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WTI-OIL

USOIL Trend pullbackApologies for late post here... WTI testing the multi month trend line. Recent move higher in oil was due to strong global growth and demand for oil and after US-administration confirmed they would impose sanctions on Iranian exports, the price of oil began to rally in fears of supply risk. As such traders pushed price higher ahead of the November deadline pricing in ahead of time. (buy the rumor sell the fact). Since then profit taking has occurred and then risk sentiment turned negative as US equities sold off sharply. Now were hearing fears that 2019 global growth will slow, China is slowing, EU growth is non existent and now the US may potentially slow too, this affecting demand side for oil. However none of this has actually happened yet. Looking at demand side: Global growth is still strong... On friday we get the latest US GDP figures for Q3 and currently in the midst of earnings season (the busiest week with 150 SP components reporting this week including (AMZN). Supply side: Iranian sanctions and not enough spare capacity to fill the shortfall left by the sanctions. Theres also the kashoggi case, where by the US are not going to be happy if the Saudis are caught red handed in the assassination, if the US then decided to punish Saudi Arabia, will the Saudis retaliate by putting an embargo on oil, driving the oil price alot higher, most unlikely scenario but could happen. Technically, WTI is testing multi month trendline support and 200DMA is close below. Bullish bias on oil off of this trendline back towards October high based on strong global demand and tightening supply. If the SP recovers, global risk sentiment improves, with a solid GDP print on Friday could be enough to send oil higher... However, as always if the trendline breaks and risk sentiment continues to worsen, I wouldnt hesitate to take a short position in this market on a re test of the trendline from the backside.
NYMEX:CL1!Long
by AlexClarkFX
Part 9 - Risk-off August - WTI DailyCrude Oil (WTI) – Daily Resistance & Support: Resistance: 70.00 / 80.00 / 90.00 / 100.00 Support: 66.50 / 60.50 / 58.00 / 52.00 Crude Oil (WTI) – Summary: Expected to complete the correction at or around the 60.50 Levels and resume the up-trend in an impulsive manner. If the Bullish Impulse will present an Extension, the swing could reach 80.00 Levels, but could also reach 90.00 or even 100.00 Levels. If a Bearish Breach of the 60.50 Levels would occur, then WTI could even reach the 52.00 Levels as the next bulls’ points of interest and vibration area.
TVC:USOIL
by Lionheart-EWA
4
WTI New FallingThe weekly chart of WTI gives a trend reversal signal based on a double bearish divergence. The price bounced from 75.00 level and now it's at SMA20 and the uptrend line. RSI confirmed the price reversal and MACD is ready to support a downward movement. In spite of DMI is bullish, ADX line falls and it gives a signal that bulls are not so strong now. We have a possible sell opportunity which can be realized on the weekly and lower timeframes. If the price breaks the uptrend line, we should be ready to see the falling to the zone between SMA100 and 55.00 support level. This zone will be good for reversal and short term upward movement at least. As alternative variant, the price will be able to break this support zone and confirm the trend reversal. We'll be able to get the same structure like it was before. When the price and indicators formed a bullish divergence, the price broke the downtrend line and reached SMA100. The breakout above SMA100 confirmed the trend reversal. After that we could see a new uptrend. This time we also have the same market movements but in other direction. If you think this information is helpful for you, please support my post by your LIKEs! I will be glad to read your ideas about WTI market. What do you think about long term trend? What do you think about WTI based on Fundamental Analysis? Please, share in comments.
FX:USOILShort
by DLavrov
5
Setting up for the next wave up above 75. I am planning on setting my account up for a long position with WTI targets above 75. I believe the market is getting ready for another bullish move, failing which we will see oil dropping to the psychological level established at 72. This trade is not for day traders or those whose trading account can't take a hit. The fundamentals are still bullish with geopolitical tensions causing whipsaws in global markets. Still, I believe oil will be testing new highs in the weeks to come. The trigger could be weather, an outage, Iran sanctions issue escalating, etc. Time will tell. I plan to stagger my entries starting with a small long position at 73.6 and gradually add if the market reacts adversely in the days to come.
CLong
by jasperlimsl