Crude at crucial Point strong up or down move likelyDay RSI if crosses 53 then an upmove likely 74.34 may be crucial level, also taking support on monthly pivot but should cross RSI 53 for upmove otherwise a downfall possible.
WTI1! trade ideas
WTI crude looks set to retrace before its next big leg higherWTI appears set tor a cheeky retracement. Volumes were falling during its leg higher from $68, and Wednesday closed with an exhaustion candle. Note the strong trading activity around $70 which indicates some bears were caught short and bulls initiated, which assumes short-covering helped fuel the rally and any retracement towards $70 could also be supported.
From here we’re looking for prices to revert to $70. But given the strong support around the June lows / $68 and false break of $70, the bigger picture view is for a bullish rally to develop following a retracement heading into the new year.
$80 seems feasible as an initial target, around the 200-day EMA. But as you’ll see in the next post, a bigger bullish reversal could be unfolding on the weekly chart.
WTI Crude wedging into the buy zone?Since September 2023 the price of WTI crude futures has been painting almost a textbook wedge into the 68/69 support zone. Aggressive traders might find the current price to be a good buy point, depending on their drawdown tolerance.
Oil possible bottom/accumulation Oil has been chopping around the 67-73 area for about a month now and has not created any lower lows after last lower high. Clearly holding up very well and broke the multi month down trend line of resistance and is currently finding/bouncing off it as support. Ideally would like to see the trend line hold and not breach below. A hold of 72 would be very bullish but Oil is known to be very choppy and it is possible it could see 67-70 again before breaking out, however if this does happen it should be very short lived or it could lead to much lower levels. I am currently long with a stop at 70.
Crude Oil will meet us at 78$ in coming daysBias Bullish if break above 73.30 and stay 1-3 Hrs.' above mentioned trigger line then we can easily meet with prices at 78$ in coming days.
1.Symmetrical Triangle which is price continuation pattern.
2. Upper trend breakout will heat up bulls.
3. Most influential trigger line will be break in daily time frame at 73.30$.
4. Inventories short fall.
5. Seasonal in line of Crude.
WTI Crude oil - last update Our overview: Negative EIA data, worse then the previous API release, push the price back to retest the support @$71.00. Trends analysis: Primary(purple): upward corrective structure wave C, intermediate(green): upward impulsive structure wave 3, minor(yellow): upward impulsive structure wave 3.
Our current strategy: Moderately Long looking to follow the trend's wave with first target in area @$74.00(top of the actual trading range). Our current position's risk profile @$71.25: delta +0.25, gamma +0.23 Hedging point: on breakout $71.00
OIL in limbo, can go either way, waitingWe've called oil pretty decently before but a lil tough at the moment
Daily
#OIL has been in a bad downtrend.
Currently it is forming a symmetrical triangle.
Weekly
Oil is trading below its moving avgs.
Volume is lessening.
This is a hard commodity to call at times.
Anything can happen, war, cuts, etc...
My view on CRUDEOILCRUDEOIL FORMING
CUP & HANDLE PATTERN
ABOVE 6050
LOOKING TGT 6110-6150-6200++
keeping on radar Crudeoil 6000 CE
Crudeoil LevelCrudeoil Level
Pink Level is Major S/R
yellow Level is miner S/R
pls find bullish or bearish patterns on level
I am not SEBI register Advisor and I am not any trade and tips recommend here, This Idea post on this Channel Only for educational knowledge & learning purpose, I am not provide any trading tips, Before any Trade Advice your Financial Advisor, I am not responsible any profit and loss
WTI Crude oil - last update Our overview: Conflicting API data once again suggests caution. Big draw in crude counter with big build in gasoline and distillates. Trends analysis: Primary(purple): upward corrective structure wave C, intermediate(green): upward impulsive structure wave 3, minor(yellow): upward impulsive structure wave 2.
Our current strategy: Still moderately Long looking to follow the trend's wave with first target @$74.00. Our current position's risk profile @$71.50: delta +0.20, gamma +0.21 Hedging point: on breakout $71.30
Light Crude Oil... BULLISHThis is a longer term view. It may take a couple of weeks to play out.
The Breaker Block + FVG pose a strong bullish indication that price
may head higher.
The BB represents the turning point in the trend, from a bearish to potentially
bullish market. Not to mention price is going from an ERL to an IRL, potentially.
Crude OilPair : Crude Oil
Description :
Completed " 12345 " Impulsive Waves and Making its " A - wxy " Corrective Waves. Bearish Channel as an Corrective Pattern in Long Time Frame and Symmetrical Triangle as an Corrective Pattern in Short Time Frame wait for the Breakout and Retest
WTI Crude oil - last update. Our overview: The selloff of the yesterday's session, redraw the intermediate(green) trend's structure with a deep wave 2. Trends analysis: Primary(purple): upward corrective structure wave C, intermediate(green): upward impulsive structure wave 3, minor(yellow): upward impulsive structure wave 1.
Our current strategy: The breakout of $72.50 in the yesterday's session trigger the hedging point in our system, then we took profit and resetting our position's delta to moderately long
close to the yesterday's session low at $70.55. Our current position's risk profile @$70.70:
Delta +0.35, gamma +0.22
Hedging point: on breakout $70.50
Moderately Long looking to follow the trend's wave with first target @$72.50.
