Macro and TA is making Oil look ripe for an upward moveMacroeconomic trends with a rough heating season for Europe, the continued war in Ukraine, the internal troubles in Iran, and the most recent OPEC+ meeting makes the macro position for Oil look bullish.
Looking at the charts it looks likely that oil will challenge the downward trend that has persisted recent months and coming two days let us know if it'll begin a bullish upwards trend.
Oilforecast
How Iran's nuclear deal could crush sure of victory oil bullsOPEC wants to support the oil price by reducing production. At the same time, we hear from Iran that the nuclear agreement talks are progressing, if the talks are a success, in the near future Iran could again export oil to the wider world.
Last week we heard from the U.S. side that an agreement with Iran could not be reached. Today Iran has released a U.S. American (accused of spying) and yesterday announced that the talks in regards to the nuclear deal are (well) progressing and they could soon access their sanctioned funds. Coincidences? There aren't. Looks like europe/U.S & Iran are very close to sign an agreement, which might surprise oil bulls. If Iran resumed large scale exports, all OPEC members would come under very heavy pressure.
I expect the price to rise until a potential iran nuclear agreement is forged, and if forged, leading to a potential oversupply of oil and an avoid of recession (global/europe)
Disclaimer: The information mentioned in my post should be taken with a grain of salt. They are only my personal opinion and do not form facts. They are also not a call or recommendation to open trades, do trades or close positions.
USOIL GAPPED UPsince market opened oil gapped up into a bearish order block on the 1hr, 4hr, and also daily. The trendline also still holding under the last lower high so even more confluence im looking for a nice move down it could retrace after filling that low or just keep pushing down since bias is still overall bearish
OIL BEARISH DOWNTREND $$$Oil has been consistently declining since its last top, trading in a descending channel with lower highs and lower lows. I've highlighted the key areas of support and resistance for oil to help you see the broader picture. You may take advantage of this if you want to swing trade in the channel.
USOILThis is my primary count on USOIL. Seems likely that we test $66-$70 for the intermediate wave 4 & confirm the higher low & also support on the monthly ema's 50,100,200 before the final pump to $300 plus.
So currently looks like we are in the 4th of the 3rd about to start the 5th of the 3rd and then correct into the HTF 4th wave before starting the last push to the 5th into 2027.
Brent Crude ⛽️Oil⛽️ Analyze!!!Brent Crude ⛽️ Oil ⛽️ has passed the main wave W by Zigzag structure (5-3-5). Oil could finish Expanding Flat (3-3-5) or Main wave X at 138.03$ . Of course, the War can change my Scenario, but I don't expect Oil to break 177$ .
I expect the Brent Crude Oil to go DOWN at least to the upper line of Descending Channe & Support Zone .
Brent Crude Oil Analyze ( USDBRO ) Timeframe Monthly (Log Scale)
🔴 Resistance Zones 🔴 & 🟢 Support Zone 🟢 that we have in front of Brent Crude ⛽️Oil⛽️ .
🔴 Resistance Zone 🔴: 147$ until 135$
🔴 Resistance Zone 🔴: 178$ until 159$
🟢 Support Zone 🟢: 88.6$ until 83.3$
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy , this is just my idea, and I will be glad to see your ideas in this post.
Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
USOIL - Similarities between 2008 and nowLast week, our short-term price target of 80 USD was reached. Because of that, we would like to reiterate that we remain bearish on USOIL. In addition to that, we maintain our long-term price target of 70 USD.
Illustration 1.01
Illustration 1.01 shows the similarity between the oil price pattern in 2008 and now.
Technical analysis - daily time frame
RSI, Stochastic, and MACD are bearish. DM+ and DM- are bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, Stochastic, and MACD are bearish. DM+ and DM- are 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.
OIL Weekly Volatility Forecast 26-30 September OIL Weekly Volatility Forecast 26-30 September
Currently our volatility for OIL is at 6.6%, increasing from 4.7% last week, located on 100th percentile, placing us in a THE HIGHEST volatility environment
Based on the previous calculations, there is currently a 15.5% chance that the asset is going to break the channel(the weekly candle it will close above/below)
TOP 83
BOT 75.5
At the same time, based on the previous calculations:
- There is a 30% chance that the previous high from last week of 86.6 is going to be touched
- There is a 70% chance that the previous low from last week 78.02 is going to be touched(at the moment of the writing was already touched)
We can deduct that we have a much higher probability to have a continuation of bearish candle than bullish.
