MONTHLY CHART CRUDE OIL ELLIOT WAVE ANALYSISMy take on crude oil monthly wave structure.
Working on the idea of classic motive pattern to the upside to complete wave I of (V).
What do you think?
Oiltrading
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.
WTI CRUDE OIL Target hit. Now prepare for the top.WTI Crude Oil hit the MA200 (4h) today for the first time since March 9th.
We got our target hit from buying at the bottom (chart in the end of analysis) and now we are switching to selling as the price is closer to the top of the 3-month Channel Down pattern.
Trading Plan:
1. Sell on the current market price as the price completed a +16% rise, matching the strongest rally so far this year.
Targets:
1. 67.00 (Support 1).
Tips:
1. The RSI (4h) is forming the very same peak pattern as all previous tops since December. Similar to the bottom formation when we started buying.
Please like, follow and comment!!
Notes:
This is a continuation of this trading plan:
Can the oil price recovery last?Judging from the trend of crude oil, since crude oil rebounded above 74, the technical bullish signal has been significantly strengthened.However, although the current oil price has returned to the range of the box, on the whole, the current price has basically touched the vicinity of the pressure zone of the previous box shock.In addition, judging from the strength of the recent rebound, it has not been as strong, so the trend may face a certain level of adjustment in the short term, and there is a technical need to step back on the midline of the channel to confirm the demand.After the last wave of the 4-hour level trend rose, the price was temporarily.The narrow volatility that remains at a high level weakens the strength of the upper attack, so there may be a trend of spatial correction in the short term.
Short-term trading reference: Sell crude oil near the 74.3 position, stop loss level 74.7, take profit level 73.2
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.
Rising oil prices are under pressure, so be careful of trapsAlthough the interruption of some exports from the Kurdistan region of Iraq has raised concerns about tighter supply, the United States is expected to start strategic reserve repurchases during the year, which will also benefit oil prices to promote a rebound in oil prices.However, because of the geopolitical situation between Russia and Ukraine, it is more the West that sanctions Russia, so it will not allow oil prices to rise sharply and have sufficient income, thus limiting the room for oil prices to rebound to a certain extent.
From the perspective of crude oil trends, since the surge on March 27, there has not been a decent pullback and repair, so crude oil technically needs at least a second pullback to prove the effectiveness of the oil price increase.
Short-term trading reference: sell crude oil near 74, stop loss level 74.4, take profit level 73.3
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.
WTI CRUDE OIL: One High left before new selling pressure.The WTI Crude Oil is being currently rejected on the 4H MA200 but with 4H technicals naturally bullish still (RSI = 61.154, MACD = 1.320, ADX = 61.771). This is due to the strong 9 day rally since the price made a bottom on the LL trendline of the Channel Down of December.
The 4H RSI also got rejected on the 70.000 overbought level and 5 times out of 6 within this Channel Down, this was an indication that we are either at the top or the last High before the top (LH trendline of the Channel Down). The last three tops were priced on the 1D MA100. We give slightly higher probabilities of this happening again. Sell this and TP = 67.00 (S1).
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
Analysis USOIL : 📅 3/22/2023Analysis USOIL :
Given the break of the fake bottom and the weakness in the downtrend, I expect the price to grow to the set level.
.
.
price: 69.30
sl: 66.30
tp: 72.00
tp2: 74.00
.
.
👤 Alireza hajighasem : @alirezahajighasem
.
.
📅 3/22/2023
OIL SHORTWe see that oil is in a general downward trend
This trend has been respected several times and has made lower bottoms
Economic news supports the decline in oil as well
The rise of crude oil bulls is unstoppable?Because the banking crisis has temporarily eased, supply disruptions in northern Iraq have exacerbated supply tensions, and signs of increased demand from China have provided stronger support for oil prices.
Judging from the trend of crude oil, after yesterday's sharp rise in oil prices, it rebounded to above US 70, and the technical bullish signal was significantly strengthened.However, although the current oil price has returned to the range of the box, on the whole, the current price has basically touched the vicinity of the pressure zone of the box shock in the early stage, and it has also touched the pressure position of the channel in the short term.Oil prices are under pressure at the point of pressure, and the strength of today's rebound is not as strong, so the rebound that tends to be on the daily line in the short term may be almost gone, then the short-term trend may face a certain level of adjustment.On the other hand, after the last wave of the 4-hour-level trend rose, the price temporarily remained at a high level of narrow volatility. On the hourly-level trend, after a continuous narrow sideways movement, the technical pattern began to gradually weaken, so there may be a trend of spatial correction in the short term.
Short-term trading reference: sell crude oil near 73.80, stop loss level 74.2, take profit level 73.1-73
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.
Don't Buy CL in Short Term - Right Side is DownAs you see in the chart, we expect more downsize in Crud Oil(CL) and we like to buy medium term wave II in red to around $50 where we expect that the smart buyers will arrive. Please be patient for more some days in order to do a good long term buy. Next week we'll update this forecast.
2023 tradingdesk for OILFrom now i will have one main idea, and all the ideas as we reach cycle targets for the year will be updated in the thread.
