XTIUSDXTIUSD is near the test of its descending trendline. Possible rejection can be seen from the trendline resistance. Upon confirmation short position can be consider.Shortby mbaberhanifUpdated 4
Oil_Crude (WTI)Inverted Head and Shoulders pattern forming. Usually bullish reversal pattern. The breakdown of the neckline will probably head to 79.750. This level was the previous support, new support maybe? We will see. Longby Vincent_CatchMoneyMagnetUpdated 1
WTI Crude Oil Pulling Down To Key Long ZonesAlong with other assets we are seeing a drop in the price of oil per barrel. This brings us to key former long zones and areas where demand has been high. Here's my technical case.Long03:00by WillSebastianUpdated 4413
US Oil Technical Case Plans TodayOil lands at key support within a closing range over time. Sentiment likely to dictate further moves, any falls lower need space to key long term support/lows.by WillSebastianPublished 5
OIL TO GO LOWER?OIL prices continue to experience a sluggish trend ,even the rising tensions in the middle East have FAILED to significantly impact oil prices. Chinese crude oil imports continue to DECLINE, signaling a sluggish recovery in the worlds second largest economy. Technically it has broken down with the Elliot wave or is it false break-out? The news so far supports a down trend, in the past it kept on bouncing off on the Red trendline . it should breakdown from here.Shortby ForxTayPublished 4
Hellena | Oil (4H): Short to support area 72.631 (Wave 3).Dear colleagues, I am still hoping for a downward movement, it's just that I have revised the wave formation because the price has gone quite high. At the moment, I believe that the price is now completing the movement in the senior wave "2". After reaching the resistance area of 84.00 - 85.00, I expect the beginning of the big wave "3"! Therefore, I suggest to take what happened as an opportunity to enter a short position in the most profitable way! Manage your capital correctly and competently! Only enter trades based on reliable patterns!Shortby Hellena_TradeUpdated 282895
Buy AnalyzisInstrument: USOIL Position: Buy Entry: 73.23 1st Target: 76.10 2nd Target: 78.83 Stop Loss: 71.63 Rationale: USOIL is exhibiting signs of a bullish trend, supported by recent price action and fundamental factors. Targets: Our primary target stands at 76.10, representing a significant resistance level where we anticipate a price reaction. The secondary target is positioned at78.83, indicating further potential Upside momentum. Stop Loss: To manage risk effectively, a stop loss is placed at 74.22, just below the anticipated Support level. This ensures a controlled exit in case of unexpected market movements.Longby GODOCMPublished 1
The Influence of Global Economic Indicators on Commodity PricesGlobal economic indicators play a pivotal role in shaping commodity prices. Understanding these indicators can provide invaluable insights into the commodities market. 1️⃣ Gross Domestic Product (GDP) Growth GDP growth is a fundamental indicator that reflects the overall health of an economy. When GDP growth is robust, it generally signals increased industrial activity, which in turn drives up demand for commodities such as oil, metals, and agricultural products. For instance, China's rapid GDP growth over the past few decades has significantly boosted demand for industrial metals like copper and iron ore. As China developed its infrastructure, the demand for these commodities soared, leading to higher prices. Conversely, during economic slowdowns, like the 2008 financial crisis, GDP contraction resulted in plummeting commodity prices due to reduced industrial activity. 2️⃣ Inflation Rates Inflation affects commodity prices by influencing the purchasing power of money. High inflation typically leads to higher commodity prices as the value of money decreases, making commodities more expensive in nominal terms. Take gold, for example. During periods of high inflation, investors often flock to gold as a hedge against inflation. This was evident during the 1970s when the US experienced stagflation—high inflation combined with stagnant economic growth. Gold prices skyrocketed as investors sought a stable store of value. 3️⃣ Interest Rates Interest rates, set by central banks, have a profound impact on commodity prices. Lower interest rates reduce the cost of borrowing, stimulating economic activity and increasing demand for commodities. Conversely, higher interest rates can suppress demand and lower commodity prices. The Federal Reserve's policies significantly influence global commodity markets. For example, the Fed's decision to cut interest rates in response to the 2008 financial crisis led to increased liquidity in the markets, boosting demand for commodities like oil and copper. On the other hand, when the Fed signals rate hikes, it often leads to a strengthening dollar, which can put downward pressure on commodity prices. 