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USOIL MAKE VIEW POSITIVE / VKINGOn July 4, 2023, the US Oil (USOIL) commodity was observed on TradingView using a 5-minute time frame. USOIL is a popular instrument for traders and investors to speculate on the price movements of oil. The 5-minute time frame allows for a more granular analysis of price action, enabling traders to capture short-term opportunities and make informed trading decisions. During the specified time frame, several factors influenced the price of USOIL. It is important to note that oil prices are influenced by a wide range of fundamental, geopolitical, and economic factors. These include supply and demand dynamics, geopolitical tensions, global economic growth, weather events, and government policies, among others. Analyzing the 5-minute chart, traders would have observed various price patterns and trends. Candlestick patterns, such as doji, hammer, engulfing patterns, and others, can provide insights into potential reversals or continuation of trends. Support and resistance levels are also crucial indicators for traders, helping to identify potential entry and exit points. In terms of technical indicators, traders may have used various tools to analyze the price action of USOIL. Common indicators include moving averages, relative strength index (RSI), stochastic oscillator, and volume analysis. Moving averages help to identify the direction of the trend, while RSI and stochastic oscillator indicate overbought or oversold conditions. Furthermore, traders might have monitored news releases and events that could impact the oil market during this specific time frame. Important economic data, such as crude oil inventories, production reports, and geopolitical developments, can cause significant volatility in oil prices. By staying informed about such events, traders can anticipate potential price movements and adjust their trading strategies accordingly. Risk management is a vital aspect of trading, and it applies to USOIL trading on a 5-minute time frame as well. Traders must establish stop-loss orders to limit potential losses and implement proper position sizing techniques. This helps to protect capital and manage risks effectively. It is worth mentioning that trading on a 5-minute time frame requires constant monitoring and quick decision-making. The rapid price fluctuations in such short intervals can lead to both opportunities and risks. Traders need to be disciplined, focused, and adaptable to react promptly to changing market conditions. In conclusion, analyzing USOIL on TradingView using a 5-minute time frame on July 4, 2023, involved studying various price patterns, technical indicators, and fundamental factors. Traders aimed to capitalize on short-term opportunities by identifying trends, support and resistance levels, and using technical indicators to gauge market sentiment. By closely monitoring news releases and managing risks effectively, traders can increase their chances of success in the fast-paced world of USOIL trading on a 5-minute time frame.
TVC:USOILLong
by v_king_x
Short Crude Oil on ResistanceIn crude oil trading today, we made good profits in the trading strategy of shorting crude oil in the 70.6-70.8 area twice. Judging from the current structural trend, crude oil will maintain range shocks in the short term, and fundamentally still maintain a short position. Although the inventory data has declined for two consecutive weeks, the pressure on the demand side is still very weak, and the U.S. dollar index has rebounded.Crude oil as a whole tends to run in a bearish trend. In terms of short-term structure, crude oil is currently facing the resistance of 71-71.2. If this area cannot be effectively broken through, then crude oil may still fall to the 69 position area at any time. Therefore, before crude oil fails to break through the short-term resistance, it is mainly to short crude oil. USOIL: @70.8-71 Sell, TP: 70.2 For more trading signals and trading plans, you can follow the bottom of the article to view the details!
TVC:USOILShort
by Trader_Christofer
WTI OIL approaching the MA50 (1d) againWTI Crude Oil is approaching the MA50 (1d) again, the 3rd time this month and fourth since May 24th. All tests have resulted in rejections and another one may confirm the emergence of a Channel Down. A closing above it though, targets the MA100 (1d). Trading Plan: 1. Sell near the MA50 (1d). 2. Buy if we close a candle above it. Targets: 1. 67.15 (previous Low). 2. 73.50 (the MA100 1d). Tips: 1. The RSI (1d) is trading inside a Rectangle. Its bottom is a buy opportunity and top is a sell. Use this in combination to the above. Please like, follow and comment!! Notes: Past trading plan:
TVC:USOILShort
by TradingBrokersView
7
WTI rallies form range lows - break of $70 up next?WTI crude posted a strong rally from the $67 support level thanks to another strong drawdown of crude inventories. The fact it rallied over 3% despite the stronger US dollar and hawkish comments from Powell makes us wonder if it could have broken above $70 were the dollar not to dominate FX majors on Wednesday. Still, prices are trading within a range between $67 - $72/73, and whilst prices action remains choppy o the daily chart there are some opportunities to trade the range on lower timeframes. A triple bottom has formed on the daily along with a 2bar bullish reversal (bullish piercing line). String volumes accompanied the rally from the $67.50 area to show demand around those lows and the OBV (on balance volume) broke above its previous swig high, which hints at a breakout for prices. Prices are drifting higher at the open, but we’d consider bullish setups above or around the daily pivot point or 10/20 EMAs if prices pullback for a potential swing-trade long to $70.A break above which brings the resistance zones around $71 and $72 into focus.
