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Oil hits YTD peak. What are the risks now? Oil prices reached their highest level in seven months, partly driven by worries that escalating tensions in the Middle East could constrain supply. Iran has warned of a potential "serious response" against Israel following a targeted strike in Damascus that resulted in the deaths of two Iranian generals. This incident has raised concerns about a widening conflict in the Middle East, following over five months of the Israel-Hamas conflict in Gaza. Furthermore, Ukraine has launched a counter-offensive by targeting Russia's oil infrastructure. Although the attacks have so far reportedly only caused minimal damage. Ukraine's objective is to disrupt Russia's main financial support for its invasion of Ukraine. Better-than-expected manufacturing purchasing managers' index (PMI) reports from China and the US have also buoyed optimism in the oil market. Because of this, investors might anticipate increased demand in the manufacturing and industrial sectors of both countries. WTI has now found support just above $84.00. The 100 SMA is above the 200, potentially indicating that support is likely to hold. However, caution might be warranted as the market nears overbought conditions. If the $84.00 level fails to provide support, the subsequent target could be slightly below $81.00, coinciding with the 50% Fibonacci retracement level from the low in March to the recent peak. Alternatively, a less significant pullback might see buyers stepping in at the 23.6% or 38.2% Fibonacci levels.
BLACKBULL:WTI
by BlackBull_Markets
WTICO Outperforms BCO on US Oil Production RiseWTICO (West Texas Intermediate Crude Oil) has recently been outperforming BCO (Brent Crude Oil). This trend coincides with an increase in US-produced oil replacing sanctioned Indian refined oil. Potential Opportunity in WTICO The shift in market dynamics could present an opportunity for traders considering long positions in WTICO. However, as always, it's important to conduct your own research and consider factors like: • Market Volatility: Oil prices can fluctuate significantly due to various factors. • Global Oil Production: Changes in global oil production can impact WTICO's price. • Your Investment Strategy: This trade should align with your overall risk tolerance and investment goals. Stay Informed, Make Informed Decisions We recommend staying updated on market developments before making any investment decisions. We're Here to Help Please don't hesitate to contact us if you have any questions or would like to discuss this further within the comments.
OANDA:WTICOUSDLong
by bryandowningqln
Jump on the Oil Trend as Russia Refineries Attacks Drive Prices I wanted to bring to your attention the latest trend in the oil market - prices are on the rise due to recent attacks on refineries in Russia. These attacks have caused disruptions in the supply chain, leading to an increase in oil prices. This presents a great opportunity for you to capitalize on this trend and make some significant profits by going long on oil. Don't miss out on this golden opportunity to make some quick gains in the market. Take advantage of the current situation and place your bets on oil to see your investments grow. So, what are you waiting for? Get in on the action and go long on oil today
NYMEX:CL1!
by bryandowningqln
Breakout for crude oil in focusCrude oil has been grinding higher since the December low, but after a 4-week period of choppy trade momentum has turned higher. Whilst $80 has been a tough level to crack in recent week, we suspect a breakout is now on the cards - 200-day MA has provided dynamic support - Falling wedge into 200-day MA - Bullish range expansion out of the falling wedge - RSI (14) curling higher from the neutral zone (50) Prices are teasing the $80 level during a quiet Asian session. Bulls could either look to enter the breakout above $80 alongside rising volume, or seek dips down to the $79 handle / 2023 open price in anticipation of a breakout. The bias remains bullish above the $200-day MA with $84 now in focus
NYMEX:CL1!Long
by CityIndex
USOIL continues to rise 85 today? Prices have pulled back after hitting a four-month high of $83 yesterday on Monday. Russia has increased exports in response to Ukrainian attacks on the country's oil infrastructure. Saudi Aramco CEO Amin Nasser has rejected the idea of phasing out fossil fuels, calling it a fantasy. Looking at the daily chart of crude oil, oil prices have fluctuated for about two weeks based on the moving average system, and oil prices have once again tested the upper edge of the channel. The two big positive lines show strong upward momentum, and it is expected that the mid-term rise will open up room for growth after adjustments within the week. Crude oil (1H) continues to trend higher and continues to hit new highs. The moving average system maintains a bullish arrangement and is supported by the 5-day moving average. The short-term objective trend is upward. Oil prices have adjusted slightly from high levels. It is expected that crude oil will continue to fluctuate upward in the short term during the day. Pay attention to the short-term support effect of 81.5.
TVC:USOILLong
by Crazy_money_making_signals
Crude oil fluctuates upward The daily K-line of crude oil continues to run above the short-term moving average and continues to maintain a high and strong trend. There is currently no particularly obvious trend in the 4-hour trend. After yesterday's adjustment, it is expected that there will be a rebound trend in the short term. In the small-level cycle trend, after continuous narrow range fluctuations, the technical form began to gradually recover, the K line began to slowly stand on the short-term moving average, and the short-term trend tends to continue to rebound. long-term trends.
