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Crude Oil Alert: Potential Price Drop if $66.40 Support BreaksTechnical Analysis: Bearish Indicators for Crude Oil On the 4-hour chart, crude oil has formed a Head and Shoulders pattern, a classic reversal signal indicating potential downward movement. The neckline is established at $66.40 per barrel. A decisive break below this level could trigger further declines, potentially leading to a significant drop in oil prices. Fundamental Factors Reinforcing the Bearish Outlook OPEC's Demand Forecast Reduction: OPEC has revised its global oil demand growth forecasts for 2024 and 2025, citing economic weaknesses in China and India. This marks the fourth consecutive downgrade for 2024, with demand now expected to rise by 1.82 million barrels per day (bpd), down from the previous forecast of 1.93 million bpd. Saudi Arabia's Reduced Supply to China: Saudi Arabia plans to decrease its crude oil supply to China in December to approximately 36.5 million barrels, the lowest since July, due to weakened demand from the world's largest importer. Saudi Aramco's Profit Decline: Saudi Aramco reported a drop in third-quarter profit to $27.56 billion from $32.58 billion a year earlier, attributed to lower oil prices and weak refining margins.
TVC:USOIL
by ClearTradingMind
WTI OIL forming multi-year bottom. $115 rally expected.WTI Oil (USOIL) is trading below its 1M MA200 (orange trend-line) for the 4th straight month. The fact that it hasn't made a new Low yet, is a sign of strong long-term buying pressure here, hence a Support base. Technically the price is forming the new multi-year bottom of this Cycle, similar to the below 1M MA200 bottom formation during November 2001 - January 2002. As you can see, those two decade long patterns are very similar in terms of price action, something that is also visible on their 1M RSI fractals. The fact that a 1M Golden Cross was formed last May, makes the sequence even more bullish. The 2002 bottom initiated a rally, which in 1.5 year hit the Resistance Zone that was in place for more than 10 years. This time we have a Resistance Zone that goes back to 2011 and last time it rejected the price in March and June 2022 during the Ukraine - Russia war peak. When the price breaks the 1M MA50 (blue trend-line) again and closes above it, we may have an even stronger rally (fueled by inflationary forces of course, as the Fed continues their Rate-cut Cycle), as long as the 1M candles keep closing above the 1M MA50. In any case, our Target for the next 12 - 18 months is $115.00 (just inside the Resistance Zone). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
1
Falling towards pullback support?USO/USD is falling towards the support level which is a pullback support that is slightly above the 61.8% Fibonacci projection and could bounce from this level to our take profit. Entry: 67.64 Why we like it: There is a pullback support level that is slightly above the 61.8% Fibonacci projection. Stop loss: 65.84 Why we like it: There is a pullback support level that is slightly above the 127.2% Fibonacci extension. Take profit: 69.05 Why we like it: There is an overlap resistance 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:USOUSDLong
by VantageMarkets
Hellena | Oil (4H): Short to support area at 67 (Again).Dear Colleagues, I believe that price is still in a five-wave downtrend. The mid-order wave “3” is in a small correction, but very soon the downward movement will continue. I believe that the price has already closed the gap and may reach the resistance area of 74, then I expect the price to decline to the support area of 67.046. There are 2 possible courses of action: 1) The riskier one is to open a short position on the market. 2) Conservative - wait for the price to rise, and enter with less risk. Manage your capital correctly and competently! Only enter trades based on reliable patterns!
PEPPERSTONE:SPOTCRUDEShort
by Hellena_Trade
12
WTI in weekly chart (Update) Hello I have given my idea and most probable scenarios of WTI movements for its next weeks. Now I just want to reconsider that scenario I think is more probable. I am pretty sure that we are in a Triangle and I have gotten all confirmations and so what I expect for the next movement is to drop from here and make an ABC for the wave y cycle to end up wave (II) or (b) super cycle which may take around 300 days. If it wants to become true then we need reliable confirmations.
TVC:USOILShort
by AMA_FX
4
China's economic concerns drove oil prices lower Concerns regarding China's oil demand and the dollar's strength have decisively impacted oil prices, driving USOIL down to its lowest since October 29th. China's inflation data reveals significant weakness, intensifying fears of deflation. Additionally, the Trump administration's pressure on China is expected to exacerbate economic challenges for the nation, raising serious concerns about a potential downturn. After breaking the 70.00 threshold, USOIL retreated to 68.00. Both EMAs widen the gap, indicating a continuous bearish momentum. If USOIL breaks the trendline, which has extended since mid-Sep, the price may fall further to this year's low of 64.50. Conversely, if USOIL breaches the resistance at 70.00, where EMA21 coincides, the price could gain upward momentum toward 73.50.
