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CFDs on WTI Crude Oil

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USOIL trade ideas

USOILWhat’s Happening with Oil? 🛢️ OPEC+ is maintaining production cuts, which limits supply. Additionally, tensions in the Middle East are causing fears of supply disruptions. Meanwhile, demand in the U.S. remains strong. 📊 In the chart, we can see how oil had a strong upward movement of 16% in just 12 days, then took a breather at its support, which is around its current price. It’s actually healthy for it to pull back a bit, which could set the stage for another rally. 🧐 Here’s a quick summary: In the options expiring in 30 days, we have something interesting! 📈 Calls vs. Puts There’s more interest in calls 318,401 than in puts 228,939, suggesting that most traders expect prices to rise. The P/C ratio of 0.72 tells us the sentiment is positive. But watch out! In the short term, more calls are also being traded, with a volume of 72,197 compared to 39,923 puts. This reinforces the idea that optimism is in the air. 🎯 Key Strikes The 100 strike is full of calls, with 19,403 open contracts. Nobody expects any drops here! 🚀 At the lower strikes like 55, 60, and 65, puts dominate, suggesting that some traders are hedging in case the market drops. 👍 In summary, the market seems optimistic, but some are already taking precautions in case things get tricky. What do you think?
TVC:USOIL
by Mariofxtr
Decision time for crude oilCrude oil was little-changed in early trade this morning, with a slight downside bias. This follows on from Tuesday’s sell-off which saw front-month WTI continue to pull back from Monday’s peak, just above $78 per barrel. This marked a near two-month high for WTI and represented the top of an 18% rally from the lows seen less than a week previously. Just one month before that, front-month WTI had briefly broken below $65 per barrel to mark its lowest level since May 2023. This was also notable for oil being more oversold than in nearly a year, according to the daily MACD. The rally since then has been sharp. While the escalation in hostilities across the Middle East can be viewed as a trigger, crude was already in a very precarious position, with a large number of short sellers weighing on prices. Ultimately, many have been forced to cover, thereby giving additional energy to the rally. Now the market will show us whether it is about to recommence its downside trend, or if the current move is a small pullback before there’s more of a rally. Yesterday the US Energy Information Administration (EIA) announced a downward revision to its outlook for global oil demand, citing weaker manufacturing growth and industrial production from both the US and China. Add in the fact that China is switching away from oil and towards natural gas as an energy source, and it would suggest that crude prices may remain under pressure.
TRADENATIONSB:WTI
by TradeNation
USOIL Will Go Up! Buy! Take a look at our analysis for USOIL. Time Frame: 9h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a significant support area 74.20. The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 77.51 level. P.S Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all. Like and subscribe and comment my ideas if you enjoy them!
ICMARKETS:XTIUSDLong
by SignalProvider
1
Falling towards 50% Fibonacci support?WTI oil (XTI/USD) is falling towards the pivot and could reverse to the 1st resistance which has been identified as pullback resistance. Pivot: 73.01 1st Support: 70.37 1st Resistance: 77.51 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:XTIUSDLong
by ICmarkets
USOUSD Short - 1h - October 8th 2024Based on the weekly chart, price is expected to push lower after jumping higher at the opening. Looking at the short term PF, price should pull back up to the 0.5 parallel to retest which is now a resistance after the harsh daily rejection. After that, we expect it to continue lower and fully form the bottom wick of the weekly candle. We can see we have some confluence between the 50 EMA cloud and the ceiling mentioned above which makes a good entry for sells.
VANTAGE:USOUSDShort
by MisterPitchfork
WTI - Let's Short This!Wow! That was an impressive rally in WTI last week. The oil price rose by almost 16 % due to geopolitical tensions in the Middle East and the start of hurricane season in the USA. However, WTI has now reached an important resistance area and the RSI is also showing clear bearish divergences. We are taking advantage of this to open a short position. Our price target is conservative and lies above the 38.2% retracement of the most recent upward impulse.
BLACKBULL:WTIShort
by Ochlokrat
Crude Oil Technical Analysis - October OutlookCrude oil is showing a notable recovery from its recent lows, currently trading around the $72 mark. A few key observations based on the price action and indicators: Price Pattern and Trend: The chart shows a classic descending wedge pattern, which signals a potential bullish reversal. The breakout from the wedge is accompanied by a price surge above the 20-day and 50-day moving averages, suggesting a short-term trend change. Key Support Levels: Immediate Support : Around $70.64, marked by the breakout level. Strong Support : At $68.23, where significant buying interest has been observed in the past, reinforced by a bullish consolidation zone. Resistance Levels: First Resistance: $72.11, which has been tested, with potential room for the price to move higher if momentum sustains. Critical Resistance : $77.23, which coincides with a strong historical supply zone. A close above this level would signal further bullish momentum . Volume Profile Insight: A noticeable shift in the volume profile near the $70 mark suggests accumulation by institutional investors, hinting that buyers are stepping in to defend this level. RSI Indicator : The Relative Strength Index (RSI) has bounced back from oversold levels and is now showing early signs of positive divergence, supporting the case for an upward move. Geopolitical Factors: With rising tensions in the Middle East, as highlighted in the annotation, traders and investors are pricing in potential supply disruptions, contributing to the recent spike in oil prices. Conclusion: Oil prices may continue to rise in the short term, with $72.11 being a key level to watch. If sustained above this, the next target would be $77.23. However, if prices fall back below $70, we could see a retest of support at $68.23. Given the geopolitical uncertainty, traders should remain cautious of potential volatility.
TVC:USOILLong
by AngshumanSaikia
WTI OIL 1D MA200 rejection giving the perfect sell.WTI Oil (USOIL) hit our 76.00 Target as presented on our September 24 idea (see chart below): Today even though the price breached the 1D MA200 (orange trend-line), it has since been forcefully rejected. This is not a surprise as all medium-term rallies coming off a Support level bounce since June 2023, were all rejected on the short-term on the 1D MA200. The July 13 2023 one got rejected back to its 0.382 Fibonacci retracement level, while the January 29 2024 one dived lower to the 0.618 Fib. The 1D RSI (red circles) indicates that we are currently exactly on such a rejection sequence. As a result, we turn bearish on WTI, expecting at least a 1D MA50 (blue trend-line) breach at 72.50, which is a Target marginally below the 0.382 Fib. ------------------------------------------------------------------------------- ** 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:USOILShort
by TradingShot