WTIUSD Pattern on H1Here's my idea for WTTIUSD. It should be going bullish. When reaching Order Block, it's your area to look out for. You can take 10R. Safe Trade!
Wtioil
WTI OIL Ideal long-term buy opportunityWTI Oil is down more than -20% since the October High. The fundamentals over the new Omicron COVID variant have undoubtedly accelerated this but technically this is a much needed correction following the big rally of August - October.
My last update on WTI was the following, where I pointed out the upcoming rejection on the 1D MA50 (blue trend-line):
The 1D RSI touched its multi-month Support Zone and even though a slightly lower level is technically possible (-23.50% would be within the technical limits of the 9 month Bullish Megaphone pattern), the current levels already represent an ideal buy opportunity for the long-term.
Our firm's thesis is that the rebound that will follow will target the 0.5 Fibonacci level (73.50) on the short-term, followed by the 0.382 (76.30) on the medium-term. The long-term lies on October's 85.40 High and potentially beyond (based on the geopolitics at the time can be reviewed).
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Technical analysis update: WTI oil (25th November 2021)USOIL seems to stabilize in range between 75 USD and 79 USD. Currently, it trades around 78 USD; and we are closely watching technical indicators as they continue to point to the bearish condition. Current state of oil coincides with the recent set of bearish news regarding realese of the strategic oil reserves by the U.S. and its allies. We do expect the OPEC to take counter measure in response to this action. We think this will most likely take form of lessening production quotas for OPEC's members. We still think that in long-term price of oil is headed higher. However, in short-term and medium-term ongoing politics between the OPEC and the U.S. create headwinds for further rise in price of oil. Despite that, we expect OPEC's counter measures to bolster bullish case for WTI oil.
WTI oil continuous futures chart and volume:
Volume continues to decrease which suggests that selling pressure cools off.
Other developments in a world thatt are related to oil market:
1. First snow in Europe drags power prices higher.
2. EIA reports that crude oil inventories rose slightly last week with inventories of gasoline falling.
3. UN Nuclear Agency failed to reach agreement with Iran last week.
4. Oil markets take relatively well release of strategic oil reserves.
Technical analysis - daily time frame
RSI is very bearish. MACD is also bearish but it started to show first signs of flattening. Though, it needs to be closely observed for next action in the following days. If it manages to reverse to the upside and cross above 0 points then we will view it as very bullish development. Stochastic remains in bearish area, however, it managed to reverse and it currently points to bullish direction. It also needs to be observed closely in the following days. If it manages to oscillate higher then we will view it as bullish development. DM+ and DM- remain bearish. ADX suggests that prevailing trend is very weak.
Technical analysis - weekly time frame
RSI exhibits divergence in its medium-term structure. We will observe it in the following weeks and we will look for its ability to reverse back into bullish direction. MACD remains in bullish territory, however, it keeps moving sideways (bearish histogram is forming today). DM+ and DM- remain bullish. ADX continues to decline which suggests that trend is weakening.
Divergence in RSI:
Double divergence in RSI is not particularly bullish development. We will observe action of RSI very closely in the following weeks as it flashes warning signs at the moment.
Support and resistance
Major resistance level sits at 85.39 USD while major support level sits at 61.58 USD. Support 1 is at 76.95 USD, Support 2 is at 75.47 USD, Support 3 is at 74.21. These supports act as short-term levels of importance. Additionally, yesterday's high at 79.20 USD acts as immediate resistance. Another important level from psychological standpoint is 80 USD.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
Crude Oil Price Analysis: Can oil price up again? Oil prices are up in trading today as traders eye potential for a bounce-back after being badly beaten down at the end of last week.
WTI suffered its worst performance this year with an 11% drop to $67.50 before finding some footing again around $71.50.
Although it remains weaker than usual due mainly because there's no sign yet that supply confronted by demand will ease anytime soon—even though most analysts still think inventories have been building too much all winter long.
The oil markets were in a slump on Friday as the Omicron headlines hit. Still, there is a serious consideration that what may heavily dampen oil bullishness due to recent developments.
Suppose more people die from this virus next year. In that case, those investing money in oil will lose hope for it being an optimistic fundamental outlook that could cause them to make decisions based on fear rather than the possibility.
This passage mainly discusses how one event can change many peoples' perspectives about what they believe their future holds.
Even we saw last year oil price dropped nearly $00 for somewhile. So, if the pandemic situation becomes worse like the previous year, the oil's demand will collapse, and crude oil prices may drop again vastly.
The ramifications of an Omicron variant crisis are huge, but it's not all gloom. If border controls tighten and more onerous restrictions are imposed globally again, there will probably be no quick fix to resolve the global oil market outlook.
We should be careful until vaccinations have had their chance at relieving us from worst-case scenarios once more if they're needed even sooner than expected.
If the world leaders can control Omicron and prove nothing more than a hiccup, Friday's retreat will be quite the dip to buy in on Friday, especially when we still need a few weeks.
But, one can't rule out dead cat bounce just yet because it may take some time for things to settle and cool off from such high volatility movements.
Suppose Omicron is just a hiccup. Then, it will continue its buying pressure. And If Omicron is absolute, then it will continue its Selling pressure again.
