weeks compared to the period last year. From a fundamental point of view, the oil market continues to monitor the development of oil supply from Russia to Europe via the Druzhba pipeline, which was resumed earlier this week. The market is also awaiting the release of monthly oil data from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) scheduled Thursday.
TVC:USOILShort
by DNP-FX
10
Crude Oil Descending Channel Guiding WTI Lower, Where to?Crude oil prices fell almost 10 percent this week, the worst performance since late March. A near-term falling channel seems to be guiding WTI lower since June. Meanwhile, a bearish crossover between the 50- and 100-day Simple Moving Average (SMA) is underscoring a bearish posture. There is certainly room for upside within the channel, with immediate resistance as the 92-95 - 95.11 range. This zone used to hold as support when it was established back in March. Now, it could hold as new resistance. Immediate support seems to be the 85.38 inflection point. A confirmatory breakout under this price could open the door to extending losses towards the 78.6% Fibonacci retracement at 76.78. Otherwise, further gains could see the SMAs hold as resistance. USOIL
TVC:USOILShort
by QM_Dubrovsky
USOIL - Oil will continue to drift lower over medium/long termWe continue to be bearish on USOIL. Accordingly, we still maintain our price target of 90 USD per barrel of WTI oil. Indeed, we would like to change this price target from medium-term to short-term. Additionally, we would like to set a new long-term price target for USOIL at 80 USD. Illustration 1.01 The sloping line acts as the resistance; the more touches it gains, the more important it grows. Technical analysis - daily time frame RSI is neutral. MACD is also neutral. Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is 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:USOILShort
by Tradersweekly
14
MarketBreakdown | EURGBP, WTI Crude Oil, EURAUD, AUDNZD Hey traders, here is a brief technical outlook of 4 peculiar instruments on my watch list. 1️⃣ EURGBP - Daily time frame 🇪🇺🇬🇧 The pair is currently approaching a major daily zone of demand. I will expect a pullback from the underlined structure. I am patiently waiting for a confirmation to buy. 2️⃣ WTI Crude Oil - Daily time frame 🛢️ The market is steadily falling within a falling parallel channel. The price is testing its upper boundary now. Its bullish breakout will trigger a bullish move. 3️⃣ EURAUD - Daily time frame 🇪🇺🇦🇺 The pair broke and closed below a key daily structure support. I believe that the pair may go much lower now. Be prepared for one more bearish impulse after a pullback. 4️⃣ AUDNZD - Daily time frame 🇦🇺🇳🇿 The pair is nicely retracing from the year's high. I guess we will see a bearish continuation this week. ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
Short
by VasilyTrader
1