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Crude Oil Futures WTI (CL1!)

CRUDE to bounce a bit, if at all, else dive hardBased on Crude's weekly chart, it clearly lost the bullish plot (posted 1st May, see linked post). As of the current Crude futures price action, a few preliminary observations can be recorded... 1. A lower low is recorded, and this aligns with the weekly technical outlook of a more bearish close to the weeks ahead; 2. Yesterday closing at 68.52 broke down all prior marked supports, except for the TDST at 66.12. Note that a close below and 3 days of closing below 66.12 changes Crude into a bearish primary trend. So, expect a lot of dancing about (or bounces off) this area, until that happens. 3. Today closing is important... IF closing at current levels, then a bounce to 74-76 can be expected, due to the long shadow/tail (green ellipse). Otherwise, a breakdown below the TDST support level turns all bearish. 4. Technically, it appears to favour further downside once market hours open. MACD and VolDiv on the daily are aligned to weekly indication of more downside momentum, having already crossed into bear territory. Watch the USD... it has a lot to do with the magnitude, although other fundamentals will affect Crude directly. Mindful that tomorrow is the Non-farm Payrolls.
NYMEX:CL1!
by Auguraltrader
WTI Light Sweet Crude Oil, 5/3/23For Wednesday, 71.76 can contain selling through May, above which 81.48 long-term resistance is attainable by the end of June or sooner. Upside Wednesday, 73.98 can contain intraday strength, beyond which 75.45 is likely intraday and able to contain session strength. Closing today above 75.45 indicates a good weekly low, 81.48 long-term resistance then attainable by the end of next week, where the market can top out into June and a significant upside continuation point into later summer. Downside Wednesday, breaking/opening below 71.76 signals 71.03, able to contain intraday selling yet below which 67.12 is attainable by the closing bell. Overall, a daily settlement below 71.76 would signal 62.14 over the next 3 - 5 weeks.
NYMEX:CLM2023
by SpecialeAnalysis
WTI OIL Target hit. Now sell the rebound.WTI Oil (USOIL) hit our 72.50 target we set last week (see chart below) and maintains the tight trade within this short-term Channel Down pattern: At the moment today's aggressive bearish leg can very well make a Lower Low of the Channel Down at 71.10 and then rebound, with the 4H RSI Rectangle giving a valid level on its bottom to be prepared for. Until the price closes above the 4H MA50 (blue trend-line), we will look to sell again near the top of the Channel Down and target the bottom at 68.10, near the 1W MA200 (yellow trend-line). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
Crude Oil Futures: Open Interest and Technical AnalysisPreliminary data from CME Group indicates that open interest in crude oil futures markets increased for the fourth consecutive session on Monday, registering a gain of approximately 4.3K contracts. Conversely, trading volume decreased for the third consecutive session, declining by roughly 260.5K contracts. Technical analysis indicates that the crude oil price has retraced to the 50% Fibonacci level in combination with the previous resistance area, suggesting the possibility of another bearish leg (AB=CD pattern) with a target of approximately HKEX:62 or lower. Alternatively, the next significant resistance level for the crude oil price could be around $80.00. Given the rising open interest, the daily uptick in price is likely to continue the recovery in the near term. The key target to watch for is the $80.00 per barrel mark.
NYMEX:CL1!
by FOREXN1
7
USOIL 2/MAY/2023It is anticipated that the Federal Reserve, which is responsible for managing the US's monetary policy, will raise interest rates again. This could potentially cause the US economy to slow down and enter a recession later this year. In recent weeks, concerns about a banking crisis have affected the oil market. The US government took over First Republic Bank, and JPMorgan purchased most of its assets, causing alarm as three other US banks have previously collapsed: Signature Bank, Silvergate Bank, and Silicon Valley Bank. If more banks encounter difficulties, it may lead to a banking crisis that could cause a recession and a decrease in oil demand. Additionally, voluntary production cuts of about 1.16 million barrels per day by OPEC+ countries, including Russia, will take effect in May, impacting oil prices. On a positive note, the US's manufacturing industry is improving, and with rising demand and employment, this has slightly boosted oil prices.