TVC:USOIL
by inkicho_exness
EDUCATION: Simplified Candlestick Psychology (Part 2)In the world of trading, candlesticks are more than just visual representations of price movements—they're windows into the psychology of the market. Every candlestick tells a story, and if you can learn to read it properly, you can understand the underlying emotions of buyers and sellers. Think of it like reading a book, where every candle is a chapter that contributes to the bigger narrative. In the previous video, we went over the anatomy of a candlestick and this time we dive into the psychology behind the Open, High, Low, and Close (OHLC) values on the chart. This way, you can read the market like you would a good book—predicting what might happen next based on what you've already learned. Anatomy of a Candlestick Before we dig into the psychology, let’s first look at the anatomy of a candlestick. A standard candlestick consists of four key components: the Open, High, Low, and Close (OHLC). These are the foundation for interpreting market sentiment. Open: This is where the price started during that specific time period. Close: This is where the price ended at the close of that period. High: This is the highest point the price reached during that time frame. Low: This is the lowest point the price reached. The body of the candle is the difference between the Open and Close. The wicks (or shadows) represent the range from the Low to the High. The bigger the body, the stronger the move in that direction. The longer the wicks, the more indecision and struggle between buyers and sellers. The Psychology Behind the OHLC Now, let’s break down the psychology behind each component of a candlestick. Every candle is a snapshot of the market’s emotion, so understanding the story behind each piece can help you predict future moves. The Open: The Open represents the first battle of the trading session. It shows where the price starts, and it often sets the tone for the rest of the candle. If the market opens higher than the previous candle’s close, it suggests bullish sentiment, while opening lower indicates a bearish sentiment. But don't just focus on the open; its relationship with the close is just as important. The Close: The Close is where the real battle is won or lost. It’s the final decision of the market—did the buyers or sellers win the battle? A close near the high of the candle suggests strong bullish sentiment, while a close near the low indicates bearish sentiment. A close near the open suggests indecision or equilibrium in the market. Traders often view the close as the most important part of a candlestick because it shows the prevailing market sentiment. The High and Low: These two points tell us about the price extremes during the trading period. A long upper wick suggests that the bulls tried to push the price higher but were met with strong selling pressure. A long lower wick shows that the bears pushed the price lower, but the buyers fought back to reclaim some of the losses. A candle with small wicks indicates that the market didn’t have much fluctuation, and the momentum was steady in one direction. The Body: The body of the candlestick is the most visual part, showing the range between the Open and Close. A large body indicates strong momentum and confidence in one direction. A small body, on the other hand, indicates indecision, where neither side has been able to dominate the market. Putting it All Together Now that we understand the anatomy and psychology behind the OHLC, it’s time to combine the elements and read the story. For example: Bullish Candlestick: If a candlestick has a long body with a close near the high and short wicks, it indicates that buyers were in control, and they finished strong. Bearish Candlestick: Conversely, a candlestick with a long body, close near the low, and short wicks shows that sellers were in control. Indecision: A candle with a small body and long wicks on both sides indicates indecision or a battle between buyers and sellers. The market isn’t sure where it wants to go yet. Candlesticks, when grouped together, create patterns that help us predict future price movements. For instance, a series of bullish candles could indicate strong upward momentum, while a few indecisive candles in a row might suggest a potential reversal or consolidation. Practical Takeaways Watch the Close: The close is your primary indicator of sentiment. A close at or near the high (for bullish candles) or low (for bearish candles) can give you confidence in a trade. Long Wicks Mean Rejection: Wicks can show where the price was rejected, which helps identify areas of support and resistance. Don't Ignore Small Bodies: Small bodies with long wicks are signals of indecision. Don’t be too eager to jump into trades after such candles without further confirmation. Reading candles like a book isn’t just about recognizing patterns—it's about understanding the market's emotions and sentiment. Every candlestick is a snapshot of the battle between buyers and sellers, and by learning to read these battles, you can understand the market's story and predict what might happen next. How do you use candlesticks in your trading? Are there certain patterns or setups that you rely on? Share your thoughts below—I’d love to hear how you read the story in the charts!
