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WTI CRUDE OIL Best long term sellThe WTI Crude Oil is being rejected today on the 1day MA200, the longest Resistance MA technically. This rejection is also taking place on Resistance A (83.40), the December 1st top. The structural top inside the Channel Down has been the same on every occassion. When the now overbought 1day RSI crosses under the MA trendline, the sell will be confirmed. Target 70.00 (Rising Support). Previous chart: Follow us, like the idea and leave a comment below!!
TVC:USOILShort
by TheCryptagon
4
WTI breaks out of consolidation, $90 up next?WTI broke out of consolidation and closed above its 200-day EMA and resistance zone. The OBV (on balance indicator) confirmed the breakout with a move to a new cycle high, and volumes (whilst below average) are turning higher to show buyers stepping back in. Furthermore, we saw a gap ahead of the consolidation above HKEX:79 , although using classic definitions it doesn't quite fit into 'breakaway' or 'runaway' gap category. Regardless, we've seen a 30% rally from the March low with a gap along the way, OPEC+ cut oil production, and the trend points higher. With that said, the 200-day MA is capping as resistance, so bulls may want to wait for a break (or daily close) above the level. But overall, the risks appear skewed to the upside. - The bias remains bullish above 79 and an initial move to 90, then the 93.60 highs - Wednesday's low could be used for tighter risk management
NYMEX:CL1!Long
by CityIndex
WTI CRUDE OIL: Major 1D MA200 test after 7 months.WTI Crude Oil is about to hit the 1D MA200 on nearly overbought 1D technicals (RSI = 68.113, MACD = 1.880, ADX = 54.309) for the first time in 7.5 months (August 30th). This is a critical technical junction as 83.50 is also the top of the R1 Zone and the High of December 1st. With the RSI also approaching the HH trendline, we are going short on WTI and target first the 0.618 Fibonacci level (TP = 72.00). The downtrend can be deeper but this needs to be confirmed. The current bearish signal will get confirmed once the price crosses under the 4H MA50, which has been supporting for 3 weeks. Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILShort
by InvestingScope
2
Oil is about to experience an uptrend Oil experienced a sharp decline again today, and the EIA data was also unfavorable to oil. Currently, the oil price is close to the support level of 65-63. If this area is breached, the oil price will face the risk of falling to around $50. As far as the current market situation is concerned, I think this probability is not high. Although we cannot completely rule out this risk, from a technical perspective, if the oil price continues to decline, it will become oversold, and there will be a short-term rebound demand. Therefore, in the trading process, I lean towards going long at lower levels. If you have enough margin for oil, you can start a small long position now, and take profit at above 70 upon rebound. Follow me and you'll get more interesting investment information! Plus, I'll share real-time trading strategies during trading hours, including stocks, gold , crude oil , forex, cryptocurrencies, and more!
TVC:USOILLong
by EagleEyeStrategy
1
Oil is Ranging. So Where Will it break? Oil has been in a range towards the end of last year and price is fighting against pushing below the 75 lvl and staying below it. It makes sense as the news is mixed because there are positive and negative news for Oil. Check out the following: Positives for Oil: -China economy recovering and demand increasing -Russia plans to cut Oil exports by 25% and cut oil production by 500,000 barrels -EU ban on Russian Oil -OPEC maintaining production cuts -JP Morgan looking at $90 a barrel for Oil in the middle of the year Negatives for Oil: -to the FED increasing rates for the next three meetings -a possible global recession as majority of the G7 nations increase rates So, what will win out? The negatives or the positives. I am thinking Oil will be able to push higher in the short term (next few months) and eventually fall as interest rates push higher and higher. If inflation does not drop as fast the FED wants, it will need to crank up the the heat on inflation, by doing it through interest rates. In 2025, I think Oil is going to push back up to $100, maybe higher and if this does happen, it would be good if I am still in the GBP/CAD as price would likely be around 1.45. On a side note, there is a big push to renewable energies and electric vehicles, but this requires a lot of resources to produce on a massive scales and in the interim Oil will be needed. If this massive push does happen, in the beginning, Oil will increase exponentially until renewables take over. In the next couple years, lets see if I am correct: -price by the end of the year $80 -price in the beginning of 2024 (first 6 months) $70 - $80 and end of 2024 (last 6 months) $95 -price in 2025 $100+ (I keep thinking production is going to go off the rails with what's going to come out and the new technology)
