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#crude#commodities

WTI OIL Rejected on the 9-month Resistance. Still good to sell.Last week (July 02, see chart below) we called for a short-term correction upon a potential Lower Highs rejection on WTI Oil (USOIL): As you can see, the strong rejection was materialized last Friday on that 9-month Resistance, and the long-term Triangle pattern is technically looking for a 0.618 Fibonacci retracement level test. Zooming out on the 1W time-frame, we can see even more relevant info. During the previous two 0.618 Fibonacci pull-backs, the price also hit the 1W MA200 (orange trend-line), which has served as Oil's long-term Support in the last 3.5 years (since February 01 2021). The only time it closed a 1W candle below the 1W MA200 during this time span was recently on the week of June 03 2024. As a result, besides the 0.618 Fib, we expect the 1W MA200 to be tested also, so depending on the decline's strength, we may have to move our 77.00 Target a bit higher (e.g. 78.00). It has to be mentioned though that the decline to the 0.618 Fib during the past 2 corrections has been dealt within a week. So technically we should be expecting an aggressive move this week. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
2
WTI OIL Sell signal at the top of the Channel Down.WIT Oil (USOIL) didn't disappoint last time we looked at it (June 05, see chart below) and delivered our buy signal, easily hitting the 75.70 Target: The price is now at the top (Lower Highs trend-line) of the 2-month Channel Down and just below the 4H MA200 (orange trend-line), which is where the last Lower High was priced and rejected. At the same time, the 1D RSI is on the 53.80 Resistance, which was the level that priced the last two Lower Highs. Technically this is the most optimal sell entry on this pattern. We have a modest target at 72.45 (Support 1), as despite the fact that a Lower Low is expected lower, the 1W MA200 looms as a Support and long-term may form a strong Support base. That remains to be seen, so for the time being we take only short-term targets. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
2
Crude Oil : Monthly candle flips bullish Hello Traders. The Daily Range today on Crude Oil was 2.89$. This is in the top 10% of the 113 Daily candles that we've observed so far this year for Crude. Quite the move to the upside to begin the week! We mirrored the move bearish from the previous week, which happened to be on Monday as well. The monthly candle managed to flip back bullish as we kickoff the second week of June. After tapping into 72.58 Weekly support level last week, price jumped up. We hadn't seen this price since Jan/Feb of this year and so mpt surprised to see Bulls step in an push price up. Interesting to note that the Daily candle today failed to close with a top wick. This signals some profit taking and exhaustion based off my analysis. Additionally, ever since the new daily candle opened, price has been pulling back down. Tuesday is starting out bearish.. will buyers step back in? Where could they? These are the prices I like for the upcoming sessions.
TVC:USOILShort
by ShrewdCatfx
WTI CRUDE OIL Sell signal at the top of the Channel Up.WTI Crude Oil reached the top of the December 2023 Channel Up as well as the dashed Channel Up that started after it crossed over the MA50 (1d). This is a double sell opportunity. Trading Plan: 1. Sell on the current market price. 2. Sell again if the price closes a (1d) candle under the dashed Channel Up. Targets: 1. 82.00 (bottom of dashed Channel Up). 2. 79.00 (bottom of long term Channel Up). Tips: 1. The RSI (1d) crossed into the overbought zone (above 70.00). That is an additional reason for a technical correction. Please like, follow and comment!! Notes: Past trading plan:
TVC:USOILShort
by TradingBrokersView
WTI CRUDE OIL: Huge sell long term and this is why.WTI Crude Oil is neutral on its technical outlook across the three different long term timeframes 1D, 1W and 1M (RSI = 50.461, MACD = 2.330, ADX = 15.020). The latter is the timeframe that we are looking at on this chart and as you can see, Oil is inside a Triangle pattern, which inside the 17 year Channel Down is the pattern that consolidates the price before a major selloff to its bottom. The similarities on the RSI sequences is further proof, so on the long term we are bearish on WTI (TP = 10.00), whose upside is limited to the 95.50 Resistance. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILShort
by InvestingScope
3
