The subsequent direction of crude oil
The rebound of crude oil has strengthened again, and the 80.8 support node has begun to rebound. The current increase has reached 82.8, correcting yesterday's unilateral downward trend.
However, if the current rise in crude oil cannot break this week's high of 85, it will be more likely to fall to a new low.
The daily MA5 moving average and MA10 moving average moved down to 83.3 and 84.3 respectively.
To put it simply, if crude oil cannot rise to around 85 again, it will fall below 80.
Crude oil continues to be bearish in the short term.
Stay tuned for continuous updates of posts.
Wticrude
USOil WTI Technical Analysis And Trade IdeaIn this video, we conduct a comprehensive analysis of USOil WTI, with a specific emphasis on the prevailing bearish sentiment evident on the weekly (1W) chart. Throughout this presentation, we delve into fundamental principles of technical analysis, encompassing critical elements such as the current market trend, price dynamics, market structure, and other indispensable components of technical analysis. As we proceed within the video, we meticulously scrutinize a prospective trading opportunity.
It is imperative to emphasize that the insights shared in this content are exclusively for educational purposes and should not be interpreted as financial guidance. Engaging in the foreign exchange market trading entails a substantial degree of risk. Hence, it is essential to prudently integrate robust risk management strategies into your trading plan.
Pay attention to the key position 85.85
Crude oil has experienced two consecutive weeks of range-bound volatility. Attempts to break above resistance failed. The shortage of crude oil in the market is also constantly easing, limiting the upward range of oil prices and reducing investors' willingness to chase increases. The current low inventory situation will also limit the room for correction of oil prices, which means that oil prices will most likely remain within the range for some time to come. , pay attention to the rhythm and control the risks.
The daily trend of oil prices still remains below the mid-range and short-term moving averages. The indicators in the attached chart also maintain the development of bearish signals. The short-term trend is still likely to fall back. But combined with the weekly chart, crude oil is obviously bullish.
Pay attention to the resistance levels of 85.85 and 87.5 and the support level of 82.3. 85.85 is a bullish key level
The 1. Chapter of WTI.Oil - Highly flammableTwo scenarios. One Long. One Short.
Fundamentals:
-
Scenario 1 (Orange arrow)
Target: Next resistance level (upper red rectangle ). Recent swing top.
Requirments:
- Monthly close above the orange rectangle.
- Higher swings above it
Invalidation / SL:
- Fall under orange rectangle AND generating lower swings.
Time duration: days, weeks, months, years... ;)
Scenario 2 (blue arrow)
Target: Next support level
Requirments:
- break under orange rectangle
- break under 50% fib
Invalidation / SL:
- Break above orange rectangle
- No Break under 50% Fib
Time duration: days, weeks, months, years... ;)
Good luck
CRUDE OIL (WTI) Bullish Outlook For Next Week Explained 🛢️
WTI Crude Oil formed a double bottom formation after a test
of a solid rising trend line on a daily.
Its neckline was broken this week.
The broken neckline and a trend line compose a contracting demand zone now.
A bullish continuation will be expected to 93.7 level from that.
❤️Please, support my work with like, thank you!❤️
OIL BULLISH TREND STILL ON !!hello friends as i can see oil has filled the last week market opening gaps and continues to up trend Israeli & palatine war had changed the USOIL moves so fundamentally + technically chart is show us more upside moves till the drawn levels
please share ur ideas and thoughts about usoil
stay tuned for more updates
Markets and technicals bearish
Market analysis
The supply and demand of crude oil has increased but the risk of the Palestinian-Israeli conflict has not diminished. At present, oil transportation in the Middle East has not really been affected by this conflict, which is why oil prices have been experiencing corrections. Without further escalation in the Israeli-Palestinian conflict, crude oil markets were bearish.
Based on technical analysis, crude oil is currently falling in a unilateral step-wise manner, bottoming out and rising after hitting daily support. The upper resistance level has moved down to 86.2. Pay attention to the support level of 82.5, which is still the watershed between bulls and bears in the market outlook.
Overall analysis, crude oil has a bearish trend
Oil Short Term Sell IdeaH1 - Bearish trend pattern.
Currently it looks like a correction is happening.
Until the two strong resistance zones hold my short term view remains bearish here.
