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WTI-OIL

Technical analysis update: WTI oil (28th April 2021)West Texas Intermediate oil is consolidating in neutral trend since 8th March 2021. Since then, price action took WTI back to its 20-day moving average and 50-day moving average which suggests that consolidation might be near its end and upward movement can be anticipated. This is further supported by reversal in RSI. Our price target for short term is 65 USD per barrel. Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
8
WTI OIL Emerging 4H MA50/100 Golden Cross. Rally ahead?Simple fractal comparison on WTI as the price is consolidating since the March 23 low and is approaching the Higher Lows trend-line that started on December 01. As you see the current price action is quite similar to the late October - early November one. After the 4H MA50 crossed below the 4H MA100, a bottom was formed a few days later. Once the two crossed again on a Golden Cross this time, the very aggressive rally of December - March was initiated. We are on a similar situation right now. Has the March 23 MA50/100 Death Cross priced the Bottom? And if yes will an emerging MA50/100 Golden Cross kick-start a rally? ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> hujianghua --------------------------------------------------------------------------------------------------------
NYMEX:CLM2021
by TradingShot
WTI OIL should avoid this fractal at all costs.I don't call it Fractal of Doom for nothing. As you see WTI Oil hit the 2 year Resistance trend-line (red zone) that was first created on the April 23, 2019 High, and got strongly rejected on March 08, 2021. This is a Triple Top (counting the Jan 08, 2020 almost hit). A common characteristic of all three rejections is that after the initial drop, the price consolidated (orange rectangle) around on the 1D MA50 (blue trend-line). On the first 2 occasions, a bigger fall took place after this consolidation. Will it happen again this time? It is worth pointing out also the important of the 50.00 - 51.00 zone (blue) as a long-term Support. It didn't only hold from January 2019 to January 2020 (broke due to the COVID pandemic) but also on January 2021. If the bigger fractal fall comes after the current consolidation, will that (blue) Support Zone hold again and cause another lengthy sideways period between this and the (red) Resistance? I am really interested to read your opinions on it. P.S. See the RSI similarities ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> xBTala --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
1
WTI OIL Rebound on the 1D MA50Pattern: Fibonacci Channel on 4H. Signal: Buy as the price hit the 1D MA50 (green dotted line) and rebounded while the 4H MACD made a Bullish Cross. Target: 69.00 (the 2.0 Fib extension) and 72.00 (the 2.5 Fib extension). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> jsunde73 --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
6
WTI OIL Still Below Key Level! Bearish Bias! Sell! Hello,Traders! OIL is trading in an uptrend and is very bullish Due to it being oversold previously And also due to the positive fundamentals picture However, it has reached the first major resistance level And failed to break it during the first attemtp While this level remains unbroken I will be bearish biased but any short needs to be low risk Because it goes counter to the trend Any long position before the breakout is also unadvisable Or permitted with lower risk If this level gets broken The next major resistance level for Oil is 76.5$ Sell! Like, comment and subscribe to boost your trading! See other ideas below too!
TVC:USOILShort
by TopTradingSignals
11
WTI OIL Buy SignalPattern: Fibonacci Channel on 4H. Signal: Buy as the price just hit the 4H MA50 (blue trend-line). The region within the 4H MA50 and 4H MA100 (green trend-line) has been the most optimal buy level since November. Also the RSI is very close to its Support Zone. Target: 69.00 (just below the 2.5 Fibonacci extension) and 72.00 (just below the 3.0 Fibonacci extension). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> xBTala --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
4
WTI (USOIL) IdeaHello Traders hope everyone are fine. We see WTI prices in sideways movement (range $63.050 - $63.600) after oil prices hit a 13-month high on tighter supplies. The FED's assurance on ultra low rates, and the overall weakening USD also supports commodity prices . Oil prices see/saw additional support from the very rare winter storm in Texas which has caused the US to drop oil production by more than 10% (or more than 1 million bpd) during the last week. The weather improved significantly now, but it will take time for the oil industry and refineries to catch up. The additional cuts from Saudi Arabia continue to keep supply and demand in balance before the OPEC+ is meeting again March 4. I expect the group to only discuss a very modest easing of oil supply curbs to maintain oil's current path (towards $70/barrel). Additional US fiscal stimulus, the improving market sentiment, the positive perfomance of the equity markets (in particular the heavy industry) and of course rising hopes of international travel to return H2 2021 will further support oil prices. WTI is currently close to its (current) bottom range and will try again to push through $64 later this week. I am doing this work to help people like you to get a share from the markets. Hope you like it and happy trading to you all. :)
TVC:USOILLong
by UnknownUnicorn11002527
2
💡WTI . Weekly Technical Analysis UpdateMidterm forecast: 51.60 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A trough is formed in daily chart at 51.60 on 02/01/2021, so more gains to resistance(s) 63.10, 66.50, 72.55 and more heights is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 79. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
TVC:USOIL
by ForecastCity_World
16
WTI OIL Wait for a 4H MA50 test before enteringPattern: Channel Up & Bullish Megaphone on 4H. Signal: Buy once contact is made again with the 4H MA50 (blue trend-line). Target: 60.00 (top of the Channel). Most recent WTI idea: ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> TradingView --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
WTI Short / Time for a bear pullback?Hey all and happy Monday! WTI has given us plenty of trades over the last week since it entered is range, we made money selling and buying... but we think there could be a bigger bear move soon, hence we are short. Even tough we might have a bullish continuation on WTI's 1D chart, we see good signs of a bearish pullback, which is just enough for us to make a decent profit and turn this Monday into a Moneyday! The reasons for selling are all listed in the charts, keep in mind they come from our system, see our signature for more information. I wish you luck, but at the same time I want to remind you that you make your own luck in trading!
