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USOIl Crude Oil important Support LevelWTI Crude Oil is at a key support level now and i don`t think we have seen the last of it. OPEC+ unexpectedly decided to cut output in October by 100,000 barrels a day. It`s not much for now, but they will continue cutting the supply until they will get the oil to $90. I`m looking for a bounce to the $85 - $92 area before heading to $62 by the end of next year, when i expect the beginning of an electric revolution worldwide. Looking forward to read your opinion about it.
TVC:USOILLong
by TopgOptions
2
70$ nearly hit, reconsideration of thoughts, and retracementFor several months, we provided price rankings for USOIL, most of which were fulfilled already. The only price target we kept was 70$ per barrel, which was nearly hit last Friday when the price stopped at 70.10$ (just 0.13% away from the price target). With the price level nearly hit, it is time for us to step away from the market and reconsider the situation. In our previous idea, we outlined how the price deviated too far from its moving averages (20-day SMA and 50-day SMA) and might be setting itself for the price retracement to the upside. After hitting a new low, that became the case for USOIL, with the price rising to 74.30$. At the moment, we do not expect a primary trend reversal from bearish to bullish. However, we want to stay on the sidelines and avoid setting new price targets until the picture gets clearer. Until then, we will maintain a neutral position. Illustration 1.01 Illustration 1.01 shows the daily chart of USOIL. Yellow arrows indicate a new low at 70.10$ and retracement toward 20-day SMA in progress. Technical analysis Daily time frame = Bearish (but showing signs of exhaustion) Weekly time frame = 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.
TVC:USOIL
by Tradersweekly
7
WTI USOil Setting for Short Trade?FX:USOILSPOT TRADE PLAN INSTRUMENT: USOil TIMEFRAME: DAILY DESCRIPTION Although fundamental drive illustrates that OPEC+ will cut oil production by 2mil barrel a day going forward, our Technical Outlook suggests that USOil Price will continue to fall untill we arrive at 70.00. The current rally appears a sentiment drive. We will look to short the market when price visit a 55EMA with some confirmation to short for completion of Daily Bat Pattern. Updates to follow. Disclaimer Charts are educational not investment recommendations
FX:USOILSPOTShort
by edgeAZFX
4
Crude Oil Weekly Volatility Analysis 12-16 Dec 2022 We cCrude Oil Weekly Volatility Analysis 12-16 Dec 2022 We can see that currently the implied volatility for this week is around 6.51%, up from 6.33% from last week according to OVX data With this in mind, currently from ATR point of view we are located in the 83th percentile, while according to OVX, we are on 77th percentile. Based on this, we can expect that the current weekly candles ( from open to close ) are going to between: Bullish: 4.62% movement Bearish: 5.6% movement At the same time, with this data, we can make a top/bot channel which is going to contain inside the movement of this asset, meaning that there is a 21.3% that our close of the weekly candle of this asset is going to be either above/below the next channel: TOP: 76.33 BOT: 67.24 Taking into consideration the previous weekly high/low, currently for this candle there is : 30% probability we are going to touch previous high 76.2 67% probability we are going to touch previous low 70.1 Lastly, from the technical analysis point of view, currently from Weekly timeframe indicates -66% BEARISH trend from the moving averages index Daily timeframe indicates -80% BEARISH trend from the moving averages index 4H timeframe indicates -53% BEARISH trend from the moving averages index
NYMEX:CL1!
by exlux
USOil | New perspective for the week | Follow-up detail3 days into the EU ban on Russian seaborne crude imports, oil producers in Russia are going against all expectations to ramp up production in recent weeks. With the Russian seaborne crude oil import ban around the corner, a potential OPEC+ output cut on the table, and ongoing discussions about capping Russian oil & gas prices, we looked at the charts from a technical perspective in this video to decipher how the recent developments will affect price movement in the coming week(s). Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, and risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
FX:USOILSPOT
by darcsherry
1
New lows, volatility about to continue, and a potential bounceIn the past few days, USOIL constituted a new low below 73$, marking a 43% decline from its peak a few months earlier. This move came amid our bearish expectations for oil and forecast for lower prices. We continue to stick to this call altogether with our price target at 70$, which was updated recently to a short-term price target (from medium-term). Our views are based on technical and fundamental factors described below and in previous articles. Illustration 1.01 The daily chart of USOIL shows the price decline between 8th March 2022 and today. The yellow arrow indicates a bearish breakout below the previous low and subsequent bullish retracement. To further support our bearish thesis, we would like to see the price break again below 73.62$ and hold there. Technical analysis Daily time frame = Bearish Weekly time frame = Bearish Illustration 1.02 Illustration 1.02 displays the daily chart of USOIL and simple support/resistance levels + two simple moving averages. At the moment, the price deviated too far from its 20-day and 50-day SMAs, which is often followed by the price retracement toward a mean; currently, these SMAs act as important resistance levels. 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.
TVC:USOILShort
by Tradersweekly
27
USOIL 5th DECEMBER 2022Organization of Petroleum Exporters and its Allies (OPEC+) maintained production cuts, keeping production at 2 million barrels per day (bpd) from November to 2023. Oil prices weakened as China's zero-covid policy weighed on demand. However, after the regulation was relaxed in a number of cities including Beijing and Shanghai, oil prices slowly moved up. WTI and Brent oil are significantly bullish, this is partly driven by the easing of China's covid-19 lockdown. Technically, oil prices are still in a bearish trend, but bullish is possible in the next few days until the resistance area. recommendation to sell in the resistance area marked by the red area. Prices can go higher, pay attention to several points that can make oil prices tend to be bullish: opec policy, easing lockdown in china, and weakening USD.
