WTI-OIL
Crude Oil - Back to test long term supportPrice has broken below the congested " chop zone" region. Very like we are heading back to test the long term support level, near $50. It's held multiple times so I set limit order to buy 50.75$, SL $49, TP $55 (the center point of the consolidation.
Oil 4hr chart 10-1-2019Taking a look at the oil charts this a.m. We have been correcting ever since the attack happened on the Saudi facility. That really was to be expected as it was only a temporary spike in price due to the circumstances. We have pretty much corrected to where we were before the attack. I see a possible break out on the horizon. I have not looked at oil charts much in my time as a trader but this is how I see it playing out. I know that oil is more political than most investments so we will have to wait and see if this plays out like I think it will. RSI is low so that is a good sign for the bulls, not to mention the fact that we are reaching a point we have bounced off of in the past so I am watching the candles for some action today or tomorrow. Of course nothing is set in stone but keep an eye on oil if you are playing the market. Cheers
WTI (oil) 9-26-2019 1 hour chartTaking a look at oil this morning. I see us settling back down after the attack on the Saudi oil facility. But is it truly over? I imagine that Saudi is being much smarter about defending the facility. They had all their defenses pointed south which left their north wide open for an attack. People are accusing Iran of committing this and they do have their finger prints all over the evidence. With that being said Iran sells weapons to other entities just like the US does with a ton of countries. So simply saying you have evidence that a Iranian drone and weapons were used doesnt mean the case is closed. These wars are typically proxy wars perpetrated by nations that despise each other but dont want a full war. Instead they do proxy fighting. Just like the US and Soviet Union did back in the day. Look at Afghanistan. We armed the rebels fighting Russia in the 80's. Well fast forward to where we are now and we are still playing the same games. Just new game pieces. Its messed up because we are arming our future enemies simply to be a thorn in the side of our bigger enemies. I see us in a pennant at this time. It looks to me that this is a continuation pattern which suggests we break up out of this but oil is so political anything can happen. That is why I like trading BTC. It is impacted less by stuff like this. Oil is more susceptible to politics. Depending on the response we have to Iran will effect the price of oil. Also if another attack happens and they find out Iran did it then we will absolutely go to war. If that occurs we will see oil over 110$ again. Maybe much higher. Iran likes to set mines in the straight of Hormuz when they are unhappy with what is happening so that would dramatically effect oil logistics and shipments world wide. Anyone with any idea of how supply and demand can see that when the oil supply is interrupted than prices rise. The US govt seems to want to prevent oil from rising and you can see that from our response to this event. I have to say I am quite surprised we didnt attack them. Pleasantly surprised though. This attack on Saudi is the first time I have seen dems and reps agree on something (they wanted to attack Iran as a response) We will have to keep an eye on the situation. I have friends in Iran and I hope that nothing happens for their sake. Its a shame.
WTI update for 24 September 2019Daily Data Summary Suggests:
Current Daily Trend is Bear
The anticipated upcoming trade range is between 55.19 - 58.20
If WTI is capable of maintaining the current strength as of today, there is a projected daily target price of 55.75
Price movement has slowed below the average trade range and are suggesting either a stall for averages to catch the prices or a turn in the prices in the opposite direction
The RSI that monitors bullish strength has a current daily reading of: Neutral Bull
The RSI that monitors bearish strength has a current daily reading of: Neutral Bull
The strength demonstrated over the last 5 days is currently: Bearish
Price Consolidation has formed between: 54.87 - 63.33
The price relationship to the moving averages currently suggest Short positions.
** If data does not significantly change between trade dates, a daily update may be skipped. Monthly and Weekly updates will always be provided. **
WTI : LONGThe support and resistance levels are pivot bands and adaptive. Updates will be made about the idea.
ORBEX USDCAD, USDCHF Under Pressure In today's #marketinsights video recording I analyse #USDCAD and #USDCHF
#CAD Supported by:
- By Drone Attack and #WTI surge
- Weaker Dollar
#CHF Supported by:
- Weaker Dollar
- Safe-haven flows on tradewar headlines
*Should be weaker following #SNB's downward inflation outlook revision
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice
WTI ShortAs you can see from the markup, we hit the 0.382 fib from the 2016 uptrend which has now turned bearish. Perfect rejection on multiple occasions and the price is coiling tightly on many time frames. As a purely technical trader, my bias is short.
WTI Update Morning 16 September 2019Commentary:
It is obvious that a disruption has occurred in Saudi oil production. This will cause a cascade effect across the technical indicators that can take a few days to be accurately realized. Technically speaking the entire set of indicators this morning jumped from bearish to bullish. This jump, should stabilization occur rapidly will take up to 21 or more to be filtered out of many technical indicators. Why? The prices in this spike will be calculated in for many trade periods from now and create false signals.
