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WTI Oil H4 | Potential bullish bounceWTI oil (USOIL) ) is falling towards a swing-low support and could potentially bounce off this level to climb higher. Buy entry is at 69.33 which is a swing-low support. Stop loss is at 68.46 which is a level that aligns under a pullback support and the 78.6% Fibonacci retracement level. Take profit is at 71.93 which is a swing-high resistance. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILLong
by FXCM
WTI turns sharply lowerCrude oil prices were over 3% higher this week, but as i mentioned in my previous post, the risks remained tilted towards the downside following a 9% drop the previous week. Lo and behold, WTI has now turned sharply lower after testing broken support between $71.50 to $72.50 area in the last couple of days. At the time of writing, it was back to the $70.00 level, which, if breached decisively, could pave the way for more losses in the days ahead. Middle East tensions have slightly stabilized as Israel has so far refrained from attacking Iran and has said it will not target its nuclear facilities. However, the situation remains volatile due to Israel’s ongoing operations in Lebanon, which has reignited concerns about disrupted oil supply. Meanwhile, the oil market is also cautious about a possible Trump victory in the US election, as his policy of boosting oil production could lead to oversupply and further price declines. by Fawad Razaqzada, market analyst with FOREX.com
FOREXCOM:USOILShort
by FOREXcom
WTI CRUDE OIL: Keeps respecting the long term Support Zone.WTI Crude Oil is neutral on its 1D technical outlook (RSI = 48.339, MACD = -0.320, ADX = 27.988) as it is recovering from last week's red candle that almost touched the S1 Zone. As long this holds, WTI will be bullish on the medium term at least, as on the long term the formation of the 1W Death Cross is bearish. The presence of the LH trendline doesn't allow much room for higher targets and since the previous rebound on the S1 Zone (December 11th 2023) came close to the 0.786 Fibonacci level, our target is in the vicinity of those (TP = 78.00). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
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BLACKBULL:WTIShort
by Thief_Trader
1
WTI Oil H4 | Rising into pullback resistanceWTI oil (USOIL) is rising towards a pullback resistance and could potentially reverse off this level to drop lower. Sell entry is at 72.90 which is a pullback resistance. Stop loss is at 74.92 which is a level that sits above the 78.6% Fibonacci retracement level and an overlap resistance. Take profit is at 70.63 which is a pullback support. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILShort
by FXCM
2024-10-22 - priceactiontds - daily update - oilGood Evening and I hope you are well. tl;dr Oil - Bull surprise and the actual breakout above both the daily 20ema and the bear trend line. Bear gap to 72.6 is not yet closed but with good follow through tomorrow they could get it. I do think longs are much better here than shorts and we could finally disappoint bears again. Could retest the bear trend line tomorrow, that means that a deep pullback to 69.7 or 70 is possible. There I would look for longs again. comment: Bullish breakout and my major trend reversal theory was good. Bulls now should not let this drop below 69.5 again. We could see a retest of ~70 again before we go higher. I will only look for longs on this tomorrow and anything below 70.5 is a decent trade. current market cycle: trading range key levels: 68 - 71 bull case: Targets for the bulls are now 72.6 to close the bear gap and above that is 75. No more words needed for this. Invalidation is below 69.5. bear case: Bears need to get this below 69.5 again to continue the trading range or otherwise we see a bigger move upwards to the given targets. Have we already seen the giving up from the bears today? If we stay above 70.5, then it’s likely so. If they get it below 69.5 again, next target is 69.26 where I expect most bull stops to be and that would be a very important price for both sides. If bears print 69.5, a continuation of the trading range 68 - 70.5 is most likely. Invalidation is above 72.3. short term: Bullish as long as we stay above 69.5. Neutral below. medium-long term - Update from 2024-10-20 : No idea where this wants to go in the remaining 2 months of this year so I am neutral until we have a better pattern. The big triangle on the weekly chart is alive and until that changes, no more updates. current swing trade: Will do a swing long on a pullback tomorrow. trade of the day: Long since bar 6 or the double bottom around 69.3.