WTI OIL Bullish squeeze. Strong rally incoming.WTI Oil (USOIL) is under a heavy technical squeeze as it has been trading for days within the 1D MA50 (blue trend-line as Resistance) and the 1W MA200 (red trend-line as Support) and the width has now gotten extremely tight that a break-out is inevitable. The very same squeeze was last spotted on July 03 2023, when the price marginally broke above the 1D MA50 but failed to close above it, only to rally over it two days later. This is what happened on Friday. With the 1D RSI also on Higher Lows (i.e. Bullish Divergence) as in July, we expect a bullish break-out that as with the July rally, will reach at least the 0.618 Fibonacci retracement level. Our Target is 82.50. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
WTI CRUDE OIL Strong buy signalWTI Crude Oil is rebounding after breaching marginally under the 0.786 Fibonacci. That is the retracement level of the ranged price action long-term in the last 12 months. Symmetrically, it is a strong rebound level as witnessed on the December 9th 2022 low. Trading Plan: 1. Buy on the current market price. Targets: 1. 77.50 (projected contact with the MA50 (1d)). 2. 81.50 (0.5 yellow Fibonacci like the Jan 3rd and 23rd Highs). Tips: 1. The RSI (1d) has triple bottomed. Rarely you get a stronger buy signal than that. Please like, follow and comment!! Notes: Past trading plan:
TVC:USOILLong
by TradingBrokersView
1
WTI CRUDE OIL Channel Up top and 11month Resistance rejection.WTI Crude Oil / USOIL has completed 2 red 1day candles for the first time since August 23rd. This is after the formation of a new Higher High on the three month Channel Up pattern. In the meantime that High was very close to the 93.80 Resistance A level, which was a Double Top on November 7th 2022. With the 1day MACD about to close a Sell Cross, we couldn't have a steadier sell combination than that. Sell and target 85.00 (bottom of Channel Up and expected contact with the 1day MA50). Follow us, like the idea and leave a comment below!!
TVC:USOILShort
by TheCryptagon
6
WTI CRUDE OIL approaching the MA200 (1d) for the ultimate sellWTI Crude Oil crossed over the MA100 (1d) and is headed for the MA200 (1d) where 3 months ago (April 12th) had the strongest rejection possible. This is a strong technical sell opportunity, with the price also being near the top of the 1 year Channel Down. Trading Plan: 1. Sell on the current market price. Targets: 1. 66.80 (Support 1) and if a (1d) candle closes below, extend selling to 63.65 (Support 2). Tips: 1. The RSI (1d) is headed for the 70.00 overbought level. Last time that high it was on the April 12th High rejection. Please like, follow and comment!! Notes: Past trading plan:
TVC:USOILShort
by TradingBrokersView
3
WTI CRUDE OIL: Short term buy as the 4H MA50 held.WTI Crude Oil rebounded yesterday upon hitting the 4H MA50 and as the 4H technicals turned bullish (RSI = 55.674, MACD = 0.250, ADX = 26.371), this is a buy opportunity on the short term. We are targeting the 1D MA100 (TP = 73.50), where we will place the first medium term short (TP = 68.00). The maximum technical extension for this year has been the 1D MA200, so if the 1D MA100 breaks, we will place our second short at 77.00 for an even higher return trade (again TP = 68.00). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
15
Crude shoots higher on announcement of production cutsWe take a look at the resistance levels following the Saudi Arabia announcement. We have seen a clean bounce off long term moving averages suggesting that we are likely to see the market gravitate to its 55-week ma at 90.09. Disclaimer: The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
NYMEX:CL1!Long
by The_STA
Crude pausesThe Crude oil futures weekly chart started the week with a gap up, but ended the week with a doji candlestick, indicating a stall. Weekly indicators are divergent currently, with the RPM clearly pointing out the stalling, but the MACD crossed over to be bullish again. The daily chart shows of a mid-week extension to near the 125 target, missing slightly, and then stalling and retracing at the end of the week. The rate of daily increase is steady, and not sudden spikes, which is good for the trend build up. Meaning, it would probably last longer uptrend. But for now, it appears to be stalling, and the daily technicals are also showing the signs of a stall. Expectations for the coming two to three weeks would be retracements and consolidating for a coil, before the next launch, pending no sudden geopolitical events to trigger price spikes.
NYMEX:CL1!
by Auguraltrader
Oil Gains Strength After API DrawOil has regained strength, rebounding nearly to highs again. We have blasted through all levels of resistance in the 82's and 83's, and are currently just below the high at 85.55. We seem to be hovering around 84.75, which has been tested and rejected before, therefore we are adding it as a new technical level. Oil appears to be in a sideways corrective pattern for the longer term, ranging from the high 70's to 84.75. If we are able to break out then 87.21 is the next target.
