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Oil(wti)

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.
TVC:USOILLong
by Tradersweekly
8
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
FOREXCOM:USOILShort
by austinbru22
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.
FX:USOILSPOT
by GH_Lee
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. ❤️Please, support this idea with a like and comment!❤️
TVC:USOILShort
by VasilyTrader
20
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!
TVC:USOIL
by ThinkingAntsOk
11
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
TVC:USOILLong
by FX_Professor
2
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.
TVC:USOILLong
by AlgoVenture
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. ❤️ Please, support this idea with a like and comment! ❤️ ⬇️ Subscribe to my social networks! ⬇️
TVC:USOILShort
by VasilyTrader
11
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