NYMEX:MCL1!Long
by priceactiontds
WTI rebounds to test key resistanceCrude oil prices have rebounded by over 3% so far this week, though risks remain tilted towards the downside following a 9% drop the previous week. WTI crude has now reclaimed the crucial $70.00 level, but still below the broken support $71.50 to $72.50 area, which it was testing at the time of writing. Middle East tensions have slightly stabilized as Israel has so far refrained from attacking Iran and has said it will not target its nuclear facilities. However, the situation remains volatile due to Israel’s ongoing operations in Lebanon, which has reignited concerns about disrupted oil supply. Meanwhile, China's additional stimulus measures, including lending rate cuts, aimed to revive growth, has also helped to support oil prices, but not significantly so. The market is also cautious about a possible Trump victory in the US election, as his policy of boosting oil production could lead to oversupply and further price declines. From a technical standpoint, WTI remains bearish for now. Significant resistance is seen nears $71.50 to $72.50, while the first line of support now comes in near $70.00 and further support level is seen around $68.00. A potential break below $68.00 could trigger a sharp move down to $65.00, which may not be out of the question given concerns over rising global supply and weakening economic conditions. By Fawad Razaqzada
FOREXCOM:USOIL
by FOREXcom
2024-10-21 - priceactiontds - daily update - oilGood Evening and I hope you are well. tl;dr Oil - Trading range 68 - 70.6 continues. Neutral as it gets in between. Don’t over analyse this range. comment : Bulls fighting for 70 and there is a chance this today was a lower low major trend reversal and we go up from here. Validation is only a daily close above 71, so don’t be early like me last week. Continuation of the trading range is a bit more likely than a bullish breakout. current market cycle: trading range key levels: 68 - 71 bull case: Bulls want to keep 70 support and break above the bear channel now. They still need to break the bear trend line and above the daily 20ema. Given the current chart, you simply can not hold longs above 70 for now. Invalidation is below 67.7. bear case: Bears keeping this at the lows is good for them. They could still try to get a third leg down to retest the September low 63.46 but right now that is as unlikely as bulls breaking above 71. I do think one side will give up this week and we see a bigger move. Do not trade on hopes of an event which could sent oil prices higher. That is not a trading strategy, that is gambling. Invalidation is above 71. short term: Neutral inside given range. medium-long term - Update from 2024-10-20: No idea where this wants to go in the remaining 2 months of this year so I am neutral until we have a better pattern. The big triangle on the weekly chart is alive and until that changes, no more updates. current swing trade: None trade of the day: Long 68.6 since it was previous support and close enough to the bull trend line to expect it to hold. Was good for 150+ ticks.
NYMEX:MCL1!
by priceactiontds
NKD: Japan Beyond Carry TradeCME: Nikkei 225 USD Futures ( CME:NKD1! ) Tokyo: The Ministry of Internal Affairs reported last Friday that the Consumer Price Index (CPI) in Japan increased 2.5% in September year-on-year, down from 3.0% in August. The CPI excluding fresh food rose 2.4%, down from 2.8%, during the same period. The core inflation measure, which excludes both fresh food and energy costs, rose slightly to 2.1% in September from 2.0% in August. Service prices, considered a crucial indicator by the Bank of Japan (BOJ), gained 1.3% year-on-year, slowing from 1.4% in August. To counter the recent economic slowdown, the Japanese Government rolled out subsidies on electricity and gas prices. These fiscal measures were a major contributor to the cooling inflation, estimated to have shaved 0.55% off the annual inflation rate. The BOJ is widely anticipated to maintain its interest rate at 0.25% during its upcoming policy meeting on October 31st. Despite the dip in inflation, BOJ has signaled that further rate hikes may still be on the table if inflation continues to align with its projections. However, policymakers are cautious following criticism of their July rate hike, which triggered a market downturn. As the US Federal Reserve will have its rate-setting FOMC meeting on November 7th, the all-important interest rate spread between the US and Japan could continue to narrow: • With the Fed Funds at 4.75%-5.00% and the Japanese Interest Rate at 0.25%, the US-Japan interest rate spread is currently at 450 basis points (our calculation takes the lower bound from the US policy rate range) • According to CME Group FedWatch Tool, as of October 20th, the futures market expects a 99.3% chance that the Fed will cut 25 basis points in November. If that happens and the BOJ maintains its current rate, the spread will narrow to 425 bps • If the Fed pushes for a supersized 50bp cut again, same as they did in the last meeting, the interest rate spread could further shrink to 400 bps • Over the course of the next 2-3 years, I expect the Fed to normalize interest rates to 3% or below, to a level not restrictive to economic activity. Meanwhile, the BOJ could maintain the 0.25% rate throughout this period. If that is the case, the US-Japan rate differential could further move towards the 200-250bp range, in my opinion Carry Trade May be a thing of the Past Two years ago, I published a market commentary, “Land of Rising Sun and Falling Yen” on November 7, 2022, and received TradingView Editors’ Picks. In that writing, I discussed Carry Trade, a wildly popular FX strategy. In a nutshell, a trader would borrow Japanese Yen with ultra-low interest rate, exchange the fund into