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CRUDEOILM1! trade ideas

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+.
NYMEX:CL1!Long
by SkyIsCalling
Weekend Wizardry On Crude OilRight now It makes no sense in my mind why the market would want to return to being bearish. Yes we are in a premium and after a couple days of upwards movement there can be some stagnent action for traders who like to take more than 25-40 ticks ona single move. So again why would market want to move lower on a htf bases as pointed in my arrows we have a Daily FVG whcih I will be watching price to respect and create a discount in that FVG The wicks from Friday and Monday Daily chart show immediate rebalance and a propell higher is what I am looking for. Given Monday can be opposing price to what Tues and Wed Provide... wink wink Magnet shows my target for next week. to revisit this and whilst in fvg how do we close? Daily fvg CE? I really do look at price on the day to day basis weekly targets yes but this is a subconscious thought when im trading pacific times of the day.
NYMEX:CL1!Long
by IamThattrader
Crude coinciding with OXY setupCrude broke the downward trend with conviction after a multiple week correction. This gives me more confidence for my potential long-term OXY trade setup next week. These stall candles signal accumulation and contraction. After the initial run multiple EMAs are used for supportive structure including candle bodies and wicks. I am late to the party on crude (but I dont trade futures), Oxy is lagging so that is my preferred method. This will be much like my previous trade , likely a multiple week/month hold, slow layered entry.
NYMEX:CL1!Long
by Apollo_21mil
#202426 - priceactiontds - weekly update - oilGood Evening and I hope you are well. wti crude oil futures Quote from last week: bull case: Strong week by the bulls with 3 pushes up but still a lower high. Their next target is to get back above 80.22. Right now they have momentum going but big down, big up mostly creates confusion and that means trading range. Above 79.5 I will probably long for 80. They need to stay above 77 or odds favor a retest of the lows below 74. comment: Bulls just had amazing follow through since Monday and have bought everything on lower volume. The tight bull channel is valid and Monday or Tuesday could set up another good buying opportunity. I don’t think bears want to die on that 82 hill and bulls can bring this easily back to 82.5 or 84.5 where two upper bear trend lines run through. current market cycle: big trading range or smaller bull trend inside of it. Triangle is still playing out. key levels: 72-84 bull case: Another very strong week. Can only look for longs in oil currently, until bears show up again. Bulls had two big legs up and want a third one to around 83.5/84.5. The current pullback could continue 1-3 days before more up but bulls should not let it break the lower bull channel around 79.7ish Invalidation is below 79.5. bear case: Bears clearly see the pattern and only doing small intraday scalps until the market get’s nearer to either bear trend line as drawn. The big one started 2 years ago, so you can be sure, there will be a reaction. Not saying bears will be strong enough to reverse it directly but at least stall it around that price area. As of now, bulls are in full control and far above the daily ema. Don’t look for shorts unless strong momentum. Invalidation is above 82.1. outlook last week: “short term: Neutral right under the bear channel line and daily ema at 77.5. Can break to either side.” → Last Sunday we traded 78.45 and now we are at 80.73. Not a good outlook but I would always write the same. As strong as it was before last Monday, it was the high of the trading range and it could have been the top for some days. short term: More sideways to down movement expected (not much down, max 79.7ish) before bulls try the third leg up. Can’t be anything but bullish looking at this chart until bears build bigger selling pressure. medium-long term: We are seeing the big triangle playing out between 72 and 82/84. The high of the triangle got tested until mid of April and we have now tested the lows around 72.5. Market did indeed reversed hard over the past 3 weeks and we are almost at the top of the triangle again, where I expect more sideways movement until one side clearly wins again. Odds favor the bears if they stay below 85. current swing trade: None chart update: Bear channel was clearly broken and therefore removed. Tight bull channel with a 5-wave series added.
