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USOILSPOT trade ideas

Oil Ready for a Breakout? Oil fell 1.7% on Friday to close at 2 week lows of 67.21, as traders digested OPEC+’s decision from the day before, to postpone planned production increases from January to April 2025. While this OPEC+ move was widely seen as a positive attempt to address the current expected Oil surplus moving into next year, it seems the initial assessment was that it’s probably unlikely to go far enough to absorb extra production from the Americas and a slowdown in Chinese demand in the short term. So, could this negative sentiment continue to weigh on Oil? It’s a big week ahead, with the Bank of Canada (BoC), Swiss National Bank (SNB), and European Central Bank (ECB) all expected to cut interest rates between 25bps (0.25%) and 50bps (0.5%), which may provide a boost to Oil prices from Friday’s closing levels. However, any potential impact remains uncertain and will depend on broader market conditions and other economic factors. Also, tomorrow China reports its trade data from November at 0300 GMT, which will provide an update on global and domestic demand. Then on Wednesday, top Chinese leaders will attend their annual Central Economic Work Conference, where they are expected to discuss the country’s growth target for 2025, alongside new stimulus measures to help hit that number. While this is a closed door event, any headlines outlining what was discussed could have a positive or negative impact on Oil prices later in the week. On the technical front the charts also look interesting. Since the 65.63 low in Oil on September 10th 2024, a period of choppy sideways activity has developed, as buyers and sellers have matched one another. This has been reflected by a converging triangle pattern, the extremes of which to start the week outline the 67.08 level as possible support, and the 69.46 level as potential resistance. The converging trendlines on the chart above, suggest that while buyers have appeared at a slightly higher level each time, the steeper slope of the downtrend connecting recent highs, indicates it takes less of a rally in price for sellers to appear once more. This selling pressure following Wednesday’s test of the downtrend on the chart above, saw last week end with fresh tests of the 67.08 trendline support, which is now the focus this week. How this level is defended on a daily closing basis, may offer clues to future directional moves. Of course, there is no indication when or if a breakout from this pattern will materialise and no guarantee that if one is seen, it will result in a sustained move. However, closes below 67.08 may see more extended weakness, but that is very much dependent on future price trends. If a confirmed break lower does materialise, the risks could be to test what might prove next support marked by the 65.63 September 12th low, possibly even towards 63.68, the May 2023 extreme. We stress breaks of support haven’t yet materialised, and while this holds, its possible strength can be seen once more to challenge the 69.46 downtrend resistance level. If activity is to turn towards possibilities of a more extended recovery, closes above this 69.46 level are required, which may in turn lead to tests of what could be resistance marked by the 71.57 November 25th session high. The material provided here has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Whilst it is not subject to any prohibition on dealing ahead of the dissemination of investment research we will not seek to take any advantage before providing it to our clients. Pepperstone doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. It does not take into account readers’ financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of Pepperstone, reproduction or redistribution of this information isn’t permitted.
PEPPERSTONE:SPOTCRUDE
by Pepperstone
Crude oil struggles onCrude oil is a touch firmer this morning. This has lifted front-month WTI back to where it started a week ago. Overall, last week split cleanly into a positive first half which saw WTI briefly break above $70 a barrel, and a dismal second half which saw it drop back to $67. In between there was a delayed OPEC+ meeting and the ousting of Assad from Syria. The former saw the cartel extend its production cuts until April next year, as expected. This is helping to put a floor under crude prices, and should continue to do so. Front-month WTI has generally found some support around $66.50 since October, while the low of $65 has held since May 2023. At the same time, there has been a succession of lower highs since September 2023. Prices have come under continued downward pressure thanks to plentiful supply, and weakening demand. China’s economic slowdown following its property crisis must take the blame for the latter, although demand across Asia as a whole is down significantly this year. Perhaps equity investors should take more notice of lower oil prices, and consider what these prices are telling them about the economic outlook
TRADENATION:WTI
by TradeNation
