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Wticrudeoil

WTI Crude Oil Short Setup on Daily Time FrameWe can see the price breaks below a major trend line after finding a resistance. We can wait for a pullback and see if it will go above the trendline. If trendline became a resistance, it is safe to say we have a short opportunity to short if goes below the latest low on the daily timeframe. The DMI also looks good and trending upward going above 25 level. If the -DI remains above the ADX, it will be a strong indicator to short.
TVC:USOILShort
by UnknownUnicorn13326052
2
WTI Oil - New Highs to Come?It is incredibly difficult to analyse this commodity fundamentally so let's see what technical analysis may suggest? Technical Analysis (Elliott Waves): Since the sharp fall of March 2020 it is likely that we are observing the development of a global zig-zag ABC Five waves of the first impulse A completed in July 2021 Wave B took shape of a complex Running Correction WXY finishing in November 2021 And since then we can see formation of another impulse in wave C Waves 1 to 3 of this impulse culminating in March 2022 are quite clear which have been followed by a flat correction in the shape of Double Threes WXY The crux of the analysis is developing right now when the price started moving in a very choppy way The previous scenario still stands and it is very likely that we are observing development of an Ending Diagonal in wave 5 (see educational post below about the structure of this wave) Waves 1-3 have formed and we can expect correction of wave 4 to last at least until end of June / fist week of July to the level of $103, followed by the last zigzag to top the high of $129 This is quite complex scenario so it needs to be monitored against all the rules of Ending Diagonal. What do you think about WTI Oil and its short term prospects? Also let me know if you would like to see other stocks, indices, Forex or Crypto analysed using Elliott Waves. Thanks Educational post on Ending Diagonal
TVC:USOILLong
by vitalalyt
1
Outlook on WTI Crude Oil: Bearish play seenOn the weekly time frame, prices are holding below a key area at 127.80 where we could see further downside below this area. On the H4 time frame, we are seeing a shift in order flow with the break of the recent low at 112.50. A pullback to the resistance area at 114.80, in line with the 61.8% Fibonacci retracement and 100% Fibonacci extension presents an opportunity to play the drop to our next support target at 103.80. This demand area lines up with the ascending trend line, 78.6% Fibonacci retracement and 1.272% Fibonacci extension. Ichimoku cloud is showing signs of bearish pressure as well, with prices holding below the Ichimoku cloud.
TVC:USOILShort
by shermzT
BCOil Breaks 2Day High 21-25June 2022BCO breaking 2D High very quickly after Asian Open. Tumoilsin Lybia,uncertainty and mixed participants,long-Term Trend Traders took profits at 127 area that was followed by the Russians announcements to increase the Russian oil production in 2023.And ofcourse the recesion fears of 2023. Technicallyis BCO still in the long area.Yesterday on 20th June 2023 the market was not able to reach the 20 Day low(Donchian),The very important resistance (115) was broken on Friday ,but the Bulls fought it back.AlsoYesterday The bears tried to break the heavily defended 113 Area, but the market came back to 1155 zone andmade a new high,shortly before BCO closed early( Juneenth!) Today the market opened at high and made 5 consequent Highs in row. The RSI 200 in positive territory. The RSI 9 and 6 confirm. Quarter VWAP is giving more green lights to be bullish(Short Term).If 127 becomes new Support,wewillsee150 USD before the summer time. 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OANDA:BCOUSDLong
by DaveBrascoFX
2
USOIL 20th JUNE 2022Before July, USOIL was seen moving in the consolidation channel area which tends to be bullish . in July, USOIL sentiment will tend to be bearish . The Organization of the Petroleum Exporting Countries (OPEC) member states announced plans to adjust oil production upward in July by 0.648 million barrels per day. In my view Oil prices are bearish but still not stable. Moderate bearish confirmation has not occurred, because the price has not yet breakout below the support area. So I will place a buy limit near the support area, with the target not exceeding the weekly resistance which is drawn in the red area. stop loss as well as sellstop below the support area.
TVC:USOIL
by DNP-FX
2
OIL Switching Uptrend to DowntrendWe had a massive downtrend on Friday due to recession fears. Chances are we can see some pullback to the 115 or 116 areas which could be a great shorting opportunity. There are also opportunities of scalping quick longs but do not long at the smoothed moving averages or LR Channel tops (Linear Regression) as they can be rejected from there. My trading strategy for opening would be quick longs and then reshorting at higher levels region as there still are recession fears. The higher levels would be at 5min, 15 min, 1hr, 2hr, 4hr LR Channel tops where I would short. I do not expect a 119 area to be reached in the next week (maximum 117).
