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WTI Crude (OIL) / US DollarWTI Crude (OIL) / US DollarWTI Crude (OIL) / US Dollar

WTI Crude (OIL) / US Dollar

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OILUSD trade ideas

Oil futures plunged 6% intraday on weak demandConflict in the Middle East has failed to sustain the oil risk premium Despite the ongoing conflict in the Middle East, the crude oil market interpreted the recent events as a step towards de-escalation, leading to a gradual receding of risk premiums in the region. Over the weekend, Israel launched air strikes on missile sites inside Iran, which Iranian authorities claimed caused limited damage. Israel's choice not to target Iran's nuclear facilities or oil infrastructure, coupled with Tehran's restrained response, has led traders to view the likelihood of an immediate escalation of the conflict affecting oil supplies as low. The easing of geopolitical tensions has brought the market's attention back to underlying demand concerns and broader economic factors that continue to weigh on oil prices. Weak demand in Asia and Opec's production strategy Weak global demand has become the main driver of lower crude prices. Opec + has postponed a production increase originally planned for October, rescheduling it for December to avoid pushing prices down further. The alliance now aims to add 180,000 barrels a day by 2025, gradually increasing supply to stabilize prices. On the demand side, the expected growth in global demand, especially in Asia, has not been as strong as expected. With the spread of electric vehicles around the world, analysts warn that it may not significantly boost crude oil demand. Outlook: Short-term bearish on weak demand signals In the short term, oil prices appear to be under pressure from weak demand signals in key markets and little impact from the conflict in the Middle East. With major technical resistance levels and lacklustre demand weighing on the market, traders should expect a bearish outlook for oil prices unless global economic conditions improve or geopolitical tensions escalate, thereby directly threatening oil supply infrastructure. Near-term risks remain tilted toward further declines in crude oil prices as supply concerns fade and demand growth fails to keep pace with expectations. Technical analysis From a daily perspective, WTI crude oil futures prices, after falling to a low of $68.20 at the opening on October 18, rebounded ahead of an uptrend that began on September 10. Given the price action since then, it is clear that there are still plenty of willing buyers out there, despite the constant drumbeat of bearish fundamental news. While the opening gap may be closed in the near future, from a risk-reward perspective, it is best to enter at a lower level when trading long, allowing stops to be placed below the session low or the September 10 uptrend for protection. If that gap were to be filled, that would mean an initial trading target would be Friday's close of $70. After that, if the initial target level is reached, the 50 moving average and resistance above $71.67 are other targets.
TVC:USOIL
by xrrsxrrs
MY TV COMPETITION WTICOUSD LONG IDEA 01/11/2024Direction: Long SL: 66.862 Indicators: 1. MA (20,50,100,200) 2. Trendline - Algo 3. Support and Resistance 4. Fib Level 5. I also use MT5 - Tradingcentral tools Technical: 1. MA 20 Yellow is below the MA 100 and 200 (Purple and Red) but looking for it to reverse and go up and above the 50,100, and 200. 2. Green Trendline was broken recently. 3. Price bounced off from a support zone. 4. FIB level at 0.382. 5. Tradingcentral tool signaling Rise on Time frames 15m,1h,and 4h but it is bearish and signaling DECLINE on daily time frame at the moment. Fundamental and economic: 1. Geopolitical tension is adding some volatility to OIL prices. 2. I use Edgefinder tool which shows me a score of -3 "bearish" on USOIL but I think this trade idea is for short term and more of a "I predict that this might go to xyz based on the technical and fundamental insights". 3. We are in Q4 and usually there is alot of volatility mostly bearish but I'm going against it since we have US elections coming up.
OANDA:WTICOUSDLong
by stingotho
WTI Wave Analysis 4 November 2024 - WTI reversed from long-term support level 66.75 - Likely to rise to resistance level 75.00 WTI crude oil recently reversed up from the long-term support level 66.75 (which has been reversing the price from the end of 2021), standing near the lower weekly Bollinger Band. The upward reversal from the support level 66.75 continues the weekly upward impulse wave (3), which also started from the same support level in September. Given the strength of the support level 66.75, WTI crude oil can be expected to rise to the next resistance level 75.00 (former strong resistance from October).
THINKMARKETS:WTILong
by FxProGlobal
Oil analysis for the week.“Oil - USOIL” At the last high reached by oil prices at 78.40 dollars per barrel, a 61.8% upward correction occurred according to the Fibonacci sequence, which is more than enough to start a downward impulse and was already by nearly a thousand pips, and the movement continued after that in a wobbly manner until a Trendline or upper wedge was formed for the descending corrective channel, so we notice in the picture the presence of the level in red, which was the closing of last week, and thus there was a bullish price gap at the opening. Thus, there was an upward gap at the opening. Now the price is at 71.70 We expect the upward movement to touch the green-colored sub-trendline area and expect a simple tail above the target of 74.21 It is also possible to continue it to the fictitious line level at about 74.75. From there, a corrective move down. This and God knows best.
TVC:USOILLong
by MohAmjad