CRUDE OIL (WTI): Support & Resistance Analysis Here is my latest structure analysis and important supports and resistances on WTI Oil on a daily. Horizontal Structures Support 1: 65.2 - 66.9 area Resistance 1: 67.7 - 62.2 area Resistance 2: 69.9 - 70.5 area Resistance 3: 71.2 - 71.5 area Resistance 4: 72.2 - 72.9 area Vertical Structures Vertical Resistance 1: Falling trend line Consider these structures for pullback/breakout trading. ❤️Please, support my work with like, thank you!❤️
FX:USOILShort
by VasilyTrader
2
Market Analysis: WTI Crude Oil Faces Continued StrugglesMarket Analysis: WTI Crude Oil Faces Continued Struggles Crude oil is showing bearish signs and might decline below $66.80. Important Takeaways for Oil Price Analysis Today - Crude oil prices failed to clear the $70.00 region and started a fresh decline. - There is a connecting bearish trend line forming with resistance at $67.50 on the hourly chart of XTI/USD at FXOpen. Oil Price Technical Analysis On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to clear the $70.00 resistance zone against the US Dollar. The price started a fresh decline below the $68.80 support. The price even dipped below the $67.80 level and the 50-hour simple moving average. The bulls are now active near the $66.80 level. A low was formed at $66.78 and the price is now consolidating losses. If there is a fresh increase, it could face resistance near the 23.6% Fib retracement level of the downward move from the $70.10 swing high to the $66.78 low. There is also a connecting bearish trend line forming with resistance at $67.50. The first major resistance is near the $67.80 level, above which the price could rise and test the 61.8% Fib retracement level of the downward move from the $70.10 swing high to the $66.78 low at $68.80. Any more gains might send the price toward the $69.60 level. Conversely, the price might continue to move down and revisit the $66.80 support. The next major support on the WTI crude oil chart is $66.00. If there is a downside break, the price might decline toward $63.50. Any more losses may perhaps open the doors for a move toward the $61.20 support zone. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen
WTI recovered slightly, the outlook tilted to the downsideWTI TVC:USOIL increased slightly in the Asian trading session on Monday (December 9), trading around 67.50 USD/barrel. Oil prices fell sharply last Friday, closing near their lowest level, mainly due to expected declines in global demand. However, expectations that the Federal Reserve will cut interest rates in December increased following the release of US nonfarm data. According to CME Group's FedWatch, federal funds rate futures trading points to the possibility of a 25 basis point rate cut by the Federal Reserve. point in December was nearly 90%, which will provide some support for oil prices. Currently, uncertainty about the geopolitical situation increased again at the weekend, making the medium-term recovery of oil prices still not optimistic. In the short term, crude oil traders need to continue to observe whether the pressure brought about by the geopolitical situation on the supply side will support oil prices to continue to recover. Essentially, this week will continue to focus on changes in inventory data and whether demand-side pressures ease. This week, the financial market in general and the crude oil and WTI crude oil trading market in particular will focus on US CPI data. On the daily chart, WTI TVC:USOIL although it recovered slightly in the opening Asian trading session today (December 9), it still has all the technical factors supporting bearish expectations. With the long-term trend being noticed by the price channel followed by the short-term price channel, it has both a long-term and short-term trend of decreasing prices. On the other hand, WTI crude oil is also under main pressure from EMA21 along with the 0.236% Fibonacci retracement level. In the short term, if WTI crude oil is sold below 65.28USD, there will be a prospect for a new downtrend to open, and the technical point of 68.34USD is the closest resistance currently. The relative strength index also maintained price activity below the 50 level, which should be considered a negative signal for WTI crude oil technically. During the day, the technical outlook for WTI crude oil on the daily chart leans bearish with notable points listed below. Support: 66.44 – 65.28USD Resistance: 68.34 – 69.51USD
TVC:USOILShort
by Xayah_trading
USOUSD (OIL), key support remains in play Thanks for checking our latest update. Today we are looking at oil on its daily chart. The key questions we are asking today from a technical perspective are: Will we see key support continue to hold, and will the rough looking ending diagonal pattern confirm, setting off a new rally? Or could sellers finally break the discussed key support area, setting off a new leg lower? Key support: $67 - $66.50. As always, traders must remain vigilant and stay abreast of the latest updates from OPEC and geopolitical influences, as these factors can significantly impact the market. Good trading from Eightcap.