4️⃣ Exchange Rates Exchange rates impact commodity prices since most commodities are traded globally in US dollars. A stronger dollar makes commodities more expensive for foreign buyers, potentially reducing demand and lowering prices. A clear example is the inverse relationship between the US dollar and oil prices. When the dollar strengthens, oil prices often fall, barring geopolitical pressures. 5️⃣ Employment Data Employment data, such as non-farm payrolls in the US, provides insights into economic health and consumer spending power. High employment rates indicate a strong economy, which can boost demand for commodities. For instance, strong employment data in the US often leads to increased consumer confidence and spending, driving up demand for gasoline, metals, and agricultural products. Conversely, during times of rising unemployment, such as the COVID-19 pandemic, reduced consumer spending power can lead to lower commodity prices. 6️⃣ Geopolitical Events Geopolitical events can cause significant disruptions in commodity supply chains, leading to volatile price movements. Events such as wars, trade disputes, and sanctions can affect the availability and cost of commodities. A notable example is the impact of the 2011 Libyan Civil War on oil prices. Libya, a major oil producer, saw its oil production plummet during the conflict, leading to a sharp spike in global oil prices. Similarly, US sanctions on Iran have historically caused fluctuations in oil prices due to concerns over supply disruptions. 7️⃣ Weather Patterns and Natural Disasters Weather patterns and natural disasters can significantly impact agricultural commodities. Droughts, floods, and hurricanes can disrupt crop production, leading to supply shortages and higher prices. The El Niño phenomenon, characterized by the warming of the Pacific Ocean, has historically led to extreme weather conditions affecting global agricultural production. For example, the 1997-1998 El Niño caused severe droughts in Southeast Asia, affecting palm oil and rice production, while also causing heavy rains in South America, impacting coffee and sugar output. By monitoring GDP growth, inflation rates, interest rates, exchange rates, employment data, geopolitical events, and weather patterns, you can better anticipate market movements in commodities markets and adjust your strategies accordingly. Effective commodity trading requires staying informed and adaptable, leveraging economic indicators to navigate the complex and often volatile market landscape. Educationby AlexSoroPublished 111
Could price reverse from here?WTI oil is rising towards the resistance level which is a pullback resistance that is slightly below the 50% Fibonacci retracement and could reverse from this level to our take profit. Entry: 75.42 Why we like it: There is a pullback resistance that is slightly below the 50% Fibonacci retracement. Stop loss: 76.92 Why we like it: There is a pullback resistance level which lines up with the 61.8% Fibonacci retracement. Take profit: 72.78 Why we like it: There is a pullback support level. 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.Shortby VantageMarketsPublished 4
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.Shortby AMA_FXUpdated 119
Crude Oil at 2024 Yearly Open SupportCrude price have dropped into confluent support at the objective yearly open / 2024 low-day close (LDC) at 72.14/93- looking for a reaction here. A break / daily close below would threaten another leg lower in price towards the December LDC at 69.81 and the 2023 LDC at 68.57 . Initial resistance at the July LDC near 75.22 with medium-term bearish invalidation now lowered to the objective monthly open at 78.52 . Bottom line : we are checking the bottom range of a massive multi-year consolidation pattern- looking for possible exhaustion / price inflection into this zone with the immediate short-bias vulnerable while above. Michael Boutros Sr. Technical Strategist @MBForex by FOREXcomPublished 4
USOIL Is Approaching A Decent Support AreaHey Traders, in today's trading session we are monitoring USOIL for a buying opportunity around 69 zone, USOIL is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 69 support and resistance area. Trade safe, Joe.Longby JoeChampionPublished 2214
USOILUSOIL is in reversal mode Bullish divergence also shown in RSI. we wait for the further more confirmation if it break the last LH then we will execute trade.Longby Naqash91Published 1
