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Oil(wti)

A Nice SHORT in WTIHello again, traders. Long time to not post anything over here. Since yesterday I had this operation opened. A nice short in WTI. My main entry was in the orange line but once I saw price was not going to reach it, I had to switch into LTF to seek a refined entry. At least, I was sure price was going to go down around that zone so I took my risk and pulled the trigger. At the time I am writting this: SL is at entry price, took partials and I will leave the trade running. First -possible- TP: @ $60.60 . Second -possible- TP: @ $57.28 (below the SSL) . I like to trade WTI in the Daily Chart because it brings me a better understanding of what price is likely to do; also, since all this two years trading it and studying, WTI is moved by global news but price goes -always- where liquidity is. Monthly Chart. As you can see in this chart, I marked a high and a low; that is a Dealing Range (ICT term) . Or, you can see it as Lower High (LH) and Lower Low (LL) . That LH & LL creates a range and if we look back at the chart, the market structure is Bearish (in the Monthly chart, of course) . One thing I have noticed about oil is that it retraces deep; if you use Fibonacci, use it in your Daily Chart and look it for yourself, WTI loves Fibonacci's 89% . So, back again at the Monthly chart perspective, price last month went for all the liquidity above those two previous highs until it reached and filled the Fair Value Gap (FVG, ICT Term) and retraces. Possibles zones where price can go in this retracement are deliniated with blue lines: $53.90 , $49.29 , $46.24 , $41.87 . Weekly Chart. You can see in detail what I mentioned ye above. Price purged the liquidity above those old highs and the retraces. What I would like to see in the weekly chart? A run below $57.24. Why? Because if price break that zone, it would mean a Break of Structure (BOS) and would be more than likely than price reaches into some of the blue lines below. After the run below, I would expect a retracement and I will open another short. Hope this analysis likes you. Until the next time, guys!
TVC:USOILShort
by GCancino
4
#WTI poised for higher#WTI #oil futures has been my favorite trade over the past few days. Technicals and fundamentals are lining up for higher prices. The fundamentals story is pretty simple...we are coming into the summer and COVID restrictions are lessening...so demand will be greater (and likely a greater rate of change than many previous years). On the technical side....it finally broker out of consolidation....retested lows with a slightly higher low and rocketed higher. My #Elliottwave count shows we are in the 3rd wave advance....usually the best wave to be in.
NYMEX:CL1!Long
by cwmetz
WTI OIL Buy SignalPattern: Channel Up on 4H. Signal: Buy as the price rebounded on the Higher Lows trend-line of the Channel and is supported by the 4H MA100 (green trend-line), which has been the Support on the November 2020 - February 2021 uptrend. Target: 66.00 (just below the 66.40 Resistance). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> dwjamoney --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
5
CRUDE OIL (WTI) Update & New Potential Opportunity Hey traders, I keep monitoring oil chart. Based on my recent analysis, the price is currently retesting a strong daily structure cluster. It looks like the market maker decided to push the price lower, invalidating my previous trading plan. Now I am watching carefully a strong rising trend line on 1H chart. Currently, we see a test of that trend line and local consolidation in a horizontal trading range. 61.2 is the last lower high. I want to see a bullish breakout of that level (1H candle close above) to buy the market. Goals will be: 62.3 63.6 In case of a bearish breakout of a trend line, I will look for shorting opportunities.
TVC:USOILLong
by VasilyTrader
14
CRUDE OIL (WTI) My Plan to Buy (Trend Following) WTI is retesting strong daily structure support. Because the trend is globally bullish, it may give us a perfect spot to buy. Our confirmation will be a range breakout on 1H. 62.8 is its resistance. I want to see 1H candle close above that first. Targets will be: 64.2 / 65.8 Remember, while the price is within the range, the indecision remains. Wait for a breakout first. ❤️ Please, support this idea with a like and comment! ❤️ ⬇️ Subscribe to my social networks! ⬇️
TVC:USOILLong
by VasilyTrader
7
Chart of the day: The chop in WTI continues...The chop in WTI continues but bullish factors outweigh the negatives. Oil prices has been through rough couple of sessions after suffering a more than 10% drop on the 18 of March. The biggest "challenge" to the bull case for oil has been the rise in virus cases, more recently from India which is the world's third largest oil importer. However, the fact that Saudi Arabia was confident enough to raise supply going into June is a positive factor. Aramco (state owned oil company) receives orders from global refiners two months in advance. Thus, if they were comfortable to raise output in May and June, it means they are comfortable with what they are seeing under the hood in terms of demand. Apart from that, despite the rise in cases in certain parts of the world, the global vaccination roll out is gathering a lot of pace with close to 700 million vaccinations administered. If we can keep up this pace, the reopening narrative that drove a lot of oil demand expectations is still intact. Inflation is the other point to consider. Commodities, and more specifically oil, shares a positive correlation to inflation expectations. Thus, the rise in inflation expectations, with the anticipation of higher actual inflation going into Q2's easy base effects is another positive factor for commodities. Techically, the support are between $57 and $59 has acted as a very important barometer, as long as that holds, and as long as OVX (oil volatility index) continues its recent downward trending move, the short term and med term bias for WTI remains tilted higher.
OANDA:WTICOUSD
by thunderpips
8
USDCADAfter returning the price to the level specified in blue, you can enter the sale deal! In my previous two trades in this pair, the specified ratios of the Fibonacci retracement levels, which were selected due to the slope of the channel, had well defined the path of the pair and the range of the midline. Based on these ratios, I have identified the first, second and third goals. attention attention! The Canadian economy and its currency are partly dependent on oil prices. According to the oil technical chart, the oil price was ready to fall! But fundamental events such as the Houthi-Saudi conflict and also the closure of the Suez Canal prevent oil prices from falling. At the beginning of the corona outbreak, some prices changed dramatically due to fundamental factors, but after a while, the impact of those events on the market was neutralized and prices returned to the former technical charts. This may also be the case for the oil chart. So if, like me, you enter into this deal, follow the news and oil prices.
Short
by AliSignals
Oil is Still a Good Buy at this PriceThe Price of Crude Oil has recovered after an awful 2020 year. With a new president elect bringing new sanctions, there is a lot to like about oil even above $60 a barrel. The massive decrease in supply due to the shutting down of the Keystone XL, will cause a continued uptrend overtime, similar to the one we are currently seeing regardless of demand (which is relatively low all things considered). As mentioned before while oil hasn't seen a huge relative shift in demand since late 2020, with airlines and cruisers opening on a larger scale as the corona virus vaccine is distributed in many first world countries, a continued adjustment of price is likely to follow these reopenings. Furthermore, with similarities in policy between Joe Biden and Barrack Obama, Oil could be worth $90 a barrel again by 2023. This of course would be a result of a full reopening which seems clouded at the moment by new COVID cases occurring, but a direct result of this is a slow recovery of the dollar and this is what allows for this thesis to be more sensical on a short term basis. Between inflation rates and economic scarring, as well as the fact there is a new stimulus bill on the way, the US economy is receiving large amounts of money inflow thus drastically chaining the value of the US dollar, while the impact may only be a small hitch to overall recovery of the dollar, the near term liquidity in cash across the US makes has made for higher prices across the board (Gold, equities, consumer goods). Yes $90 a barrel seemed unlikely/near impossible a year ago but things have changed since then and with new policies (may they be energy friendly or not) oil is bound to see a bounce. My projection would be $75 a barrel by the end of 2021 and possibly $85-90 by the end of 2022 be that if my thesis holds true.
FX:USOILLong
by crawfordpaul