Oil(wti)
CRUDE OIL (WTI): Short Trade Explained
WIth a recent breakout of a key structure support,
our outlook is very bearish on OIL.
Unfortunately, we missed a bearish rally.
Now we are planning to join the move.
We are waiting for an occasional retest of the broken key level.
Swing Trade
SELL WTI OIL
Entry Level - 66.0
Sl - 68.4
Tp - 61.8
Our Risk - 1%
Start protection of your profits from lower levels
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#Oil #WTI $CL_F correctionThis morning oil had an aggressive selloff...again...at $70.20.
The selloff was not just aggressive...but textbook.
Oil posted a 3 wave correction with C wave of equal length to A wave...stopping on the screws at 67.80.
There is a lot of accumulation happening now between $68.05 and $68.15.
There may be some stop loss hunting as the institutions soak up liquidity...but I expect a resumption to the upside soon.
CRUDE OIL (WTI) Weekly Update & Technical Outlook
Directional bias and price action on WTI.
Key levels & trading recommendations.
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Technical analysis update: USOIL (5th August 2021)USOIL experiences selling pressure after its short rebound above 70 USD per barrel. Currently, price trades around Support 1. Next important level to watch is Support 2 at 65.11 USD. At the moment we expect this price level to hold. ADX is low which suggest neutral trend and thus sideways moving price action. MACD, RSI and Stochastic are all bearish on daily timeframe. Despite that we remain optimistic on future price of oil. Our medium term price target remains 77.50 USD and our long term price target remains 80 USD.
Here is hourly timeframe:
Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
CRUDE OIL Long From Support! Buy!
Hello,Traders!
CRUDE OIL is trading in a kind of a massive wedge
And now oil is falling down to retest the rising support
From where I am expecting a local pullback
With the final target being the horizontal resistance above!
Buy!
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OIL to 56usd or heading back to 100usd ?After continuous growth, oil does not stop here.
According to speculation, it will exceed 100 USD per barrel by the end of 2021.
As of 7/19/21, oil has suffered a slight depreciation, it is still possible to reach up to 56USD or re-enter the road to 100.
*** It is not a trading idea, only for informational purposes ***
CL1 Short to 0.618 fibIRAQ IS SEEKING HIGHER OPEC+ PRODUCTION BASELINE: DELEGATE
UAE ENERGY MINISTRY SAYS NO AGREEMENT HAS BEEN REACHED YET WITH OPEC+ ON SUPPLY DEAL, DELIBERATIONS CONTINUE
With the OPEC agreement in a state of deliberation, and compliance a real question, the market is needing to price in some bearish risk potential. Especially given the recent extension that we've had. I believe that there is a real market deficit still, but this bearish risk is also very real.
I would be comfortable entering a short CL1 position until around $70, and reassessing before flipping long.
Of course, any significant news can change this view... all eyes on are OPEC
Fundamental Updates – OPEC+ United Once Again (19 July 2021)A compromised deal.
After a two-week stalemate in the discussion, the OPEC+ reconvened its meeting over the weekend. As part of a compromise, the oil-producing group has agreed for a raise in the production baseline for five members.
Oil production baseline increment in barrels-per-day (bpd)
Saudi Arabia: 500,000 bpd
Russia: 500,000 bpd
UAE: 332,000 bpd
Iraq: 150,000 bpd
Kuwait: 150,000 bpd
Although the baseline for the UAE has been raised, it falls short from the UAE’s initial request by 300,000 bpd. It was also revealed that Algeria and Nigeria have requested for an increase in their individual baselines.
With the issue of production baseline resolved, the OPEC+ had finalized a deal. Starting from August, there will be a hike in oil production by 400,000 bpd. Furthermore, the group has agreed to phase out the current 5.8 million bpd of oil production cut by September 2022.
Impact on oil prices.
Prior to this deal, the market believed that without a unanimous agreement, the OPEC+ will retain their current oil production quota. And since the OPEC+ is currently running on a supply deficit, the possibility of maintaining the current production quota led to the strengthening of oil prices. Now that the storm is over, a downward pressure has been placed on oil prices due to the increase in supply. This explains why oil prices started declining when the market kickstarted a new week earlier today.
Impact on the Canadian dollar.
As we know, there is a positive correlation between oil prices and the Canadian dollar (as oil prices rise, Canadian dollar tends to rise, vice-versa). In that sense, the Canadian dollar weakened as a result of the increase in oil supply by the OPEC+. This can be seen from the strengthening of USD/CAD and the weakening of CAD/JPY when the market opened earlier today.
USO - bearish double topOPEC + just agreed to increase output until 2022, Gasoline stockpiles build up more than expected EIA report July 13. Look for bear flag to form on 4 hour. PT .618 Fib level or 47.75. August - Usually refiners shutdown and that means build up of inventory. The only bullish case I see, if there are major hurricanes knocking out supply in Gulf of Mexico. I am in 8/20 $48 puts at 1.5, current 4000 OI. Good Luck this week!
