crude looks like bull flag waiting breakout analysis edu pur.yes crude support 6700 stya blw thna bear mode possible6630--6570 or hurdle 6840 stya abv thna more fire up to 6900-7040+++++ yes eyes on breakout -- support hold or not???
CRUDEOIL1! trade ideas
Turbo Tuesday's So we are heavily bullish and in this scenario I like to see a retracement around NY that will enable me to start looking for my entry model that will Target the BSL that is marked.
Pretty simple today...
I have a 1hr fvg that I would like to be respected meaning 1hr candle closes above the discount of the FVG.
If before NY we take out the BSL marked I will update here..
Oil Set to Re-test $82.71 Amidst Market ConsolidationOil prices are currently in a consolidation phase and are expected to test the $82.71 level by the London session.
This price action suggests a continuation of the uptrend. For those already in the market, it's advisable to seek sell opportunities in line with your trading strategy. For instance, if you trade using Supply and Demand principles, identify supply zones towards $82.71.
Once the market tests this zone and it holds, look for buy signals as confirmation of the continuing uptrend.
Oil recently hit a fresh two-month high, driven by mounting geopolitical risks in Europe and the Middle East, as well as the threat of a hurricane in the Caribbean. With these factors in play, a significant drop in prices is unlikely.
Therefore, it's crucial to monitor for sell setups towards this re-test zone and then prepare to capitalize on the anticipated upward momentum. There is potential to capture substantial moves towards the upside.
Oil Price Rally Eyes April HighThe price of oil may continue to retrace the decline from the April high ($87.67) as it carves a series of higher highs and lows.
Crude Oil Price Outlook
The price of oil extends the advance from the previous week to push the Relative Strength Index (RSI) to its highest level since April, with a close above $83.30 (23.6% Fibonacci retracement) raising the scope for a move towards $85.20 (61.i% Fibonacci retracement).
A breach above the April high ($87.67) may lead to a test of $88.10 (23.6% Fibonacci extension) but failure to extend the bullish price series may push crude back towards $80.70 (38.2% Fibonacci retracement), with the next area of interest coming in around $78.50 (50% Fibonacci retracement) to $79.00 (50% Fibonacci retracement).
--- Written by David Song, Strategist at FOREX.com
Constructively Above $80Crude Oil (August)
Last week’s close: Settled at 81.54, down 0.20 on Friday and up 0.81 on the week
WTI Crude Oil futures have been building a floor out above the psychological $80 mark. The June 18th breakout above 80.11-80.61 has failed to extend gains significantly but has remained robustly constructive above support. Headwinds have come from the fear of rising production from OPEC+ and the U.S. Also, despite weak Manufacturing PMIs from China over the weekend Crude Oil is bid to $82 this morning and finding taiwlinds from Hurricane Beryl.
Price action stuck its nose above major three-star resistance at 82.24-82.35 Friday, and we still view this area as significant, with a close above likely inviting added buying.
Bias: Bullish/Neutral
Resistance: 82.24-82.35***, 82.72*, 84.00***
Pivot: 81.85
Support: 80.97-81.21***, 80.11-80.36***, 79.72-79.97**, 78.61-78.94***
Check out CME Group real-time data plans available on TradingView here: www.tradingview.com
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Monday FunDay Crude Oil Simply I would like Crude to respect the 1hr FVG leading upto NY open
This will tell me the bias going into the rest of the day.
I am heavily Bullish on Crude oil.
If this target gets taken before I will put and update to the next target and Bias.
Crude**CrudeOil:**
This week's forecast is for the price to rise to the lost pivot at 83.41 and reverse the trend after that test.
6/30 | $CLContinuing to grind higher from last week's breakout. Not interested in touching it until a zone is tapped. Sidelines for now.
short /CLBear flag forming on the crude futures. Just playing it short for a quick scalp. Bunch of contracts would be very lucrative return.
Will oil plummet? Or is this chart primed for a reversal?Oil ended april as a first red month, in which case may id be looking for sell high, they kept price suppressed and didnt attempt to make any significant higher highs this month,
since there was no real place, except the start of may, to sell high, (and fundamentals somewhat driving my thesis) i would expect them to keep trapping volume down low for the frontside move of the week, and shift momentum to the upside later in the week ending as a first green month (closing the month above previous month close 81.15 (CL1!) - after attempting to continue going lower in a previous downtrend)
friday was a first green day, so mondays thesis would be to look for a buy low in any 1 of the 3 sessions.
past 3 weeks have been inside week for the most part, this is primed for a serious reversal.
May the markets be with you all!!
CRUDE OIL FUTURESWe are currently above the pivot point.
It is wise to wait for the price to continue doing green candles above the pivot point and tcontinues going up above the yellow line of 81.82 for going long and to the next structure above the current one.
