Oil Moves At The End Of July..Over a mid-long term period we have seen Oil slowly close in on its price range.
This comes as the Market awaits a larger sentiment inflow and move either largely up or down.
In my previous posts on Tradingview, I mentioned it short various times, so our bias remains the same on any rises.
Any longs, really, need a larger fall to key support levels below.
Crude Oil WTI
Crude oil: Waiting for a rebound to continue shortingCrude oil technical analysis
Daily resistance 78.4, support below 72.7
Four-hour resistance 77.5, support below 75.5-74.7
Crude oil operation suggestions: WTI prices stopped falling due to a decline in weekly crude oil inventories last week. The U.S. Energy Information Administration (EIA) crude oil inventory change report is expected to show that inventories will increase by 700,000 barrels in the week ending July 19. Israeli Prime Minister Benjamin Netanyahu will address the U.S. Congress, seeking to turn the U.S. attention to the Middle East.
From the daily chart level, crude oil has repeatedly fluctuated and stepped down in the medium term, and the oil price has fallen below the support of the moving average system. The objective trend of the medium-term rise has changed and returned to the oscillating pattern. Crude oil is expected to maintain a wide range of oscillation in the medium term.
From the current market situation, the lower target continues to focus on breaking new lows, and the short-term long and short strength watershed focuses on the 77.5 line. The rebound above 77-77.5 remains short. Any rebound before the daily level breaks through and stabilizes this position is a short-selling opportunity.
SELL:77.0near SL:77.30
SELL:77.5near SL:77.80
Technical analysis only provides trading direction!
Monday Drab Crude Oil We opened with a large Gap to the upside...
So far we have not moved in any direction with any purpose.
To stay bearish running into NY the DAILY -OB should be respected if we retrace back to that level.
Closing the NWOG with a displacement candle would be advantageous for sell side to be taken and the two targets I have noted with the magnets.
USOIL Is Approaching An Interesting ZoneHey Traders, in tomorrow's trading session we are monitoring USOIL for a buying opportunity around 74 zone, USOIL is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 74 support and resistance area. We would also consider the 82 area as a potential target as it's the main resistance USOIL will be facing.
Trade safe, Joe.
USOIL: Bullish Continuation & Long Trade
USOIL
- Classic bullish setup
- Our team expects bullish continuation
SUGGESTED TRADE:
Swing Trade
Long USOIL
Entry Point - 76.41
Stop Loss - 74.97
Take Profit - 79.13
Our Risk - 1%
Start protection of your profits from lower levels
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CRUDE OIL (WTI): Waiting For Breakout
WTI Crude Oil is currently testing a key daily structure support.
Trading in a bearish trend, the price has a high potential to violate that.
Next week, wait for a bearish breakout of an underlined green area.
A daily candle close below that will confirm a violation.
A bearish continuation will be expected at least to 72.9 level then.
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USOIL Will Go Higher! Long!
Take a look at our analysis for USOIL.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The price is testing a key support 78.234.
Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 82.164 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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OIL: Day 3 breakout short reversalHi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you!
“Trade setups, not movements”
1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion)
Monday DAY 1 Opening Range
Tuesday DAY 2 Initial Balance
Wednesday DAY 3 (reset DAY 1) Mid Point Week
Thursday DAY 2
Friday DAY 3 Closing Range ✅ day 2 cycle
2. SIGNAL DAY
First Red Day
First Green Day ✅
3 Days Long Breakout
3 Days Short Breakout
Inside Day
3. WEEKLY TEMPLATE
Pump&Dump
Dump&Pump ✅
Frontside
Backside ✅
4. THESIS:
Long: primary, Friday day 3, market on the backside, is a high quality potential long setup, back to the HOW if criteria will be met. Consolidation till OIL market opening at least (9am NYT).
Short: secondary, not interested today in this scenario, however, the pump of yesterday can fail, with a further failed daily breakout going to re test the LOW.
Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni
USOIL BUYERS WILL DOMINATE THE MARKET|LONG
Hello, Friends!
USOIL is making a bearish pullback on the 1D TF and is nearing the support line below while we are generally bullish biased on the pair due to our previous 1W candle analysis, thus making a trend-following long a good option for us with the target being the 83.51 level.
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OIL: Day 3 short in the market, inside day and potential FGDHi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you!
“Trade setups, not movements”
1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion)
Monday DAY 1 Opening Range
Tuesday DAY 2 Initial Balance
Wednesday DAY 3 (reset DAY 1) Mid Point Week
Thursday DAY 2 ✅ no daily cycle
Friday DAY 3 Closing Range
2. SIGNAL DAY
First Red Day
First Green Day ✅
3 Days Long Breakout
3 Days Short Breakout ✅
Inside Day ✅
3. WEEKLY TEMPLATE
Pump&Dump
Dump&Pump ✅
Frontside
Backside
4. THESIS:
Long: primary, considering the overall template and signal day, I would be looking for a long trade if the market will consolidate till 9am at least for a potential dump and pump template, long trade back to Asia high.
Short: secondary, no daily high has been triggered yet, Oil can potential keep going down. I do not exclude a blow off with the original trend. However, is not a setup I mastered
Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni
US Oil: Market Structure Shift
🚀 **US Oil: Market Structure Shift & FVG Targeting Buy-Side Liquidity!** 🚀
US Oil has been making waves in the market! 🌊 After a significant move that took out the sell-side liquidity, we've witnessed a powerful market structure shift. This pivotal change has created an exciting fair value gap (FVG) 🎯, setting its sights on the buy-side liquidity.
