CL-OIL trade ideas
2024-08-12 USOILShort selling opportunities for stagflation at 78.25 and 79.27, which are currently touching the previous market trend. Currently, we can go long in the US market by stepping on each other's stocks
USOIL, daily
Oil prices eased due to fears of weaker demand in China and the approaching end of the peak driving season in the United States. Despite concerns about slow demand in China, tensions in the Middle East and the Russian-Ukrainian conflict are providing support to the oil market. Ceasefire talks in the Middle East, led by U.S. Secretary of State Antony Blinken, are ongoing, but doubts remain as violence continues in Gaza. China's economic slowdown, including declining home prices and reduced crude processing rates, has fueled anxieties about potential demand slump adding more bearish pressure on the price.
On the technical side, the price has tested the support of the 23.6% of the daily Fibonacci retracement level and has since corrected to the upside in today's session. The 50-day moving average has touched the 100-day moving average line and it remains to see if it will cross below it or if it will continue trading above it. The Stochastic oscillator is in neutral levels hinting that the price has the potential to move to either direction in the short term while the Bollinger bands are still expanded showing the fueled-up volatility in the market. If the 23.6% of the Fibonacci holds in the coming sessions it is possible to see a bullish correction move with the first area of technical resistance being the $76 which is the psychological resistance of the round number as well as just below the 38.2% of the Fibonacci retracement level.
Measure move up???3 pushes down after nice bull trend, 61.8 percent pullback, micro double bottom.
Oil can goes high from here.
Chance to measure move up.
Trade safe.
Good luck.
USOIL Is Bullish! Long!
Take a look at our analysis for USOIL.
Time Frame: 9h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 76.058.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 78.548 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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OIL: Three days breakout short in the marketHi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you!
“Trade setups, not movements”
1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion)
Monday DAY 1 Opening Range ✅
Tuesday DAY 2 Initial Balance
Wednesday DAY 3 (reset DAY 1) Mid Point Week
Thursday DAY 2
Friday DAY 3 Closing Range
2. SIGNAL DAY
First Red Day
First Green Day
3 Days Long Breakout
3 Days Short Breakout ✅
Inside Day
3. WEEKLY TEMPLATE
Pump&Dump
Dump&Pump ✅
Frontside
Backside ✅
4. THESIS:
Long: primary, as explained on the chart, currently the 3 sessions is potentially setting up for a reversal scalp, targeting eventually the CP of Friday, and I will be willing to get a buy low if price holds on the current level (previous LOW) till 9am NYT (oil market opening)
Short: secondary, 3 weeks of pump and dump scenario, Friday closed as FRW (first red week), on the long term I can see a further down move, but my analysis are for the day itself.
Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni
Buy OpportunityInstrument: USOIL
Position: Buy
Entry: 74.87
1st Target: 76.12
2nd Target: 78.83
Stop Loss: 73.94
Rationale:
USOIL is exhibiting signs of a bullish trend, supported by recent price action and fundamental factors.
Targets:
Our primary target stands at 76.12, representing a significant resistance level where we anticipate a price reaction. The secondary target is positioned at78.83, indicating further potential Upside momentum.
Stop Loss:
To manage risk effectively, a stop loss is placed at 73.94, just below the anticipated Support level. This ensures a controlled exit in case of unexpected market movements.
USOIL SELL IDEAA break below 7500 mark will trigger a sell, Enter Only when the breakout is confirmed. Goodluck Everyone
USOIL Potential Support Breakout At $75.04 19.08.2024Apply risk management
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Disclaimer
Bearish drop?WTI oil (XTI/USD) has reacted off the pivot and could potentially drop to the pullback support.
Pivot: 77.16
1st Support: 75.92
1st Resistance: 78.23
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WTI Oil H4 | Potential bullish bounceWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 76.01 which is a pullback support that aligns with the 50.0% Fibonacci retracement level.
Stop loss is at 74.40 which is a level that lies underneath a pullback support and the 61.8% Fibonacci retracement level.
Take profit is at 78.34 which is a pullback resistance that aligns with the 61.8% Fibonacci retracement level.
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WTI has a lot of technical pressureTVC:USOIL weakened in early trading in Asian markets on Monday (August 19), fluctuating near its lowest level in more than a week. Currently WTI crude oil is trading around 75 USD/barrel.
That added to traders' concerns about falling demand in the Asian giant, where refiners cut crude processing capacity last month amid sluggish fuel demand.
The Organization of the Petroleum Exporting Countries (OPEC) last week lowered its forecast for oil demand growth this year due to weakness in the Asian giant's economy. The Paris-based International Energy Agency (IEA) last Tuesday lowered its oil demand growth forecast for 2025, citing weak demand from major countries in Asia.
On the other hand, according to the Lebanese National News Agency, the Israel Defense Forces carried out airstrikes on the 18th.
Lebanon's Hezbollah armed forces claimed to have attacked multiple targets in southern Lebanon, including Israeli military spy facilities.
On the 18th, the Israeli army launched multiple attacks on several towns on the Lebanese side of the temporary border between Lebanon and Israel.
Market sentiment this week will be determined by speeches from global central bankers at the Jackson Hole Economic Symposium.
The Jackson Hole Economic Symposium will be held from August 22 to 24 and Fed Chairman Powell will speak on the economic outlook on Friday as US inflation weakens but remains difficult and markets Weakened job market. Easing is imminent, but is unlikely to confirm continued expectations of significant interest rate cuts.
On the daily chart, WTI USOIL moved narrowly after falling below the price channel and structurally it has not yet formed a specific trend.
But technical factors are leaning more towards the possibility of price decline with the nearest resistance being noticed at the confluence area of the 0.382% Fibonacci retracement and EMA21.
As long as WTI crude oil cannot break and move above the 0.50% Fibonacci level, it does not have enough conditions for bullish expectations.
Meanwhile, once WTI crude oil continues to be sold below the 0.236% Fibonacci level and returns to the price channel, it will open a new technical down cycle. The notable point is that the Relative Strength Index is pointing down from the 50 level but has not yet reached the oversold level, showing that there is still room for technical price declines ahead.
During the day, the technical outlook for WTI crude oil leans towards a downside with notable levels listed as follows.
Support: 75.71USD
Resistance: 76.59 – 77.58USD
Today's Crude oil recommendation1, short at $77.55, stop loss 35 points, gain $75.10.
2, if the short is stopped, short again at $78.30, stop the loss of 30 points, stop the profit of $76.30.
3. Go long at $75 and make a stop loss of 35 points for profit.
US Oil Trade Plans Post Falls..Closing out FRI Oil fell considerably within a near term uptrend move.
Room persists either side of the closing range (longer term).