Otherwise, if the price makes red candles below the pivot point and continues going down below the yellow line of 80.51 we can go short to the next structure below the current one.
Crude Oil upward trajectory !!NYMEX:CL1!
Crude oil is moving upwards by marking HH @ 95 and HL @ 81.5,
81.5 is .786 fib support from previous low),
Curved parallel channel suggests that max downward should be around 79; which is .886 fib level from 77.71),
97 & 104 will be crucial level in coming weeks as resistance.
Short MCLQ2024. sell at 80.92. stop at 81.49. limit at 80.15Daily chart of the MCLQ is showing consolidation/weakness. Lower time frames showing down trend. RSI on 8hr weakening.
support at $80. Need to get out of trade before MCLQ hits $80.
CrudeOil trading in a 100 points range for long time. As we see a massive up move in stock market it is time keep eye on range breakout for oil.
As soon as range breakout happens a minimum 100/200 point move is expected.
CL (Oil) Long Idea - Bullish Divergence Buy at MarketAnalysis on hourly and 15 minute time frame
S/R marked on hourly, trade execution on 15 minute time frame
Looking for CL(Oil) to continue uptrend holding hourly support
Entry at 0xurrent price targeting the highs as TP and SL below hourly support level
1:1.5 RR Trade
Avoid FOMO of oil being bullish Until the price is below 7000 mark we cant say oil has turned bullish
there is volume imbalance and bearish fvg on daily time frame around 6887 to 6771
where there is high probability price to get reject
those who are in long trade before try to trail your stop
and those who are looking for fresh long AVOID !!
2024-06-25 - priceactiontds - daily update - oilGood Evening and I hope you are well.
wti crude oil
comment: Trading range at the highs but bears printing bigger bars and they broke out of the bull channel that started 2 weeks ago. Measured move down would bring us to around the breakout retest price area 78.5 / 78.8. Bulls still want to break above 82 for 83/84 and test the bear trend lines again.
current market cycle: Trading range
key levels: 80 - 82
bull case: Bulls still see this as a second leg of a pullback around the lower bull trend line and they want to start their third leg (W5) up to 83/84. They need to keep it above 80 or bears might get cheeky and want to push it to the daily ema around 78.8, which would also be a breakout retest.
Invalid below 80.
bear case: Bears are not able to print two decent looking consecutive bear bars on higher time frames. Until they get much stronger or give up again, best they can probably hope for is sideways around 80. Selling today looks like a leg inside a trading range and not a stronger pullback below 80.
short term: Neutral 80-82. It’s moving sideways. Don’t make it more complicated.
medium-long term: We are seeing the big triangle playing out between 72 and 86 (could also be 87 but for now I see the spike above 83 as a failed breakout of the triangle. We hit the lower trend line and now we will test back up to above 83. —will update this Wednesday
current swing trade: None
trade of the day: Buy low, sell high and scalp. Clear key levels given
Can Crude Surge Into Month-end?Please note the chart above is continuous front-month Crude, and we are referencing the August contract below.
Crude Oil (August)
Yesterday’s close: Settled at 81.63, up 0.90
WTI Crude Oil futures rebounded well to start the week, responding to a critical area of technical support. Furthermore, the healthy consolidation at and above the psychological $80 mark could be a launchpad for a strong finish to the month, bringing Crude Oil its best month since September. We have two layers of major three-star support at 80.61-80.86 and 80.11-80.36, and we believe a hold above here sets a constructive path for higher prices.
Bias: Bullish/Neutral
Resistance: 81.79**, 82.24-82.35***
Pivot: 81.17-81.40
Support: 80.61-80.86***, 80.11-80.36***, 79.72-79.97**, 78.61-78.94***
Check out CME Group real-time data plans available on TradingView here: www.tradingview.com
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Crude Oil live trading with Weis Wave Indicator (Wyckoff)Indicator is provided by VolumeDayTrader.com
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Crude OilPair : US OIL - Crude Oil
Description :
Completed " 12345 " Impulsive Waves and " A " Corrective Waves
Demand Zone
Fibonacci Level - 61.80%
Consolidation Phase in Short Time Frame
Break of Structure
Turbo Tuesday Crude OiLSo carrying on from our Bullish Bias I am expecting price to move to the Daily +oB and have an bullish reaction to PDH
Closer to NY open I will be looking for this to happen
Daily FVG CE is the target...
Long CL @ 80.20 - Test of SupportOil has had a large run-up of $10 over the last two and a half weeks. I believe Friday's selloff was mostly due to exhaustion and the start of consolidation after this large rally.
Given the continued geopolitical risks. I expect oil to re-test the $80 level before increasing back to the upside. There is large resting liquidity around the $80 - $80.30 levels, so if we get down there I think CL will find major support and return to $81+.
