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WTI Crude Oil: Navigating Market Waves with Technical PrecisionH ello, West Texas Intermediate (WTI) Crude Oil is a major benchmark for oil prices in the U.S. It's widely used as a reference price for oil trading and is a key indicator of global oil market trends. Chart Explanation Moving Averages 5-day Moving Average: $74.80 20-day Moving Average: $73.50 50-day Moving Average: $72.00 200-day Moving Average: $70.00 The price is currently above the 5-day, 20-day, and 50-day moving averages, indicating a short-term bullish trend. Technical Indicators Relative Strength Index (RSI): 65 (Neutral to Bullish) MACD (Moving Average Convergence Divergence): 2.0 (Bullish) Stochastic Oscillator: 70 (Overbought) Chart Patterns Candlestick Patterns: Recent patterns show a mix of bullish engulfing and doji, suggesting indecision in the market but with a slight bullish bias. Support Levels: $72.00, $70.00 Resistance Levels: $78.00, $80.00 Analysis of Sentiments At present, sentiment on WTI Crude Oil is rather neutral. The sentiment from the technical indicators is ‘buy’, but there is a little bit of energy demand concern as US consumer sentiment has fallen in recent weeks. This calls for a mixed sentiment in which there is hope of price rises but also provides for fears of drop in demand. News Sentiment Information from the latest news has been provoking nervy WTI Crude Oil sentiments. The volatility and the love-hate relationship with the Iran issue have fueled wild price speculations and tensions in the Middle East. Commentators are careful in their assessments arguing in these present price levels that there are wear and tear global political forces, however, all expect a way out that will either break prices up into summits or down into bottoms. Conclusion In the current prices of WTI Crude Oil, one is able to note that there is a steep bullish movement in the short run. Supported by the key indicators, an uptrend of the market is forecasted. Nonetheless, the stock has neared its peak levels and therefore caution should be taken in regard to possible corrections. The price areas close given as $72.00 and $70.00 can present purchasing chances, if any, while selling pressures, if any, at the price boundaries given as $78.00 and $80.00 will be significant to watch. Regards, Ely
TVC:USOILLong
by Elysian_Mind
USOIL (WTI) → bullish setuphello guys. Trendline Break: The price has broken through a downward-sloping trendline, which is a potential signal for a trend reversal or continuation of the upward move. Order Block Area: There is a highlighted horizontal zone (yellow) around the 70.30 level, which may act as a significant resistance or supply area. Traders are likely watching for a test or break of this zone. QML Pattern (Quasimodo): The yellow circle highlights a QML pattern where the price reverses from a prior support level, suggesting a potentially bullish setup. Upward Target: The projected arrow suggests that if the price can sustain above the broken trendline, it may attempt to reach the 70.30 resistance level, representing a potential price target. Volume Consideration: While not displayed, monitoring volume increases as the price moves toward the target zone could validate the strength of the upward move. Support Zone: A key support area appears around the 67.50 level, as shown by the horizontal blue line. If the price reverses, it could test this level again. Overall, a bullish setup appears in place with key resistance around 70.30, but any failure to break that zone could result in a pullback to support around 67.50. ___________________________ ✓✓✓ Always do your research. ❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them. ❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
TVC:USOILLong
by melikatrader94
7
USOIL Will Grow! 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 7,527.3. The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 7,913.5. 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!
FOREXCOM:USOILLong
by SignalProvider
1
WTI breaks outOil prices have been edging higher from their earlier lows. Understandably, traders do not want to be caught holding short bets on oil heading into the long weekend. The potential for Israel to strike Iran could see oil prices gap higher at the Asian open next week. There’s also the potential that China’s finance minister will announce substantive fiscal support for the ailing economy. This could ease demand concerns. Meanwhile, oil traders will also look forward to the release of the monthly OPEC and IEA reports on Monday and Tuesday. Bearish oil speculators will be watching for further signs of weakness in oil demand, while the bulls will probably jump on anything constructive for oil prices. Let’s see what these groups will post, but with the focus being mainly on the Middle East situation, I don’t expect to see prices move very much on the back of these monthly oil reports. WTI has just broken its bearish trend line observed on 1 hour time frame. The new short-term support now is this trend line at around $75.30. From here, WTI could rise to take out liquidity resting above recent highs of $78.30, and possibly even reach $80.00. Let's see if it will be able to hold the breakout now. By Fawad Razaqzada, market analyst for FOREX.com
FOREXCOM:USOIL
by FOREXcom
CRUDE OIL (WTI): Confirmed Bullish Reversal WTI Crude Oil looks bullish from both daily/intraday perspectives. On a daily time frame, I see a confirmed breakout of a resistance line of a wide horizontal parallel channel and a trend violation and reversal. On a 4H time frame, I see a retest of a recently broken resistance of the channel with a consequent strong bullish movement and change of character CHoCH. I believe that the market will continue growing. Next resistance - 77.0 ❤️Please, support my work with like, thank you!❤️
TVC:USOILLong
by VasilyTrader
1
Oil at a crossroadsCrude oil was a touch weaker in early trade this morning, giving back some of yesterday’s gains. Overall, it has been a positive four weeks for oil, following a near-relentless sell-off from early July to September which saw front-month crude drop from $84 per barrel to below $65, or 22%. The last month has seen WTI add on around 15% from its September low. This has meant that oil has gone from being very oversold, as measured by the daily MACD, to a more encouraging position, where the momentum is now positive and to the upside. Of course, this gives the short-sellers a much better entry point to go back into the market on the short side once again, assuming that remains the trade. They may choose to stand back and see if Hurricane Milton can help push prices higher. Or failing that, if Israel’s expected retaliation to last week’s Iranian missile attack targets the latter’s energy infrastructure. And there’s also a third factor currently hovering over the markets, and that is what China’s Ministry of Finance may announce in terms of stimulus at tomorrow’s press conference. But these are short-term catalysts. Over the longer term, traders continue to look ahead to future demand growth, and where it may come from. In a report released earlier this week, the US Energy Information Administration (EIA) said that the market should expect a decline in demand growth from both China and the US, citing weaker manufacturing growth and industrial production from both countries.
