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Crude Oil Futures WTI (CL1!)

WTI Light Sweet Crude Oil, 8/10/23For Thursday, the 81.49 - 81.66 area can contain selling through the balance of the year, above which 86.28 remains a 2 - 3 week target, 102.96 attainable by the end of the year.   In the more immediate vicinity, 84.18 can contain session activity, above which 86.28 is attainable intraday and able to contain weekly buying pressures, once tested the market susceptible to falling back to 81.49 long-term support within 1 - 2 weeks.   A daily settlement above 86.28 indicates 92.93 - 93.53 over the following 3 - 5 weeks, where the market can top out on a monthly basis.   Downside Thursday, closing below 81.49 indicates a good August high, 77.86 then expected within 3 - 5 days, 70.77 by the end of September.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 8/8/23For Tuesday, the 81.49 - 81.71 area can contain selling through the balance of the year, above which 86.54 remains a 2 - 3 week target, 102.96 attainable by the end of the year.   Upside Tuesday, 84.17 can contain session strength, while closing above 84.17 indicates 86.54 within several days, able to contain weekly buying pressures and the point to settle above for yielding 92.93 - 93.53 over the following 3 - 5 weeks, where the market can top out on a monthly basis.   Downside Tuesday, closing below 81.49 indicates a good August high, and quite possibly through the balance of the year, 75.49 then considered 1 - 2 week target, possibly yielding 62.14 by the end of the year.
NYMEX:CL1!
by SpecialeAnalysis
WTI OIL Double Top rejection or break-out?WTI Oil (USOIL) almost hit today 83.50 (Resistance 1), which was the April 12 High that caused a rejection on the 1D MA200 (orange trend-line). The 1D MA200 is now long broken, so any 1D candle close above Resistance 1 will be a bullish break-out targeting Resistance 2. In that case we will buy and target 93.00. Until it breaks though, especially after an initial bearish warning shot on the 1D RSI that broke below its MA trend-line from overbought levels, it is very likely today's test to end with a price rejection towards 74.00 (Support 1). In that case, we will wait for the most optimal bearish confirmation by the 1D MACD and sell after a Bearish Cross and a rejection on the 4H MA50 (red trend-line). Our target will be 74.00 (Support 1). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
4
WTI Light Sweet Crude Oil, 8/7/23For Monday, the 81.49 - 81.73 area can contain selling through the balance of the year, above which 86.67 remains a 2 - 3 week target, 102.96 attainable by the end of the year. Upside Monday, 84.17 can contain session strength, while closing above 84.17 indicates 86.67 within several days, able to contain weekly buying pressures and the point to settle above for yielding 92.93 - 93.53 over the following 3 - 5 weeks, where the market can top out on a monthly basis. Downside Monday, closing below 81.49 indicates a good August high, and quite possibly through the balance of the year, 75.49 then considered 1 - 2 week target, possibly yielding 62.14 by the end of the year.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 8/4/23For Friday, the 80.50 - 81.61 long-term resistance area can contain buying through summer activity, below which 76.77 is likely by the end of next week, 62.14 attainable over the next 3-5 months. On the other hand, a weekly settlement today at or above 82.42 (1% above 81.61 – page 2) would set off a meaningful buy signal into later year, 87.27 then expected within 3-5 weeks, 103.33 within 3-5 months (p 2). Downside Friday, 78.97 can contain intraday weakness, while breaking/opening below 78.97 allows 76.77 intraday, able to contain selling into next week and the point to settle below for then indicating 70.40 over the next 2-3 weeks.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 8/3/23For Thursday, the 80.65 - 81.61 long-term resistance area can contain buying through summer activity, below which 76.57 is likely within 1 - 2 weeks, 62.14 attainable over the next 3 - 5 months. On the other hand, closing today above 82.42 signals 84.44 within the week, while a weekly settlement tomorrow at or above 82.42 (1% above 81.61) would set off a buy signal into later year, 87.27 then expected within 3 - 5 weeks, 103.33 within 3 - 5 months. Downside Thursday, 78.56 can contain intraday weakness, while breaking/opening below 78.56 indicates 76.57 - 77.37 intraday, able to contain weekly selling pressures and the point to settle below for then indicating 70.40 over the next 2 - 3 weeks.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 8/2/23For Wednesday, the 80.65 - 81.61 long-term resistance area can contain buying through summer activity, below which 76.48 is likely within 1 - 2 weeks, 62.14 attainable over the next 3 - 5 months.   On the other hand, closing today above 82.42 signals 84.44 within the week, while a weekly settlement Friday at or above 82.42 (1% above 81.61) would set off a buy signal into later year, 87.27 then expected within 3 - 5 weeks, 103.33 within 3 - 5 months.   Downside Wednesday, closing below 80.53 indicates a good weekly high, 76.48 - 76.97 then expected by the end of next week, able to contain weekly selling pressures when tested and a meaningful downside continuation point into later August.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 8/1/23For Tuesday, the 80.65 - 81.61 long-term resistance area can contain buying through summer activity, below which 73.40 is likely by the end of August, 62.14 attainable over the next 3 - 5 months.   On the other hand, closing today above 82.42 signals 84.48 within the week, while a weekly settlement Friday at or above 82.42 (1% above 81.61) would set off a buy signal into later year, 87.27 then expected within 3 - 5 weeks, 103.33 over the following 3 - 5 months.   Downside Tuesday, 78.12 can contain session weakness, while closing below 78.12 indicates a good high through next week, 76.12 - 76.13 then expected over that time horizon, able to contain weekly selling pressures when tested and a meaningful downside continuation point into later August.
NYMEX:CL1!
by SpecialeAnalysis
Retracement and higher high on CL?We successfully broke the weekly trend line and right now we are at the daily sell zone. I would like to see some retracement and then a higher high to around 83 area. Also, we crossed the 200 EMA on the daily timeframe which is a strong trend reversal signal. Entry - 77.5-78 (I would wait for a retracement to this level to go long. We can enter early around 78.5 if you do not want to miss the move.) Stop - 76.85 ( I would like to see a daily close below this level ) First target - 80 Second target - 82 Final target - 83 Please let me know your inputs. Happy trading!
NYMEX:CL1!Long
by AS_Futures_FX
WTI Light Sweet Crude Oil, 7/31/23A two-sided framework continues through summer between 62.14 long-term support, and 81.61 long-term resistance, both regions able to contain seasonal activity. Upside, 81.61 can contain buying into later year, once tested 62.14 attainable over the following 3 - 5 months, where the market can bottom out on a seasonal basis. On the other hand, a weekly settlement above 81.61 indicates a good low for the year, 87.27 then expected within 3 - 5 weeks, 103.33 considered a 3 - 5 month target able to contain buying well into next year. - For Monday, the 80.65 - 81.61 long-term resistance area remains can contain buying through summer activity, below which 73.40 is likely by the end of August, 62.14 attainable over the next 3 - 5 months. On the other hand, closing today above 81.61 allows 84.52 within the week, while a weekly settlement Friday at or above 82.42 (1% above 81.61) would set off a buy signal into later year, 87.27 then expected within 3 - 5 weeks, 103.33 over the following 3 - 5 months. Downside Monday, 78.12 can contain session weakness, while closing below 78.12 indicates a good high through next week, 74.83 - 75.41 then expected within 1 - 2 weeks, able to contain weekly selling pressures when tested and a meaningful downside continuation point into later August.
NYMEX:CL1!
by SpecialeAnalysis