TVC:USOILLong
by Crazy_money_making_signals
Crude Oil Movement In Bearish Flag. Short long set up Hey guys! Quick long idea for oil chart, we're moving right now in the raising flag which is bearish, but we can to trade the long till red resistance line. Reasons to open positions: 1) The Awesome Oscillator is close to change the direction to upside, and we can see the similar movement before 2) By moving into the flag we cross the support lines, and we didn't go lower, so also seems like we're repeating the scenario Take profit, better to put on the resistance line. Stop loss by lowest candle. IMPORTANT! Always follow RM! We don't trade more than 2-3% of the deposit! Oil and stocks you can trade on this crypto exchange: bingx.com
NYMEX:CL1!Long
by CarpBuro
Today’s Profitable Trading Signals for Crude Oil Hello everyone. At present, crude oil continues to fluctuate at a high level on the daily trend, and the short-term moving average is basically in a flat state, tending to continue to maintain a relatively volatile trend in the short term. Currently, the 4-hour trend continues to fluctuate at a low level, and the K line continues to be under pressure. The short-term moving average maintains a slightly weaker trend. The bottom rebound after the U.S. market yesterday has continued, and the current range on the hourly level has been compressed very little. The current resistance is around 81, forming a short-term downward trend. So today we rebound and need to sell
TVC:USOILShort
by Crazy_money_making_signals
OIL If oil prices push higher above 81$, they will prop the dollar in the medium term. Higher oil prices will influence inflation globally. Central Banks particularly the Fed might not cut rates until the later part of 2024. Fed Chair has already echoed these words citing that fed cuts are years away. Once oil adds onto that equation, we might see a possible rate hike in 2024. On the monthly charts, we have a consolidation around a strong demand level. On the weekly timeframe we do not have a clear direction though the market seems to be pushing higher to mitigate inefficiencies at the 107-115 levels. Dropping down to the 4 hour chart, we have a bullish bias targeting 77-90 levels. Change of character plus flip zones in addition to multiple break of structures inform our bullish bias.
TVC:USOILLong
by morrisgitau
Bullish Outlook for USOILHi Traders! USOIL is in an ascending price channel as it looks to break back above the 75.00 level. Here are the details: The price action looks currently bullish; the market swings are getting higher, and the price is about to break back above the 20 EMA. Our idea here is to buy market dips leading up to the 20 EMA break. Short-term targets are levels around the 75.00 area, and long-term targets are levels near the resistance at 79.72. Preferred Direction: Buy Technical Indicators: 20 EMA Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
TVC:USOILLong
by BluetonaFX
Oil’s Tug-of-War: Iran Tensions vs. Evergrande Oil’s Tug-of-War: Iran Tensions vs. Evergrande On Wednesday, WTI crude futures dropped below $77 per barrel, undoing a 1.4% increase from the prior session, all while the U.S. readies itself to address a lethal attack on its troops in the Middle East. Perhaps traders are concerned more about the liquidation of China Evergrande, raising worries about the overall Chinese economy. There is fear that this uncertainty in China could lead to a decrease in demand for crude oil. However, there is a question of whether traders might be underestimating the potential for U.S. responses to the lethal attacks to escalate tensions or lead to a conflict with Iran. Despite President Biden expressing a desire to avoid a wider war in the Middle East, there are concerns about the unpredictable outcomes of such military actions. The Guardian predicts dire consequences if there is direct American military retaliation against Iran. This could prolong the Gaza conflict, trigger a Hezbollah attack on Israel, escalate conflicts in Iraq and Syria, and destabilize friendly regimes in Egypt, Jordan, and the Gulf. Additionally, such actions could inadvertently assist China in pursuing its anti-democratic geopolitical ambitions and provide justification for Russia's aggression in Ukraine.