TRADENATIONSB:WTI
by TradeNation
Market Analysis: WTI Crude Oil Price Target Additional GainsMarket Analysis: WTI Crude Oil Price Target Additional Gains WTI Crude oil prices are gaining bullish momentum and might even test $78.00. Important Takeaways for WTI Crude Oil Price Analysis Today - WTI Crude oil prices extended gains above the $72.40 and $73.50 resistance levels. - There was a move above a connecting bearish trend line with resistance at $72.75 on the hourly chart of XTI/USD at FXOpen. WTI Crude Oil Price Technical Analysis On the hourly chart of WTI Crude Oil at FXOpen, the price started a fresh upward move from $71.15 against the US Dollar. The price gained bullish momentum after it broke the $72.40 resistance. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $77.89 swing high to the $71.16 low. Besides, there was a move above a connecting bearish trend line with resistance at $72.75. The price even climbed above the 50-hour simple moving average. It tested the $75.30 resistance zone and the 61.8% Fib retracement level of the downward move from the $77.89 swing high to the $71.16 low. The RSI is now near the 60 level and the price could aim for more gains. If the price climbs higher again, it could face resistance near $76.30. The next major resistance is near the $77.90 level. Any more gains might send the price toward the $79.50 level or even $80.00. Conversely, the price might correct gains and test the $73.50 level. The next major support on the WTI crude oil chart is near the $72.40 zone, below which the price could test the $71.15 zone. If there is a downside break, the price might decline toward $70.00. Any more losses may perhaps open the doors for a move toward the $68.50 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
2
WTI CRUDE OIL: Turned bullish again after the 1D MA50 rebound.WTI Crude Oil turned bullish again on its 1D technical outlook (RSI = 59.281, MACD = 0.570, ADX = 33.404) as even though it breached through the 1D MA50 yesterday intraday, it managed to close the day over it and extend today with a green candle. It was not ideal that the rejection on Tuesday took place on the 1D MA200 but yesterday's 1D MA50 rebound has restored the bullish sentiment. We turn bullish again (TP = 80.00) all the way to the one year LH trendline and the 0.786 Fib. See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
Holding WTI buys. H4. 10.10.2024🛢 Holding WTI buys On oil in a private channel gave a zone for buying at 72.20. I myself bought a little higher at 72.50, but the accuracy is small, but the result is already there. I will hold the buy until the take profit at 80 with intermediate fixation of 50% at 78. If there will be another escalation of the conflict between Israel and Lebanon on the weekend, as well as natural cataclysms in the USA, it will be a positive signal for oil, as it will prevent the delivery of oil products. So buy hold and squeeze with private channel subscribers with it profit to the fullest. BLACKBULL:WTI
BLACKBULL:WTILong
by KovachTrader
USOIL Rallies, Tensions Rise, Could Price Soar More??Here I have TVC:USOIL on the Daily Chart! Starting with Technical, we can see Price has formed a Double Bottom at a Support Area that's kept Price afloat for quite some years now, but was last visited and acted as Support for Price back in the Spring of 2023! Price has Broke the Confirmation of Pattern @ $72.36 and is now Breaking the Local Falling Resistance from prior July & August 2024 Highs. Regardless, Price Action has Broken Structure and created Higher Highs and Lows, confirming Uptrend, starting with the Higher Low of the Double Bottom on Oct. 1! - Currently we want to see this Bullish Rally continue Breaking Above the Falling Resistance and staying above the ( $71 - $72 ) Range that Price has been interacting with Signaling Bulls in fact are in control, then for a Test of the Break of Confirmation of Pattern and Test of the Break of Local Falling Resistance! * Once successful, we will see Price rise to the next Falling Resistance created from the Highs of Sept. 2023 & Apr. 2024! - Massive Bullish Volume enters on the 2nd Low of the Double Bottom on Oct. 1 - Price on RSI is Above 50 with the Break of the Confirmation of Pattern Now Fundamental, the biggest factor that seems to be at play for TVC:USOIL is all the Geo-political confrontation stirring up. Not only is the Russia/Ukraine war still ongoing, the tensions between Israel/Iran are seeing massive implications across the board! - Oct. 1 being the beginning of the Iran missile attacks on Israel www.tradingview.com - Now worries arise that Iran's Oil Facilities may be in danger as a possible Retaliatory Israeli Strike Target! With Iran eyeing Israel's Energy Infrastructure, Power Plants, Refineries and Gas Fields! www.tradingview.com * Oct. 7th is the Year Anniversary to the Israel/Hamas conflict and suspicions arise that we could be looking at things intensifying further!
TVC:USOILLong
by Novi_Fibonacci