Australian Dollar or US Dollar and earn a higher return. At the end of the investment horizon, the trade would exchange the proceed back to Yen and pay back the loan. The differential between the investing interest rate and loan rate would be the return from this strategy. With 50x to 100x leverage common in FX trade, carry trade could be hugely profitable. Carry trade carries two significant risks. The first is the appreciating yen. The trader may need more dollars to exchange back to yen and pay back the loan. The loss from exchange rate changes could eat up all the interest earning profit. In the last writing, I commented that Yen at 150 may have bottomed out, and explored the idea to take cover for carry trade. Over the following two months, the Yen sharply rose 15% to 127. A trade that earned 3% in interest would have been wiped out completely and may incur huge losses if executed with high leverage. In the present time, we are observing the second risk, a shrinking interest rate spread. Carry trades may have 400-bp interest spread in 2023 and could see the spread narrowing to 200 bps in the next two years. With central banks around the world cutting interest rates, and volatility of exchange rates on the rise, this is probably not a good time for carry trade. The Japanese Stock Market on Focus While the currency play may be out, the Japanese stock market could offer both a good return and diversification for an investor’s portfolio. The Nikkei 225 index is the main stock market index for Japan. At 39,290, its year-to-date return is 17.9% as of last Friday. It is lower than the 22.7% YTD return for S&P 500. However, Nikkei was initially up 27.6% in July. When the BOJ raised rates, the Japanese stock market entered a huge correction, wiping out all the gain. Since then, the Nikkei popped up about 17% in the past six weeks. Japan is the world’s third largest economy with GDP of $4.2 trillion in 2023. Comparing to the other large nations, Japan is more intertwined with the rest of the world. We would explore two trading strategies based on Japan’s unique economic fundamentals. The first aspect: Japan has an export-oriented economy. Its top 3 trading partners are • China: exports were $153 billion in 2021, accounting for 21% of the total ($728 billion) • United States: $137 billion, 19% of the total • The European Union: $97 billion, a 13% share These top 3 partners contribute to 53% of Japan’s exports of goods and services. In essence, economic growth in its trading partners will result in more demand for “Made-in-Japan”, while economic slowdown could spill over to Japan. In my opinion, there is more tail wind than head wind on the way. The US is already in a rate-cutting cycle. Its economy has been resilient during the high-rate environment. The economic health would continue to improve with lower cost of capital. I would also point out that Japan’s export data did not tell the whole story. Most Japanese cars are now made in the US. The data does not show up on Japan’s GDP, but is included in the profit of Toyota, Honda and Nissan. Many of the Japanese car makers are component companies in the Nikkei 225 index. China is implementing massive economic stimulus. Hundreds of business-supportive new rules and trillions of yuan are putting in the economy. I expect China to revive in Q4 and in 2025, which would lead to higher demand for Japanese goods. To summarize, I consider the Nikkei 225 has room to grow. A long position in CME Group’s Nikkei 225 Futures could be deployed to express this view. The second aspect: Japan is a net importer of natural resources • Japan, ranked fifth-highest consumer of oil in the world, relied on imports to meet 97% of its demand in 2022. Japan imports crude oil primarily from Saudi Arabia, United Arab Emirates, Kuwait, Qatar, and Russia. In 2022, Japan’s crude oil imports increased to 2.5 million barrels per day, up from 2.3 million b/d in 2021. Not only does Japan depend on foreign oil, but it also sources crude oil from regions with heightened geopolitical tensions. If the conflicts in the Middle East escalate further, crude oil production and/or shipping routes could be interrupted. The chart below shows an inverted relationship between Nikkei 225 and WTI crude oil price trends. This suggests that a spread trade could be constructed. For most of 2024, Nikkei moved up as crude oil trended down, except for the BOJ rate hike disrupting the trend. If geopolitical crisis escalated, oil prices could soar while the Nikkei would tank. For someone holding this view, a long position on WTI Crude Oil futures ( NYSE:CL ) and a short position on CME Nikkei futures ($NKD) could be deployed to express such a view. Introducing CME Micro Nikkei USD Futures On October 28th, CME Group will be launching a USD-denominated and Yen-denominated Micro Nikkei futures. The new contract has a notional value of $0.50 times the Nikkei index. At Friday closing price of 39,150, each contract would be worth $19,575. The Micro contract is 1/10th the size of the standard Nikkei futures ($NKD). It will provide a new way to access broad-market Japanese index exposure with greater trading precision and lower capital commitment required. The timing of the new contract launch is critical. It is a week before the US presidential election (November 5th) and ten days before the next FOMC meeting (November 7th). Let’s watch this space to explore the trading opportunities presented by the standard Nikkei futures and Micro Nikkei futures. Happy Trading. Disclaimers *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
CME:NKD1!Long
by JimHuangChicago
