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Crude Oil Futures WTI (CL1!)

Trading the range on WTI (CL1!)Oil prices are trading quite erratically on the daily chart, making it a much less appealing market to trade on that timeframe. But that doesn't mean we cannot find potential inflection points at the intraday level. Monday's opening gap has been filled, and earlier losses on Tuesday were fully recouped to print a bullish pinbar on the daily chart which found support just above $70. We're not looking for a huge move, but we see the potential for prices to have another crack at the $73, and the 3-wave retracement towards $71 looks appealing for a swing trade long. Take note of the HVN (high volume node) around $72.64 which could act as a magnet should momentum eventually turn higher. We're not sure the actual swing low is in yet, so we're looking for higher volumes accompanied by one or more bullish reversal candles on the hourly timeframe or lower, to hint at a swing low. And if it can form above or around the $71 support zone it could provide an adequate reward to risk ratio for a cheeky long.
NYMEX:CL1!Long
by CityIndex
1
WTI Light Sweet Crude Oil, 6/8/23For Thursday, 72.58 can contain buying early next week, below which 68.16 remains a 3 - 5 day target able to contain selling through the balance of next week.   A daily settlement below 68.16 indicates 62.14 over the following 2 - 3 weeks, where the market can bottom out through summer activity.   Upside Thursday, closing above 72.58 indicates 77.39 within 3 - 5 days, able to contain weekly buying pressures when tested and the point to settle above for then indicating 82.18 long-term resistance within 2 - 3 more weeks.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 6/7/23For Wednesday, 72.80 can contain buying early next week, below which 67.99 remains 3 - 5 day target able to contain selling over the same time horizon.   A daily settlement below 67.99 indicates 62.14 over the following 2 - 3 weeks, where the market can bottom out through summer activity.   Upside Wednesday, closing above 72.80 indicates 77.21 within 3 - 5 days, able to contain weekly buying pressures when tested and the point to settle above for then indicating 82.18 long-term resistance within 2 - 3 more weeks time.
NYMEX:CL1!
by SpecialeAnalysis
S&P 500, 6/6/23For Tuesday, 4309.25 can contain session strength, 4268.00 in reach and able to contain session weakness.   Closing today below 4268.00 signals 4198.75 - 4212.00 within several days, long-term support able to contain selling through the balance of the year, and above which 4563.25 remains 3 - 5 month objective.   Upside Tuesday, pushing/opening above 4309.25 should yield at least 4327.50, possibly 4355.50 intraday, while closing today above 4309.25 indicates the targeted 4404.25 within 3 - 5 days, able to contain buying through next week and the level to settle above for accelerating the 4563.25 objective to within 3 - 5 weeks.
CME_MINI:ES1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 6/6/23For Tuesday, 71.69 can contain session weakness, above which 73.01 in reach today and able to contain session strength.   A daily settlement outside of this zone would indicate directional continuation in the respective direction.   In other words, closing today above 73.01 indicates 77.04 within 3 - 5 days, able to contain weekly buying pressures when tested and the point to settle above for then indicating 82.18 long-term resistance within 2 - 3 more weeks.   Downside Tuesday, closing today below 71.69 indicates 67.16 – 67.73 within several days, a range of support able to contain selling into later next week, and the area to settle below for then indicating 62.14 long-term support over the following 2 - 3 weeks.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 6/5/23A two-sided framework continues through summer between 62.14 long-term support, and 82.57 long-term resistance, both regions able to contain seasonal activity.   Downside, a weekly settlement below 62.14 indicates 53.87 within several months, longer term Fibonacci support able to contain selling into later year.   Upside, a weekly settlement above 82.57 indicates 94.67 within several months, able to contain buying on an annual basis. - For Monday, 70.68 can contain session weakness, above which 73.23 remains a 2 - 3 day target able to contain buying into later week, once tested the market susceptible to falling back to 67.16 by the end of next week.   Closing above 73.23 indicates 76.85 within 3 - 5 more days, where the market can top out on a weekly basis and the point to settle above for then indicating 82.18 long-term resistance within 2 - 3 more weeks.   Downside Monday, breaking/opening below 70.68 signal 69.69 intraday, while closing today below 70.68 indicates 67.16 within several days, able to contain selling through the balance of the week and the point to settle below for then indicating 62.14 long-term support within 2 - 3 more weeks.