TVC:UKOILShort
by PrimedGroup
WTI Crude Oil above key area looking for 2019 highs $WTI WTI Crude Oil above key area looking for 2019 highs $WTI, above key level of the $50 level, could have possible already put in the low at $47 for 2021. The last time in traded above this level is stayed in a range as highlighted in the blue range and was very profitable to buy this level every time it his this level until it eventually gave in the 2020 covid crash. Would assume this will be an area of interest to buy at for a retest to get long. TVC:USOIL
TVC:USOILLong
by UnknownUnicorn5478134
Crude Oil Cementing A Strong Support LevelCrude oil kickstarted 2021 with a rally, breaking above $50 per barrel. This rally came after the announcement by OPEC leader Saudi Arabia that they will be volunteering to cut oil production by 1 million barrels-per-day (bpd) in February and March. Most of the other OPEC+ members will be holding their production level unchanged while Russia and Kazakhstan will be allowed to increase production by a combined 75,000 bpd. Together with a couple of other reasons, crude oil price may have found itself a strong support at the 50 level for now. Surplus issue temporarily resolved Throughout the OPEC+ meeting, Russia and Kazakhstan have been pushing for a continued increase in oil production by 500,000 bpd for February, just as how the previous meeting back in December had concluded. However, the advisory OPEC+ joint ministerial committee highlighted that the recovery of oil demand this year may be negatively impacted as lockdown and other restriction measures were imposed in many countries in an effort to contain the virus. To make matter worse, a new strain of the COVID-19 virus was found and is expected to be up to 70% more transmissible than the original strain. As a result, measures to curb the spreading of the virus may be extended for a longer period of time and so an increase in production right now may lead to the piling up of oil supply that may incur more storage costs. Nonetheless, the voluntary cut by Saudi will most likely prevent the problem of oversupply from happening, relieving the downward pressure on oil prices. Dollar weakness to persists With the inauguration of Joe Biden as the next President of the United States, the U.S. dollar may continue to remain weak in the short run. This is mainly due to Biden’s tax policy, which is not very business-friendly since he is looking to increase corporate tax rate and also impose a corporate minimum tax to companies with more than $100 million in net income. And now that the Democratic Party has full control of Congress, nothing will stand in the way of the Biden Administration, making it easier for the administration to carry out any policies they deem fit. Rising tensions in the Middle East On Monday, Iran’s Islamic Revolutionary Guard Corps detained a South Korean oil tanker in the Strait of Hormuz that was headed to the United Arab Emirates from Saudi Arabia. Iran claimed that it has at least $7 billion of funds from oil sales trapped in South Korea that it needs for purchasing of goods like the COVID-19 vaccine. This incident has raised the question of security when transporting oil along the Gulf that can lead to uncertainty, thus potentially affecting the supply of oil.
TVC:USOIL
by JinDao_Tai
4
WTI Crude - Time for a correction?Oil prices have been on a fantastic run since early November and with reports emerging of a deal between OPEC+ members on production in February, they've been given another bump today, up close to 4% at the time of writing. That leaves WTI trading just shy of $50 once again, after running into resistance around here on Monday. A deal to keep output steady is undoubtedly good news for oil prices but how much is already priced in? Does crude have a breakout above $50 in it? The momentum indicators suggest this will be very challenging. They've already been posting lower highs on the daily chart since mid-December, after which price has made new highs. A lot of positive news is priced into oil prices now and this wave we're going through is looking far more severe than many anticipated due to new strains. The near-term risks may be to the downside in oil, although with OPEC+ monitoring the situation so closely and, importantly, acting when necessary with high compliance, any slip in prices may be limited to just a small correction. The outlook is much improved for oil prices, producers just need to navigate cautiously for a few more months. A break of yesterday's lows may signal the corrective move is underway, with the real test then coming around $46, where the 200 SMA meets support from mid-to-late December.
OANDA:WTICOUSD
by OANDA