EIGHTCAP:USOUSD
by Eightcap
Falling towards pullback support?USO/USD is falling towards the support level which is a pullback support that aligns with the 127.2% Fibonacci extension and could bounce from this level to our take profit. Entry: 66.96 Why we like it: There is a pullback support level that aligns with the 127.2% Fibonacci extension. Stop loss: 65.52 Why we like it: There is a pullback support level that lines up with the 127.2% Fibonacci extension. Take profit: 68.66 Why we like it: There is a pullback resistance level that lines up with the 50% Fibonacci retracement. 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
My Bearish Setup in Progress on WTI Crude Oil WTI crude oil has been in a steady downtrend and recently formed a potential supply zone (purple area) around $69.50–$70.15, aligning with a key inefficiency. Price action suggests a bearish reaction at this zone, with the potential for lower highs before a continuation to the downside. Liquidity below $66.68 is the next probable target as sellers dominate the market. The setup favors waiting for price to tap into the supply zone, showing clear rejection signs before executing shorts. A break below recent lows would confirm bearish momentum, with further downside targets in the $65.50–$64.50 range.
BLACKBULL:WTI
by TopGBanks
WTI Crude Oil Analysis: Key Levels & TargetsAlexGoldHunter TVC:USOIL Technical Analysis and Strategies for CFDs on WTI Crude Oil (1-Hour Timeframe) Chart Analysis Price Levels and Patterns: Current Price: 67.10 USD Falling Wedge Pattern: A typically bullish reversal pattern where the price is nearing the lower boundary, indicating a potential breakout to the upside. Target Price: 68.56 USD, which aligns with the upper boundary of the wedge and a previous resistance level. Support and Resistance Levels: Support Levels: 67.10 USD (current price level) 67.02 USD 66.77 USD Resistance Levels: 68.56 USD (target) 68.49 USD 68.29 USD Technical Indicators: Volume: Noticeable increase during recent price movements, indicating strong market interest. RSI (Relative Strength Index): Currently at 31.62, in the oversold territory, suggesting a potential buying opportunity. MACD (Moving Average Convergence Divergence): The MACD histogram shows a slight bullish divergence, indicating a potential reversal. Buy Strategy with Confirmations Confirmation of Breakout: Wait for a confirmed breakout above the falling wedge pattern. A close above the upper boundary of the wedge with increased volume would be a strong confirmation. RSI Confirmation: Ensure that the RSI is moving out of the oversold territory (above 30). MACD Confirmation: Look for a bullish crossover in the MACD indicator. Entry Point: Enter a long position once the price closes above the wedge with the above confirmations. Stop Loss: Place a stop loss below the recent swing low or the lower boundary of the wedge. Target: Set the target at 68.56 USD, as indicated on the chart. Sell Strategy with Confirmations Failure to Breakout: If the price fails to break out above the wedge and instead breaks below the lower boundary, consider entering a short position. RSI Confirmation: Ensure that the RSI is moving towards the oversold territory (below 30). MACD Confirmation: Look for a bearish crossover in the MACD indicator. Entry Point: Enter a short position once the price closes below the wedge with the above confirmations. Stop Loss: Place a stop loss above the recent swing high or the upper boundary of the wedge. Target: Set the target at the next support level, around 67.02 USD or lower. By following these strategies and confirmations, traders can make informed decisions based on the technical analysis presented in the chart. If you need further assistance or have any other requests, just let me know! 😊
TVC:USOIL
by Alexgoldhunter
USOIL Technical Analysis! BUY! My dear subscribers, This is my opinion on the USOIL next move: The instrument tests an important psychological level 67.10 Bias - Bullish Technical Indicators: Supper Trend gives a precise Bullish signal, while Pivot Point HL predicts price changes and potential reversals in the market. Target - 68.19 My Stop Loss - 66.46 About Used Indicators: On the subsequent day, trading above the pivot point is thought to indicate ongoing bullish sentiment, while trading below the pivot point indicates bearish sentiment. ——————————— WISH YOU ALL LUCK
TVC:USOILLong
by AnabelSignals
1
USOIL Will Go Higher From Support! Buy! Please, check our technical outlook for USOIL. Time Frame: 9h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is on a crucial zone of demand 67.101. The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 68.230 level. P.S The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce. Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news. Like and subscribe and comment my ideas if you enjoy them!
FX:USOILLong
by SignalProvider
2