USOIL, dailyOil prices dropped to their lowest levels in seven months due to a selloff in wider financial markets, and weaker economic data from the U.S. and China, signaling concerns about global demand. Rising tensions in the Middle East, particularly the possibility of a retaliatory strike on Israel by Iran, are being closely monitored by traders. Oil prices also declined due to OPEC oil output rose in July, despite ongoing voluntary supply cuts, adding to the pressure on oil prices. Prices dropped below $73, erasing this year's gains and reflecting the ongoing volatility in the oil market. On the technical side, the price is testing the support level of the 78.6% of the weekly Fibonacci retracement with today's candlestick being below this area for now while also trading below the lower band of the Bollinger bands indicating that volatility is fueled up. The Stochastic oscillator has reclined to extreme oversold levels after the rally up to $78 last week hinting at a possible correction to the upside in the near short term. The 50-day moving average is still trading below the slower 100-day moving average but at a close range with a possibility of crossing above it if the correction happens in the upcoming sessions. For the time being the next major support level might be seen around the $70 price area which is the psychological support of the round number as well as an area of price reaction in early 2024. by Exness_OfficialPublished 0
The Leap - D3The Leap competition is live and so is Pinchpips. Focusing on the behemoth of OANDA:WTICOUSD and $OANDA:XAUUSD. Not typical markets but testing swing zones on the instruments to check efficacy on a daily TF. SZ are set for OANDA:WTICOUSD but price action determines entry Currently ranked 2716. www.tradingview.comby PinchPipsUpdated 1
USOIL bears dominate the day @75.85as the day goes by so are the Bears and the oil price dropping am expecting to see the Bears push the price down to my discount level of @ NYSE:TVC : USOIL 72.69 SL should be around @78.37 let's just ride with the waves. good luck traders Shortby queUpdated 1
Oil_Crude (WTI)Momentum ends. Liquidity grab to the upside. Stop loss hunting exhausted? NO. The downtrend is continuing. 72.743 previously strong SUPPORT level (4 June 2024) = broken DXY down. Geopolitical tensions. Oil price downtrend persisting. It's a selloff. A bullish reversal is imminent with time. Check emotions. Apply patience. Risk Management is a priority.by Vincent_CatchMoneyMagnetPublished 1
Oil Markets - Ranging Markets And How To Trade ThemWe have seen falls off from previous lower highs taking us down to key support. The ranging markets (lower highs, higher lows) presents a case for further longs. Here's how to trade ranges.05:01by WillSebastianUpdated 4
USOIL SENDS CLEAR BULLISH SIGNALS|LONG Hello, Friends! We are going long on the USOIL with the target of 78.81 level, because the pair is oversold and will soon hit the support line below. We deduced the oversold condition from the price being near to the lower BB band. However, we should use low risk here because the 1W TF is red and gives us a counter-signal. ✅LIKE AND COMMENT MY IDEAS✅Longby EliteTradingSignalsUpdated 118
Heading into 38.2% Fibonacci resistance?WTI oil (XTI/USD) is rising towards the pivot and could reverse to the pullback support. Pivot: 75.95 1st Support: 72.88 1st Resistance: 77.55 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.Shortby ICmarketsPublished 8
WTI Bear Trap SetLook at VSA. It has been printing with lower volume. There is no interest with institutional buyers presently to sell. A Bear Trap looks to be set at the Demand Zone. The Target for a correction is the measures of Central Price. by UmlingoPublished 2
Crude Oil (XTIUSD) Make or Break LevelAs per my analysis WTI Crude Oil is at make or break level. 72.47 is now a trend live of 3 month candle low, if it breaks then we can expect for more downside up to 68.40. If price sustained and take support from 72.47 the we can see upside move to 82.08. Note: This is my personal analysis, only to learn stock/commodity market behavior. Kindly do your analysis/ research to take any trade. Thanks & Regards.by thetradeterminalPublished 1
Saudi wants production cuts, America doesn'tAlthough everyone is cutting down production, even SHELL, we are seeing the narrative of higher prices for longer. OPEC wants to cut beginning October 2024 until 25. This might be for a multitude of reasons, which makes it quite unclear what the goal is. After falling demand and easing in production, my narrative is that we might see prices fall instead of rise, even though we are trying to limit supply, I think markets are going to want to lower prices as energy scarcity becomes vulnerable and volatility will rise. Geopolitical risks has not eased. US SPR is lower than a quarter of its peak in 2021. My bet of dropping prices lies on that. As well as Trump having 70% chance of coming into office, I expect a welcoming gift from MBS giving us discounts on gas!Shortby OsmanomicsPublished 4