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Crude Oil Futures WTI (CL1!)

WTI Light Sweet Crude Oil, DAILY Market Analysis 1/30/23In terms of the big picture, a long-term ceiling of resistance is located at 86.34, and floor support at 68.42. At present, there is no clear indication that either will be tested unless 84.03 is violated upside, and 73.99 violated downside. The 86.34 - 86.91 region can contain buying into spring trade, once tested the market susceptible to falling back to 68.42 within several months, where the market can bottom out into summer activity. While a settlement above 86.91 would indicate several months bullish continuation to 103.32, able to contain annual buying pressures as well as a meaningful upside continuation point into later 2023. - For Monday, 78.40 can contain selling into later week, above which 84.03 is attainable within 3 - 5 days. Upside Monday, 82.61 can contain intraday strength, beyond which 84.03 is attainable intraday, able to contain weekly buying pressures and the point to settle above for yielding 86.91 longer-term resistance within 3 - 5 more days. Downside Monday, breaking/opening below 78.40 allows 76.61 intraday, while closing today below 78.40 signals 73.99 by the end of next week, able to contain weekly selling pressures when tested and the point to settle below for yielding 68.42 long-term support over the following 3 - 5 days.
NYMEX:CLH2023
by SpecialeAnalysis
WTI Crude Oil / CL1 - Accumulation Before Global ConflictA lot of fundamentals say that oil should be going up. A lot of Twitteratti and furus say that oil should be going up. Yet, it's not. Oil hasn't been bullish since literally June . The only reason sentiment is still confusedly bullish like this is because WTI isn't (yet) trading like bonds. People say that OPEC+ cutting production was some kind of battle with Washington and that the Biden Administration are doing some green energy nonsense saboteuring the country by selling off the Strategic Petroleum Reserve (SPR), because Joe Biden is senile. That's not what's happening. Are you high? The United States is going to endanger its energy reserves while it's in a war with Russia? Don't be fooled by appearances. You need to start exercising critical thinking. In my view, what has transpired is pretty simple: 1. The Biden Administration said they would refill the SPR at $80 2. When WTI fell to $76, instead of refilling it, they sold more of the SPR 3. They keep selling more of the SPR on this bounce at $80 and 90 4. The average price the SPR was filled at, the last time I looked, was $60 So why did OPEC+ cut production? Because they're smart money and they realized the United States is short on oil. The U.S. and its vassals (including Canada) are by far the largest producers of oil in the world. It's their market, especially while Russia is out of the picture, and whoever makes the market sets the price. So OPEC+ understands that oil is going down and cuts production accordingly. When the Biden Administration refills the SPR, that's the bottom, WTI will bounce hard, and OPEC will increase production again. This is a lot of words to tell you that oil is going to make new lows, not new highs. This call that I made at the beginning of September is still definitely in play. WTI Crude / CL - An Intervention: Saving Blind Bulls There are some really important factors to look at in the longer timeframe charts. Consider that we're almost all the way through October and yet WTI, while it's in a bearish market shift, has not made a monthly low: This is even more obvious on the Weekly, where a gap is revealed: This ~$80 January gap range has now been traded extensively but has not produced the requisite re-continuation of a bull run needed, which means that lower prices are on the way. The reason is, $120 was not the top. A big number like $180 or $220 is incoming, probably in 2023, but before then comes manipulation and accumulation, frankly speaking, probably in the $50 range. Whether bulls want to hear that or not or want to believe that or not, that's how it goes. Not very many people believed Natural Gas was going to go from $10 to $4.9 either, but it did. Natural Gas / NG - It's Officially a Bear. Now, Hold My Beer The big wild card right now is actually not the conflict between the Russian Federation and NATO/Washington via Ukraine as a proxy. Even less is it whether