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Will oil prices continue to rise?The decline in U.S. crude oil inventories and the suspension of exports from the Kurdistan region of Iraq have supported the upward trend in oil prices, overshadowing the smaller-than-expected pressure on Russia's supply cuts.At the same time, five OPEC+ representatives said that the alliance may stick to the existing oil production reduction agreement at Monday's meeting. On the technical side, WTI crude oil fluctuated and fell after the opening of the market, and slowly recovered after reaching a minimum of 73.74. The current price is trading near 74.7. Although crude oil is currently facing strong technical pressure, which has led to a small decline in the current situation, but the short-term upward structure has still not been effectively destroyed, so it can maintain a low bullish pattern in the short term. Short-term trading reference: 1.Buy crude oil near the 73.7 position, stop loss level 73.3, take profit level 75.2 2.Try to sell crude oil in small batches near 75.3, with a stop loss level of 75.6 and a take profit level of 74.3 In order to facilitate everyone to continue to follow up on my analysis and sharing, you can like and follow me; in addition, I will share the daily real-time strategy in the channel. If you can't follow up in real time, you may make operational errors.You can use the following methods to enter my channel for free to follow the latest news and follow up on market trends in real time.
TVC:USOILLong
by Short-term-king
OIL: Expected to rebound to $80 The oil price also rose nearly $2 under the stimulus of data, reaching a high near $77. On the 30-minute chart, oil underwent a wave of pullback after consolidating near 76.6, and its current position is the previous consolidation level, which has some resistance but not strong. The short-term strong resistance should be around 77.4. From a technical standpoint, the current process resembles the formation of a U-shaped bottom, with the MACD indicator in a crossover state. If a death cross occurs, it means that oil prices will experience a short-term pullback to seek support, which is likely to be around 75.6-76. On the 4-hour chart, oil has been oscillating within a box range, and the range of 81-82 is a strong pressure level. The MACD indicator has formed a golden cross, and unless there are unexpected events, the oil price is expected to touch near 81 in the near future. Therefore, I believe that the current focus should be on long positions for oil, with buying points around the support level near 76. The first target is around 78, and the second target is around 80. If it breaks through 80, it can go up to around 82. The probability of a one-step trend is not high, and oscillating upward is the most likely event. Every pullback after each rise will be a very good long entry point. Thank you for your attention and trust. Please continue to follow me, and I will bring you more wonderful insights and help you gain more profits!
TVC:USOILLong
by triumphing
Crude Oil CROSSROAD! Reversal or Breakout? 12.0376.80-77.10-20 is a crucial resistance level. A break above may lead quickly towards 80.80 and beyond. Keeping below may lead to retest of 74.90 to 73.20 support trend-line. 74.90 is the trend-line, 73.20 is a cluster of horizontal support. Keep to the range and be patient! -------------------------------------------------------------------------------------------------------------- I do advise practicing caution while trading, especially leveraged products. Do your own research and never trade what you cannot afford to lose. --------------------------------------------------------------------------------------------------------------
TVC:USOIL
by Exactus
7
The support is not broken:upYesterday's long positions in crude oil yielded good profits, and after taking profits, crude oil experienced a temporary decline. Currently, the medium to long-term strategy for crude oil is still biased towards long positions. The chart shows two support levels and two possible trends. Aggressive traders can go long now, but they should be mindful of their position sizes. Conservative traders can watch and wait for the next move. From a technical analysis perspective, crude oil rose then fell yesterday, with the highest rebound reaching the 78.0 resistance level and then declining below the 4-hour midline. It fell again at the end of the day, and closed at a low point. The daily chart closed with a bearish K-line, forming a continuous downward trend. From the daily K-line structure, the continuous decline suggests a further decline. However, overall, it is still oscillating within a wide range of 72.0-82.0, and may return to the lower range, but breaking through will be difficult. It may also end up oscillating after a downward probe. The 4-hour chart continues to decline below the midline, and the step-by-step downward trend continues. Yesterday's high point of 78.0 is the critical point for short-term bears and also the short-term defense point for the midline Bollinger band. Below this point, traders can consider short positions. The overall break of the hourly chart support level of 76.0 has turned into short-term resistance. Taking into account yesterday's rebound and subsequent decline, today's trading may repeat this type of oscillating downward trend, with only the strength of the rebound determining the entry point for short positions. In summary, for short-term trading in crude oil today, it is recommended to focus on the resistance level of 78.0-79.0 and the support level of 74.0-73.0. Welcome to the discussion channel and express your thoughts
TVC:USOILLong
by Navigation-h
1
OIL: Short above 77 today Oil saw a high-volume drop below support near 78 yesterday, which turned the immediate position into a resistance level. As of now, there has not been a complete breakthrough and the trend has weakened, so in terms of trading, selling short positions is the main strategy for today, with buying long positions as a secondary strategy. Specific trading strategies: Sell short near 77.4-78.5, take profit near 76 Buy long near 75.7-74.2, take profit near 76.5 I will continue to track market trends and share trading strategies in real time. Thank you for your attention and support. If you have any questions, please leave a message in the comments section. I will provide you with the most sincere and responsible solutions to help you solve your problems. Many things may not yield immediate results at first, but only those who persist in pursuing their goals can experience the joy of success. As the saying goes, "Every cloud has a silver lining." The effort you put in will eventually receive a satisfactory response from time.
TVC:USOILShort
by triumphing
1
step back on key support and continue to consider long ordersOn Wednesday, the data was bullish, but crude oil did not rise. After a weak rebound, it continued to decline. The market has already released most of its downward pressure here, and it is highly likely that it will rebound from here. If it falls directly to 75.50 without rebounding, it may be considered for a low long position. Friends who have long positions need not worry for now. I am not sure about everyone's position and direction, so feel free to leave a message below or join the discussion channel to discuss together. Being trapped is not scary, what's scary is not having a method. The following are the reasons for expecting a bottoming and rebound in crude oil: The downward momentum of crude oil has weakened, and the daily candlestick shows a clear reduction in the size of the bearish body. According to the updated wave trading system, the current trend is still considered to be part of the upgraded X wave c, and the structure of X wave a suggests that there may be further downside in the short term, followed by another upward movement. The intraday resistance is at 76.90-77.30, and support is at 76-75.50.
TVC:USOILLong
by Navigation-h
4
Volatile start to year for gold and oil In December, the price of gold moved through a volatile uptrend but did seemingly reject at $1,819. However, a daily candle managed to close above this resistance zone on the last day of 2022, which has been followed by a continuation to the upside at the start of the new year. Although the volatile uptrend pattern appears to remain intact. Currently, XAU/USD is sitting in the green “buy zone” of the Investing Zone Indicator. The Alma Trend Ribbon included in this indicator is presently blue, further suggesting that gold is bullish at this point. If gold manages to sustain this bullish outlook, $1,900 might be an appropriate pivot point, with $1,940 perhaps as far as a price traders might like to target. Meanwhile, Crude Oil appears to be in a downward trend, with the price below the pink (bearish) Alma Trend Ribbon. In 2023, the price cratered from ~$80.00 a barrel to as low as ~$73.00, in the first 4 days before consolidating near this low, but not without printing some impressive wicks. This week, crude oil has experienced a small rally to avoid moving deeper into the yellow sell-zone of the Investing Zone Indicator. $76.50 now appears to be a resistance level for oil, so traders might like to watch for further rejections, particularly at $74-$75, before looking for price targets below $73.00 in the days ahead.
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by BlackBull_Markets
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