EIGHTCAP:USOUSD
by pennyclaimer
WTI OIL Correction not over yet.WTI Crude Oil (USOIL) is on a strong 3 day correction. Its long-term trend since the December 02 2021 Low is better illustrated if we apply the Fibonacci Channel starting on that Low. As you see the extensions have worked very well in projecting Higher Highs. Right now the pull-back doesn't seem to be over. Either a bounce of the 1D RSI on its Buy Zone is needed or a hit on the price's Internal Higher Lows trend-line. The 1D MA100 (green trend-line) happens to be exactly there, which is a trend-line untouched since December 27 2021. A rebound there can target the 1.5 Fibonacci extension again. On the other hand, a closing below the 0.0 Fib level can see Oil test the -0.5 extension for the first time, with the 1D MA200 (orange trend-line) supporting just below. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
4
WTI: Nearly There!WTI has nearly finished wave B in green in the upper third of the green zone between $111.72 and $126.25 or wave c in pink in the upper half of the pink zone between $122.81 and $126.17, respectively. As soon as it has accomplished this, WTI should turn downwards and head for the support at $102.66. After it has completed wave (A) in white below this mark, a countermovement should set WTI back above $102.66 before it can resume the descent. However, there is a 42% chance that WTI could continue to rise and climb above the resistance at $130.50, which would then lead to further ascent.
NYMEX:CL1!
by MarketIntel
WTI OIL heading to $160 long-termThis is not a new chart I'm sharing with you on WTI Crude Oil today, I've initially posted it 2 months ago, calling for a medium-term consolidation and then bullish break-out when the Resistance breaks, based on the striking similarities with the September 2020 - March 2021 pattern: It is time to update my thesis, as the Resistance broke and the similarities continue to be striking both in candle and RSI terms. The analysis is on the 1W time-frame, with the 1W MA50 (blue trend-line) and the 1W MA200 (orange trend-line) standing out. On the May 31 2021 1W candle, when the price broke and closed the week above the prior High/ Resistance, Oil eventually reached the 1.618 Fibonacci extension level. Currently that Fib level is at 159.00. With the 1W RSI well above its MA, it appears that WTI has enough momentum to break its prior High/ Resistance by July. This is a long-term thesis. I will be making updates on the 1D time-frame for shorter term trades. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
9
WTI Oil - a case for continued upside. Oil has had a massive bullish run since 2020 which was driven by pandemic followed by post pandemic demand in addition to the more recent geopolitical instability between Russia, Ukraine and NATO countries which accelerated the price to over 100$/bbl. Years of negligible reinvestment into new oil plays by the energy sector and ever expanding demand for oil should allow price to continue to the upside to challenge the July 2008 all time highs. Currently the asset is trading within a range between 126.45-92.20 price levels in what I am interpreting as an accumulation for upside objective of 140$/bbl. There is a possibility for price to sweep under the outlined range to trap breakout short sellers before price accelerates upward and puts a squeeze on the bears.
NYMEX:CL2!Long
by DenisRisticFX
WTI OIL 1 month of scalping with 12 successful tradesAs mentioned on my last two ideas (April 19 and May 02), WTI Oil has been neutral on the medium-term where scalping was favored: Today's analysis is on the 4H time-frame where you can see the range more clearly (Resistance at 116.60 and Support at 93.00). On this post I present the golden combination that offered 100% profitable results during this 1 month of scalping. The 4H MA100 (green trend-line) can be used as the Pivot Line. I've also plotted the Bollinger Bands (blue range). As you see, every time the 4H RSI touched either its Resistance (sell signal) or Support Zone (buy signal), it bounced towards at least the 4H MA100 and in most cases even the top/ bottom of the Bollinger Bands before the next signal emerged. So far this approach has given 100% success rate with 12/12 correct signals. We will continue scalping this until either the Resistance or Support level breaks. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
2
USOIL - Russian oil ban = higher oil pricesMore than a week ago, we warned about potential EU's ban on Russian oil and the risk it poses for the higher price of oil. We suggested that this step would lead to higher prices of oil in the short-term. Just two days ago, Germany was reported to back a gradual ban on Russian oil. Because of that we abandon our short-term and medium-term price targets. Although, our long-term price target remains in place. Technical analysis - daily time frame RSI points to the upside which is bullish; however, over the past few days, it shows choppy pattern. MACD oscillates near the midpoint; if it manages to break above it, then we expect it to bolster a bullish case for USOIL. Stochastic is bullish. DM+ and DM- are bearish but due to perform bullish crossover. ADX signals presence of no significant trend. Overall, the daily time frame is bullish for USOIL. Illustration 1.01 The illustration above shows the rectangle pattern - in which most of the choppy price action has been going on lately. Technical analysis - weekly time frame RSI is neutral. MACD is highly elevated and flattening at the same moment, which makes it neutral. Stochastic reversed to the upside. DM+ and DM- show bullish conditions in the market. However, ADX's signals that these conditions deteriorated over the past four weeks. Overall, the weekly time frame is mixed. 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 serve as 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
3