the Federal Reserve keeps clowning around with interest rates. Xi Jinping was just crowned leader of the notorious Chinese Communist Party for an unprecedented third term and has consolidated the Politburo with only his own people. But more concerningly, the man who should be fulfilling his historic role to collapse the CCP from within a la Gorbachev instead was quoted by ABC as having made communism and the deteriorating CCP "absolutely central to China's development and future." This amounts to an abject disaster in Xi Jinping's life, a disaster for the Chinese people, and a disaster for the human race. If man won't do something about the problem of the Chinese Communist Party and its campaign of organ harvesting Falun Gong, then Heaven will. The CCP may or may not attack Taiwan. That's a major wildcard in this call. Personally, I don't think the Party has enough stability while being sacked by Wuhan Pneumonia and hit by economic problems to really dare do it. Yet, the more imminent a possible attack on Taiwan is, or the more imminent a major escalation with Russia is, the more violently the US oil market makers will dump WTI/Brent to where they want it to be so they can accumulate and refill the SPR. How you want to trade it and what you want to do is up to you. But I believe we see a number like $89 on WTI this week and I intend to go long on bear ETFs with a target under $50 imminent by January. Oil is something that is going to make a violent and impressive new high, but those cowboys are not going to let early money and dumb money come along for the ride particularly easily. Be careful. Humanity has officially entered the most dangerous moment, and at a period where we're already in the proverbial "Triple Overtime." What you believe can happen and what is actually happening, in reality, are often two different things.
NYMEX:CL1!
by LordWrymouth
4
WTI Light Sweet Crude Oil, DAILY Market Analysis 1/27/23For Friday, both 80.13 and 81.64 can firmly contain intraday trade, beyond which the next notable level is likely intraday. Downside Friday, breaking/opening below 80.13 signals 78.41, able to contain selling into later next week and the point to settle below for indicating 73.78 by the end of next week, where the market can place a weekly low - possibly into later February. Upside Friday, pushing/opening above 81.64 allows 83.90 intraday, able to contain buying through next week, and the point to settle above for indicating 86.96 longer-term resistance within 3 - 5 more days.
NYMEX:CLH2023
by SpecialeAnalysis
beginning of 2023 will be bullish for oilFrom the previous analysis I analyzed as oil could bottom at 75 dollar. However it broke my resistant and stayed at 70 dollar point. Even the oil broke my resistant line. I kept my bullish analysis because it didn't show any major bearish pattern. I personally confirm that recent bearish move was just a fake one. I adjusted my bullish target to 90 dollar and I will re-analyze oil again when it reaches to my target. Double overselling term is showing and sustainable oil demand will push to higher price indeed.
TVC:USOILLong
by illuminating_trade
9
USoil to 70 in 2022Taiwan' s conflict between China is rising in thesedays. people were optimistic about WTI but now they concern about the major war could begin in pacific ocean near Taiwan. If China begins the war with Taiwan. The US will sanction on china and the most demanding country of Oil will disappear. Low demand will lower down the price. Also the MACD is telling me that WTI has no luck to go higher. FED could catch inflation but it could create depressing deflation. Let's see traders! good luck. Monkeypox is still surrounding us also.
TVC:USOILShort
by illuminating_trade
2
WTI Light Sweet Crude Oil, DAILY Market Analysis 1/26/23For Thursday, both 80.57 and 81.63 can firmly contain intraday trade, beyond which the next notable level is likely intraday.  Downside Thursday, breaking/opening below 80.57 signals 78.42, able to contain selling through the balance of the week and the point to settle below for signaling 73.78 by the end of next week, where the market can place a weekly low - possibly into later February trade.  Upside Thursday, pushing/opening above 81.63 allows 83.77 intraday, able to contain buying through next week, and the point to settle above for indicating 87.02 longer-term resistance within 3 - 5 more days.