[Positional] Crude Oil Buy IdeaNote -
One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells at "where" to act in "what direction. Unless it triggers, like, let's say the candle doesn't break the level which says "Buy if it breaks", You should not buy at all.
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I use shorthands for my trades.
"Positional" - means You can carry these positions and I do not see sharp volatility ahead. (I tally upcoming events and many small kinds of stuff to my own tiny capacity.)
"Intraday" -means You must close this position at any cost by the end of the day.
"Theta" , "Bounce" , "3BB" or "Entropy" - My own systems.
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I won't personally follow any rules. If I "think" (It is never gut feel. It is always some reason.) the trade is wrong, I may take reverse trade. I may carry forward an intraday position. What is meant here - You shouldn't follow me because I may miss updating. You should follow the system I share.
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Like -
Always follow a stop loss.
In the case of Intraday trades, it is mostly the "Day's High".
In the case of Positional trades, it is mostly the previous swings.
I do not use Stop Loss most of the time. But I manage my risk with options as I do most of the trades using derivatives.
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Oil Is going down Test
come back in a week
"we've been slammed"
"Thank you for your patienc and supports
Kind Regards !
Keep an Eye on Crude Oil $CL_F looks like - to me - there is another leg down in store that will bring it down to the mid to high 50s range
My gas tank and wallet would surely love this to pan out lol
Plus, we should see some action here this election cycle IMO
I review of multiple markets1.8.24 On this video I did a quick review of the dollar, Oil, gold, The Russell, the es which I would not trade right now. This is more about looking at gaps and support resistance areas... for Scalp Trades.
Has Crude Found A Bottom? Crude oil has risen over 2% since the beginning of the 2024 trading year, marking it as an outperformer among risk assets. Recent price action has displayed higher lows, and higher highs are soon to be tested.
Recent Economic Data:
Recent jobs data displayed larger-than-expected wage growth, as reflected by Average Hourly Earnings. Wages grew at 4.1% YoY, more than estimates of 3.9%. This was coupled with strong job creation in the month of December, as reflected by NonFarm Payrolls, and maximum employment (3.7% unemployment).
With a tight labor market and growing wages, it would be safe to say that demand will remain strong in the near term. The most recent Michigan Consumer reports also suggested consumers felt better about the economy and near-term inflation expectations.
Technicals:
We have observed that crude has begun making higher lows as of late. Dec 13th marked the first low, and Jan 3rd marked the second. On Jan 5th, the market closed within a resistance pocket of 73.50-74.75. We will need to see a break and close above this level, where we can then test the 50-day EMA. A break and close above this level will then lead us to the Dec 26th high, where we will need to break and close above 76.30 to confirm a higher high , and the start of a trend reversal.
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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.
WTI Crude oilOur overview: Weak demand balance Middle East tensions bringing to the market a substantial weakness. Resistance @$74.00 showed in the first days of the year to be strong enough to reject the price two times. Our overview in the short period is long with target in area $79/$80. Trends analysis: Primary(purple): upward corrective structure wave C, intermediate(green): upward impulsive structure wave 3, minor(yellow): upward impulsive structure wave 3, intraday(orange): upward impulsive structure wave 1.
Our current strategy: Moderately Long looking to follow the trend's wave with first target @$75.00. Our current position's risk profile @$72.80: delta +0.25, gamma +0.21 Hedging point: on breakout $72.50
RSI "D": Neutral
Stochastic "D": Positive
RSI "H": Neutral
Stochastic "H": Negative
RSI "5min": Positive
Stochastic "5min": Positive
Oil @ $73Oil is used in the running of machines that contribute to
mining, manufacturing and transportation
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Oil has many benefits including:
a store of energy, and can be used in vehicles such as cars.
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Also oil can be used in the production of electricity.
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The problem with oil is that if not properly regulated can damage the
environment for example an oil spill in the middle of the sea.
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This can damage the sea animals that live in the water.
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Looking at this chart you are seeing that the price is very cheap and the indicators
are not showing any sign of a buy signal.
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Could this be a good time to buy oil??
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lets give this reccomendation about 3 months ,also
come back after 7 days and press the play button
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To find out if this reccomendation worked.
Disclaimer:This is not financial advice please do your
own research before you trade.
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Rocket booost this conternt to learn more.
Crude oil finished the week at resistance - Gap up and go? Why not finish off nano 5up to 75.60, then back to 73...Then a rip your face off rally? Distinct possibility that price wants the larger degree wave 3 immediately, in which case price will smash this 21m count to the upside. Gap up and go towards 78.60. Not predicting...
Crude Going to test Resistance - 1hr chartLevels I'm watching for bullish confirmation 74.60, 76.60 and 78.60. Below $72 would suck for bulls.
CL 4 hour chart looks like more range bound tradingThe 4 hour charts doesn't offer to many more clues other than a tighter $65/75 range and an upwardly grinding channel
I will keep an eye on it and see if it changes materially in the coming weeks.
