WTI trade ideas
Bearish drop off pullback resistance?USO/USD is reacting off the resistance level which is a pullback resistance and could drop from this level to our take profit.
Entry: 77.46
Why we like it:
There is a pullback resistance.
Stop loss: 78.83
Why we like it:
There is a pullback resistance level that aligns with the 61.8% Fibonacci retracement.
Take profit: 74.98
Why we like it:
There is a pullback support hat lines up with the 50% Fibonacci retracement.
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WTI tests resistance after bouncing from $75"We will drill, baby, drill"
That's what Donald Trump said yesterday and is what makes me think oil is headed lower in longer-term outlook, or at best upside should be limited in long-term.
In short-term a lot can happen of course, but right now the path of least resistance appears to be to the downside.
WTI has been trending lower in the last few days and broken some important support levels. These levels have turned into resistance. For example: $77.00.
Earlier, prices dipped to test the first major support area around 75.00, and it bounced from there. But thanks to Trump's bearish oil policy, we could see the selling resume.
At the time of writing, WTI was testing another broken support level around the 75.80 to 76.05 area. Will we see the sellers return here?
By Fawad Razaqada, market analyst with FOREX.com
Moustafa! WTI Crude Oil to surge up still to the upside 21.01.25* Broke the weekly and the daily descending line and made already the pullback and intends currently to settle on and bounce from to the upside towards the mentioned TPs
* You can enter from the current level at 76,480 or you could wait till 75,059 so you can decide according the price action you follow.
Note:
My ideas are exclusive to myself only and is not regarded as an advice for traders or investors and are not more than personal thoughts which I just wanted to share with you all and I do hope they could help.
I am not selling any signals and I do not take money favour any trades recommendations. They are free of charge all lifelong but I keep the copy rights of them though to not be copied or shared or sold.
CrudeOil Slips Amid Anticipation of Trump's Energy Policy ChangeCrude Prices Decline on Expectations of Trump's Energy Policy Shift
Crude oil prices fell early Monday, driven by expectations that U.S. President-elect Donald Trump may ease restrictions on Russia's energy sector as part of a potential deal to resolve the Ukraine conflict.
Brent crude dipped 0.3% to $80.54 per barrel, while West Texas Intermediate (WTI) crude slipped 0.5% to $77.53 per barrel as of the latest data.
Trump, set to be inaugurated on Monday, is anticipated to announce policy changes, including lifting the moratorium on U.S. liquefied natural gas export licenses, according to a report by Reuters.
USOIL Technical Analysis
Crude oil remains under bearish momentum while trading below $77.94. A decline to $75.35 is expected, with further downside toward $72.75 if $75.35 is breached.
Key Levels
Pivot Line: $77.45
Resistance Levels: $79.00, $81.00
Support Levels: $75.35, $74.15, $72.75
Trend Outlook
Bearish: While below $77.94
Bullish: Above $77.94
USOIL... time to short now? what's next??#USOIL.. market just make his today selling pattern and it should hold this now for taking a short dip.
keep close it and if market hold his today pattern then it should go further down.
don't be lazy here.
good luck
trade wisely
Oil correction continuesDuring his inauguration address early yesterday evening, President Donald Trump declared that he was calling a national energy emergency, aimed at raising fossil fuel production. This did little to support the price of crude. Although in fairness, it appears that the market had anticipated something along those lines, as the sharpest part of yesterday’s sell-off came over three hours earlier. Crude managed a brief bounce overnight, as the new president signed a stack of executive orders. But the selling has continued this morning, taking front-month WTI back down to levels last seen eleven days ago. Mr Trump’s full-throated yell for US producers to: ‘Drill, baby, drill!’ is not new. And it’s perfectly logical that prices should fall at the prospect of increased supply. But producers are highly price-sensitive, and there comes a time/price where it’s uneconomical to raise production. In the meantime, crude is undergoing an overdue downward correction following a sustained rally since early December. Traders will have to see how far and how protracted this correction turns out to be. There’s some early support just south of $75. This marks the 38.2% Fib retracement of the 6-week rally. The 50% retracement comes in around $73.40. Whatever happens from here, the daily MACD needs to reset at less-overbought levels. So, the sell-off may continue for a while yet.
