USOIL is Under PressureWTI crude oil futures are experiencing a downturn, currently priced at $79.37 per barrel, marking a 0.48% decrease. This decline is attributed to the global economic challenges that are negatively impacting the demand forecast. Similarly, Brent crude has seen a reduction in price, now at $83.88 per barrel.
The economic recovery in China is progressing slower than expected, and the anticipation of additional interest rate hikes is exacerbating concerns over economic growth, exerting further downward pressure on oil prices.
In the United States, crude oil inventories have witnessed an increase of 3.4 million barrels in the previous week, contributing to the existing oversupply. The persistent risk of a recession continues to place significant stress on the oil market.
Meanwhile, amidst these market conditions, option sentiment from the CME exchange suggests a robust support level at $75 for WTI futures in the nearest expiration series. This sentiment indicates a strong market belief that prices are unlikely to fall below this threshold, providing a measure of stability despite the current market volatility.
For investors and market watchers, these indicators from the options market are a critical piece of the puzzle, offering insights into future price movements and trader expectations.
MCL1! trade ideas
Crude OilThis is not a trading signal, its an opinion, if you copy it, its on your own risk.
Position 1- Long
Position 2- Short
Oil is in down trend on the daily and 4 hours, but there is a pull back to the previous support that has became Resistance to retest it and then we will see continuation to down trend to the levels around $70.40 is the next support level.
CRUDEOIL 1HDOUBLE BOTTOM PATTERN IS OBSERVED PRICE MAY TOUCH THE RED LINE AND FALLS BECAUSE IT IS A STRONG RESISTANCE LEVEL
I Am Not SEBI Registered Analyst. All Post and Levels Posting is only for educational and knowledge purpose. I Am not responsible for your any kind of loss or profit.
No Claim, All Rights Reserved.‼️
Bullish on Crude oilNYMEX:CL1!
TVC:DXY
Right now as the Crude Oil prices are at *premium and technically we are around a strong support area I think we would see a rally somewhere between 67.5 and 72.5. However, this week, we have PMI and NFP news ahead so if the reports come out to support DXY, Crude oil might stay around this area for a while (as it's seasonality suggests)
* look at the closing price of the futures contracts between July and December 2024.
WTi - BUY
I see a Gap to be filled on MT4
They show up for various reason
Very high chance will return to Fill it
As it does in the Stock Market also
Has nothing to do with any News or how's ya father
Although they will make it appear it does
Even if it doesn't make sense.
They know 90% of traders have no idea about Fundamentals anywyay.
Wycoff Pattern also
Consolidating along the bottom picking up stops like a Vacume Cleaner.
Ultra Metre Bullish Green
: ) Lets See
Short Term Elliott Wave Structure in Oil (CL_F) Favors DownsideShort Term Elliott Wave in Oil (CL_F) shows incomplete Elliott Wave bearish sequence from 04.12.2024 high. Down from there, wave 1 ended at 76.15 like the 1 hour chart below shows. Rally in wave 2 unfolded in a zig zag Elliott Wave structure. Up from wave 1, wave ((a)) ended at 78.05 and dips in wave ((b)) ended at 77.68. Wave ((c)) higher ended at 80.63 which completed wave 2 in higher degree.
US Oil has resumed lower in wave 3. Down from wave 2, wave ((i)) ended at 76.39 and wave ((ii)) rally ended at 77.52. The CL_F then nested lower with wave (i) of ((iii)) ended at 76.62. Wave (ii) of ((iii)) ended at 77.34. The commodity extended lower in wave (iii) towards 72.48 and wave (iv) ended at 73.69. Wave (v) lower is still developing. As market stays below 73.69 high, we are calling for one more low to wave (v) of ((iii)) and wave ((iii)) in higher degree. Once wave ((iii)) ended, expect near term rally to fail in 3, 7, or 11 swing as wave ((iv)) for further downside.
2024-06-04 - a daily price action after hour update - oilGood Evening and I hope you are well.
wti crude oil
comment: Yeah oil again. This is in play and you should look for strong momentum trades.
current market cycle: Bear trend
key levels: 70-77
bull case: Yesterday I said bulls need to keep it above 74 or we see 72. Low of the day was 72.48. 1h 20ema was resistance and bulls need a close above that. Still the same argument as yesterday. They need to stop new lows and make market go sideways. They also retested the bear channel from last week, from which we broke below, and they were rejected. Only thing they have going for now is that on higher tf you can clearly see 3 pushes down. Would still not look to buy other than scalping.
Invalid below 70
bear case: Globex marked the high of the day and the 15m 20ema was resistance until 1h before US open. From there the market was in a trading range until it touched the 1h 20ema and sold off again. Bears want to keep the momentum going to get to 70 because that would be a clear brake of the bull trend line. Measured move from the last 5 trading days would bring us to 64. Next target for bears is a trade below 72 and then 70 if the momentum keeps going but we are near the lower bear channel line and market will probably need to move sideways to up first.
short term: It’s only going down so look for short entries. I expect a pull-back soon but it could just be a shallow one where we move sideways.
medium-long term: We are seeing the big triangle playing out between 73 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
trade of the day: If you weren’t short during Globex, tricky to trade tbh. You could scalp every new high for a short but you really need to know what you are doing. Can also just not trade this or wait for the 1h 20ema touch for a short.
WTI CRUDE OIL: Oversold offers a buy opportunity.WTI Crude Oil has turned oversold on its 1D technical outlook (RSI = 29.383, MACD = -1.620, ADX = 31.641) as the price is approaching the bottom of the 2 month Channel Down. As long as it remains under the 1D MA50, the long term trend will be bearish but the oversold conditions and the 1D MACD, which is replicating the early December 2023 bottom pattern, call for a low risk short term buy opportunity. We are targeting the top of the Channel Down and no higher than the 0.382 Fibonacci level (TP = 76.00).
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
The Overlooked Impact of Lower Crude Oil Prices on Inflation Everyone talks about higher CPI when crude is up, but ignores it when prices drop.
Right now, lower crude oil is actually helping to soften inflation and weaken the dollar.
Keep an eye on the neckline around $70—but it might not be easy to break.
Crude Oil - Turbo TuesdayWell yesterday all targets where hit and some!
Today we have more targets to meet and London has not dissapointed so far
NY we will see what happens but for now I have Monthly ssl and weekly CE of wick and the Daily SSL as 3 main draws that will act as Bearish Bias.
That is the Forecast!