Here is my latest structure analysis and important key levels to pay close attention to on WTI Crude Oil. Vertical Structures Vertical Resistance 1: Falling Trend Line Horizontal Structures Resistance 1: 71.46 - 71.90 area Resistance 2: 73.80 - 74.30 area Resistance 3: 76.00 - 77.60 area Resistance 4: 79.60 - 80.16 area Support 1: 63.80 - 65.70...
WTI Crude Oil is almost oversold on its 1D technical outlook (RSI = 36.459, MACD = -2.670, ADX = 29.899) and coupled with the the price breaching inside the S1 Zone, the market is giving the best long term buy opportunity in more than 1 year. The S1 Zone is in place since March 15th 2023. Additionally, the 1D RSI has made a Double Bottom (DB), which has a 100%...
Last week we saw how WTI Oil (USOIL) turned bearish long-term following the 1W Death Cross and the breaking below the 16-month Higher Lows trend-line. Even on the 1D time-frame we got a Death Cross formation with the price seemingly reaching the bottom (Lower Lows trend-line) of a newly formed Channel Down. As a result we may have a short-term buy signal but only...
An influx of short bets against WTI crude oil futures is behind the recent leg lower for oil prices. But having already fallen nearly 14% over eight days, bears may want to tread carefully with a fresh catalyst. Matt Simpson takes a look at the weekly, daily and 4-hour chart alongside large speculative positioning.
The last long-term signal (July 09, see chart below) on WTI Oil (USOIL) was a rejection (sell) at the top of the former Triangle (Lower Highs trend-line): The price not only broke below both the 1W MA50 (blue trend-line) and the 1W MA200 (orange trend-line) but also the bottom of the Triangle. The result this week is the formation of a 1W Death Cross, the...
WTI Crude Oil (USOIL) has been practically neutral within a Triangle pattern since September 2023, trading under the Resistance pressure of the Lower Highs but at the same time supported by a Higher Lows trend-line. The latter has been placed just below the 1M MA50 (blue trend-line), which is the key to Oil's price action in the coming months. As you can see,...
Last week (August 06, see chart below), we made a strong bullish case on WTI Crude Oil (USOIL) and why on the 1M time-frame, the long-term target is $110.00, a symmetric approach on the 10-year Super Cycles: Today we shift back to the shorter term 1D time-frame, as the price went from $73.00 to $80.00 within a week, and we are looking for potential...
WTI recently rejected the lower edge of the turquoise Target Zone between $79.67 and $85.86. We expect a further advance into this range before the high of turquoise wave B can be established. The price should then turn around and sell off with the last leg of the green wave (2) into our same-colored Target Zone between $49.85 and $27.93.
WTI Oil may pull back from a recently broken daily structure resistance that turned into a support now. As a confirmation, I see a double bottom pattern on an hourly time frame. I think that the price can bounce to 79.25 level. ❤️Please, support my work with like, thank you!❤️
So we have been short term bullish since we took the Weekly SSL and seen a nice trade higher. I can imagine that we continue this today to take out some internal liquidity. These are the short term targets as long as we respect the 15min FVG GLGT
WTI Oil (USOIL) is having a strong correction, along with the majority of the markets due to the fears of an economic slowdown. In times like these, it is always productive to zoom out and look at the long-term perspective, preferably a multi-year one. On the current analysis we look at the 1M time-frame, which offers useful insight on Oil's Cycles. As you can...
Here is my latest structure analysis and important support & resistance levels to watch and trade on WTI Crude Oil. Resistance 1: 78.5 - 78.8 area Resistance 2: 80.2 - 80.5 area Resistance 3: 82.8 - 83.7 area Resistance 4: 84.0 - 84.5 area Support 1: 74.6 - 75.2 area Support 2: 72.4 - 72.8 area Consider these structures for pullback/breakout trading. ...
Swing Short Trade Setup - 8-10 Weeks Entry: 82.00 TP1: 74.10 TP2: 66.86 SL: 84.84 RR: 5 to 1
As this week has been short term Bullish I am looking for continuation today. At around NY open I would like to head down into the 1hr FVG and then show signs it wants to move higher towards the BSL that is marked
Crude elliott wave update BLACKBULL:WTI FOREXCOM:USOIL MCX:CRUDEOIL1! NYMEX:CL1! TVC:USOIL FX:USOIL CAPITALCOM:OIL_CRUDE BLACKBULL:WTI FOREXCOM:USOIL Elliott wave Count Target above 100
US crude oil prices continue to fluctuate within a sideways trading range, currently hovering around the $82.00 mark. This consolidation phase has presented an intriguing supply area, suggesting a potential bearish movement in the near term. In this context, it's essential to consider the positions of various market participants. Commercial traders, who often...
Nice ranged day on Monday leading me to think today won't be as expansive. Nether less I am looking for Bearish movement but I would like some sort of BSL to be taken meaning I am anticipating a retracement come NY open 0830est roughly. 15min FVG and the 2hr -OB are areas if price was to retrace to I would look for shorts. Targets are bellow the weekly ssl and...
WTI Oil (USOIL) is attempting to form yet another bottom below the 1W MA200 (orange trend-line), which has been the ultimate long-term Support since February 2021. As you can see, since May 2023, Oil has been forming Higher Lows just below this level. Despite the presence of the Lower Highs trend-line since September 25 2023, the pattern shows a break-out above...