The U.S. reveals a trick up its sleeveA few weeks ago, we expressed our bewilderment at the U.S. administration and its handling of the oil stockpiles. Despite oil plummeting below $70 during the summer, officials did not take the initiative to refill the Strategic Petroleum Reserves (also canceling plans to buy oil in July 2023), prompting us to speculate about what trick the administration could have up its sleeve. Finally, last week, we might have discovered exactly what it was when news erupted that the United States lifted some of the sanctions on Venezuela, allowing it to produce and export oil to its chosen markets for the next six months without limitation.
While Venezuela’s oil production is only about 800,000 barrels per day, the news announcement is still quite a big thing as it will enable U.S. entities to buy crude oil and help alleviate rising crude oil prices (especially if the country ramps up production in the coming months and the global economy continues to slow down - presuming no broad conflict will affect oil supply in the Middle East).
Now, on the topic of technicals, we are paying close attention to the Sloping Support/Resistance. If the price breaks back above the resistance (and holds the ground), it will be bullish. However, a failure will raise our skepticism about more upside. In addition to that, we are watching MACD, RSI, and Stochastic on the daily chart. To support a bearish case, we would want to see all of them continue declining. Contrarily, to support a bullish case, we would like to see MACD reversing and breaking above the midpoint.
Illustration 1.01
Illustration 1.01 shows the daily chart of USOIL and a simple setup with bullish prospects above the sloping support/resistance and bearish prospects below it.
Illustration 1.02
Illustration 1.02 displays the daily chart of MACD. The yellow arrow indicates a bearish breakout below the midpoint. If MACD fails to rebound back into the bullish area above zero, it will raise the odds for a continuation lower.
Illustration 1.03
Illustration 1.03 shows the daily chart of USOIL and simple moving averages. The yellow arrow indicates an impending bearish crossover between the 20-day SMA and the 50-day SMA. If successful, it will bolster a bearish case.
Technical analysis
Daily time frame = Bearish (with weak trend)
Weekly time frame = Slightly bearish
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Crude oil rose in the U.S. market.
The U.S. Department of Energy abandoned its original position and relaunched the Strategic Reserve Replenishment Program. Oil prices have been falling. However, the conflict in the Middle East has a greater impact on the fluctuation of oil prices. Once the conflict escalates further, the price of crude oil will exceed 100.
The short-term trend of crude oil was blocked from highs and fell. Oil prices fell below the moving average system, and the overall short momentum prevailed. The trend during the week is still within the wide upward channel. Pay attention to the supporting role of the lower edge of the channel on oil prices. It is expected that the Asian and European crude oil markets will fall during the day, and there is a high probability of stabilizing and rebounding in North America after the opening of the market.
Pay attention to the resistance level of 88.7-90.3 and the support level of 86.7-85.5
Swing trade long for WTIWe saw the pullback into the support area we were waiting for, around the 200-dar EMA on the 4hour chart and weekly pivot point. A bullish engulfing candle also formed at the end of the session, and whilst prices have gapped lower at the open, we're now looking to enter long and target the resistance zone around $90.
wti back to $100+ if bullish ms holdswti is near the range low and has already bounced the monthly level and VAL
liquidity still rests below this low and if the bullish market structure holds above $66 we should see a push back into the $100s
USOIL WTI Technical Analysis And Trade IdeaIn this video, we conduct a comprehensive analysis of the USOIL market, with a primary focus on the prevailing bearish sentiment observed in higher timeframes. Notably, WTI has recently approached a critical support level. Throughout the video, we delve into essential elements of technical analysis, which encompass aspects such as the current trend, price action dynamics, market structure, and various other fundamental components of technical analysis. As we progress through the latter part of the video, we closely examine a potential trading opportunity.
It is crucial to emphasize that the information presented here serves exclusively for educational purposes and should not be construed as financial advice. Engaging in currency market trading carries a significant level of risk. Therefore, it is imperative to prudently incorporate risk management strategies into your trading plan.
Target 95
The conflict escalation target is looking towards 95. The short-term (1H) trend of crude oil fell to the 85.50 support, and continued to rebound and hit new prices. The short-term subjective and objective trends consistently maintain an upward rhythm. Crude oil is expected to continue rising during the day. If the conflict in the Middle East escalates again during the weekend, the target will be 95.
Crude oil gets a chance to rise
Crude oil targets resistance at $88. The important level after that is $90, which is a resistance level that the market needs to break. The prevailing sentiment suggests that it is only a matter of time before the market rises to these levels.
