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Wtioil

WTI: Screeeeeech!Can you hear WTI’s brakes screeching from the chart? Well, we definitely can! Quite vehemently, WTI has hit the brakes just short of the bottom of the blue zone between $91.70 and $87.08 – and rightly so! There isn’t all that much room left to finish wave b in blue! In fact, WTI should complete it no later than the support at $85.73. Then, it should turn around and climb upwards, gradually crossing the resistances at $101.88 and at $105.24 to enter the turquoise zone between $107.12 and $119.94. There, it should finish wave b in turquoise, before moving downwards again. However, there is a 32% chance that WTI could drop below the support at $85.73, which would then trigger further descent.
NYMEX:CL1!
by MarketIntel
WTI oil - Change in a rhetoric of the OPECIn our last idea on oil, we outlined a scenario for a downtrend correction if the breakout above the sloping resistance took place. A few days later, the breakout occurred, and technical indicators turned bullish. Additionally, a slight change in the rhetoric of OPEC came, with Saudi Arabia and other members hinting at looming production cuts. This development forces us to abandon our price targets because of OPEC's ability to maintain a floor or a lid on oil prices. We will update our thoughts as we get more information concerning the cartel's production. Until then, we abstain from setting price targets for USOIL. Illustration 1.01 The chart above shows the bullish breakout above the prior resistance. Technical analysis - daily time frame RSI is bullish. The same applies to Stochastic and MACD. However, MACD stays below 0 points; if it breaks above, it will be bullish. DM+ and DM- performed bullish crossover. Overall, the daily time frame is bullish. Technical analysis - weekly time frame RSI strives to reverse to the upside; the same applies to Stochastic and MACD. DM+ and DM- are bearish. Overall, the weekly time frame is neutral/slightly bullish. 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:USOILLong
by Tradersweekly
15
WTI BULLISH OUTLOOKWTI rose in value in response of potential OPEC+ cuts and conflict in Libya. This possibility of supply cuts was enough to offset the effect of the strong US dollar. WTI broke the resistance line of the ascending triangle pattern, a bullish outlook, supported as well by the RSI and MACD indicators. The instrument might test its previous support level at 99.70, but if the break turns out to be false, the instrument might test its previous support at 94.70 Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
BLACKBULL:WTILong
by legacyFXofficial
WTI OIL Bullish divergence could give one last pumpThe WTI Crude Oil (USOIL) has been trading within a structured Channel Down pattern since the March 08 market High, following the immense growth after the COVID 2020 demand crisis. We have covered the Higher Lows zones since the November 02 2020 Low (green circle) and the March 23 2021 Low (blue circle) extensively over the past months on the higher time-frames, but this time we will focus on the Bullish Divergences forming on the lower time-frames (t-f). The chart is on the 1D t-f, as well as the RSI with the MACD on the 8H t-f. As you see, the price is currently testing the August 11 High, which is its short-term Resistance and happens to be also on the 1D MA200 (orange trend-line), which rejected Oil on that particular High. A break above it would be on its own a strong bullish break-out signal on the short-term. The 1D MA50 (blue trend-line) is just above the MA200. On the flipside this means that it will form a Death Cross pattern, which is technically a bearish formation, for the first time since the Feb 25 2020 Death Cross, which preceded the COVID crash. With the Nov 2020 Higher Lows Zone (dotted lines) though right below, the Death Cross effect may be postponed for the short-term. Especially by having the 1D RSI forming the same bullish break-out pattern as with April 2022, which was the Lower Low formation that initiated the rebound to the Lower Highs trend-line of the Channel Down. The Bullish Divergence is more evident on the 8H MACD with them being on Higher Lows while Oil has been on Lower Lows since June 22. Technically the Channel Down should make a new Lower High within 110.00 - 115.00. A break below it though, should finally test the March 23 2021 Higher Lows zone (dashed lines). -------------------------------------------------------------------------------------------------------- ** 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
5
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.