NYMEX:CL1!Long
by CityIndex
Oil: Can support survive? Today's focus: Oil Pattern – Descending Triangle Possible targets – 64.06 73.22 Support – 67.05 Resistance – 72.22 74.15 Hi, and thanks for looking at today’s update. Our attention is on oil after yesterday’s sharp selling took price back to key support. This level has held firm for buyers, but could this be the fourth time lucky for sellers? So far, production cut updates have done little more than spur on sellers. Will we see buyers re-hold this level, or could we see a new break lower by sellers that gets the downtrend back on track? Thanks for stopping by. Good trading, and have a great day.
EIGHTCAP:USOUSD
by Eightcap
Crude oil 10 win planYesterday, crude oil indicated a sell above 72.9, but ultimately did not trade, then crude oil fell to 70.15 gave us a great opportunity to buy, and this is also our sell order target position, and then I directly publicly advised everyone to buy crude oil near 70.2, giving a target of 72.5-73. Crude reached a high of 72.3 in US trading and I also indicated that you can take profits out of the market, and we have once again won back-to-back. Today, crude oil is still treated in the range of operation, back to 70.3-70.5 range can continue to buy, tp73-73.5. Try not to try to sell crude oil today, I will inform you if there is a new arrangement, and we will have important EIA data today, wish us good luck.
TVC:USOILLong
by Besttraderking
Trading the range on WTI (CL1!)Oil prices are trading quite erratically on the daily chart, making it a much less appealing market to trade on that timeframe. But that doesn't mean we cannot find potential inflection points at the intraday level. Monday's opening gap has been filled, and earlier losses on Tuesday were fully recouped to print a bullish pinbar on the daily chart which found support just above $70. We're not looking for a huge move, but we see the potential for prices to have another crack at the $73, and the 3-wave retracement towards $71 looks appealing for a swing trade long. Take note of the HVN (high volume node) around $72.64 which could act as a magnet should momentum eventually turn higher. We're not sure the actual swing low is in yet, so we're looking for higher volumes accompanied by one or more bullish reversal candles on the hourly timeframe or lower, to hint at a swing low. And if it can form above or around the $71 support zone it could provide an adequate reward to risk ratio for a cheeky long.
NYMEX:CL1!Long
by CityIndex
1
WTI Crude Oil Sell TP = 42.67On the weekly chart, the trend started on March 13, 2022 (linear regression channel). There is a high probability of profit, since the channel is not yet closed. A possible take profit level is 42.67 ( this is the minimum take profit value, but it has a high percentage of payoff ). But don't forget about SL = 98 . Using a trailing stop is also a good idea! Please leave your feedback, your opinion. I am very interested in it. Thank you! Good luck! Regards, WeBelieveInTrading
BLACKBULL:WTIShort
by WeBelieveInTrading
Oil- Back above 80?After the double top from last year, Wti entered a downtrend and, considering the top and bottom, lost half of its value. However, we can see from the chart that prices under 65 are bought and Oil looks like it has a flood in this zone. More, from the chart we could also see the importance of this zone, acting as resistance back in 2021 and support in 2022. More, this level acted as resistance in 2019 and 2020, before the pandemic craziness. In conclusion, at least in my opinion, there is a fundamental demand around this price. Considering this price as a floor, the logical outcome in the future would be a test of 83 resistance. So, a drop under 70 could be a good buying opportunity in medium term and such a trade would also have a risk:reward of 1:2
FOREXCOM:USOILLong
by Mihai_Iacob
4
WTI UpdateOkay, the Saudis did cut. I must confess that I underestimated His Royal Highness's ability to surprise. That leaves us with a possible gap on Monday. Given the market pressures and the fact that the previous cut was ineffective in sustaining the price, the gap is unlikely to be as large as in April. The gap is, most likely, wave 3 of (c) of the first wave up in the leading diagonal. There is still a chance that wave (ii) will close the gap, as shown on the chart. MBS, you did an excellent job. I am not as long as I could have been.
TVC:USOIL
by Fomenka
3
Crude Oil WTI (Going lower first?) View On WTI (31 May 2023) WTI is in * Downtrend in short term (Intraweek) * Neutral in Mid term (Intramonth) * Neutral in Long term (Last 3 months) WTI is going now where and I guess it is likley to retest the swing low of $66 We are not in the hurry to go long at all. Let's see. DYODD, all the best and read the disclaimer too. Feel Free to "Follow", press "LIKE" "Comment". Thank You! Legal Risk Disclosure: Trading crypto, foreign exchange or CFD on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor.
OANDA:WTICOUSDShort
by SonicDeejay
WTI OIL aiming for an UPSIDE reversal.WTI net buys has been steadily increasing this past few days -- conveying accumulation at the current discounted price range. WTI just touched 1.0 FIB LEVEL -- the most discounted price range you can get. Expect some notable bounce from the present levels. The 70.0 level is a strong solid support which has been tested many times in the last 6 months -- and price keeps bouncing off it. Weekly higher lows has been created signifying that the present price as the last base before the incoming series of ascend. Spotted at 72.0 TAYOR Safeguard capital always.
BLACKBULL:WTILong
by JSAL