BLACKBULL:WTI
by BlackBull_Markets
7 Diamnesion Analysis for OIL 😇 7 Dimension Analysis Time Frame: H4 1️⃣ Swing Structure: Bearish 🟢 Structure Behavior: Break of Structure (BoS) 🟢 Swing Move: Corrective move is filled POi, now impulsive is starting 🟢 Inducement: Done 🟢 Pull Back: 1st and deep 🟢 Internal Structure: Bearish 🟢 Ext OB: Mitigated 🟢 Supply, Distribution, Rejection: Trendline broke, trend line Breakout/CIP done 🟢 Time Frame Confluence: Daily, H4 2️⃣ Pattern 🟢 CHART PATTERNS: Reversal, Rounding Patterns, Double top 🟢 CANDLE PATTERNS: Record Session count observed in internal leg, Shrinking long wick end, Change in guard engulf, Momentum: strict engulfing with bearish strength, Tower top also observed 3️⃣ Volume 🟢 Fixed Range: In this area, bears are already strong 🟢 No Volume during correction 4️⃣ Momentum RSI 🟢 Zone: Bearish sideways 🟢 Range shift: Bullish to sideways properly 🟢 Overbought rejections count: 2 5️⃣ Volatility Bollinger Bands 🟢 Middle band: Price below the middle band with a ninja candle bearish closing 🟢 Contraction: Fully 🟢 Two Band Punchers: Observed in the upper band 6️⃣ Strength According to ROC 🟢 Values: USD -3.05, OIL is -15 7️⃣ Sentiment According to all sentiments, oil prices are under pressure ✔️ Entry Time Frame: H4 ✅ Entry TF Structure: Bearish ☑️ Current move: Impulsive ✔ Support Resistance Base: Supply area rejection ☑️ Candles Behavior: RSC, bearish Momentum ☑️ FIB Trigger event: Done ☑️ Trendline breakout: Done 💡 Decision: Sell at opening 🚀 Entry: 73.45 ✋ Stop Loss: 76.87 🎯 Take Profit: 62.55 2nd If Internal Structure Changes also Exit 3rd Trendline Breakout, Fomo 😊 Risk to Reward Ratio: 1:3.5 🕛 Expected Duration: 15 days SUMMARY: The analysis suggests a bearish outlook, supported by structural, candlestick, and volume indications. Momentum in RSI and Bollinger Bands also align with the bearish stance. The decision is to sell at the opening with specific entry, stop loss, and take profit levels, considering potential internal structure changes and trendline breakouts.
TVC:USOILShort
by Optimum369
WTI H2 / RETRACEMENT FROM THE OB, SHORT TRADE OPPORTUNITY 📉🛢Hello Traders! As expected, we can see a retracement of the OIL H2 from the resistance level, and also, from the OB at the price of 74.900. I see this retracement as a good signal of bearish domination, representing a good opportunity to execute a short trade. Treaders, if you liked my idea or if you have a different vision related to this trade, write in the comments. I will be glad to see your perspective. ____________________________________ Follow, like, and comment to see my content: www.tradingview.com
BLACKBULL:WTIShort
by GoodTradeST
3
Crude oil wants to make money to read this article!The recent rise and fall of crude oil, as a whole is a big shock, although it is an upward trend, but not so clear, yesterday's daily line is very unexpected unexpectedly closed the negative line, the rise is not coherent, such a market we understand as shock, today's thinking of shock more treatment, today's crude oil attention yesterday back to the low point is the bottom of the upward trend of 1 hour, Strong support is near 73.10, these two positions are the positions of bull sniping, and the positions of pressure are 75.50 and 76.50
NYMEX:CL1!Long
by the_Hand_of_God
2
Oil traders overreacting to the wrong triggers? Oil traders overreacting to the wrong triggers? Divisions within OPEC have caused WTI crude to fall below $74 per barrel, ending a three-day climb for the commodity. Angola, which joined OPEC in 2007, said it is leaving the Organization of the Petroleum Exporting Countries. This move raised concerns about OPEC's capacity to stabilize global prices, particularly amid disagreements over oil production quotas. However, operational challenges in Angola have hampered the country's ability to reach its sanctioned daily output of 1.5 million barrels; so maybe its departure is not hugely damaging to OPEC’s control, and the market is overreacting to the wrong thing here. Maybe, a more pressing issue could be the surging production in the United States. Recent data from the Energy Information Administration revealed a record-breaking daily output of 13.3 million barrels last week. For one, Goldman Sachs has adjusted its forecast for the average oil price next year, reducing it by 12% due to ample production in the United States. In a note released last Sunday, Goldman revised its estimate, projecting an average of $81 per barrel in 2024, down from the previous estimate of $92 per barrel. Goldman Sachs anticipates it to reach its peak at $85 per barrel in June. Meanwhile, Citigroup offers a more cautious outlook by forecasting an average 2024 oil price of $75. This stands as the lowest projection among the major U.S. banks
BLACKBULL:WTI
by BlackBull_Markets
Oil Market Volatility due to Shipping Disruptions in the Red SeaIt has come to our attention that several shipping companies have temporarily halted their operations in the Red Sea, leading to a slight disruption in the transportation of oil. As you are aware, the Red Sea is a crucial shipping route for oil tankers, connecting major oil-producing regions to global markets. Any disruption in this route can have far-reaching implications, causing ripple effects throughout the oil market. The current situation demands cautious consideration of our trading strategies, particularly regarding long oil positions. While the exact reasons behind the shipping companies' decision to temporarily halt their operations in the Red Sea remain undisclosed, it is imperative that we closely monitor the situation and assess its potential impact on oil prices. The reduced availability of shipping routes may result in increased transportation costs, delays in deliveries, and potential supply constraints. These factors can contribute to short-term volatility and uncertainty in the oil market. In light of this development, I encourage you to exercise caution when considering long oil positions. It is crucial to stay informed about the latest updates regarding the shipping disruptions in the Red Sea and their potential implications on oil supply and demand dynamics. We can better navigate the market and make informed trading decisions by remaining vigilant and responsive to these changes. To stay updated, I recommend closely monitoring reputable news sources, industry reports, and official statements from shipping companies and relevant authorities. Additionally, engaging in discussions with fellow traders and industry experts can provide valuable insights and perspectives. As always, I would like to emphasize the importance of conducting thorough research and analysis before making any trading decisions. While volatility can present opportunities, it also carries risks that need to be carefully evaluated. By maintaining a cautious approach and considering the potential consequences of the shipping disruptions in the Red Sea, we can mitigate potential losses and capitalize on favorable market conditions. Should you have any questions or require further information, please do not hesitate to reach out to me via comment.