FX:USOILEducation
by TLTurnerTV
EDUCATION: Simplified Candlestick Psychology (Part 1)As traders, understanding candlestick patterns is fundamental to decoding market behavior. But beyond the pattern itself, there’s a deeper story being told with every candle. Just like words form a story in a book, the Open, High, Low, and Close (OHLC) of a candlestick reveals the psychological battle between buyers and sellers at a given moment in time. In this video, we’re going to break down how to read candles like a book and uncover the psychology behind each price action move. The Anatomy of a Candlestick Before we dive into the psychology of candles, let's refresh on the basic anatomy of a candlestick: Open (O): The opening price of the candle, where the price starts within the time period. High (H): The highest price reached during the candle’s time frame. Low (L): The lowest price reached during the candle’s time frame. Close (C): The final price when the candle closes at the end of its time frame. Each candlestick provides valuable information about the price action during that specific time period. But what’s even more important is the psychological narrative it tells. The Psychology Behind the OHLC Understanding the psychology behind the Open, High, Low, and Close will give you insight into the market’s behavior and sentiment. Here’s a breakdown of what each component reveals: The Open (O): The start of the battle. The opening price represents the market's starting point. Buyers and sellers have already made their decisions before the candle even begins, and the open shows where the price begins to unfold. If the open is near the low of the day, it indicates a bearish sentiment, while an open near the high could show bullish strength. The High (H): The peak of the conflict. The high of the candle represents the furthest point reached by either the bulls or the bears. When the price reaches a new high, it signifies that the buyers are in control and pushing the price up. Conversely, if the high is lower than the previous candle's high, it suggests that sellers are starting to assert their influence. The Low (L): The valley of indecision. The low of the candle is where the price falls before either the bulls or bears regroup. A low that is lower than the previous low indicates that the sellers are pushing the price downward. A higher low, on the other hand, suggests that the bulls are holding the line and potentially setting up for a rebound. The Close (C): The conclusion of the battle. The close is the most important price point of the candlestick, as it represents where the battle between buyers and sellers has ended. The relationship between the open and close tells you who won the fight. If the close is higher than the open, buyers have won the battle. If the close is lower than the open, sellers have gained control. Reading Candles Like a Book When you look at a candlestick, think of it like reading a short sentence in a book. Each candle tells a small part of the market’s ongoing story, and together they form the narrative of price movement. Here's how to read the story: Bullish Candles (Close > Open): When a candle closes higher than it opened, it tells the story of a market that was dominated by buyers. The longer the body, the stronger the buying pressure. A large body with a small wick suggests buyers were in full control with little resistance. Bearish Candles (Close < Open): When the candle closes lower than it opened, it represents a market where sellers took charge. A long red body with little wick indicates a strong bearish move. A bearish candle with long wicks shows that although sellers were in control, there was some pushback. Doji Candles: A doji occurs when the open and close are almost identical, signaling indecision or equilibrium between buyers and sellers. Doji candles are like a “question mark” in the story, telling us that the market is uncertain about which direction it will take next. Engulfing Candles: An engulfing pattern, whether bullish or bearish, tells the story of a shift in momentum. If a candle completely engulfs the previous candle’s body, it signifies a strong change in sentiment—either a bullish or bearish reversal. Putting it All Together: Candlestick Psychology in Action Understanding the OHLC components is the first step, but it’s how these elements come together that really gives you the full psychological picture. A candlestick is like a snapshot of a battle. The open is where it starts, the high and low represent the range of movement during the battle, and the close is where the conflict resolves. When you read candles in sequence, you begin to see the ongoing tug-of-war between buyers and sellers. The story unfolds slowly, and the more you practice, the better you become at predicting the next chapter. Let me know your thoughts below!
FX:USOILEducation
by TLTurnerTV
Crude Oil - LongCrude Oil is trending lower with lower highs and lower lows, though price aggressive bounce backs and retracements indicate a non-trending market. The recent penetration of the 68.00 price level (year to day - low) and retest of the 65.00 level, imply the price is heading lower. However, the price rebounded at the second retest of the level and currently trading at its recent high of 72.00. A further continuation higher is anticipated with the next probable target at 76.00 level where a continuation higher set 78.00 under the scope.
TVC:USOILLong
by Kyriakos_CFTe