Us Oi moveUS oil is bullish untill not break the trendline, It's is taking support of trendline on daily timeframe, if it breaks the Trend line then another trendline will be support. Here are the levels as per price action.
Note: I am not SEBI REGISTERED analist, this is my personal view only for education purpose.
Bullish rise?WTI Oil (XTI/USD) is falling towards the pivot which has been identified as a pullback support and could rise to the 1st resistance which aligns with the 50 Fibonacci retracement.
Pivot: 78.08
1st Support: 77.07
1st Resistance: 79.18
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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.
US WTI Crude and a triangle patternCrude is following a triangle pattern in the weekly time frame, retraced back in the monthly inside bar level, got the resistance from the higher tl in 1H tf, a HH pattern, also broken the lower HH tl, now trying to take support at a different angled tl, within the 1H inside bar ,also giving the 12M and monthly levels for the crude
will add all the important patterns followed by crude as and when required in different tfs
WTI CRUDE OIL This pull back is the best buy opportunityWTI Crude Oil is on the pull back after a Resistance Zone (1) rejection.
The Rising Support trend line is parallel to the MA50 (1d) and a 0.5 Fibonacci test would be the most effective buy entry.
So far this resembles the January 29th 2024 rejection.
Trading Plan:
1. Buy on the 0.5 Fib.
Targets:
1. 86.50 (Resistance Zone 2).
Tips:
1. The RSI (1d) also shows similarities with the Jan 29th 2024 rejection, supporting our expectation of a MA50 (1d) bounce.
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USOIL Trade LogUSOIL Short Trade Setup 🚨
- Instrument: West Texas Oil (USOIL)
- Timeframe: 1-Hour
- Risk: Between 1% and 2%
- Risk-Reward Ratio: 1:2 minimum
Key Technical Analysis:
1. Price has formed a clear reversal structure accompanied by a rejection off the monthly Kijun level .
2. A 1-hour Fair Value Gap (FVG) provides a potential entry point with a confluence of the Kijun 1H level.
3. The setup is in alignment with a broader bearish sentiment due to macroeconomic influences.
Fundamental Confluence:
- Recent announcements signal a ceasefire in the Middle East , reducing geopolitical oil supply risks.
- Trump's statement regarding plans to increase oil drilling has heightened expectations of increased supply, potentially pressuring prices downward.
Trade Plan:
- Entry: Within the 1H FVG zone upon bearish confirmation.
- Stop Loss: Above the 1H FVG's upper boundary.
- Take Profit: At least twice the stop-loss distance for a 1:2 RRR.
Risk Management:
Ensure strict adherence to the 1%-2% risk allocation. Always consider market volatility before executing trades.
This setup offers a balanced technical and fundamental perspective. Keep in mind, the market can always surprise you. Stay disciplined!
USOIL Bearish Setup: Reversal from Supply ZoneUSOIL is at a significant supply zone, marked by historical price rejections and strong selling pressure in the past. This zone has previously acted as a turning point, where sellers regained control, driving prices lower.
The recent bullish rally has pushed the price into this critical resistance area. However, given the strength of this supply zone and the overextended bullish move, there is a high probability of a bearish reversal if price action confirms rejection (e.g., bearish engulfing candles or long upper wicks signaling selling pressure).
I anticipate a bearish move toward the 75.50 level, which represents a logical target for this setup.This setup aligns with the expectation of a potential correction within the broader market context.
If you agree with this analysis or have additional insights, feel free to share your thoughts in the comments!
USOIL Short Setup: Key Zone to WatchUSOIL is testing a significant resistance zone around the 78.00 level, an area where price previously faced strong selling pressure. Current price action suggests potential exhaustion, with signs of rejection visible.
If sellers take control, a pullback toward the 76.01 level, acting as the first key support, could be in play. Traders should look for bearish confirmation, such as reversal candlestick patterns or breakdowns below recent lows, to position for a potential short move.