WTI OIL Rejection on the 1D MA50Pattern: Megaphone on the 1D time-frame.
Signal: Sell as the price has been rejected on the 1D MA50 (blue trend-line) and buy before it touches the 1D MA200 (orange trend-line) or when the RSI hits the Support Zone.
Target: 85.40 (the October 23 High).
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🛢️ Crude Oil - Wti Back to 70,64 🚢🔱Don't fill your tanks (or tankers) yet because we see an unchecked level at 70,64$ that will most likely need to be checked.
High dollar, inflation worries, Oil must be 'controlled' and the battle to tame inflation. Biden knows, Europe knows, China knows.
Price is under an ascending channel and this is a highly bearish signal that triggered the correction. Price is attempting to rise but the 80$ mark is a technical and psychological resistance that will be hard to breach over.
Fill your tanks and tankers next month.
the FXPROFESSOR
CL USOIL (WTI OIL) Possible Bullish BatCL USOIL (WTI Oil) is forming what it looks like a possible bullish bat formation.
As more my liking, I do not like how high the C point is at however if the pattern is completed, the formation still valid. The price must test the zones after the 0.382 time zone in order for the pattern to be valid, if price does it before then a trade should not be considered.
Just because the price is forming the structure does not mean that the price will reach such area but if it does, and if it is after the 0.382 time zone, then it will be wise to look at price action to see if it provides with a valid entry opportunity to enter a long trade. If it does not provide a confirmation then a trade should not be entered.
Be patient, always wait for your trade set ups to be completed, wait for a confirmation, follow your rules!.
WTI OIL can go much lower based on this patternIt was exactly one month ago (October 19) when I reversed my bullish thesis on WTI Crude Oil, calling for a top and a reversal:
As you see, the top got priced exactly on the March Higher Highs trend-line and the rejection successfully took place. Even early into November, the Lower Highs peak formation was clear:
Back to today. In my firm's outlook, since the 1D MA50 (blue trend-line) broke, the only level that may support Oil is the 1D MA100 (green trend-line) and that only temporarily. Why? Because this is what happened last time on July 20, a short-term hold there followed by a dead-cat bounce above the 1D MA50 again only to serve as a new rejection towards the 1D MA200 (orange trend-line) where the price eventually made the bottom.
As you see, the major pattern since March is a Bullish Megaphone which besides the Higher Highs, has also a Higher Lows trend-line that Supports. A new contact with that trend-line would be on the 0.786 Fibonacci retracement level, which was where the bottom was formed last time on the Higher Lows trend-line in August 20. Corrections of -15% are common within this Megaphone pattern and another such correction would make a low right above the 1D MA200, which I believe will be the bottom and will prevail over a deeper contact on the Higher Lows trend-line.
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Technical analysis update: WTI oil (18th November 2021)We abandoned short-term price target of 85 USD in our previous idea (as correction resumed). In addition to that, we noted that it was very likely that price would drop towards 78 USD. Currently, USOIL trades slightly below that level. We will observe WTI oil in the following days and we will look for more weakness or possible end of correction. Though, at the moment, we think it is likely correction will continue little further towards 76 USD. Because of that we will watch support level at 76.95 USD; and we will observe whether this support will be able to hold further selling pressure. Technical analysis on daily time frame suggests more weakness for oil. Despite that, we think current price is very attractive to start considering (re)entry of long position in WTI oil, however, with big cautiousness.
Picture below shows USOIL on daily time frame.
It also shows possibility of bearish breakout below crucial support level at 76.95 USD. If this support is broken then we expect price to drop even further.
Technical analysis - daily time frame
RSI and Stochastic are very bearish as they continue to move downward. MACD is also very bearish. Indeed, MACD nears crossover into bearish area. If MACD manages to perform crossover then we expect such occurence to be accompanied by more selling pressure. ADX contains low value which suggests that trend is either neutral or very weak. Technicals are overall bearish and suggest more trouble ahead for USOIL.
Technical analysis - weekly time frame
RSI has bearish structure. MACD remains in bullish territory, however, it strives to reverse into downside. Similarly, Stochastic is in bullish area but it already reversed its direction into downside. DM+ and DM- still suggest that bullish trend is present but ADX continues to decline which reflects that this trend is weakening.
Support and resistance
Major resistance sits at 85.39 USD while major support lies at 61.58 USD. Short-term support level sits at 76.95 USD. Another (closest) important support appears at 75 USD (as psychological support).
Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
USOIL LONGNews:
The Biden administration has asked some of the world`s largest oil consuming nations - including China, India and Japan - to consider releasing crude stockpiles in a coordinated effort to lower global energy prices, according to several people familiar with the matter.
The unusual request comes as US President Joe Biden fends off political pressure over rising pump prices and other consumer costs driven by a rebound in economic activity from lows plumbed early in the coronavirus pandemic.
We are thoroughly reviewing the U.S. request, however, we do not release oil reserve because of rising oil prices. We could release oil reserve in case of supply imbalance, but not to respond to rising oil prices," the official said.