Prices have jumped with a high of 9% from Fridays close as of the moment I am writing this. Prices have traded 5x the normal daily range and the EU markets haven't opened yet.
There are other factors to weigh in that have not been announced/accounted for, such as rig counts having gone down the past few months as demand grew less. Oil from the Americas have decreased in production due to a decrease in prices. It would be easy for these taps to be turned back on and an increase in sales then would adjust the prices. Also the response of the remaining oil production nations to this disruption could stabilize the price after the a few days.
So, I advise caution when trading this news situation.
As a technical trader, I have no idea of the closed door discussions going on currently to counter-act this current situation. If any at all are occurring. So, I am going to position myself at this time as Neutral until I have a technical idea of what exactly is going on with the prices.
That being said.
Weekly oil is still In Consolidation between 50.55 - 60.89 (Price at this moment is 60.11). That consolidation may/may not be broken today to the high. Also, obvious the daily consolidation is broken to the high.
Trade with caution. Be safe, place stop losses and take profit conservatively if you are trading this event.
-PriceProfit
WTI Oil: Buy opportunity on the 4H Support.Oil has been trading on a 4H Descending Triangle (RSI = 32.603, MACD = -0.400, Highs/Lows = -1.0093) with symmetrical Lower Highs (red arrows) and a clear 53.00 - 52.90 Support Zone. Since mid August every Golden Cross formation marked an upcoming Top (Lower High) while every Death Cross marked an upcoming Bottom (4H Support test).
The price just made contact with the 4H Support and technically is on the ideal buy level. Our TP is 55.10 (interim rejection point from last Support bounce) and under conditions 56.50 in extension (expected Lower High).
** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. **
Comments and likes are greatly appreciated.
#WTI #0IL (W). Can your algo find harmonics like this? Doubt it:}
Measure from 2014 H to 2018H price rolled at. .618% setting up cd leg of garfly that coincides with cd of gartly.
Bullish gartley providing support at 48
Oil will hit 90$.
THEN Slowdown.
USOIL H4Waiting for a breakout to the upside, as price has rejected previous daily resistance as new support here on the 4 hour. Price has tested the upper descending trend line 4 times now, & is showing weakness & that there may be a breakout soon to push price even higher.
cl, oil, day trading for Aug 20thTrading almost at prior session close with a very balanced action following a very strong up move yesterday. Today could see a consolidation as it digests yesterdays move. I will b e looking for this sideways action to formulate today's trades. As long as we remain above 55.80 will lean long for the bigger picture and above that and below 56.55 will stick with choppy action.
47.65 nivel clave en el crudo $WTI por volumen institucionalDe acuerdo a la estructura del volumen presentada en los contratos de futuros del crudo WTI, podemos identificar el nivel de los 47.65 como una importante zona de control. Este será un importante nivel de soporte que si es violado, se convertirá en resistencia. En el muy corto plazo es muy probable que el mercado intente re visitarlo.
Saludos
oil, cl,wti day trading for Aug 12thoil looks like it wants to rework the Friday's range and when in this range we will see if oil will move back higher and re test the upper levels marked. Will have to see but we may not get a very big movement today, so will be keeping a close eye on the action and this will help me pick a side for today.
WTI 8/9/2019 hourlywell we spiked a bit and we are above the hourly cloud which is a good thing if you work in the industry like I do. We are finding some resistance at the .5 fib around 54.65. The wicks touch there but the candles actually corrected to the .382 fib which is around 54.39. Oil is so much different than Bitcoin which is what I am used to charting. I have started developing more of an interest in the oil price lately as the line of work I am in is dependent upon oil prices. If oil is booming so am I. They recently cut our hours a bit here at work so I am trying to make sense of it by looking at the WTI chart. we seem to be in an uptrend for now but oil is going to be a bit volatile so long as this trade war keeps escalating. I guess I will have to start trading more to make up for the lost time at work. But like I always say... WTFDIK? We are trading at 54.05 US dollars.
oil, cl, day trading for Aug 9thlate into the overnight oil had a nice rise and is finding some volume at these levels so will look for further long if we remain above 52.91, we do have some resistance to watch out for on this long trade at 53.36 and 53.75 and above these levels the longs should have control heading into next week. A move down below 52.91 should see a test of the current lower levels, not sure all the way to the 50.54 but if it did then would start looking back to 45 area.
So starting idea for me will be to look long as long as we remain above the level mentioned.
WTI Update 7 August 2019Daily Data for Wednesday 7 August 2019
In Bear Territory
Price Projection: 47.14
HMA: Bear
BSI: Bearish
Bull RSI: Bear
Bear RSI: Bear
5 RSI: Negative
Consolidation: Broken to the low.
Price- Trend: 2.3x ATR
Expecting stall and new consolidation range to form.