TVC:USOILShort
by DNP-FX
2
WTI Light Sweet Crude Oil, 5/2/23For Tuesday, both 73.98 and 77.54 can firmly contain intraday activity, beyond which the next notable level is attainable intraday. Downside, breaking/opening below 73.98 allows 71.76 intraday, able to contain selling through May, once tested the market poised for recovery to 81.48 within 1 - 2 months. A daily settlement below 71.76 would signal 62.14 over the next 3 - 5 weeks. Upside Tuesday, pushing/opening below 77.54 allows 78.66, where the market can place a daily high. A settlement today above 78.66 indicates the 79.84 - 81.48 region within several days, able to contain buying into June, once tested the market prone to fall back to 71.76 within 1 - 2 months.
NYMEX:CLM2023
by SpecialeAnalysis
1
WTI Light Sweet Crude Oil, 5/1/23The 81.48 level can contain buying through June, below which 71.76 is likely to be tested over that time horizon and able to contain monthly selling pressures when tested, as well as the point to settle below for yielding 62.14 within 3 - 5 more weeks, where the broader market can bottom out through summer. Upside, a weekly settlement above 81.48 signals 95.29 within 2 - 3 months, able to contain buying through summer activity and a meaningful upside continuation point into later year. - For Monday, 75.28 can contain session weakness, above which 78.66 remains a 2 - 3 day target, possibly yielding 79.90 within the week, the start of a range of meaningful resistance up to 81.48 able to contain buying into June, once tested the market prone to fall back to 71.76 within 1 - 2 months. Downside Monday, breaking/opening below 75.28 signals 73.98, while closing today below 75.28 indicates 71.76 within 3 - 5 days, able to contain selling through May, once tested the market poised for recovery to 81.48 within 1 - 2 months.
NYMEX:CLM2023
by SpecialeAnalysis
WTI Light Sweet Crude Oil 4/28/23For Friday, 76.20 can contain buying into next week, below which 71.76 targeted midterm support is likely over the next 3 - 5 days, where the market can bottom out through May. A weekly settlement today below 71.76 would, on the other hand, indicate 68.06 by the end of next week, 62.14 within 3 - 5 weeks. Upside Friday, pushing/opening above 76.20 signal 77.60 intraday, while closing back above 76.20 indicates 79.95 by the end of next week, potentially yielding a test of 82.29 long-term resistance within 1 - 2 weeks.
NYMEX:CLM2023
by SpecialeAnalysis
WTI CRUDE OIL: Aggressive sellingWTI Crude Oil is on a strong selloff that was accurately anticipated by our firm on the 1D MA200 rejection, making a LH on the long term Channel Down and providing us with the most optimal sell entry. The 4H technicals are oversold but the 1D remains on standard bearish price action (RSI = 42.644, MACD = 0.240, ADX = 42.786) and we don't expect this selling to take a pause before the 1D RSI tests the S1 (39.50). Our short term target has always been 74.00 and after a short lived rebound we expect 72.00. Unless 1D closes a candle above the 1D MA50, in which case a bigger rebound is possible to 80.00 before an even deeper fall to 66.00. Prior ideas: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILShort
by InvestingScope
WTI Light Sweet Crude Oil 4/26/23For Wednesday, 80.06 can contain weekly buying pressures, below which 76.20 remains a 3 - 5 day objective able to contain selling through the balance of the week. A daily settlement below 76.20 signals a good weekly high, the longer-term target at 71.76 by the end of next week, where the market can bottom out through May and a meaningful downside continuation point over the same time horizon. Upside Wednesday, closing above 80.06 signals 82.29 within several days, long-term resistance able to contain buying into summer, and below which 71.76 remains a 3 - 5 week objective. Inversely, a weekly settlement above 82.29 would indicate 95.91 over the following 2 - 3 months.
NYMEX:CLM2023
by SpecialeAnalysis