Wticrude
USOIL 23rd AUGUST 2022Oil prices briefly surged in mid-trade due to a push to raise the Fed's benchmark interest rate. However, prices eased back after investors believed that the US central bank's policy this month was to maintain interest rates.
Another factor, the US dollar strengthened again to its highest level in five weeks, which limited the increase in crude oil prices. This is because oil becomes more expensive for buyers with non-US dollar currencies.
US Dollar Index
Oil prices will not be too bearish, this is due to the prospect of higher demand entering the winter season.
WTI bearish momentum continuesWe've been bearish all last week on WTI, taken shorts on any valid bearish signals and lower highs that were completed.
We expect WTI to head down to the low 80$ mark for the time being.
Technically there is a big bearish breakout pattern on the 1D chart, where a valid breakout occurred followed by a retest, see attached idea.
We continue to remain bearish on WTI and sell any valid sell signals.
Crude WTI Oil (Is the bottom IN?)View On WTI Oil (18 Aug 2022)
We are seeing some possible bottoming on Oil and $80~$85 will be a strong support.
I foresee it may swing back UP.
Take it slow and $100 will be nice.
DYODD, all the best and read the disclaimer too.
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WTI Bearish breakout happening now!Hey guys! We havent been to active but here we go again!
We are taking shorts (swing trades) on WTI based on the current breakout + retest of the support turned resistance.
Our Stops are around the 94.2 level while our Take profits are between 80 and 85, we will seek to compound the shorts as the market moves.
We rarely take swing positions but couldn't resist this one.
Ofcourse we are just as ready to buy as we are to sell (one of our key trading rules), so if this fails, we will go long IF THE MARKET indicates a buy opportunity!
Are you trading WTI?
USOIL 11th AUGUST 2022The United States posted an increase in inventories of 5.5 million barrels in the past week. The realization was higher than the expected 73,000 barrels. Gasoline products supplied also rose in the last week to 9.1 million barrels per day. The figure marks a 6% decline in demand over the last four weeks compared to the period last year.
From a fundamental point of view, the oil market continues to monitor the development of oil supply from Russia to Europe via the Druzhba pipeline, which was resumed earlier this week. The market is also awaiting the release of monthly oil data from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) scheduled Thursday.
CRUDE OIL (WTI) Very Bearish Outlook 🛢
This morning with my students, we discussed WTI Oil.
The price is trading within a wide horizontal trading range on an hourly time frame.
Approaching its resistance, the price formed a double top formation.
Its neckline breakout confirms a highly probable bearish continuation.
Goals:
88.7 / 87.8
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WTIOil in a bit of trouble here, likely entering a 6-10 month bear market correction. Downside target can hit the 618% of the entire 5 moves off the 2020 lows when WTI went negative.
Currently a lower time frame A wave has bounced off the 618% fib retracement level of the 5th wave. But we must correct that entire 5 up not just the 5th wave. We should bounce into a B wave soon on the daily
before making the larger C wave down close to $80. After that The HTF weekly A wave is complete and bounce again into HTF weekly B wave before finally nuking to $50 wave C to complete the entire move. You better BTFD IMHO guys because after this is done oil prices likely to run back turbo over $130.
WTI is in sell zone!!WTI has formed a daily doji on the last day of the trading week. After opening the new trading week we have seen so far a series of rejections with lower highs on the 4H. Last candle on 4H has formed a text book bearish engulfer with 20EMA retest and close back below. It is a high probability that WTI will continue to drop to the monthly support zone
WTI: Doooown…After one last surge, WTI has jumped below the support line at $92.93, its shout echoing through the chart. Now that it has begun the descent, it should continue it into the blue zone between $81.16 and $77.55, where it should finish wave 3 in blue.
Alternatively, there is a 35% chance that WTI could gain upwards momentum again and could make it not only back above $92.93 but also above the resistance at $101.88. In this case, it should pursue the ascent above $105.24 and into the turquoise zone between $107.12 and $116.59 first before moving downwards.
Crude Oil - Heads Up - UpdateThis is an updated analysis of the price activity since my last published idea concerning WTI crude oil.
I believe we have completed the corrective process to the initial down wave that occurred May 8th.
This is ending as an ending diagonal of "C" as labeled on the chart.
I am expecting a downward move in prices in the very near term.
USOIL - Oil will continue to drift lower over medium/long termWe continue to be bearish on USOIL. Accordingly, we still maintain our price target of 90 USD per barrel of WTI oil. Indeed, we would like to change this price target from medium-term to short-term. Additionally, we would like to set a new long-term price target for USOIL at 80 USD.
Illustration 1.01
The sloping line acts as the resistance; the more touches it gains, the more important it grows.
Technical analysis - daily time frame
RSI is neutral. MACD is also neutral. Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is 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.
WTI Cude (OIL) POSSIBLE TO BUY ......
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Tourmaline Oil - Beauty to Beast and Beast to BeautyTourmaline's pullback from it's $80 all time high and its bounce off the previous all time high is simply not deep enough, as evidenced by today's stop run over the June monthly close, which also produced one of those very credible "head and shoulders" patterns, on the back of the maniacs in the Natural Gas market running a monster short squeeze that ruined a lot of Q2s for "hedge funds."
WTI and NatGas are going to dump. Stocks are going to dump. It's not going to be a very pleasant period of time. But, natural gas and oil are something that the ruling regime cannot do without, because transportation and electricity rely entire upon them.
Oil is going to set a new all time high, and so is natural gas. They will do it at the same time, as the middle class is already experiencing maximum pain. This will give the central banks the handle they need to increasingly tighten, in addition to giving the Marxist-Leninist globalists a pretext to install social credit digital identification for the sake of fuel rationing.
Don't believe? Google Sri Lanka fuel rationing QR code & Ireland oil shortage war game.
Anyway, for Tourmaline, this Alberta gem is apt to give you a fine buying opportunity as commodities dump and the stock market crashes under $55 and $50. The target is simply $100+. With stops below the July 2021 highs of $35, you get an RR of 4.
Oil and natural gas, when they bounce, should be painfully brutal to bears. The situation should go parabolic, but it won't go all that high, and it won't go for all that long.
Think about what gold did when it set a new all time high, but faster, and for less time.
After the Party is over, the lights turn on and the music stops. Everyone will find a lot of vomit and trash to clean up, and it won't feel so fun and you won't feel so good with all that hangover and tab to pay, so make sure you sell your portfolio at the highs and buy your family something nice.
The best thing you can do is capitalize on your investment, put your wealth into something classical like gems, silver, gold, and prepare to return to tradition and prepare to cultivate yourselves.