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USOIL HTF AnalysisHello Everyone, As you know, Crude Oil took a hit during the early stages of pandemic and became relatively cheap for a while. However, with the beginning of 2021, energy crisis occured around the globe and the whole climate crisis made things a lot worse for both consumers and producers. And still, global energy prices continues to go up. Anyway, let's take a look of technical view of things and the price action of crude oil on 2W charts. Red level had been a great resistance level for a long time and sellers manage to protect this area while pushing the price down, until there are no buyers left, which led to a liquidation cascade back in 2014. And the buyers only managed to push the price up to November 14 levels(which was also a supply level in Weekly tf) and led to another liq cascade thanks to Covid19. Now, buyers again pushed the price to the exact same level and met with selling pressure and deviated around 75-76 price level. If the buyers manage to hold 76.17(for couple of days) the price will most likely visit the gray area first and will be targeting the red line which was the original sell-off point in the first place. However, if the prices loses the green area and continues to close below, that would be a bad sign and the latest attempt will be left as a deviation and the price will likely search for a liquidity around 57.50 lows and then will continue on it's way to other support levels and the blue demand area as well. Summary: In order to continue it's bull-trend, the price should close above 76 and hold above this level. If the price loses the green box that would be bearish. Area between blue box and green box will turn into a small range at first and that won't be not good sign for both bulls and bears as the price will go flat for a while. Which may turn into a suitable area for range traders.
TVC:USOIL
by Stravios
WTI Falls 13% In A Day; The Battle For The Price Of Oil ContinueThe price of oil dropped 13% on Friday (26/11/21), marking the commodities worst single day in 2021. A drop in oil prices this large was last seen in January/February 2020, when WTI was making its way down to unprecedented negative per barrel territory. No one expects oil to veer this low again, but the comparison to 2020 is apt, with Coronavirus responsible for the commodity’s downfall on both occasions. New Coronavirus variant discovered in South Africa An effort to lower the price of oil had begun before the new Coronavirus strain, named the Omicron variant, appeared. Led by the US, a strategic release of Oil reserves was being enacted or considered by members of the International Energy Alliance (IEA) in an attempt to lower the price of oil, which they saw as hampering their respective economic recoveries. It has been claimed that the strategic release would have little effect on the oil price, as the quantity to be released is half of the world’s daily consumption. Yet, oil has fallen from its 2021 highs of US ~$85 per barrel since the announcement. In response, OPEC+ was said to be reconsidering its plan output increase to counter the strategic reserve release by the US and its IEA allies. The OPEC+ rumours helped plug some of the losses oil was experiencing, but not enough to stop consistent weekly losses in the commodity’s price. By Friday, oil had rung up five weeks of straight price decreases. Is the Omicron threat overshooting the fair price of oil? The Omicron variant is possibly the worst coronavirus variant known, as reported by the BBC. However, uncertainty exists as to how vaccine resistant, virulent, and deadly the strain is compared to its predecessors. As such, countries quickly moved to restrict travel from South Africa, reminiscent of January/February 2020, when international travel came to a screeching halt, and the price of oil fell from US $63 per barrel to sub-zero. Countries that have placed travel restrictions on South Africa (and other African nations) include the US, the UK, and Germany. As of writing, WTI is trading at US $68.16 per barrel, as mentioned above, 13% lower than Thursday’s price. Two questions come to mind: Has the market reacted too severely to the threat posed by Omicron? Can the strategic release of oil by IEA nations now be halted or pared back? Regarding the former, Goldman notes that Omicron should have only warranted a ~6.5% drop in the price of oil and that the commodity should quickly recoup some of Friday’s dip. Regarding the latter, it might not be too late to turn this tap off. IEA nations have pledged to release as much as 80 million barrels of oil, with 50 million of these barrels coming from the US. However, a genuine commitment from IEA members has yet to be agreed upon, with discussions still underway as of Friday.