NYMEX:CL1!Long
by DollarSaenz
With multiple positive support, oil prices are expected to rise?Although the major oil-producing countries have implemented production cuts to give some support to crude oil, the demand for crude oil is not too strong because the economic recovery may be much slower than originally expected.Because when market demand surges, OPEC does not need to cut production significantly, so oil prices may not rise further, but will continue to fall. On the daily chart of crude oil, in view of the surge and fall of oil prices on Monday, and the failure to break through the pressure of the strong resistance area upward for a long time, oil prices at this position are at risk of short-term volatility and peak, and the phased replenishment of the gap has not yet been completed, so compared with the top, there is still a lot of space below, so once the upward energy of crude oil is exhausted, you need to seek new technical support downwards. Short-term trading reference: Sell crude oil above 80.2, take profit level 79.4 I will share specific transactions and operations in real time on my channel based on intraday details.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:USOILShort
by Short-term-king
2
Oil Gap - A Game Changer for its PricesGap means a runaway in prices or a confirmation of a clean break away from its downtrend line. (Technical) OPEC-Plus made a surprise announcement to reduce oil production starting May. Unlike OPEC, OPEC-Plus involve many more countries. This signals a synchronise effort to boost crude oil prices. Expect a much higher oil prices to come. (Fundamental) My recent crude oil videos: • Crude Oil Outlook - USD106 as major resistance • Why Crude Oil is Trending Higher Again, Breaking Above US$100 • Correlation - Crude Oil & CPI • Crude oil a leading inflation indicator See its link below. 3 types of crude oil for trading: • Crude Oil Futures 0.01 per barrel = $10.00 Code: CL • E-mini Crude Oil Futures 0.025 per barrel = $12.50 Code QM • Micro WTI Crude Oil 0.01 per barrel = $1.00 Code MCL Disclaimer: • What presented here is not a recommendation, please consult your licensed broker. • Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises. CME Real-time Market Data help identify trading set-ups in real-time and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
NYMEX:CL1!Long
by konhow
WTI CRUDE OIL Top formation like all others since DecemberWTI Crude Oil is forming a Top pattern, which is similar to all peaks since December. The RSI (4h) crossed below the Rising Support, which is the first sell signal on peak formations. Trading Plan: 1. Sell on the current market price. Targets: 1. 74.00 (top of the Symmetric Support Zone). Tips: 1. Four out of five previous Tops formed around a Golden Cross (4h) pattern. Such was formed 2 days ago. Please like, follow and comment!! Notes: This is a continuation of this trading plan:
TVC:USOILShort
by TradingBrokersView
2
WTI CRUDE OIL: Best Sell inside the 4 month Resistance ZoneWTI Crude Oil reached the R1 Zone following OPEC, while getting very close to the top of the multimonth Channel Down. The technicals on the 4H time frame got overbought but have dropped below the barrier since (RSI = 68.376, MACD = 20.40, ADX = 40.224) indicating the first signs of sell bias. The Sell trigger perhaps can be given when the RSI crosses under the HL trend line. The previous crosses over the LH trend lines, were trend reversals. Also we just formed a 4H Golden Cross and for the past year, that formation has emerged near market peaks. As a result we now turn bearish on WTI and target the 0.786 Fibonacci (TP = 69.00). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILShort
by InvestingScope
1
WTI CRUDE OIL Best sell position inside this 8 month patternWTI Crude Oil is approaching Resistance (1) at 83.50 after OPEC cuts. The MA200 (1d) is almost there at 83.97 and has been untouched since August 30th. The pattern is a Channel Up and its top is only a little over Resistance (1). Trading Plan: 1. Sell on the current market price as the above three levels form the strongest Resistance Zone possible. Targets: 1. 67.00 initially (Support 1). Tips: 1. RSI (1d) is under a Rising Support. It is not quite there yet but the very first sign of sideways trading would be an indication of forming a top. Please like, follow and comment!! Notes: This is a continuation of this trading plan:
TVC:USOILShort
by TradingBrokersView
Crude slipping fast, here are two huge areas to watch!The past couple of trading days we have seen crude oil falling off a cliff. Down 12.5% in 8 days to be exact. We are now in a zone of demand and the buyers will be stepping in now and will continue to scale in until/if we make it to the lower buy target (noted by the green arrow). If we lose the zone that we are currently trading in then we will visit the next area of massive demand and multi-trend confluence. I will post an image below of a zoomed out version of this chart so you may observe the next level. Trade safe!