Oil short I have been trying to fade oil for a month. Took another shot at it. After taking out Aug 24 high, oil sold off just before Trumps inauguration. This is a trade i would like to hold on to. My stops are already at BE as anything could happen.
WTIUSD - BearishWTI is reversing from a potential reversal zone of ABCD harmonic pattern. Place sell stop below the previous low.
USOIL, DailyUSOIL, daily
Oil prices fell as speculation about Trump relaxing energy restrains on Russia offset concerns of supply disruptions from the sanctions. The new US sanctions could impact nearly 1 million barrels per day of oil from Russia, but Trump's potential action may determine the duration of recent price gains. Also an easing of tensions in the Middle East where Hamas and Israel exchanged hostages on Sunday kept oil prices for further progressing as well as the potential impact of a cold snap of the weather in Texas and New Mexico could affect oil production which is an additional factor influencing the oil market.
On the technical side, the price had a rather aggressive bullish boost in the past couple of weeks and has recently corrected to the downside after finding sufficient resistance on the upper band of the Bollinger bands. The level of the 61.8% of the weekly Fibonacci retracement is what is supporting the price at the time of this report being written however the 50-day moving average has crossed above the 100-day possibly pointing at the retest of the the latest high around $79 or even $80. On the other hand, the Stochastic oscillator is already in extremely overbought levels hinting that the $80 mark might not be strong enough to hold the price that high and could potentially test again the 61.8% of the Fibonacci retracement level in the medium-term outlook.
USOIL - Fib LevelThe US oil rallied in previous week and reached its resistance level of 80$ now the price is retracing to its fib levels. A key level is its 0.5- & 0.618 level which is also supported by trendline. If these level are able to sutain then entry can be taken.
Cautious approachmust be taken as it bearish divergence is in play and drop the price more low.
Bullish momentum to extend?WTI Oil (XTI/USD) is falling towards the pivot which has been identified as a pullback support and could bounce to the 1st resistance which acts as a pullback resistance.
Pivot: 78.09
1st Support: 76.04
1st Resistance: 80.79
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.
USOIL POSSIBLE SELL?The market is currently testing the current Weekly area. Based on Daily TF, the market seems to be forming a possible reversal pattern which could lead to a possible reversal.
We could see SELLERS coming in strong should the current level hold.
Disclaimer:
Please be advised that the information presented on TradingView is solely intended for educational and informational purposes only.The analysis provided is based on my own view of the market. Please be reminded that you are solely responsible for the trading decisions on your account.
High-Risk Warning
Trading in foreign exchange on margin entails high risk and is not suitable for all investors. Past performance does not guarantee future results. In this case, the high degree of leverage can act both against you and in your favor.
USOIL H1 | Potential Bearish BreakoutBased on the H1 chart, the price is approaching our sell entry level at 77.058, which is a pullback resistance. This level is expected to act as a potential reversal point in the bearish setup.
Our take profit is set at 75.240, a pullback support level, marking a logical target for the trade.
The stop loss is set at 79.010, above the recent swing high, providing room for price fluctuations while protecting against invalidation of the bearish bias.
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Oil Heading LowerWe are in the latter stages of a running impulse move-up. However, the move has run into a corrective phase on which I do see it sliding lower to at least 77.35. At this level, I find a cluster of resistance factors that work great to set as a minimum target, which includes 100 equality in depth between waves A and C, as well as having just underneath an unfilled gap, which we might be seeing the price target to fill finally.
The most recent price action looks to be contracting in what I suspect is a triangle formation. After enough accumulation has happened I expect to see the break below occur. That is why I've set the entry price right below the second wave of the triangle. Stop is set a few points from the top of the pattern.
Thread carefully since I do expect this move to end violently and swiftly, and turn around right afterward to thrust upward once more. It might even be best for some to stay on the sidelines for this drop and wait for the entry to come on the next big move up.
Happy Trading :)
USOIL - Expect retracement !!Hello traders!
‼️ This is my perspective on USOIL.
Technical analysis: Here we are in a bullish market structure from daily timeframe perspective, so I look for a long. After price filled the imbalance we can see price to start the retracement, I expect continuation till level 74.00 where we have huge imbalance.
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