I dont trade short term, keep in mind my ideas are longer term, and its boring.
We wait for the cycles to bottom and we wait once in the trade for the trade to mature.
Fallow, like so you dont miss the updates.
SHORT OIL USD (WEEKLY TIMEFRAME)
Oil looks in correction phase after reaching the support demand zone at area 64 and currenting heading back up to the downtrend upper channel possibly at area 75.
Oil is still in its downtrend channel and possibly next target, if the support breaks, into next support and demand zone at area 50.
OIL ANLYSISThere is a probability that oil
will get down around the support 45 . AFTER BREAKING WITH POWER THE SUPPORT OF 70
and if it wasnt strong enough . we could see it on 35
WTI DAILYWill we see Crude go back into the $100 only time will tell based on the analytical data it shows that market trends are off by a few dollars but we can only guess that it will have to stabilize once we get our reserves replenished and who knows when that will be...
Banking markets have alot of say when it comes to capex dollars being loaned out by producers.
CRUDE OIL - SHORT We have a Bearish trend on 4h, on 15min we have this trend line that can be broken, and in this case we can go SHORT, we have published the sell zone and the take profit zone.
Low risk for high profit.
WTI OIL for 27-31 MArch 2023WTI oil don't have a abrupt move last week. Still waiting for the crossing of RSI and MA and break the trendline prior to make an entry. Not a perfect entry right now for BUY position.
USOIL - Double TOP 📉HELLO TRADERS💖
On The Daily Time Frame The USOIL Price Reached A Major Key Level !
Currently,on the 4h Time Frame The Price Formed a Double TOP pattern.
The Neckline is Broken🔥
So, I Expect a Bearish Move 📉
TARGET: 66.30🎯
----------
if you agreed with this IDEA, please leave a LIKE, FOLLOW or COMMENT!
WTI OIL i am sorry for the background noise i will take care of that from next time
let me know if you any dont understand the analyis.
USOIL at Demand Zone, CRUDE tradeOil at Demand Zone, showing some bounce, if daily resistance trend broken we may see up move towards 100-, 110, 120+ levels.
If this demand zone ( 84-88) broken down, we may see good fall towards 60-65 levels and may be more.
-Saptarish Trading
Crudeoil bears are working hard again, where will crudeoil fall?There may not be a shortcut to success, but there must be a way.Give up what should be given up, grasp what can be grasped; only insist on investing in your own investment standards.
Yesterday's short crude oil orders reaped very good profits, and the current crude oil is creating favorable trading opportunities for us.
At present, the U.S. Secretary of Energy has hinted that the country is in no hurry to replenish the Strategic Petroleum Reserve (SPR), exacerbating concerns about oversupply in the market.In addition, Russia's continued supply of crude oil to the global market has also increased the pressure on the oil market, causing oil prices to fall again.
At present, crude oil has fallen as low as 66.8.Judging from the trend of crude oil, the rebound of crude oil has been blocked for two consecutive trading days, and a longer upper shadow line has been left, forming a secondary pressure, so the suppression of resistance above the 71 position is still relatively obvious.I also mentioned in my article yesterday that if oil prices are delayed in regaining the 72.4 position, there is a technical need for a second bottoming demand, which will increase the short-term bearish signal.
In the short-term treatment, the upper side initially pays attention to the pressure near 69, and the lower side pays attention to the support near 66.8.
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.
Crude oil rebounded strongly, opening the way to rise?At present, it is in the process of rebounding after a volatile decline, and the short-term trend is relatively volatile. On the one hand, oil prices have initially bottomed out, which is a bit like a sign of inverted V reversal; on the other hand, oil prices seem to be undergoing a correction after breaking the level and falling.At present, the short-term rebound is relatively strong, but before regaining 72.4, it is still necessary to beware of the possibility of oil prices returning to the downward trend. If the 72.4 position can be recovered, it will be determined that the V-shaped reversal is established and increase the bullish signal in the future.If oil prices are delayed in regaining the 72.4 position, there is a technical need for a secondary bottoming demand, which will increase the short-term bearish signal.
In the short-term treatment, the bottom pays attention to the support of the 69-70 line, and the top pays attention to the resistance at the 72.4 position.
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.
Bullish on crude oil, target 72
OIL broke through the resistance around 69.8-70 yesterday, and the resistance has now turned into support.
The new resistance is around 70.8. If the support does not break, you can go long USOIL.
The first TP will continue to be placed at 70.7 yesterday's TP. If Break through 70.8, the next TP target is 71.2-72.4.
SL temporarily set to 69.47
I have published opinions on gold, crude oil, foreign exchange, BTC, etc. If you are trading them, you can follow me, and my strategy will provide you with great help
Long position entry for oil requires breaking resistanceOil FX_IDC:USDWTI breaks triangle pattern and touches yearly support level,
indicating a potential corrective move. Weak momentum in the downtrend and formation of a reversal pattern support this analysis. To enter a long position, oil must break the downtrend line and the last resistance level at 67.23. The first target is at 69.52 and the second at 70.95.
-------------------------------------------------------------------------
Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