NYMEX:CL1!
by quantguy
1
Oil in an uptrendCrude oil traded on the NYMEX has been trading in a downward channel for over 12 years. The market is on its way to a touch of the upper channel probably by the end of this year, maybe by summer. The price rise is due mainly to a sinking dollar which is raising the price of all commodities. Demand should also increase as covid lock downs end around the world and travel picks back up again, especially during the summer in the U.S. I am looking at prices to rise to between 63-64 per barrel, about 30% from current prices. There is also the possibility of a breakout to the upside in the trading channel. In that case the long term forecast would be for a price well over $100.
NYMEX:CL2!Long
by ngordon
US Oil bear flag targeting $37.00Hello Fellow Trader! Oil coiling into bearish flat below 200 and 50 EMA for potential downside continuation. Oil - The pattern confirmation requires a solid candle close below the flag for entry with a stop loss trigger above the flag. A secondary option (optimal entry) provides greater reward to risk ratio at the 200 EMA following a rejection candle for entry with a stop above $40.30. Key Points: - Price behaviour at the 200 EMA is crucial for execution so going down to the 15-minute time frame may provide an entry signal in the form of a bearish candle reversal. (See below) - Price holding below the 200 EMA - Price holding below the 50 EMA - 21 EMA has crossed below the 50 and 200 EMA - Flag pattern for break out - Price found support at the 50% Fibonacci retracement (October low – Oct high) Key Levels: Support - $38.70, $37.00 Resistance – 50 EMA, 200 EMA, $40.30 Entry Zone: Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals. Optimal Entry – $39.90 Supporting Entry – Flag break out Candle Reversals for entry - Bearish Shooting Star - Bearish Engulfing - Bearish Dark Cloud Cover The Risk: As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios. If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital. IF: Price breaks above $40.59 level and violates 200 EMA – this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter. Reward / Reward Targets: Optimal Entry $39.90 – Target 1 $38.70 = 1.5x Reward to Risk Optimal Entry $39.90 – Target 2 $37.00 = 4x Reward to Risk
TVC:USOILShort
by tradetheday
1
Oil - TP1 and 2 hit - can we get the third.or more information on our strategy please view our 'Scripts' page on our Trading view profile. Our V2 strategy shows the SL and multiple TPs on the chart too - these are customisable based on the ATR of each pair. We have set these so that TP1 is 1:1 TP2 is 1:2 TP3 is 1:3 RR. There are infinite ways to manage your trades to suit your mindset and time. Works on all instruments Directly onto your own personal trading view - all devices work Non repainting Please follow us to keep up to speed with our trading ideas, live streams (coming soon) and weekly recaps using our strategy. We are continually marking some tweaks and marginal gain improvements to continue to make this easier for our trades and even more profitable. All updates are given to our members and previous purchasers FOC . Regards Darren Blue FX
TVC:USOILLong
by pow_removetheguesswork
Palladium: Remaining Bullish in 2020 before 2021 ConsolidationPalladium has quietly ran up as much as 65% YTD at one point with a likely 'finish' around +53-54%. In my forecast, I believe Palladium will reach roughly 2400-2500 by the end of 2020 with a more aggressive short coming sometime in Q1 in 2020 (Jan, Feb or March) and one later in the year in Q4 of 2020 (October, November or December). Production relative to demand remains considerably unmatched and this trend will continue through 2020. Because equities will remain at-least modestly bullish in 2020, there is no reason for the automotive sector to drastically deteriorate, and as such, Palladium demand will remain strong despite random bears trying to say otherwise. Moreover, the strong demand from international markets like China and India will push Palladium higher than most people think in 2020. The overall 'bull run' of Palladium will end once the price falls BELOW $1650. Note: The dips may be slightly more aggressive than what I have drawn here, however, the overall prediction, trend and timing remain accurate. - zSplit
OANDA:XPDUSDLong
by PaulDeep19131
6
USOIL ANALYSISPrice is about to bounce (or breack). that's why we must go to the lower TF and wait for more confirmation. H4 TF : Show wedge pattern. The plan is to trade the pullback after a strong breckout _________________________________________________________________________________________________________________________________________ Traders! if you like my ideas and do take the same trade, please write it in comment so we can manage the trade together. _________________________________________________________________________________________________________________________________________ Disclaimer : The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. _________________________________________________________________________________________________________________________________________ Thank you for your support!
TVC:USOIL
by AIRFOREXONE