#WTI $CL_F correction setupLooks to me like oil is set for a 3 wave correction. With the OPEC+ talks on output and the future of the cartel in question...volatility will likely remain high.
Yet if this is a 3 wave correction...we should see a good support around $72.15 to go long.
CRUDE OIL (WTI) Bearish Move Started! Waiting For a Trigger 🛢️
Have you seen that huuuge red candle on WTI?
No doubt, the price reached a key monthly structure, and bears started to push.
In order to catch a swing move, keep monitoring a rising parallel channel.
For now, its support is the last resort for buyers to buy from.
Being broken, it will trigger a strong bearish move.
Next supports will be:
72.0
70.0
Remember, in case of an occasional bull breakout of a yellow zone,
setup will be invalid.
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USOIL, let's check the big perspective Today we will take a look at the weekly chart of USOIL. Here we will not analyze short-term movements; of course, we will be thinking about the possible paths we can see in the future for the commodity using several months as the main reference.
The price is getting close to a major resistance zone where we have observed huge bearish movements in the past—30% decline in July 2006 and a 45% decline in October 2018. However, we should also think about the idea that the price breaks this resistance zone. What should we do there?
If the price breaks the resistance zone, we have a clear scenario in the past that we can use as a reference (MAY 2010). The idea here is to wait for a clear breakout and then a retest of the resistance zone. We will have a clear correction to trade towards the next resistance zone at 110USD per barrel if that happens.
The main concept in this post is showing that one-sided analysis tends to fail because NOBODY knows what the price will make. However, we can get ready for two or three scenarios in the future and wait for those conditions to happen. And if your filters are not fulfilled, don't worry; you have more than 5000 assets on Tradingview to keep looking for great opportunities.
Thanks for reading, and feel free to share your view in the comments!
OIL - 100$ coming faster than anticipated? ⛽Opec meeting is on and increasing the production is on the agenda? Why? Well most likely increased demand.
But electric cars are the future. Yes they are but that doesn't mean the price now needs to go lower because of this fact. On the contrary possibly.
Chart shows price over major resistance and on support with potential to fly to the 100$ mark this summer.
Also: we probably need to add the factor of inflation in the mix.
What do you guys think?
the FXPROFESSOR
WTI: Weekly Forecast 20210627Oil prices continued to climb last week and managed to close near the high despite a consolidation which did cause a breakout of a rising structure.
It was climbing within a rising channel but was broken eventually after facing multiple rejections at 74.
However, a bearish trend was not even able to form and the price quickly rebounded off from the bottom of the consolidation and continued with forming higher lows.
This week, we will wait for a pullback towards 73.5 to go long again but keeping in mind that the upside could be limited as it's about to reach the equilibrium level at 76.6.
Oil Potential SetupOil completed 5 clear waves near 74.30 per barrel, wave % can still be extended thats why we will be watching out for a final leg up and not put tight stop loss.
the expected next move is a 3 waves pullbakc that might retrace back reaching 68$ per barrel as a first target.
if broken we will be looking into a deeper correction.
oil shortam think ol west texas int is gonna have a full retrace of recent move to the upside back to the green box which will be a good buy. building short position now. WTI looks bullish for the next few days so will be able to fill even better short entries imo. SL @ 80
OIL- Time to look down a bitOur updated Crude Oil chart shows price on top of ascending channel and about to get a reality check.
Inflation, yes. Lockdowns finito, yes. Still, a correction now is needed, especially if you haven't filled your cars this week.
the FXPROFESSOR
buystop on high sl=40newly old move very bad , effect by news or manipulation by big companies
we advice trade on gold futures GC1! ,it is very trendy (never reverse on it)
if you like scalp, voltile market try germany index dax FDAX1!
above instrument have micro contract too you can trade with 500$
Crude Oil to 75???? Looks like it...After the recent drop under 60, bulls took control and drove the price to 66 resistance again.
The bullish sentiment for Oil is obvious and a break above this resistance looks imminent
The next technical target is 75
CRUDE OIL (WTI) Key Resistance Ahead! Your Plan to Short 🛢️
Crude oil is very close to a year's high.
66.3 - 68.0 is a strong supply area.
Chances will be high to see a pullback from that structure.
To short it wisely, wait for a bearish breakout of a rising wedge pattern.
It will be a perfect confirmation.
Goal will be 62.3 (closest strong support)
In case of a bullish breakout of the underlined structure,
the market will go to the next historical highs.
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#WTI $66.80 to $65.80 in an instantThe EIA Crude inventory came out at 7:30 am.
Actual -7.990M Forecast -2.346M Previous 0.090M.
Very bullish for crude prices, reacted as expected until it hit $66.80 then slammed down. Overall...I expect the market to take out the $66.80 as we are now recovering. Still...one wild ride that happened in an instant!
