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Crude Oil Futures WTI (CL1!)

CL1! Will Fall! Short! Please, check our technical outlook for CL1!. Time Frame: 1D Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is testing a major horizontal structure 79.46. Taking into consideration the structure & trend analysis, I believe that the market will reach 73.95 level soon. P.S The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce. Oversold refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news. Like and subscribe and comment my ideas if you enjoy them!
NYMEX:CL1!Short
by SignalProvider
7
CL1! Technical Analysis! BUY! My dear subscribers , I analysed this chart on CL1!, and concluded the following: The market is trading on 81.07 pivot level. Bias - Bullish Technical Indicators: Pivot Points High/ anticipates a potential price reversal. Super trend shows a clear buy, giving a perfect indicators' convergence. Goal - 85.40 Recommended Stop Loss - 78.47 About Used Indicators: For more efficient signals, super-trend is used in combination with other indicators like Pivot Points. ——————————— WISH YOU ALL LUCK
NYMEX:CL1!Long
by AnabelSignals
15
WTI breaks out of consolidation, $90 up next?WTI broke out of consolidation and closed above its 200-day EMA and resistance zone. The OBV (on balance indicator) confirmed the breakout with a move to a new cycle high, and volumes (whilst below average) are turning higher to show buyers stepping back in. Furthermore, we saw a gap ahead of the consolidation above HKEX:79 , although using classic definitions it doesn't quite fit into 'breakaway' or 'runaway' gap category. Regardless, we've seen a 30% rally from the March low with a gap along the way, OPEC+ cut oil production, and the trend points higher. With that said, the 200-day MA is capping as resistance, so bulls may want to wait for a break (or daily close) above the level. But overall, the risks appear skewed to the upside. - The bias remains bullish above 79 and an initial move to 90, then the 93.60 highs - Wednesday's low could be used for tighter risk management
NYMEX:CL1!Long
by CityIndex
WTI falters around $70Oil prices fell to a 15-month low as investors fretted over the potential for a financial meltdown. Whilst that is yet to fully materialise (or if it does at all), investors remain a little on edge - with news of the latest Hindenburg report accusing Block (SQ) of fraudulent activity not likely to quell fears. WTI has manged to lift itself from its 15-month lows, yet volumes declined over this period to suggest the move was corrective. A bearish Pinbar also formed, which not only failed to test the $72.46 breakout level but also closed back below $70 and the December low. Also note that a bullish hammer has formed on the US dollar index (DXY). - We're now waiting for a break of Wednesday's low to assume bearish continuation, with target zones made up of Fibonacci expansions and round numbers residing around $65 and $60 in focus. - The bias remains bearish below $72.46, although yesterday's high can also be used if a tighter approach to risk management is preferred.
NYMEX:CL1!Short
by CityIndex
CRUDE - the technical alignment to the UPside Part IIThe daily chart shows greater details as to why a shallow retracement of sorts is expected. The Gap occurred after the Sell Setup completed. This becomes an overextension. The overextension is now a collection of 4 dojis of indecision. This tells that it is not a Gap and Run scenario, and leaves the Gap and close to be more likely. The technical indicators MACD and VolDiv are also tapering off and need to retrace to launch further into the longer term picture. The gap is denoted by the red box. The expected bounce zone by the green box inside the red box. Noted that the daily trend is still a bear trend as the TDST Resistance of 80.94 was not exceeded by the Sell Setup closing 31 March. This is again another point suggesting a retracement... before a new Sell Setup can be started to break above 80.94. Oh... watch the orange 23-week EMA levels too! Btw, for more info on these Buy/Sell Setups, you should look into Thomas DeMark indicators, especially from his original books or the more recent condensed version by Jason Perl.
NYMEX:CL1!
by Auguraltrader
1
CRUDE - the technical alignment to the UPsideJsut reviewing Crude, especially in light of the recent major gap up last week after OPEC decided to cut output... Orientate to the weekly chart shows the TD Setup displayed and the Sell Setup (green box early 2022) and Buy Setup (red box mid 2022). These set the TDST, and the support is at 66.12, being the lowest point of the Sell Setup. Noted that the Buy Setup did not close below the TDST, and so noted that the long term (weeks) primary trend is bullish. Price action however, decided to test the TDST in March 2023 and bounced off. This is a bullish sign and was an expected bounce point (trade taken and exited btw, shared in earlier analysis). This bounce off was followed through by a nice gap up and a Sell Setup (bullish) restarted. Noted also that 123.68 is the TDST, which is a little far for the next two weeks, with the exception of an anomaly of very severe events happening, it is unlikely to break that level any time soon. Nonetheless, there are ranges to watch... the yellow, red, and green boxes denote these. The yellow box is the major range which Crude is ranging and needs to break out of. Expected to as the break back in a few weeks ago suggests that a breakout is in the cards. You see, when a breakdown is reversed and price breaks back into a range, it tends to go out the other side later. For now, the gap up represents a gap range that is likely to be tested to close the gap. However, price action, and other technical indicators like the MACD and VolDov are suggesting that the attempt to close the gap would be short lived. For this, a smaller time frame analysis marked out the green box for a probably bounce off support level in the likely to fail close the gap attempt, at about 77.5 to 78. Shorter term is likely to see a stall up to 82ish. Long term, bullish, but a shallow retracement and then reversal upside should be in play...
NYMEX:CL1!
by Auguraltrader