Short Crude Oil Another post during my oath of silence on Twitter. This is where oil has to top if my deflation thesis is correct.
OILUSD trade ideas
USOILThis setup presents a favorable short position on USOIL, reflecting expectations of downward price movement. With Entry, Take Profit, and Stop Loss levels clearly defined, the trade is poised to capitalize on potential weakness in the market. The strategy aims to benefit from declining momentum and broader market conditions, offering a balanced risk-reward ratio. Keep an eye on key support levels as the trade progresses.
Strong Recovery from 65.00 Support with Targets of 78.00-79.00WTI (USOIL) is currently trading at 71. After falling to the strong support level of 65.00 , it has shown consistent upward movement. This recovery from 65.00 indicates strong buying interest at that level, and we believe the bullish momentum is likely to persist. As the price continues to climb, we are projecting a target range between 78.00 and 79.00 . The 65.00 support has demonstrated its resilience, providing a solid foundation for further gains and building confidence in the market for continued upward progress.
USOIL / BREAKOUT THE CHANNEL / 4HUSOIL / 4H TIME FRAME
HELLO TRADERS
The asset has broken out of a channel and is experiencing bullish pressure. This suggests that the asset’s price is moving upwards after a period of consolidation.
The asset is trading above a supply zone around 74.37 to 73.69. A retest of this zone may occur before prices begin to rise again, targeting a higher supply zone between 76.85 and 77.60.
If the price breaks 73.59, it indicates a potential move to a Fair Value Gap (FVG) between 73.07 and 72.15 , his is a zone where price inefficiencies may exist.
If prices stabilize below the FVG zone, it could lead to further declines towards a demand zone between 73.07 and 72.12. This suggests a potential bearish reversal.
Supply Zone : 76.85 and 77.60.
Demand Zone : 73.07 and 72.12.
FVG : 73.07 and 72.15.
US OIL Forecast ... 10.04.2024
US oil prices are rising due to worries about the conflict in the Middle East getting worse.
Tensions are keeping prices up, even though OPEC+ plans to increase oil supply soon.
Oil is currently testing resistance at $75.15, with the next price targets at $77.20 and $78.45.
Support levels for oil are at $74.00 and $71.00.
Crude Oil - LongEntry Reason:
- Broke above multi month downtrend with strong candle
Exit Strategy:
- Stop just under low of bbig breakout candle
- 50% TP at liquidity
- 50% trailing stop
- Trail stop below daily pivots
WTI Crude Surges After Iran’s Missile Attack, Supply Fears BoostWTI crude oil prices edged higher following news that Iran launched missiles at Israel in a direct attack, sparking fears of potential supply disruptions in the oil-rich Middle East region. The escalation of conflict has heightened concerns about stability in the region, with the risk of a broader war possibly threatening oil production and distribution, sending prices upward.
From a technical perspective, the price movement has played out exactly as predicted in our previous forecast, which can be seen in the following link:
In that analysis, we anticipated a rebound from a key demand area, driven by concerns over geopolitical tensions and possible oil supply disruptions from the conflict. As the situation between Israel and its neighboring countries intensifies, the fear of significant interruptions in oil supply is pushing prices higher.
Looking ahead, the bullish momentum in WTI is expected to continue, possibly driving prices above our initial take profit target. Traders should remain alert for further developments in the region, as any escalation could further fuel the upward pressure on oil prices, potentially leading to even more significant gains in the near term.
In conclusion, WTI prices are on an upward trajectory, fueled by the geopolitical risks stemming from the direct attack on Israel. Our technical forecast of a rebound from the demand zone has been validated, and with the ongoing threat of supply disruptions, the bullish outlook remains strong. Further gains could push WTI prices well beyond our take profit levels if the conflict persists.
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Bump and Run ReversalUptrend out break
Bump And Run Pattern
Look for price to go bullish
Long or Buy until 84.87
CRUDE OIL (WTI): Your Trading Plan For Today
WTI Crude Oil is testing a significant falling trend line on a daily.
To short that with a confirmation, pay attention to a descending triangle
pattern on an hourly time frame.
Your signal will be a breakout of its horizontal neckline
- an hourly candle close below 73.46.
Short the market aggressively or on a retest, then.
Targets: 73.07 / 72.85
Alternatively, a bullish violation of a trend line will be a strong bullish signal.