Crude oil also found support from the 50-day moving average below, which acted as a stabilizing force. Additionally, the 200-day moving average provides a fundamental "bottom" for the market, which reinforces the idea of an upward bias.
In addition, market sentiment due to the escalation of the conflict and the Iranian oil embargo have provided rising factors for crude oil.
Crude oil resistance level focuses on 88, support level focuses on 86
Crude Oil - Elliott Wave CountCrude Oil - Elliott Wave Count
Based on the current market trends, it appears that there is a bearish sentiment prevailing. As a result, it is likely that we may witness a decline in the value of the asset to 85 or below. It is important to note that we have set our stop loss at today's high, which means that if the price breaks above this level, we will exit the market.
Please note that this information is for educational purposes only, and it is crucial to trade with caution.
MCX:CRUDEOIL1! NYMEX:CL1! TVC:USOIL CAPITALCOM:OIL_CRUDE MCX:CRUDEOILM1! EASYMARKETS:OILUSD
Crude oil target 90
Market analysis
In the last post, we talked about the US crude oil market maintaining the price of crude oil to a certain extent, but the impact of the conflict in Pakistan on the crude oil market completely covers other market conflicts, and crude oil is bound to rise.
Technical analysis
After crude oil rose to 88.3, the short side gradually took over the main direction. From a larger level, it can be observed that the oil price just encountered resistance at the upper edge of the flag relay and fell back.
Crude oil is bullish given the ongoing conflict.
Bulls profit, market slowly rises
The Israeli-Palestinian conflict supported gains in oil prices, but mail will slowly rise until there is no further conflict. Crude oil was blocked at the 21-day moving average. Secondly, the International Energy Agency (IEA) said last week that oil prices have fallen recently from their highs in late September, reflecting declining demand, especially in the United States. These market conditions have restrained the sharp rise in crude oil.
However, conflicts in the Middle East will lead to a shortage in the crude oil market, which is also the biggest reason for the rise in crude oil.
The overall bullish target for crude oil is whether it can break through the 89 and 91 resistance levels
Oil prices will rise to 100
The conflict may escalate further, and Iran warned Israel not to expand the situation, otherwise it will join the war. Once Iran joins the war, oil prices will skyrocket.
Last week, due to the conflict, oil prices rose to close at 87.72. On Monday today, the opening momentum of oil prices has slowed down. On the one hand, it is due to some profit-taking. On the other hand, because the conflict and risk aversion fluctuations have been completed, the market is waiting for further factors to promote;
Technically, the daily chart of oil prices rebounded sharply and closed positive last Friday, and today it is also running above the mid-track. The bearish signs continue to shrink and the bullish trend is getting stronger. The weekly chart has also returned to above the short-term moving average support.
The current support levels for crude oil are 87.20 and 86.05. Resistance levels are 88.70 and 90.00.
WTI Long Trading SignalIsrael-Hamas Conflict Fuels Uncertainty in Crude Market. Oil prices rise amid Israel-Hamas conflict, with risks of surpassing $100 and potential U.S. sanctions on Iran adding to market volatility.
1. The price closed above the Trend Magic Indicator line. Strong long signal.
2. Vortex will cross and indicates strong uptrend signal.
SL - below the Trend Magic Indicator line or Vortex indicator change trend direction signal
TP- 94.90
Keep It Simple and Always Trade With the Trend!
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USOIL DOUBLE BOTTOM ? BULLISH MOVE VERY SOON Hello traders ,
on daily TF USOIL has formed a double bottom reversal pattern and broke its neckline.
and also because the tension in the middle east and the current dollar economic situation
we might see a bullish move from the neckline maybe back to the 93 level.
trade safe !
WTI CrudeoilOwing to geopolitical tension around the globe, can expect WTI to trade around 90$ during next week. In 15mins chart, we can see the ''W'' recovery pattern. Can expect an upside movement to 90$. If the situation worsens in war, it will move beyond that.
Disclaimer : Trade as per your risk level.
US OIL / WTI Analysis 13Oct2023Over the last few weeks, the price of oil has experienced a noticeable decline. Upon closer inspection, this trend appears to be the result of a series of corrections from the previously bullish market. Currently, there is speculation surrounding the possibility of Wave (C) occurring, which is being analyzed through the addition of Fibo Expansion. It is predicted that the price will likely move towards the 76 area, which intersects with Fibo 0.786 and the SND area. This level of detail provides a more comprehensive understanding of the current market trends and the anticipated future movements of oil prices.