US OIL - Daily - Shorts on the cardsOil - Daily - I see a big correction coming for oil on the weekly chart possibly down to $70-75 before a continuation of the bullish trend towards $100.
WTI Cude (OIL) SELL TRADE IDEA
💹WTI Crude Oil ⏬ SELL @ 80.99
✅TP-1# 80.09
✅TP-2# 79.10
✅TP-3# 78.10
⛔️SL 82.00
N.B- If have small balance to trade. Plz avoid OIL trade now.
Because market highly volatile.
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reliance on the information contained within this channel including
data, quotes, charts and buy/sell signals
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a correctionin general USOIL is still trending up. an intra-day drop is expected should the daily trend line (purple) is respected.
Timescale: max 1 day.
Note: This is a quick analysis for supporting my USDCAD analysis. I do not trade USOIL .
OIl Going long at H4 momentum shift in weekly demand looking to go long on oil on a 4h chart with 4h shift in momentum at this weekly area of demand in a weekly uptrend
WTI OIL Bearish Reversal patternWTI Oil is on a typical Bearish Reversal pattern and the first signs of this were given last week as posted on my most recent analysis:
Right now the price is on Lower Highs, similar to the July peak and reversal fractal. If a 4H MA50 (blue trend-line) / MA100 (green trend-line) Bearish Cross is formed, it will confirm the sell target of the 1D MA50 (red trend-line). That is currently around the 0.382 Fibonacci retracement level and even though the price may dip even lower, that is a solid short-term short target.
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WTI: Down, Down! 🥰Within the current setup, we are expecting WTI to fall a bit further. The goal of the current movement lays around $78.59. After hitting this area, the price should massively increase again.
Happy Trading!
Technical analysis update: WTI oil (28th October 2021)On 25th October 2021 USOIL reached our price target of 85 USD per barrel. After that we announced that we would not be surprised to see shortlived correction since USOIL reached overbought condition in the short-term. Now it is clear that price retraced from high of 85.39 USD to as low as 80.62 USD today. It is likely that correction will continue little longer since indicators point to more downside. In short-term we are bearish and we will observe whether support at 80 USD will manage to stop selling pressure. However, in long-term we remain bullish and we think that current price drop presents good opportunity for long position (re)entry. Our long-term price target remains 90 USD.
Technical analysis
RSI penetrated 70 points to downside. It is bearish. MACD and Stochastic also turned bearish. DM+ and DM- are due to perform bearish crossover. ADX started to decrease from recent peak. Price retraced towards 20-day SMA. We will observe whether price manages to hold above 20-day SMA which would be bullish sign. Overall technical analysis is very bearish for WTI oil.
1-day RSI:
Support and resistance
Short-term resistance sits at 82.60 USD while major resistance sits at 85.39 USD. Support 1 appears at 80 USD and Support 2 sits at 76.95 USD. Support 3 lies at 74.21 USD. Major support sits at 61.58 USD.
Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
OIL SALES? After reaching the 261% fibbo extension, hitting the guideline of the last two highs on the high side, after 9 consecutive weekly green candles and plus the sum of the first low of the uptrend since 60 is a good time to think about sales. no?
This last weekly candle has left us a curious wick and the formation of an MHM, apart from all this we have to bear in mind that the price comes with a lot of upward force due to this we have to watch for false leaks at the maximum.
I don't want to waste too much. Greetings and good luck.
WTICOUSDThe West Texas Intermediate Crude Oil market has fallen rather hard to kick off the trading session on Thursday, but as you can see, we have rallied quite drastically to recapture the $82.50 region. By doing so, we ended up forming a bit of a hammer, which of course is a bullish sign. By doing so, I do think that it is only a matter of time before we continue to go higher. After all, we are in a very strong uptrend and that has not changed, despite the fact that we have pulled back over the last couple of days. Looking at this chart, the $80 level underneath is significant support, as it is a large, round, psychologically significant figure. The $80 level underneath has been important more than once, so therefore I think we will continue to pay close attention to it. At this point, I like the idea of picking up bits and pieces of value on dips, as the crude oil market has been so heavily influenced by the reopening trade and of course the fact that we are looking very likely to continue to see demand pick up due to the fact that there was so little in the way of capital expenditure over the last several months, and of course there has been an increase in burn rate. Furthermore, other forms of energy have failed miserably, and therefore power plants are being forced to burn petroleum as well. With the noisy behavior, I think it is only a matter of time before we see this market go looking towards the $85 level. The $85 level is a large, round, psychologically significant figure, and one that will be a target. If we can break above there, then it is likely that this market takes out to the upside.
Underneath, the $80 level should offer quite a bit of psychological and structural support, so that being said it is likely that we will see plenty of buyers in that area. The 50 day EMA currently sits just above the $75 level, and it does suggest a certain amount of resiliency and could be the “floor the market” going forward. Regardless, this is a longer-term uptrend, and we cannot fight it. Energy demand will continue to be very strong going forward, and therefore we should continue towards $90 over the longer term.
Lets see if we can have a pullback in Oil The trend is yours - its just to follow it. After some bullish weeks, we could see a pulllback as i mentor in the setup.
We have to breakdown from the triangle to confirm