TVC:USOIL
by DNP-FX
2
USOil | New perspective for the week | Follow-up detailA record number of new coronavirus cases in China (the world's highest importer of crude oil) coupled with the inability of the EU to agree on a price cap for Russian oil Crude prices resulted in a plunge in price as the price fell for a third straight week. From a technical standpoint, it is obvious that price action has been caught within a channel ($93.50 and $87.00) in the last couple of months to emphasize the indecision in the market. However, it is worth noting that the lower timeframes reveal that price action has continued to find lower lows and lower highs in the last 3 weeks to signal a possible bearish continuation in the new week but we can not ignore the possibility of a breakout of the bearish trendline to incite a reversal structure. Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, and risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
FX:USOILSPOT
by darcsherry
How to profit from Crude Oil - LONG (and short) The USA is in a political battle over the price of oil with OPEC and right now they are winning, but how low can they go? Not too much lower actually, they need to start buying again to ensure their strategic reserves remain useful and not at risk of dropping below the requried levels to support the country in times of emergency. OPEC $64 - To ensure OPEC break even on oil product, they will control the market above SPR $72 - To replenish the reserves the USA is a buyer at $67 - $72 a barrel, not too far from where we are now EU $70 - The EU are in talks to ensure Russian oil cannot be sold above $70 Pin Bar $77 - We have a bin bar rejection to support the market move North again Fib 78.6% - We've rejected this level 7 times on the weekly and daily chart Target 1 - We've already tested and profited from this move upto $82 and we'll be doing that again Target 2 - Fib 61.8% at 88 will be our next target Target 3 - Fib 50% at 92 will be our final target Short - If we break down past 77, we'll be a buyer just below at the SPR support levels.
CAPITALCOM:OIL_CRUDELong
by CBMotivation
2
USOIL Long Strategy / Flip.What has really happened? Drawing from reserves? Pushing the price cap narrative? They are all temporary relives, just like a plaster/bondage on a wound. Chinese demand will pick up and war continues, and latest developments around south korea... I believe the Oil Rally is far from over, and the longer the spring is tried to be controlled/held, the harder it will be released back up. With OPEC+ Set to meet this week, and the possibility of reduction of production, intimation of South Korea, WTI prices will also be effected indirectly for sure. I believe the strategy is pretty forward with 3 TP targets on long, and should we cut our losses and move short before longing again, 1 TP for short. TVC:USOIL
TVC:USOILLong
by TheHopinionist
BIG UPDATES PART 1 (CHAPTRE 3)We're back with breaking news Expecting oil retracement to the 85$ zone before a "ready to launch phase" Big pockets on the edge and i might sound crazy but we can touch the +100$ zone in a very short time of a period. Risk of your own and i wont recommend any TP or SL in this one If you lose don't blame me if you win don't thank me As always lose to win and risk to gain. that's the moto. The full chapter: 1) Sell "Done" 2) Buy "We are Here" 3) Sell
FX:USOILLong
by UnknownUnicorn2830187
3
Oil buyers step in at $72/bbl: Is the downside limited?The oil market has seen a lot of activity, with recent developments mostly easing worries about market tightness. In China, Covid-related restrictions have been reinstalled in major cities, triggering rare protests and consequently reducing outlook for oil consumption, in striking contrast to perceived moves to reopen the economy at the beginning of November. On the supply side, reports that the United States granted Chevron Corp permission to restart oil production in Venezuela, as well as Iraq's statement that it will add 1 million to 1.5 million barrels per day of oil export capacity by 2025, weighed on oil prices. The oil future curve is no longer in a backwardation state. The price premium that spot WTI held over its future contracts ( 3A1! ; 4A1! ; 5A1! ) has been fully wiped away by the most recent leg of oil depreciation. In essence, the spot price of oil is currently trading at par compared to its 6-month future delivery, indicating that the market is not currently concerned about prompt supply. This condition has not been observed since January 2021, and it may be prudent to be wary of surprises at this time. Bad news is priced, but positive catalysts are still to come? With most bad news already priced in by the market, it may take something new to stop oil prices from falling. In October, the US White House signalled that it intends to repurchase crude to replenish its SPR stocks when WTI prices are at or below about $65/bbl and $72/bbl. Consequently, this area could present a strong price support and thus limit the downside relative to current market prices. Additionally, supply-side risks have not completely disappeared. The G7 has postponed a price ceiling on Russian oil, but Russia said that it may retaliate, restricting supply, if the G7 applies a price cap. In view of recent market developments, OPEC+ could also reinforce its very restrictive supply strategy on Sunday, December 4th. Dip buying to resume at $72? Technically speaking, oil has revised its lows for 2022 and is currently experiencing a negative year-to-date performance. The most recent wave of decline was dramatic, bringing the daily RSI close to oversold territory. In the past, massive selloffs in oil prices, with the daily RSI in oversold territory, produced some near-term price recovery. WTI prices are currently 14% and 30% below their respective 50-day and 200-day moving averages, which appears overly pessimistic considering the persistence of upside risks. Given how sharp the recent downward trend was and the fact that a positive catalyst might happen soon, dip buying may start to come back at these levels.
CAPITALCOM:OIL_CRUDE
by Capitalcom