NYMEX:MCL1!Long
by priceactiontds
Can the HOUSE CAPITALIZE SHORT out of the CURRENT Consolidation?NYMEX:CL1! "I DONT FOLD UNDER PRESSURE, Great athletes perform better under pressure so put pressure on me." -Floyd Mayweather Jr. Top of the Sunday Morning Family. I hope we all are well and in gr8 spirits as we get ready to start this trading week. Here I have constructed this SHORT narrative on OIL, out of the Current Range we are trading inside of. The consolidation zone ranges from prices of roughly ($79.30 to $77.20)... Here is what I will need to see in order to enter SHORT and target the 4Hr Swing EQ Level ($76.55). 1) On the Daily TF buyers have pushed price back up into an un-mitigated Daily Supply Zone. & Now that we have Mitigated this Daily Supply, we could see sellers step back into the Market and push price back down. **** I would like to see buyers sweep the High of the Consolidation zone on the 1Hr TF! If price can break higher than ($79.30) then this would be a good sign for me. Now I want this to be a (Liquidity Sweep SOLELY with no real follow through from buyers) basically manipulation to the upside then BOOM!!! Sellers come in and drop the market off a cliff stopping everyone LONG and Sellers coming to sweep the eR/LQ Trendline to the downside... 2) Price is currently riding a HTF{ 4Hr Ascending eR/LQ Trendline } that I know is going to be swept with strong sellers to the downside and this is the move I'm looking for the HOUSE to CAPITALIZE ON.... 3) The EQ level of the Consolidation range is what I need to see price break underneath with confirmed candle closures on the 30m TF & Below before I enter SHORT... The EQ level of the Range is roughly ($78.25)... ****I want to price sweep the Ascending eR/LQ then break and close with strong conviction underneath the Consolidation EQ Level ($78.25) on the 30m TF & below. **** Now if and when we can get these sequence of events to take place then I will be compelled to place my Limit SHORT on the retest of ($78.25)Consolidation EQ Level and Target the 4Hr Swing EQ Level Below ($76.55) 170 Points SHORT in our favor... Remember when it comes to FRM (Financial Risk Management) our job is to manage the downside costs of printing High side returns of $$$ consistently... Let's Step!! Stay Focused & Reach Excellence!! #BHM500K #NewERA #Champions
NYMEX:CL1!Short
by TreyHighPwr
Can the HOUSE CAPITALIZE SHORT out of the CURRENT Consolidation?NYMEX:CL1! "I DONT FOLD UNDER PRESSURE, Great athletes perform better under pressure so put pressure on me." -Floyd Mayweather Jr. Top of the Sunday Morning Family. I hope we all are well and in gr8 spirits as we get ready to start this trading week. Here I have constructed this SHORT narrative on OIL, out of the Current Range we are trading inside of. The consolidation zone ranges from prices of roughly ($79.30 to $77.20)... Here is what I will need to see in order to enter SHORT and target the 4Hr Swing EQ Level ($76.55). 1) On the Daily TF buyers have pushed price back up into an un-mitigated Daily Supply Zone. & Now that we have Mitigated this Daily Supply, we could see sellers step back into the Market and push price back down. **** I would like to see buyers sweep the High of the Consolidation zone on the 1Hr TF! If price can break higher than ($79.30) then this would be a good sign for me. Now I want this to be a (Liquidity Sweep SOLELY with no real follow through from buyers) basically manipulation to the upside then BOOM!!! Sellers come in and drop the market off a cliff stopping everyone LONG and Sellers coming to sweep the eR/LQ Trendline to the downside... 2) Price is currently riding a HTF{ 4Hr Ascending eR/LQ Trendline } that I know is going to be swept with strong sellers to the downside and this is the move I'm looking for the HOUSE to CAPITALIZE ON.... 3) The EQ level of the Consolidation range is what I need to see price break underneath with confirmed candle closures on the 30m TF & Below before I enter SHORT... The EQ level of the Range is roughly ($78.25)... ****I want to price sweep the Ascending eR/LQ then break and close with strong conviction underneath the Consolidation EQ Level ($78.25) on the 30m TF & below. **** Now if and when we can get these sequence of events to take place then I will be compelled to place my Limit SHORT on the retest of ($78.25)Consolidation EQ Level and Target the 4Hr Swing EQ Level Below ($76.55) 170 Points SHORT in our favor... Remember when it comes to FRM (Financial Risk Management) our job is to manage the downside costs of printing High side returns of $$$ consistently... Let's Step!! Stay Focused & Reach Excellence!! #BHM500K #NewERA #Champions
NYMEX:CL1!Short
by TreyHighPwr
Bitcoin silver oil 11:00 June 21st 2024 I think Bitcoin is close to a reversal higher and I would be looking for that reversal Sunday night or sometime on Monday. silver had a great opening price trade with the 2 bar reversal it moved about $5000 per contract where it came to sellers. so silver is a fast Market that quickly gave you a very good return as a seller but my concern would be that sometime during the remainder of today but more likely when the Market opens after the weekend that's when I would expect to find buyers... but I would have to see how the Market's trading before I make that decision. would I put on a long trade going in to the weekend? no. because there are no signs of buyers yet. we'll talk about oil this weekend if I get a chance.
NYMEX:CL1!
by ScottBogatin
1
Crude Oil Finishing Minor Wave A of EI can clearly count five waves up, implying that wave A should be about finished. Prices also seemed to have stalled at the resistance caused by the end of minor wave B at the previous zigzag of wave D (red resistance line). The next wave down should be wave B of a zigzag for which the 50% Fibonacci retracement level is a reasonable target but by no means the only option. Once the final zigzag up finishes, we should see a breakout from the triangle on the downside.
NYMEX:CL1!Short
by epistemophiliac
CRUDEOIL UPDATE || JUNE 18- 19Crude Oil Update: Potential Bullish Move on the Horizon (Informative) Heads up, commodity traders! Crude oil is currently exhibiting bullish signals, suggesting a potential price increase. Here's a breakdown for your reference: Target: 6840 (This is the level the price might reach if the bullish trend continues) Stop-Loss: 6760 (This is a pre-determined price point where you would automatically sell your position to limit potential losses) Keep an eye on relevant news and events that might impact the crude oil market. This can help you make more informed trading decisions.
MCX:CRUDEOIL1!Long
by Shalvisharma5
1