WTI trade ideas
Don't be surprised with a $50 oil price next yearThe waves show the direction, and if this daily candle closes significantly lower than the previous low, and the red countertrend line breaks, we may witness a nice fall in the oil prices.
Of course, the OPEC may step in, but the trend is a trend.
Let me know what you think in the comments!
Stay Patient, Stay Disciplined!
Don't be surprised with a $50 oil price next yearThe waves show the direction, and if this daily candle closes significantly lower than the previous low, and the red countertrend line breaks, we may witness a nice fall in the oil prices.
Of course, the OPEC may step in, but the trend is a trend.
Stay Patient, Stay Disciplined!
USOIL SENDS CLEAR BULLISH SIGNALS|LONG
Hello, Friends!
USOIL is making a bearish pullback on the 1H TF and is nearing the support line below while we are generally bullish biased on the pair due to our previous 1W candle analysis, thus making a trend-following long a good option for us with the target being the 68.67 level.
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USOIL LongAfter breaking past the recent consolidation phase, USOIL printed a higher low towards day close, expecting USOIL to break yesterday's high of 70.4$ today.
First Target : OB near 71$
Second Target : 71.5$
and break of these 2 targets would accelerate the price towards 72.8$ levels.
Happy Trading!
NB: Not a financial advise, only for educational purpose only.
Oil slammed into triangle support on headlines!Intraday Update: Crude oil slides to triangle support on output headlines. The risk is a break of the 68.00 level will target the key 66.50 level.
Crucial Week For Crude Oil As OPEC Meeting And Key Data LoomCrude oil prices have come off their earlier highs after starting the day brightly following some stronger-than-expected activity data out of China at the weekend. This could be a pivotal week for the crude oil market. With key US economic data on the horizon and the OPEC+ meeting later this week to discuss oil production targets, market participants are bracing for significant developments.
Persistent concerns over demand and rising supply from non-OPEC sources have pressured prices. So, unless OPEC+ makes a substantial announcement, it’s unlikely that another delay in planned production increases will offer long-term support to prices.
US OilUS Oil - Crude Oil
Falling Wedge as an Corrective Pattern in Short Time Frame
Break of Structure
RSI - Divergence
Change of Characteristics
Demand Zone
USOIL (WTI): Bearish Breakout Ahead?USOIL (WTI) is currently trading within a large triangle, with a likely breakout to the downside. I anticipate further market decline.
Gold continues to rebound, trading strategyCrude oil rebounded strongly yesterday, but it does not mean that it has reversed. The more it rebounds, the more it will fall. As long as it does not break through 71.4, it is not considered a reversal. You can short it once near 70.6 today.
6-month oil price analysisThe oil price is in its support range and, with buying pressure and inflow of liquidity, is likely to increase to the 3 specified targets.
Sasha Charkhchian
USOIL - Bullish Falling WedgeHello Traders !
The USOIL failed to create a new lower low!
The price formed a falling wedge.
Currently, The resistance line is broken !
So, I expect a bullish move📈
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TARGET: 71.05🎯
WTICOUSD Intraday trend forecast for December 05, 2024WTICOUSD Intraday trend looks bullish for December 05, 2024. The time stamps used in the diagram are in IST (India Standard Time). This forecast is calculated on the past data and is meant for educational purposes only.
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OIL: Day 3, market in breakoutLooking at this chart, I can see a great potential to complete a 2 weeks dump and pump scenario, which it can end up today with the OIL major red new on calendar at 10:30am NYT.
But let's analyse this market, trying to understand what and why specific moves can happen.
Starting from the last week, Monday was a dump day and Tuesday slightly expanded the range to the downside.
Most of the week just consolidated down low without achieving to push the price lower, and Friday it was the first time in the week where we could see the market pushing higher, breaking the high of day. It doesn't necessary mean that something was going to change in the market, but for sure now also long breakout traders are involved.
Friday as well, closed in breakout short, placing the new low of week.
Monday starts the new week and we could see the price retesting the LOW, is now important to understand the behaviour of price once the market reaches levels of interests and this double bottom formation into the previous LOW it may locks the low for the entire week.
Tuesday typically expands the range, which it happened and closed in breakout long.
Today, the market looks like coiling into the current high of day/how of week and I won't be surprise to see a parabolic move!