This shift signals a potential bullish momentum 📈, providing traders with lucrative opportunities to capitalize on the market's upward trajectory. As the FVG narrows, the target on buy-side liquidity becomes clearer, making it a critical zone for traders to watch. 👀
Stay tuned and keep your eyes on US Oil as it continues to navigate through this dynamic market landscape! 🌟💹
---
Oil prices can still be shorted at around 77 to make a profit.
The overall trend of oil shows the closing stage of the arc top. There are still some opportunities for decline to short the oil price to make a profit.
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USOIL / Bearish confirmation toward 79.49 Technical Analysis: USOIL
Current Outlook:
The price is expected to touch 80.70 and then consolidate between 80.70 and 81.70 until a breakout occurs.
Bullish Scenario:
For a bullish trend to be established, the price should reverse and stabilize above 82.27, targeting 82.25 and 84.14. There is also a possibility of a bullish retest up to 81.70.
Bearish Scenario :
As long as the price trades below 81.70, it will likely drop to 79.50. The price needs to break below 80.70 to confirm the bearish trend, ideally closing a 1-hour candle under this level.
Key Levels:
- Pivot Line: 81.22
- Support Levels: 79.49, 77.94, 75.35
- Resistance Levels: 81.72, 82.24, 84.14
Today's Expected Range:
The price is anticipated to move between the support at 79.49 and the resistance at 82.15.
Thursday Trouble Crude OilWe are nearing the end of the week and have had some nice movement heading lower..
I have marked out the Previous Day Wick ( PD Wick ) If price is to retrace today for NY this is where I would expect it to stop and head lower / consolidate at least.
The Draw on Price are bellow :
Daily +OB
Daily EQL'S
DAILY FVG
USOIL BEST PLACE TO SELL FROM|SHORT
Hello, Friends!
USOIL is making a bullish rebound on the 1H TF and is nearing the resistance line above while we are generally bearish biased on the pair due to our previous 1W candle analysis, thus making a trend-following short a good option for us with the target being the 76.54 level.
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WTI Oil - 4HWTI oil completed its second bullish leg and has now formed a reversal setup. The price action shows that WTI missed the ascending channel support and is currently consolidating below the previous support zone, which has now turned into a resistance level. This suggests a potential bearish outlook as the price struggles to regain upward momentum.
With the recent break of the ascending channel, it is expected that WTI may continue its downward trajectory. The consolidation under the new resistance zone indicates seller strength, and further declines could be seen if the price fails to break back above this resistance. Traders should watch for key support levels around $81 and $78 for potential buy signals or continuation of the bearish trend.
WTI rebounds after larger crude drawdownAfter falling sharply in the last few days, crude oil prices were trying to form support as WTI tested its technically-important 200-day average following the release of US oil inventories data. The data showed a larger-than-expected drawdown of 3.7 million barrels on the headline front. Stocks of oil products (gasoline and distillates) and crude inventories at Cushing all showed drawdowns too. In theory, oil prices should find some support on the back of these numbers. However, with global economic data remaining soft this week, demand concerns continue to hold back oil prices. So, a clear bullish signal is needed to encourage the bulls to step back in on oil.
If we see any distinct bullish reversal signals on WTI or Brent, then this would suggest that at least some buying could be on the way in the days ahead, as the previous selling pressure is potentially replaced by buying. Let’s see if that happens today.
By Fawad Razaqzada, market analyst at FOREX.com
WTI Oil H4 | Potential bearish reversalWTI oil (USOIL) is rising towards a pullback resistance and could potentially reverse off this level to drop lower.
Sell entry is at 79.03 which is a pullback resistance that aligns with the 38.2% Fibonacci retracement level.
Stop loss is at 80.70 which is a level that sits above the 50.0% Fibonacci retracement level and a pullback resistance.
Take profit is at 75.23 which is a pullback support that aligns close to the 78.6% Fibonacci retracement level.
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WTI OIL Correction is over. Buy strongly.WTI Oil (USOIL) followed our July 02 (see chart below) sell signal to perfection as it got rejected on the Lower Highs trend-line and Resistance 1 and broke today below the 0.618 Fib, hitting our 77.00 Target in the process:
For that projection we used the February 05 Low as a benchmark, which also hit the 0.618 Fib and rebounded on the 1W MA200 (red trend-line). That has been the multi-year Support level for WTI, so we currently won't get a better long-term buy signal than this.
As a result, we are now turning bullish again on Crude, targeting the -0.5 Fib extension (as on the April 05 High) at 90.50.
Note also that the 1D RSI is almost oversold at 30.00, a clear cyclical buy signal in the recent past (green circles).
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Crude oil latest analysis and signal strategies.Crude oil technical analysis
Daily resistance 82-83.4, support below 80-77
Four-hour resistance 82-82.5, support below 80
Crude oil operation suggestions: The overall price of crude oil maintains a narrow range of fluctuations. In the short term, the oil price stands above the 80 mark, and still maintains a wide range of long and short fluctuations. Pay attention to the 81.1/82.5 resistance above. Today, the support below continues to focus on the 80 integer mark. A downward breakthrough may reach around 79-78. Rely on this range to maintain high selling and low buying during the day
SELL:83.4near SL:83.8
SELL:82.5near SL:82.8
Technical analysis only provides trading direction!