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Crude Oil Futures WTI (CL1!)

WTI Light Sweet Crude Oil, 6/16/23For Friday, 68.29 can contain selling into later next week, above which 76.70 is attainable over the next 2 - 3 weeks. Upside Friday, pushing/opening above 71.30 allows 74.77, likely to contain session strength, and the point to settle above for yielding 76.70 within several more days, able to contain weekly buying pressures when tested. Downside Friday, breaking/opening below 68.29 allow 67.16, also able to contain selling into later next week and the point to settle below for clearly indicating 62.14 as a 1 - 2 week target able to contain broader market selling into later summer
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 6/15/23For Thursday, 69.12 can contain buying through the balance of the week, possibly resulting in 62.14 over the next several weeks.   On that score, a settlement today below 67.16 would affirm 62.14 as a 1 - 2 week target able to contain broader market selling into later summer.   Upside Thursday, pushing/opening above 69.12 allows 71.51, while closing today above 69.12 allows 76.59 over the next 2 - 3 weeks, able to contain weekly buying pressures when tested and the region to settle above for signaling 81.85 long-term resistance within several more weeks.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 6/14/23For Wednesday, 69.95 can contain buying through the balance of the week, possibly resulting and 62.14 over the next several weeks.   On that score, a settlement today below 67.16 what a firm 62.14 as a 1 - 2 week target able to contain broader market selling into later summer.   Upside Wednesday, pushing/opening above 69.95 allows 71.73, while closing today above 69.95 allows 76.48 over the next 2 - 3 weeks, able to contain weekly buying pressures when tested and the region to settle above for signaling 81.85 long-term resistance within several more weeks.
NYMEX:CL1!
by SpecialeAnalysis
#OIL #OOTT UpdateI think I just decoded the oil chart. I have been contemplating a rise to $90+ because I expected ABC flat where I now see WXY combination of zigzag, zigzag and triangle. The chart now perfectly aligns with Brent where wave [ B] did make lowest low presumably shaping a symmetrical triangle whereas WTI is working on a running triangle. That means that we have only strong push left upwards from current low which should come either as a straight impulse or an expanding diagonal which will be extremely annoying.
TVC:USOIL
by Fomenka
WTI Light Sweet Crude Oil, 6/13/23For Tuesday, 68.70 can contain buying into later week, below which 62.14 remains a 2 - 3 week target.   Downside, 65.17 able to contain daily selling pressures, while closing below 65.17 indicates 62.14 within 3 - 5 days where the market can bottom out through summer activity.   Upside Tuesday, closing back above 68.70 allows 71.94 within 3 - 5 days, able to contain buying through the balance of the week.   A settlement above 71.94 indicates 77.56 within 3 - 5 days, able to contain weekly buying pressures when tested and the point to settle above for then indicating 81.44 long-term resistance within 2 - 3 more weeks.
NYMEX:CL1!
by SpecialeAnalysis
WTI Light Sweet Crude Oil, 6/12/23A two-sided framework continues through summer between 62.14 long-term support, and 82.45 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 82.45 indicates 94.67 within several months, able to contain buying on an annual basis. - For Monday, 72.16 can contain buying into later week, below which 68.52 remains a 3 - 5 day target able to contain selling over the same time horizon.   A daily settlement below 68.52 indicates 62.14 over the next 2 - 3 weeks, where the market can bottom out through summer activity.   Upside Monday, closing above 72.16 indicates 77.56 within 3 - 5 days, able to contain weekly buying pressures when tested and the point to settle above for then indicating 81.44 long-term resistance within 2 - 3 more weeks.
NYMEX:CL1!
by SpecialeAnalysis
#Gasoil Update Gasoil Elliott Wave story is less controversial than Crude Oil story . The price rests on Moving Averages support and Gasoil crack appears to be on an upward trend too. This suggests that refinery margins are likely to improve. In practice, this means that Gasoil prices are likely to grow faster than Oil prices, perhaps due to unsatisfied demand for diesel fuel. What I also dislike a bit here is that wave (ii) seems a bit too complicated, being a combination of flat w, simple zigzag x and another simple zigzag y. I was taught that although possible such combinations are rare and shall be used only labeling in retrospective when no other alternatives fit. Now it is part of the ongoing trade and if I am proven wrong I will have to stricten my rules about this combination.
VANTAGE:GASOIL
by Fomenka
#Oil #OOTT UpdateWow oil has been very tough lately. Many times I jumped the gun with long calls. I am actually bearish into the end of 2023. The reason I am so stubborn to pick the local bottom is that my charts just do not make sense without this last big jump to 90-100 range that I expect any time soon. The chart is a complete meat grinder. The price is actually trading under moving averages on many timeframes and sending me bearish technical signals. There are bearish candles and engulfings all over the chart. It is only the Elliott Wave count that keeps me bullish since I cannot see an alternative that could continue the downtrend. However, I am running out of bullish counts as well. The leading diagonal is very risky bet without having it fully formed. However, besides Elliott Wave count there are emerging signs in support of bullish case. See the falling trendline that the price broke through and now retesting from above in a good bye kiss? Gasoil chart looks more pointed upwards trading above moving averages. And gasoil crack has made a bottom and is recovering (will post as an update to this chart).
TVC:USOIL
by Fomenka
1
WTI Light Sweet Crude Oil, 6/9/23For Friday, 72.37 can contain buying later next week, below which 68.34 remains a 3 - 5 day target able to contain selling over the same time horizon.   A daily settlement below 68.34 indicates 62.14 over the next 2 - 3 weeks, where the market can bottom out through summer activity.   Upside Friday, closing above 72.37 indicates 77.56 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 weeks.
NYMEX:CL1!
by SpecialeAnalysis
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