TVC:USOILLong
by DNP-FX
9
WTI OIL 3rd week below the 1W MA50. Critical Support below.The WTI Crude Oil (USOIL) opened the week yesterday on the 3rd straight 1W candle below the 1W MA50 (blue trend-line). Last time that such streak took place was in early November 2020! It is therefore easy to understand that if this level is not recovered, Oil may enter a new Bear Cycle. On the short-term we ideally want to see a candle closing above the 1D MA200 (red trend-line), in order to trigger a buy signal, targeting the Lower Highs of the March Top. Until then, the short-term price action calls for further selling towards the November 2020 Higher Lows trend-line. A closing below should be enough to trigger a bearish extension to the March 2021 Higher Lows. The 1W RSI has been trading within a Channel Down since March 2021 and is close to its bottom. That is an indicator showing that if it starts reversing, we may see a rebound (at least on the medium-term) on the November 2020 Higher Lows. We will follow with many updates until then. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
WTI OIL Rejection on the 1D MA200.The WTI CRUDE OIL (USOIL) is trading within a Channel Down since June 29, following quite closely the outlook we presented 1 month ago, as it hit the 1D MA300 (red trend-line) target: As you see, it has been below the 1D MA50 (blue trend-line) all this time and the longer it does, the more likely it is to print a Lower Low within the Channel Down on the dotted long-term Higher Lows trend-line around 82.00. This is further enhanced by today's rejection on the 1D MA200 (orange trend-line). If however it breaks above the 1D MA50, look for a reversal towards the Lower Highs of March 08. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
3
WTI oil - Oil to head lower in 2022/2023For some time now, we have been providing relatively accurate price targets for the WTI crude oil. Last year, we navigated the oil bull market from 60 USD per barrel up to 100 USD a year later. Then, in April 2022, we called the peak in the oil market and laid out a few reasons why the oil market could temporarily bounce, but it would continue lower despite that. In addition to that, we said the oil price would drift back toward the 100 USD price tag over the medium/long term. Recently, USOIL reached our price target of 100 USD and 95 USD. Then today, it paused a decline just 0.17 USD above our short-term price target of 90 USD. Despite that, we remain bearish on crude oil and maintain our price target of 90 USD and our long-term price target of 80 USD per barrel. There are several fundamental and technical reasons behind our stance. First, fundamental reasons such as higher interest rates and economic tightening will inadvertently slow down the global economy. Indeed, several indicators flash warning signs of a recession in progress. Ultimately, that means lower demand for oil in the medium/long term, especially from China. Furthermore, the OPEC's supply increase of another 100 000 barrels per day in September 2022 will weigh on the weakening demand for oil. That, combined with reportedly high stockpiles of crude by the EIA, will lower the oil price in the foreseeable future. The same applies to the recent actions by western countries in regard to loosening sanctions on Russian oil. Illustration 1.01 The price of oil continues to move within the downward sloping channel. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.02 WTI oil futures on the weekly chart confirm our assessment of the declining demand for oil, which is reflected in the declining volume since the peak price. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Illustration 1.03 The daily chart of WTI oil futures shows the increase in selling pressure, which is particularly 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:USOILShort
by Tradersweekly
51
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.
NYMEX:CL1!
by MarketIntel
WTI OIL heavily bearish eyeing a level untouched since Dec 2021!WTI CRUDE OIL (USOIL) eventually followed the rough projection we made three weeks ago and made a Lower Low as it failed to break above the 1D MA50 (blue trend-line) again: This has created a new Channel Down on the medium-term, which after closing below the 1D MA200 (orange trend-line), it is now eyeing the 1D MA300 (red trend-line) for the first time since December 02 2021! As we outlined in our previous analysis though, the downtrend is unlikely to stop there and most likely will hit the November 2020 Higher Lows trend-line around 82.00 - 83.00 before giving a relief (at least) rally. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
1
OIL showing that inflation has peaked.Another inflation (red trend-line) cross study, this time against the WTI Oil (USOIL). It is evident that the correlation between the two is very tight and every time the Oil market started forming a top pattern (circles), the Inflation Rate followed it lower shortly. I will not get into much detail as the chart is pretty self-explanatory. Oil has been on Lower Highs and Lower Lows since the March "war" peak, which is a bearish formation and if it wasn't for that "war" peak, the pattern would have been a Head and Shoulders, which is also a peak formation. With the 1M RSI back below the 70.00 overbought level after breaking above it for the first time since April 2011 and the only the 5th since 2000, it is more likely to have a market top on Oil. As a result, if a correction starts then Inflation which is still on Higher Highs lagging behind, is more likely to peak as well and finally correct back to sustainable levels in the coming months. -------------------------------------------------------------------------------------------------------- ** 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 OIL testing the top of its 1 month Channel Down.WTI Oil (USOIL) broke today above the 4H MA50 (blue trend-line) again after a three day stay below it and is approaching the Lower Highs (top) trend-line of the Channel Down it started after the June 14 High. On 4H RSI terms as well, it looks like the V-shaped Lower Highs test of June 29 - July 05 that ultimately led to a sharp sell-off towards the bottom of the Channel. As a result our strategy is to take this favorable R/R sell trade as long as the top of the Channel holds and target the Support (also the 1W MA50 (green trend-line)) at 91.00 and if we get a 1D candle closing below it, then target the multi-year Higher Lows trend-line (dotted line) at 80.00. This pattern is invalidated if the price breaks above the Channel Down and a buy signal will be waiting above the 4H MA200 (orange trend-line), targeting the March 2022 (war) Lower Highs trend-line at 120.00. -------------------------------------------------------------------------------------------------------- ** 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
WTI oil - Oil continues to drift lowerOver the past four months, we repeated that oil prices were peaking and the downside was looming over the oil market. Despite the excess of bullish calls forecasting new ATH for oil prices, we stuck to our bearish bias. Indeed, a few months ago, we set price targets of 100 USD, 95 USD, and 90 USD for USOIL. After hitting the first two price targets, we still remain bearish and maintain a price target of 90 USD for WTI oil. Our views are based upon technical and fundamental factors. Illustration 1.01 The picture above shows the daily chart of USOIL. Two moving averages, 20-day SMA and 50-day SMA, reflect the downtrend. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.02 The weekly chart of USOIL shows 20-week SMA and 50-week SMA. The 20-week SMA appears to be reversing to the downside, which 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.
TVC:USOILShort
by Tradersweekly
6