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Oil - Crude (WTI)

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Oil: Time to Short? WTI Set to Plunge Over 10%Hey Realistic Traders, Is Oil About to Crash? Let’s Dive In.... What's the cause of sudden drop in oil prices? U.S. President Donald Trump has pledged strong support for the oil and gas industry, aiming to streamline permits, boost domestic production, and expand drilling on federal lands. He has also criticized renewable energy subsidies and pushed for increased natural gas exports. Aligned with Trump’s stance, the U.S. Energy Information Administration (EIA) has raised its 2023 oil production forecast to 13.23 million barrels per day, surpassing last year’s record of 12.93 million. Global output is also expected to increase, while weaker oil demand from China, driven by slowing economic growth, adds further downward pressure. These policies and projections support the assumption of lower oil prices ahead How much further could they decline?, Let's analyze it using technical analysis! On the daily timeframe, TVC:USOIL is in a bearish continuation phase, potentially entering wave 3 of the trend. It has also broken out of a head-and-shoulders pattern that developed over the past 60+ days, signaling the end of a consolidation phase. This breakout, paired with a bearish marubozu candlestick, strengthens the case for a continued downtrend. Adding to this, the MACD indicator has confirmed a bearish crossover, providing further confirmation of downward momentum. With these signals aligned, we project a potential drop toward the first target of $60.51, and possibly even further to the secondary target of $57.80 This outlook remains valid as long as the price holds above the stop-loss level at $73. Support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below. Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Oil.
TVC:USOILShort
by financialfreedomgoals101
USOIL Is Going Up! Buy! Here is our detailed technical review for USOIL. Time Frame: 1D Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a key horizontal level 68.12. Considering the today's price action, probabilities will be high to see a movement to 71.74. P.S We determine oversold/overbought condition with RSI indicator. When it drops below 30 - the market is considered to be oversold. When it bounces above 70 - the market is considered to be overbought. Like and subscribe and comment my ideas if you enjoy them!
TVC:USOILLong
by SignalProvider
3
Bearish drop?WTI oil (XTI/USD) has reacted off the pivot and could potentially drop to the pullback support. Pivot: 69.74 1st Support: 67.19 1st Resistance: 71.20 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDShort
by ICmarkets
Heading into overlap resistance?USO/USD is rising towards the resistance level which is an overlap resistance that aligns with the 50% Fibonacci retracement and could drop from this level to our take profit. Entry: 69.81 Why we like it: There is an overlap resistance level that aligns with the 50% Fibonacci retracement. Stop loss: 70.76 Why we like it: There is an overlap resistance level that lines up with the 78.6% Fibonacci retracement. Take profit: 68.37 Why we like it: There is a pullback support level. Enjoying your TradingView experience? Review us! 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.
VANTAGE:USOUSDShort
by VantageMarkets
USOIL Price Analysis: Potential Rebound from Support Zone(66.93)The price of USOIL is currently in a correction phase, approaching the key support zone between 67.91 and 66.93, a critical level where the price has previously shown strength. If USOIL holds above this support zone, a bullish rebound towards higher levels could be imminent. A failure to break through this support could provide a solid opportunity to enter long positions with a favorable risk-to-reward setup. Keep a close watch on price action and volume for confirmation. Consider buying at the red zone if the support holds.
FX:USOILLong
by BabyGirl-Remo
2
WTI Crude Oil Market Breakdown: Key Insights and ForecastExpert Analysis of WTI Crude Oil (CFD) on a 1-Hour Timeframe **Current Price Movement:** - **Price**: WTI Crude Oil (CFD) is currently trading at $68.32, down by 0.58% (-$0.40). **Key Technical Analysis Elements:** 1. **Fibonacci Retracement Levels:** - Fibonacci retracement levels are plotted to identify potential support and resistance zones: - 0.382 at $69.9714 - 0.5 at $71.425 - 0.618 at $72.87286 - 0.705 at $73.94035 - 0.786 at $74.93422 - These levels help identify potential reversal points in the price action. 2. **Volume Profile:** - The volume profile on the right side of the chart shows significant trading activity around the $70.46 level, indicating a key area of interest where strong support or resistance may form. 3. **Support and Resistance Zones:** - **Resistance Zones:** The chart indicates significant resistance around $87.07 and $84.72 levels. - **Support Zones:** Strong support levels are marked around $70.46 and $68.32, the latter being the current price level. 4. **MACD Indicator:** - The MACD (Moving Average Convergence Divergence) at the bottom of the chart shows a bearish crossover, with the MACD line (blue) at 0.01 and the signal line (orange) at -0.47. This indicates potential downward momentum in the near term. 5. **Price Action:** - The price is currently below the 0.382 Fibonacci level, indicating a bearish trend. - The chart shows a consolidation phase between the $70.46 and $68.32 levels, with the price testing the lower support. ### Market Sentiment and Trade Recommendations: 1. **Bearish Scenario (Sell Signal):** - If the price continues to stay below the 0.382 Fibonacci retracement level ($69.9714) with strong bearish volume, it suggests a continuation of the downtrend. - **Entry Point:** Below $68.00. - **Take Profit (TP):** - TP1: $67.00 (near support level) - TP2: $66.00 (further support level) - **Stop Loss (SL):** Above $69.50 to protect against sudden upward movements. 