NYMEX:CL1!
by SpecialeAnalysis
WTI UpdateOkay, the Saudis did cut. I must confess that I underestimated His Royal Highness's ability to surprise. That leaves us with a possible gap on Monday. Given the market pressures and the fact that the previous cut was ineffective in sustaining the price, the gap is unlikely to be as large as in April. The gap is, most likely, wave 3 of (c) of the first wave up in the leading diagonal. There is still a chance that wave (ii) will close the gap, as shown on the chart. MBS, you did an excellent job. I am not as long as I could have been.
TVC:USOIL
by Fomenka
3
FEDFUNDS | Too TightThe point of TradingView (and being a human/trader in general) is to learn from your mistakes. I did make some mistakes. Perhaps this idea by itself is another mistake. But I cannot do any different. I must speak out about what I see. For the past year I tried to understand the pressures that are pushing prices higher, equities lower. It is important in analysis to avoid the mass, the "common truth". We all have expected a future of uncontrollable inflation, extreme prices and The Great Reset. The place where everything is too expensive to buy, and we will have to live with coupons. While some of these may come, it is important to analyze what isn't coming. Oil prices have been paired with the dollar (with the petrodollar). Many expect oil prices to explode even further, while "dollar is losing value" and "hyperinflation is imminent". Some charts however show a different picture... WIth the 2M chart warning of downward swing, and with the 3M chart showing divergence, the future of oil may not be as explosive as we may believe. But that is in relative terms. The strength of money seems fated to increase a lot more. Which in relative terms will constitute oil cost to be viable. In the main chart, it appears that oil is moving into what appears to be a Wyckoff Distribution. And oil is not the only one who will have trouble with the high-yield environment. Until now, the usual equity-bond investment scheme has performed tremendously. This trend is now changing. With a significant trend violation that occurred last year, it seems that we are entering a new period of investment strategies. From bonds as a hedge against equity weakness, investors should seek alternatives. The old way of doing things is broken. Commodities will be playing a significant role in the future of investments. It is in our power to find the new way of doing things. Tread lightly, for this is hallowed ground. -Father Grigori P.S. A link to the indicator I am using.
NYMEX:CL2!
by akikostas
WTI Light Sweet Crude Oil, 6/2/23For Friday, 70.59 can contain buying through next week, below which 67.16 remains a 3 - 5 day target, 62.14 expected within 3 - 5 weeks.   Downside Friday, 69.53 can contain intraday weakness, below which 67.16 is attainable intraday and able to contain session weakness.   A daily settlement below 67.16 allows 62.14 by the end of next week, where the market can bottom out on a monthly (possibly seasonal) basis.   Upside Friday, closing above 70.59 indicates 73.44 within 2 - 3 days, able to contain buying through next week and the point to settle above for indicating 82.93 long-term resistance within 3 - 5 more weeks.
NYMEX:CL1!
by SpecialeAnalysis
S&P 500, 6/1/23For Thursday, the 4203.75 - 4220.00 area can contain buying through the balance of the week, below which selling pressures can build over that time horizon.   Overall, a clear weekly settlement tomorrow below 4220.00 maintains a mere testing of long-term resistance, the market susceptible to significant bearish continuation as we move through the third quarter.   Inversely, a weekly settlement tomorrow above 4220.00 (last week failed to settle above this significant long-term channel top) would indicate longer-term bullish continuation.   Downside Thursday, 4163.50 can contain intraday weakness, while breaking/opening below 4163.50 signals 4127.25, able to contain session weakness.   Closing today below 4127.25 signals 4091.75 tomorrow, able to contain selling through next week.
CME_MINI:ES1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 6/1/23For Thursday, 70.49 can contain buying through next week, below which 67.16 remains a 3 - 5 day target, 62.14 expected within 3 - 5 weeks.   Downside Thursday, 67.16 can contain session weakness, while closing below 67.16 allows 62.14 by the end of next week, where the market can bottom out on a monthly (possibly seasonal) basis.   Upside Thursday, closing above 70.49 indicates 73.66 within 3 - 5 days, able to contain buying through next week and the point to settle above for indicating 82.93 long-term resistance within 3 - 5 more weeks.
NYMEX:CL1!
by SpecialeAnalysis