I currently have a better long thesis pushing up back into the previous HOW, however, I cannot guess how the market will behave during the NY session.
I cannot exclude that price can break down starting a reversal process during Thursday and Friday.
For the long view I would like to see the market coiling into once of these level marked
For the short view I would like to see a market breaking down, pumping back up into the HOD during NY session for a short scalp trade.
I will update the post during the day :)
Have a good trade and for any question feel free to ask!
WTI OIL Bullish break-out to $76 imminent.WTI Oil (USOIL) is so far following our last call (November 26, see chart below) on high precision as, after once last pull-back to the Support Zone, it is now rebounding:
As you can see now on this 1D chart, the price hit the 1D MA50 (blue trend-line) today but based on the other 2 November attempts, even a candle close above it doesn't translate into a sustainable break-out.
Contrary to that, however, those 2 attempts weren't supported by a 1D RSI Higher Lows base similar to September's. As you can see that same pattern was that initiated the rebound on the Support Zone that broke above the 1D MA50 and extended even above the 0.786 Fibonacci retracement level and tested the bottom of the 4-month Resistance Zone.
As a result, our $76.00 Target remains intact, which is marginally above the 0.786 Fib and projected to be just below the 1D MA200 (orange trend-line).
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US OIL Trade Log USOIL Short Position Analysis
Technical Indicators :
- 1H Fair Value Gap (FVG): Current price is within the 1-hour FVG, indicating a potential short entry point.
- MACD Divergence: A bearish divergence between the MACD indicator and price action suggests weakening upward momentum.
- Cumulative Volume Delta (CVD) Divergence: Bearish CVD divergence indicates increasing selling pressure despite rising prices.
- Ichimoku Kijun Levels: Price is above the 1H, 4H, and daily Kijun lines, placing it in a relative premium zone, which may precede a downward correction.
Fundamental Factors :
- Fear Premium: Recent price increases are attributed to geopolitical tensions, such as conflicts in the Middle East, leading to a 'fear premium' in oil prices.
- Bearish Macro Outlook: Rising U.S. oil inventories and weak global demand projections, especially from China, suggest a bearish outlook for oil prices.
Trade Parameters :
- Position: Short USOIL
- Entry: Within the 1H FVG at current market price.
- Risk Management:
- Risk per Trade: 1% of trading capital
- Risk-Reward Ratio (RRR): 1:2
OIL looks bearish, very when it breaks downOIL has formed a huge descending triangle and is about to take a dive.
I'll consider entering a short trade once it breaks the yellow line.
WTI- RANGE BOX 65-72 ( Looking for Sell )Dear Traders,
i expect price will be Start Next Downward movement from 72$ to 65$
Daily Trend : DOWN !
"If you enjoyed this forecast, please show your support with a like and comment. Your feedback is what drives me to keep creating valuable content."
Regards,
Alireza!
Oil Prices Showing Hesitation Amid Geopolitical DevelopmentsOil Prices Showing Hesitation Amid Geopolitical Developments
Oil reached its lowest price on November 17th at 66.60 and its highest price on November 22nd at 71.45. Currently, the price has moved down to near 66.70, following the agreement of a ceasefire between Israel and Lebanon. However, the geopolitical situation remains uncertain, so it is normal for the price not to decline significantly.
The price is showing hesitation to move down further, increasing the chances of another bullish wave.
🔸 Today, oil prices were little changed, trading within a narrow range, as traders awaited the outcome of an OPEC+ meeting later this week.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Will an upcoming supply delay from OPEC+ boost the oil price?Macro theme:
- The US sanctions on 35 entities tied to a top-exporter Middle East country supported oil prices.
- OPEC+ reportedly considers a three-month delay in output hikes, easing fears of oversupply ahead of Thu's decision.
- Meanwhile, according to API data, US crude inventories rose by 1.232 mln barrels last week, following a 5.935 mln-barrel drop the week prior.
Technical theme:
- USOIL is between both EMAs, indicating a consolidating structure. The price is trading within the range of 66.80-71.80, awaiting an apparent breakout.
- If USOIL breaks above 71.80, it may prompt a continuation to retest the subsequent resistance at 77.00.
- On the contrary, closing below 66.80 may prompt a test of the previous swing low at 65.00.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