WTI Oil H1 | Overhead pressures remainWTI oil (USOIL) could rise towards a pullback resistance and potentially reverse off this level to drop lower. Sell entry is at 70.04 which is a pullback resistance that aligns with the 50.0% Fibonacci retracement level. Stop loss is at 71.40 which is a level that sits above a multi-swing-high resistance. Take profit is at 68.66 which is a swing-low support. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILShort
by FXCM
#202442 - priceactiontds - weekly update - wti crude oilGood Evening and I hope you are well. tl;dr wti crude oil: Bulls nowhere to be found. We are near the minor bull trend line starting from the September low below 64 and it is more likely that this trend line holds and we do not go below the October low 65.74. Can you long this based on that assumption? I would not. Wait for bigger buying pressure and break of the bear trend line currently around 70.4. Can you sell this? On a pullback yes, but not below 70. Quote from last week: comment: Bullish doji on the weekly with big tails above and below. 71.5 is a good low and likely to hold. I do expect another try by the bears though. Only question now is will we see 77+ before 74? I don’t know. So watch for momentum and hope along. I still favor the bulls for at least a retest of 77/78 but I do think we can hit 80 again. Given the strength of the move up, it is reasonable to expect a bigger second leg to 80 or higher. comment: Bulls started ok on Monday and the close was neutral but Tuesday really killed every last bull who bought above 71 and hoped for a second leg up above 75. Market has now left a giant bearish island reversal between 71 and 72.5 and that is as bearish as it gets. Bulls last hope now is to hold above the bull trend line at 68. current market cycle : trading range (triangle on the weekly tf) key levels: 63 - 78 bull case: No more bullish thoughts from me for now. Only an event can save the bulls. Monday they had another chance and they blew it on Tuesday. Now market has formed a big bear wedge but the hope that this will break to the upside is slim. Bull trend line at 68 has to hold or bulls will give up until 65. Invalidation is below 68 bear case: Bears won last week big time. Now they want to run all the stops below 65 and retest 63.46. Problem with their case is the bull trend line and the bear wedge. We are trading at the lows and above the bull trend line, which is a bad spot for new shorts. Any short around the daily 20ema near 71 is probably a decent trade. Invalidation is above 72. outlook last week: short term: Neutral but expecting a retest of 77 and higher again. The closer to 74 you can long this, the better is what I think. → Last Sunday we traded 75.56 and now we are at 68.69. That outlook was garbage. short term: Neutral 68-70 but leaning bearish near 71. Not the best spot to trade currently. medium-long term - Update from 2024-10-20: No idea where this wants to go in the remaining 2 months of this year so I am neutral until we have a better pattern. The big triangle on the weekly chart is alive and until that changes, no more updates. current swing trade: None chart update: Removed bullish pattern, added bear gap and bear wedge.
NYMEX:MCL1!
by priceactiontds
RIG (Transocean) – Potential Reversal? Technical Overview • Current Trend: RIG has been in a clear downtrend since September 2023, as confirmed by Dr. Elder’s Triple Screen framework. However, recent technical signals suggest the trend is losing steam. • Weekly Timeframe: The MACD histogram is showing a bullish divergence, indicating that the momentum behind the price decline is weakening. Additionally, a falling wedge pattern has emerged on both the weekly and monthly charts—typically a reversal signal with strong bullish implications. Entry Strategy and Price Action Expectations • Daily Timeframe: We are closely monitoring the $3.90 level. If the price holds above this level, it is likely to form a double bottom on the daily chart. A breakout above the wedge could trigger significant upside momentum. Historically, similar corrections after bullish divergences on the weekly chart have produced gains of up to 90%. Market Context and Macro Factors Oil Market Influence: The price action in RIG correlates heavily with the broader oil market. With oil supply tightening due to OPEC+ cuts and geopolitical tensions (e.g., the Middle East conflict), the oil market could experience an upward cycle. These macro tailwinds may accelerate RIG’s recovery if confirmed by technical breakouts. Conclusi on If the $3.90 support level holds, and the double bottom forms as expected, RIG has the potential to align with the broader bullish trend on the weekly chart. With a falling wedge pattern and bullish divergence supporting the reversal narrative, this could mark the beginning of a new uptrend. Potential Trade Setup: Entry: Above $4.00 for confirmation of the breakout. Target: 90%+ upside potential based on historical patterns. Stop Loss: Below $3.80 to minimize risk. This setup offers a high-probability trade, provided the technical signals align with favorable market conditions. Monitor daily for confirmation and adjust your risk accordingly. NYSE:RIG Disclaimer: This analysis reflects my personal opinion and is provided for informational purposes only. It is not intended as financial advice or an investment recommendation.
NYSE:RIGLong
by NORD25
3
WTI CRUDE OIL: Price is bottoming. Excellent long trade.WTI Crude Oil is borderline neutral on its 1D technical outlook (RSI = 45.282, MACD = 0.240, ADX = 34.094) as it is consolidating just over the HL trendline and under the 4H MA200. This consolidation so close to a Support is technically a bottoming process. January-February 2023 exhibited similar behavior that caused the price to rebound towards the R1 level again. The patterns are so far very similar, so we expect the price action to complete the sequence by rising again towards the R1. Aim just under it (TP = 76.50) to lower the risk. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
3