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WTI Oil H4 | Potential bearish reversalWTI oil (USOIL) is rising towards an overlap resistance and could potentially reverse off this level to drop lower.
Sell entry is at 74.07 which is an overlap resistance that aligns with the 127.2% Fibonacci extension level.
Stop loss is at 77.10 which is a level that sits above the 161.8% Fibonacci extension level and a swing-high resistance.
Take profit is at 70.06 which is a pullback support.
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Heading into 78.6% Fibonacci resistance?USO/USD is rising towards the resistance level that is an overlap resistance that aligns with the 78.6% Fibonacci retracement and could reverse from this level to our take profit.
Entry: 74.82
Why we like it:
There is an overlap resistance level that aligns with the 78.6% Fibonacci retracement.
Stop loss: 77.44
Why we like it:
There is a pullback resistance level.
Take profit: 72.56
Why we like it:
There is an overlap support level which lines up with the 23.6% Fibonacci retracement.
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Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Crude Oil - WTI Bearish Trade Ideaunexpected increase in inventories, coupled with concerns around weakening global demand and potential economic slowdowns, is likely to put downward pressure on oil prices. Technical indicators also suggest overextension, with WTI possibly pulling back from recent highs. I'm expecting a move lower as the market corrects and digests the supply surplus, targeting key support levels for potential price action. Keep an eye on upcoming data and geopolitical factors that may influence the outlook further.
WTI: Will Iran drag Saudi into conflict? Israeli officials are considering how to respond after an Iranian missile strike on Wednesday, which caused little damage, but definitely had the potential to do so.
Their next steps could depend on the U.S. stance. President Joe Biden reaffirmed U.S. support for Israel but made it clear on Wednesday that he would not support Israeli strikes on Iran’s nuclear sites.
Oil prices have already jumped 5% after Biden mentioned discussions about possible Israeli strikes on Iran’s oil industry. Iran, the world’s seventh-largest oil producer, exports about half of its oil, mainly to China.
If tensions escalate into a broader conflict, Iran it is expected to draw Israel’s regional allies, including Saudi Arabia (an even larger oil producer than Iran) and Jordan, into the confrontation.
USOIL Is Going Up! Buy!
Take a look at our analysis for USOIL.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is trading around a solid horizontal structure 72.003.
The above observations make me that the market will inevitably achieve 77.673 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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NEW IDEA FOR WTIFrom a technical point of view, WTI crude oil has broken the resistance range of the ceiling of the descending channel to the top, and therefore, there is a possibility of further price increase.
In general, this scenario is reinforced that WTI crude oil can reach the resistance of the previous ceiling in the range of 77.67 provided that no one-hour close candle time is recorded below the important support interval in the range of 70.00-68.71. The dollar will increase in price.
USOIL BEARS WILL DOMINATE THE MARKET|SHORT
Hello, Friends!
USOIL pair is trading in a local uptrend which we know by looking at the previous 1W candle which is green. On the 1D timeframe the pair is going up too. The pair is overbought because the price is close to the upper band of the BB indicator. So we are looking to sell the pair with the upper BB line acting as resistance. The next target is 64.95 area.
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Oil Market Shift: Double Bottom Pattern Points to Higher PricesWTI oil has moved beyond its previous support level of $72 to $73, established a new base at approximately $65.6.
Subsequently, the price has entered a consolidation phase and formed a Double Bottom pattern, indicating a possible reversal in trend.
To initiate a swift upward movement, the price must overcome the immediate resistance located between $72.6 and $73.4.
USOIL TF 4H 31024wait till price come into the zone and break out with big green/red candles
entry (TF 2h,4h)
SL at previous low/high
TP at Fibonacci
Today's crude oil trading strategyCrude oil Today's ’U.S. EIA crude oil inventory for the week to September 27th' data is sharply bearish on crude oil!
In addition, OPEC stated: the three countries have confirmed their compliance with the production reduction compensation plan, and the production reduction compensation is equivalent to a slow increase, so it is difficult for the added crude oil to rise!
Therefore, crude oil is still mainly shorted!
Today's crude oil trading strategy: short the market near 70.6, 71 increase the position operation
Potential bullish bounce?WTI oil (XTI/USD) is falling towards the pivot which has been identified as an overlap support and could bounce to the 1st resistance level which acts as a pullback resistance.
Pivot: 69.90
1st Support: 67.81
1st Resistance: 73.04
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