On average the weekly candle when the asset was located around this percentile are 4.5% for bull candles and 5.1% for the bear candles from the opening price.
From the fundamental point of view, news that can affect this asset price this week:
- Core Durable release, CB Consumer confidence and Powell Speech for Tuesday 27 Sep
- Powell Speech for Wednesday 28 Sep
- US GDP coming on Thursday 29 Sep
Overall I believe for this week there is higher chance due to the overall global activity to have another bearish weekly candle.
USOIL | Price Is Falling Despite The Energy CrisisUSOIL | Price Is Falling Despite The Energy Crisis
It is strange that despite the energy crisis that all the countries are facing
and the high inflation the USOIL is still very strong.
It looks like it is moving down to the previous price levels close to $60 on the
bigger picture.
The market is still speculating a lot about the problem that with the economic recession
the OIL price should decrease
However, never knows what really is happening after the USOIL considering that it has been all the time
on the opposite direction with the fundamental perspective.
Thank you and Good Luck!
USOIL / Crude Oil - Bearish Trend is expected this weekUSOIL has tested the resistance and now ready to fall back to 75 to 80 levels.
Fib level tested at 0.382
Heikin Ashi is indicating a down trend
Trade Setup:
Short Oil from Current Price
TP1 80
TP2 75
SL 88
Good Luck to all Oil traders.
I will update the analysis once there is significant price movement.
Sitting on a strong support Oil hit this support more than five times and it respected this support so if we received candle confirmation above the support rectangle (the green one) we can long oil
But if it closed under the support wait for retest and then we can go short.
Good luck all if you like my idea like it and comment your opinion 🍀💰😊
WTI Crude Oil OPEC+ Token Supply CutOPEC+ unexpectedly decided to cut output in October by 100,000 barrels a day.
Emily Ashford (Standard Chartered analyst): “Last month’s adjustment provided a nod to the demands of the consumers, this monthly adjustment is a small nod to the concerns of the producers,”
Deepening energy crisis in Europe after Russian energy giant Gazprom PJSC said gas flows along a key pipeline to Germany would not resume.
In this economic context my short term price target for WTI Crude Oil is $99.
Looking forward to read your opinion about it.
USOIL Sep 2022 W.1: F&T ForecastFundamental Forecast
-There are several stories unfolding in the energy space that should keep volatility elevated across energy markets, none of which are likely to find any permanent resolution anytime soon.
-Net-long positioning in the oil futures market remains near its yearly low, and its lowest level since August 2016.
-The IG Client Sentiment Index suggests that crude oil prices have a mixed trading bias
Technical Forecast
The trade ideas are derived from the both the monthly and weekly time frames. On the monthly, the price recently closed with a bearish candle below the mini double top neckline and in between the short-term moving averages, dis-confirming the bullish half a bat pattern and the moving averages bullish trend, in confirming a bearish drop for the 3rd Monthly Key Lvl/Monthly Neckline 3 together with the 21/50 moving averages.
Monthly Chart:
Weekly Chart rundown:
As you see in the first chart image, we're looking a 3 possible scenarios that will either confirm or disconfirm the bearish bias. Starting with how it will be rejected, the price will do so after it has bullish broke and retested the Weekly Neckline together with the 50 and 8 moving average. If it bounces off the 2nd Daily Key with a bearish candle formation that leads the price to bearish break and retest the 1st Weekly Key Lvl either on the current or lower time frame, that will trigger and fully confirm the bearish trend.
That's it for today. I hope you gained value from this trade idea. If you have a different concept in mind, feel free to share it in the comments section. I'd love to know your thoughts!
Stay Blessed,
Sphatrades.
WTI BULLISH OUTLOOKWTI rose in value in response of potential OPEC+ cuts and conflict in Libya. This possibility of supply cuts was enough to offset the effect of the strong US dollar.
WTI broke the resistance line of the ascending triangle pattern, a bullish outlook, supported as well by the RSI and MACD indicators.
The instrument might test its previous support level at 99.70, but if the break turns out to be false, the instrument might test its previous support at 94.70
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Good Opportunity to go Long on CLCL broke a trading range held since June 2022.
now CL is retesting the range and forming a key pullback at 92.44.
The market ended this week with a hammer (bullish pattern) that showed the power of buyers.
Going long would be a good idea for investors or swing traders with a 1 3 risk reward ratio.
The price will possibly reach $100 as a potential first target.
it could even rise to 115 if buyers hold power in the next weeks