2. **Bullish Scenario (Buy Signal):** - If the price rebounds from the current support level ($68.32) and breaks above the 0.382 Fibonacci retracement level ($69.9714) with strong buying volume, it could signal a bullish reversal. - **Entry Point:** Above $70.00. - **Take Profit (TP):** - TP1: $72.00 (near next resistance level) - TP2: $74.00 (near Fibonacci 0.786 level) - **Stop Loss (SL):** Below $68.00 to protect against downside risk. ### Conclusion: This detailed analysis of WTI Crude Oil (CFD) incorporates key technical elements such as Fibonacci retracement levels, volume profile, MACD indicator, and support and resistance zones. By monitoring these levels and volume changes, traders can make informed decisions, setting precise entry and exit points while managing risk effectively. Keep an eye on broader market trends, geopolitical events, and economic data releases that might impact crude oil prices. ### Tags: - #WTICrudeOil - #TechnicalAnalysis - #FibonacciRetracement - #VolumeProfile - #MACD - #SupportAndResistance - #BearishTrend - #BullishReversal - #CrudeOilMarket - #TradingSignals - #MarketAnalysis - #TradingView Feel free to ask if you need more insights or have additional questions! 😊📊
TVC:USOIL
by Alexgoldhunter
WTI - Stability in the Middle East!WTI oil is below the EMA200 and EMA50 in the 4H timeframe and is moving in its downward channel. If the downward correction continues towards the demand zone, the next opportunity to buy oil with a suitable risk reward will be provided for us. Following the ceasefire in Lebanon, U.S. President Joe Biden announced that in the coming days, the United States will work with regional countries, including Turkey, Egypt, Qatar, and Israel, to achieve a ceasefire in Gaza that guarantees the release of hostages and the end of the war.However, he emphasized that such a ceasefire should not allow Hamas to remain in power. U.S. President-elect Donald Trump plans to impose a 25% tariff on imports from Canada and Mexico on his first day in office. This tariff will also include crude oil, with no exceptions considered. Additionally, Trump is preparing another executive order to lift the suspension on liquefied natural gas (LNG) export permits that was implemented under Joe Biden’s presidency. This executive order might require the Department of Energy to approve pending permits or resume reviewing new applications. This move is seen as part of Trump’s early energy policy agenda. Wall Street has expressed concerns about the potential impact of Trump’s second term on oil prices. Analysts suggest that oil producers may try to boost production before stricter regulations from the Biden era return. However, some experts believe that the nature of shale oil production in the U.S. makes long-term supply increases challenging. Unlike OPEC nations, where oil production is often controlled by national oil companies, oil production in the U.S. is divided among major corporations, independent producers, and private companies. This analysis aligns with Goldman Sachs’ outlook. Goldman Sachs has forecasted that U.S. crude oil production will increase by just 500,000 barrels per day this year, down from the 1 million barrels per day increase seen last year. Nevertheless, the U.S. will still account for 60% of non-OPEC oil production growth, with the Permian Basin in North America expected to grow by 340,000 barrels per day—lower than Wall Street’s initial projection of 520,000 barrels. According to Bloomberg, Russia’s seaborne crude oil exports have reached their lowest level in two months. The four-week average of these exports up to November 24 dropped to around 150,000 barrels per day, marking the fourth decrease in five weeks. This decline is largely attributed to a significant reduction in oil flows to India, Russia’s primary buyer, although weekly exports have seen a slight uptick. Additionally, Saudi Arabia, Russia, and Kazakhstan have issued a joint statement emphasizing the importance of market stability and their commitment to voluntary production cuts under the OPEC+ agreement. In this context, Reuters analysts predict that OPEC+ will likely maintain its oil production cut policy for an extended period due to weak global demand. This group, which accounts for nearly half of the world’s oil production, faces challenges in deciding whether to increase or further reduce production. Increasing production is risky under current conditions, while further cuts may be difficult due to some members’ desire to boost output. Meanwhile, rising gas prices have posed significant challenges for European policymakers this winter. Javier Blas, a Bloomberg analyst, believes that Europe has not yet fully faced the realities of the energy crisis caused by Russia’s invasion of Ukraine. He warns that Europe has overly attributed last year’s successes to favorable weather conditions. However, these conditions have changed, and this winter is expected to bring higher gas and electricity prices. This situation places significant pressure on energy-intensive industries, with many large factories either reducing activity or shutting down. Households, too, will face greater inflation due to higher energy costs. These challenges have also put central banks like the European Central Bank and the Bank of England under pressure. Wholesale gas prices in Europe have risen to €47 per megawatt-hour, which is double the February price and 130% higher than the 2010–2020 average.
TVC:USOILLong
by Ali_PSND