Usoil just broke structureUsoil gave us a nice pull back last week forming a potential bull flag. With the break of this structural level of resistance USoil may continue the uptrend.
WTI trade ideas
Continue to short crude oilWTI crude oil was trading around $73.35 on Wednesday. WTI crude oil prices fell slightly on reports that Hezbollah and Israel may cease fire. However, concerns about possible attacks on Iran's oil infrastructure may limit its downside.
From the daily chart level, the medium-term trend of crude oil is that the price crosses the moving average system, and the original medium-term objective trend changes downward to a conversion rhythm, and the bullish momentum is strong. From the subjective trend, the current trend is still in the secondary rhythm adjustment range. According to the law of alternation between primary and secondary, the subjective trend still maintains a downward rhythm. Pay attention to the medium-term key resistance of 78.40. If it breaks through, the medium-term trend will end the decline and gradually enter the rising rhythm.
The short-term (1H) trend of crude oil has turned to a downward trend. The oil price crosses the moving average system, and the moving average system has not yet formed a divergent downward arrangement. The short-term objective trend is in a conversion rhythm. In the morning, the oil price fluctuated narrowly around 74, and the bearish momentum was more dominant. Looking at the 4-hour level, the oil price is just supported by the 55-day moving average, and the support effectiveness is high, and the short-term objective trend within the week is still bullish. It is expected that the short-term trend of crude oil will rebound upwards, and the overall trend will be mainly consolidation within the range.
Today: Long at 73.80, stop loss: 72.90, target 76.00.
Hellena | Oil (4H): Short to support area at 72.299.Well, colleagues, the price did not stop and continued its upward movement. At the moment, I understand that the price should turn around and start the long-awaited continuation of the downward movement.
I believe that wave 2 should end in the area of 79.338 or it has already ended and the downward movement has already started.
In any case, I see the first target is the support area at 72.299.
This scenario will be canceled by reaching the level of 84.601, as this is the top of the wave “2” of the higher order, which means that the wave movement needs to be reconsidered.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
USOIL 10/10/24💡
Outlook: USOIL is currently under the 10/20 emas and needs to show some conviction above the emas before I take interest on this market. NEEDS TIME!
Bias: Neutral, needs time to show conviction on the 5hr. On the sidelines until it shows me it wants to go up!
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?
USOIL SELL TRADE The Relative Strength Index (RSI) is showing a downward trend, indicating weakening momentum. Additionally, the Moving Average Convergence Divergence (MACD) is showing a bearish crossover, further supporting the potential for a downward move.
CRUDE OIL SHOWING STRENGTH EXPANDING TRIANGLE CORRECTIONSCrude Oil corrections!
N.B!
- USOIL price might not follow drawn lines . Actual price movement may likely differ from the forecast.
- Let emotions and sentiments work for you
- ALWAYS Use Proper Risk Management In Your Trades
#usoil
#crudeoil
#wti
#brentoil
usoilusoil is going up after double bottom and retest of neckline we are seeing upswing.
oil will see a significant boost .
CRUDE OIL Will Grow! Buy!
Hello,Traders!
CRUDE OIL is already
Making a bullish rebound
From the horizontal support
Of 72.00$ so we are locally
Bullish biased and we will
Be expecting a further move up
Buy!
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Check out other forecasts below too!
Crude Oil Bullish ContinuationCrude Oil price seems to exhibit signs of Bullish continuation.
Bulls may eventually face a strong resistance zone around 83 till 85.1. If there is considerable Bullish momentum in this price zone and this zone breaks, chances of TP2 may increase.
Till then, opportunity may be seized by the Bulls.
Trade Plan
Entry @ 73.707 OR CMP
Stop Loss @ 65.58
TP1 @ 81.86
TP2 @ 90
No. of Trades: 2
Move SL to Break Even if TP1 hits.
TP REACHED ON CL/US OIL/CRUDE OILYesterday I posted to sell on CL/CRUDE OIL/US OIL and today the market have reached our TP.
For further questions don't hesitate to ask!
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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 $65 per barrel to mark its lowest level since May 2023. This was also notable for oil being more oversold than in nearly a year, according to the daily MACD. The rally since then has been sharp. While the escalation in hostilities across the Middle East can be viewed as a trigger, crude was already in a very precarious position, with a large number of short sellers weighing on prices. Ultimately, many have been forced to cover, thereby giving additional energy to the rally. Now the market will show us whether it is about to recommence its downside trend, or if the current move is a small pullback before there’s more of a rally. Yesterday the US Energy Information Administration (EIA) announced a downward revision to its outlook for global oil demand, citing weaker manufacturing growth and industrial production from both the US and China. Add in the fact that China is switching away from oil and towards natural gas as an energy source, and it would suggest that crude prices may remain under pressure.
usoilOn weekly usoil formed a double bottom indicating a buy pressure, with current escalation in middle east price of oil could be heading up
USOIL Will Go Up! Buy!
Take a look at our analysis for USOIL.
Time Frame: 9h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 74.20.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 77.51 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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[OIL] Still within the triangleTVC:USOIL made a big move last week, 8.5% gain. On the weekly chart however, it still have the trendline as a resistance to break.
So bullish if the price can move up beyond the trend line ($ 80 and up).
USOIL 10/9/24💡
Outlook: USOIL has made big correction on our 5hr time frame inside this Daily range. To me this is a re-accumulation since we have take out a swing low on the 5hr time frame. But price has shown bullishness and protected lows behind price. I would like to see price impulse above EMAs and show conviction for me to be interested in longs.
Bias: Neutral. sidelined until we start showing conviction on our 5hr time frames above the EMAS.
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
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US OIL update - Oct 08 2024US oil has followed previous analysis very well and due to current geopolitical tensions in the middle-east, the second target (78.3) was hit quickly.
After precisely hitting TP2, US oil price has had a sharp drop towards the support zone of 72.0. If the chart forms a base in this area, it's expected to see the continuation of the rise towards 82.0 level which is considered the main scenario. #USOIL
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.
Oil Slammed Down To Key Long Zones..Key Price Action, Reversion Of Price almost 5% off the open. Touching into key early MA's.
What's not to like?
Trade in proportion to equity, in case you are wrong.
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.
SELL USOIL/CRUDEOILOur entru today on Crude Oil is a short one, you can sell with TP and SL as set on the chart.
For more questions, don't hesitate to ask!
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