TVC:USOILLong
by bryandowningqln
Oil's Next Move: Red Sea Conflict and $75? Oil's Next Move: Red Sea Conflict and $75? BP has suspended all oil and gas shipments through the Red Sea due to a rise in attacks on cargo ships and a deteriorating security situation attributed to Iran-aligned Houthi militants in Yemen. This move has caused a 2% surge in oil prices, pushing WTI crude futures to $72.5 per barrel. This development signals the first indication of a spill-over effect in Israel-Palestine tensions that could impact global supply chains in 2024. Some shipping companies are now avoiding the Red Sea/Suez Canal, choosing to navigate around Africa instead. This shift will likely contribute to increased supply costs and delays in the coming weeks. There is a possibility of the U.S. military intervening to ensure the critical shipping route remains open. However, reports also suggest a potential near-term peace agreement between the Houthis and Saudi Arabia, which could eliminate the need for U.S. intervention. Despite these uncertainties, the current abundance of oil supply might be constraining upward pressure on prices. The recent price increase could be attributed more to short covering, as money managers have consistently reduced their net long U.S. crude futures and options positions for the eleventh consecutive week, as reported by the U.S. Commodity Futures Trading Commission on Friday. From a technical standpoint, WTI is currently making an effort to secure a closure above the $72.5 threshold, and beyond that, it aims for the $73.5 level, where the 20-day Moving Average is situated. The subsequent resistance lies at a significant psychological milestone of $75. The geopolitical situation holds a crucial role. If tensions persist, there is a possibility of breaching the current levels and a subsequent upward movement toward the $80 benchmark.
BLACKBULL:WTI
by BlackBull_Markets
Weekly Price Prediction: $78.00 (Min) and $87.50 (Max)Projected Price Range The anticipated weekly price range for Brent Crude Oil is expected to fluctuate between $75.62 (Min) and $81.93 (Max). Contended Price Levels $81.00 - $78.00 High Volume Node - potential support $81.73 Resistance Line - potential resistance $75.62 Support Line - potential support Technical Analysis Fibonacci Retracement Breakout: The price has gone below the 0.5 Fibonacci level. This level is currently just a dollar above the blue resistance line. Volume Profile Analysis: High Volume Nodes (HVM): Bottom HVM: Signifying an area of good liquidity and a potential support region. The price has stalled in this area over the last few weeks. If the price breaks downwards it could carry on. MACD and Stochastic RSI: Stoch RSI (Bottom Indicator): It has crossed over at the bottom and now has just about crossed over at the top. Showing overbought pressure and a potential downturn. MACD (Top Indicator): This indicator has maintained just below the negative region and has refused to move out over the last few weeks. I don't see it going anywhere this week. I believe it will stay and we won't see a bullish signal this week from this indicator. Additional Factors Prior Resistance ( Top Blue Line): Just above the Bottom HVM, a blue line represents a prior resistance level. The blue line just crosses over the current price bar. Could be a potential resistance area as well. Prior Support (Bottom Blue Line): This represents a support level for the price. This may be crucial if broken as the HVM is just above it. The blue line just crosses over the current price bar. Could be a potential support area as well. Geopolitical Events: Given the volatile nature of the commodities market, traders are advised to stay vigilant regarding any geopolitical events in the upcoming week, as these events can significantly impact oil prices. Conclusion To conclude we see the price range being between $75.62 (Min) and $81.93 (Max). This is due to the price staying within the HVM and seeing support with also a support line just below the HVM. However, there is a resistance line just above the HVM as well. These two support and resistance lines make our price range for this week. The Stoch RSI is showing a bearish sentiment so this will be crucial to watch out for. Also, something else which is crucial to watch out for is the blue line that has already crossed the current price bar. This will form new support/resistance. The MACD is effectively null this week.
OANDA:BCOUSD
by BlackbearTrader