TVC:USOILLong
by farmtrader15
3
OPEC announced a production cut,how much upside is there for oilSaudi Arabia and other OPEC+ oil-producing countries announced further production cuts of about 1.16 million barrels per day on Sunday, which provided strong upward momentum for oil prices. They opened directly higher during the day and are currently slightly lower, trading near US 80.47. Judging from the trend of crude oil, the high price this morning just touched the important pressure level at the top of the platform in the early stage, so there is demand for a technical decline in the short term.The current rebound of crude oil has exceeded expectations, and the structure has also undergone variables. If the pressure continues, we will first look at the phased replenishment action. Short-term trading reference: Try to sell crude oil in small batches near 80.5, with a take profit level of 79.4--79 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:USOILShort
by Short-term-king
A Crude Awakening!The surprise production cut announcement from OPEC+ on Sunday caught us off guard! With oil prices surging close to 7%, the question arises: will this trend persist? To put the production cut into perspective, the unexpected 1.16 million barrels per day reduction is a continuation of the cuts announced last October. In total, these cuts will represent roughly 3.7% of global demand. Since it has been some time since we covered oil, let's revisit some of the factors we see affecting oil now. Strategic Petroleum Reserve First, the US Strategic Petroleum Reserve (SPR) is currently at its lowest level since 1983. The remarkable depletion of the reserve to combat energy inflation finally ended in December. How has crude oil performed since then? It has been trading relatively flat, with the recent news pushing crude back to its December peak levels. We view this as a potential positive for crude oil, as the current low SPR levels indicate that supplies cannot be easily smoothed out by artificial market forces to suppress oil prices. Furthermore, the SPR will eventually require a refill at some point, adding buying pressure. Dollar weakness As crude oil is quoted in USD, the dollar's performance greatly influences oil prices. The chart above depicts the dollar (inverted) against crude oil. Over the past 20 years, periods of dollar weakening have been associated with higher oil prices. With the recent dollar decline, we have yet to see a significant response from crude. COT Positioning Another interesting note about oil is the reduction of non-commercial long positions over the past year as oil rallied from the depths of negative prices in 2020. As long positions close, net positioning (blue) has returned to 2016 lows. The current positioning landscape presents opportunities for a renewed surge in Crude Oil if market participants re-establish their longs. Term Structure The term structure of Crude Oil remains significantly in backwardation, indicating possible demand pressures, as measured by the Dec 2023 – Dec 2024 spread as well as the Jun 2023 – Jun 2024 spreads. The news on OPEC production cut resulted in a spike in the steepness of the term structure, further emphasizing the presence of price pressures. Political Gamesmanship Last but not least, as global powerhouses China, Russia, and Saudi Arabia jockey for positions on the world stage, it's undeniable that oil plays a pivotal role in their strategic arsenal. By leveraging their influence over this vital commodity, these nations may attempt to exert pressure on the US, seeking to tip the geopolitical balance in their favor and assert their dominance in the energy market. Looking at the charts, we see crude oil struggling to break lower after completing a descending triangle. The recent gap up has now positioned Crude Oil just above the 200-day moving average and descending triangle. Combined, the stage seems set for oil’s next leg higher as the low SPR levels, dollar weakness, term structure & net positioning act as potential tailwinds to propel Crude Oil higher. We set our stops at the previous support level of 73.15 and take-profit levels at 92. Each Crude Oil Future contract is equal to 1000 barrels of crude oil. Each 0.01 point increment in Crude Oil Futures is equal to 10 USD. The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios. A full version of the disclaimer is available in our profile description. Reference: www.cmegroup.com www.reuters.com
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NYMEX:CL1!Long
by inspirante
16