TVC:USOIL
by BlackBull_Markets
crude oil Since history always repeats itself, we expect oil to drop to levels 38, 34 , as you see there are 2 ascending triangles , one big and the other small, look at the small one, after the price broke the third higher low , the price retested it by forming double top then descending wolfe wave formed ,then the price free fall fell so we are expecting the same path for the big ascending triangle , zoom out to see it now the price broke the third higher low in big ascending triangle , we expecting the price to retest it the form a descending wolfe wave the free fall to 34 ,In addition to fears of an inflated global excess supply of crude in the first quarter of next year, due to lower demand. Take your profit & RUN! 🏃‍♂️ I hope you all have a brilliant trades 💖 Stay safe ✌️
OShort
by Elrouby
1
Oil is headed down in 60s rangePrices of oil have a direct impact on the inflation. The higher oil prices have started impacting the consumers across the globe. We have used Aspen Trading Support & Resistance Levels to analyse the oil prices trend. It has clearly broken down the short-term support levels at 77.75 and most probably could lead to further down side. As the the oil production ramps up, the oil prices could stabilise at the pre-covid levels in the range of 60s. Note - Aspen Trading S/R levels are invite only. They can be accessed through my profile information. Disclaimer: This analysis is for information purpose only and does not constitute any investment advice.
FX:USOILShort
by tradingswift
🛢️ Crude Oil - Wti Back to 70,64 🚢🔱Don't fill your tanks (or tankers) yet because we see an unchecked level at 70,64$ that will most likely need to be checked. High dollar, inflation worries, Oil must be 'controlled' and the battle to tame inflation. Biden knows, Europe knows, China knows. Price is under an ascending channel and this is a highly bearish signal that triggered the correction. Price is attempting to rise but the 80$ mark is a technical and psychological resistance that will be hard to breach over. Fill your tanks and tankers next month. the FXPROFESSOR
TVC:USOILShort
by FX_Professor
4
WTI Crude Oil Price ForecastAside from Crypto and Stocks, I also look at economical indicators, metals, and commodities. I will be adding these to my ideas moving forward starting with the analysis on WTI Crude Oil price. WTI Crude Oil was in a multi-year descending triangle, which it broke out of and retested the top of the trendline in August 2021. The price is on it's way upwards. Something I learned from a trading mentor is when in doubt, zoom out and look left. I took a fractal pattern from 2009-2013 which looks very similar to how the price is playing out currently and overlaid it in the current price range. Furthermore, I added in the fib levels to see where we can be able to get to before some level of retracement. It seems that $95-$100 price range may be in the cards as the price may get to fib level 0.618 before a rejection. I will keep the community updated on this. What are your opinions on this? Comment below, hit the like and follow me. Thank you! Check out more below for recent Altcoin, Bitcoin and Stock Ideas. Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk #bitcoin #altcoins
TVC:USOILLong
by MillionaireEconomics
3
USOIL- long term projection.Here's my analysis on the daily time frame. We are in an upwards trend and it's always better to trade with the trend; not against it. Therefore, I believe oil will see the price of $90 very soon. Price action has just rejected the 61.8% fib level (on the 1 hour timeframe) and rejected the trendline. On the daily timeframe price has rejected the 78.6% fib level. Hope everyone is having a great evening. Please comment below your ideas or if you need me to analyse anything.
TVC:USOILLong
by Charl13Scrutton
#OIL SHORT TERM SELL OPPORTUNITYAlright first off price is in bullish Daily trend but it reached 161% of Fibonacci extension ratio and as a result of that we saw a bearish engulfing candle which tells us participants who were long in oil are probably busy with profit taking actions and as a result it is possible that we see a bearish corrective move. If you are with me so far now lets see how we can trade oil in short time. In 4H time frame we saw an impulsive bearish move which shifted the 4H time frame structure to bearish for the first time in long time, after that bearish impulsive move we have a bullish corrective move which you can see in 1H time frame. Now price has reached an important res area with RSI indicator divergence and also we can see 1H bearish engulfing candle which shows us price has an intention for down side move also we kind of see that in 1H time frame price also couldn't create HH and we can see a Double top formation which is another confluence for bearish move. Now in case of trading you can probably wait for the price to come below double top neckline which is around 82.050 and then wait for the retest or you can trade it with your strategy at any given time. But it is important to remember this is a counter trend trading and the overall trend is bullish. For targeting first target obviously would be around 80.500 and after that its kind of risky to hold the position because as I said its against the main trend. Wish you all the best
OShort
by mohemati