NYMEX:CLH2023
by SpecialeAnalysis
WTI Light Sweet Crude Oil, DAILY Market Analysis 1/25/23For Wednesday, 80.24 can contain selling into later week, above which 83.65 is attainable over the next 2 - 3 days, where the market can top out through next week - once tested it is prone to falling back to 73.68 within several weeks. Upside Wednesday, a daily settlement above 83.65 signals 86.95 - 87.07 within 3 - 5 more days, longer-term resistance able to contain buying into spring activity. Downside Wednesday, breaking/opening below 80.24 signal 78.42 intraday, while closing below 80.24 shifts near-term momentum negative, 73.68 then likely by the end of next week, able to contain selling on a weekly basis and if settled below would indicate 67.99 long-term support within another full week of activity.
NYMEX:CLH2023
by SpecialeAnalysis
WTI OIL: Top of Rising Wedge. Trade the rejection or the break.WTI Crude Oil hit the top (HH 1) of the Rising Wedge and got rejected initially but today we see a strong push back to the top. The 1D technicals are bullish (RSI = 61.888, MACD = 1.310, ADX = 33.690) and probably is what's pushing the price back to test the HH 1 again. Until the time the HH 1 breaks, we are staying neutral, but with more bearish bias. Those will be confirmed if the 4H MA50 breaks, which is the bearish trigger. Then we will sell with TP = 77.00 - 76.00, depending on the 4H MA200 as well. Then as long as the Rising Wedge and HL 1 hold, we will buy again with TP = 82.50 (R1). Break below HL1 will be an additional sell with TP = 72.50 (S2). The bullish trigger is the R1 whose top is 83.30. Above it we will buy with TP = 87.00 (R2). Previous analysis: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOIL
by InvestingScope
WTI Light Sweet Crude Oil, DAILY Market Analysis 1/24/23For Tuesday, 79.92 can contain selling into later week, above which 83.52 is attainable over the next 2 - 3 days, where the market can top out through next week - once tested, the market is prone to falling back to 73.57 within several weeks. Upside Tuesday, a daily settlement above 83.52 signals 86.95 - 87.12 within 3 - 5 more days, where the market encounters longer-term resistance able to contain buying into spring activity. Downside Tuesday, closing below 79.92 shifts momentum negative through the balance of the week, 73.57 by the end of next week, likely contain selling on a weekly basis, and if settled below would indicate 67.99 long-term support within another full week of activity
NYMEX:CLH2023
by SpecialeAnalysis
WTI Light Sweet Crude Oil, DAILY Market Analysis 1/23/23In terms of the big picture, a long-term ceiling of resistance is located at 86.95, and floor support at 67.99. At present, there is no clear indication that either will be tested unless 83.39 is violated upside, and 73.47 violated downside. Upside, the 86.95 - 87.18 region can contain buying into spring trade, once tested the market susceptible to falling back to 67.99 within several months, where the market can bottom out into summer activity. A weekly settlement above 87.18 would indicate several months bullish continuation to 103.93, able to contain annual buying pressures as well as a meaningful upside continuation point into later 2023. - For Monday, 79.60 can contain selling into later week, above which 83.39 is attainable over the next 2 - 3 days, where the market can top out through next week - once tested market prone to falling back to 73.47 within several weeks. Upside Monday, a daily settlement above 83.39 signals 86.95 - 87.18 within 3 - 5 more days, where the market encounters longer-term resistance able to contain buying into spring activity. Downside Monday, closing below 79.60 shifts momentum negative through the balance of the week, 73.47 by the end of next week, likely contain selling on a weekly basis, and if settled below would indicate 67.99 long-term support within another full week of activity
NYMEX:CLH2023
by SpecialeAnalysis
WTI Light Sweet Crude Oil, DAILY Market Analysis 1/20/23For Friday, 79.28 can contain selling through the balance of the week, above which 83.26 is attainable over the next 2 - 3 days, where the market can top out through next week - once tested market prone to falling back to 73.37 within several weeks. Upside Friday, a daily settlement above 83.26 signals 87.23 - 87.57 within 3 - 5 more days, where the market encounters longer-term resistance able to contain buying into spring activity. Downside Friday, closing below 79.28 shifts momentum negative into next week, 73.37 then likely within 1 - 2 weeks, where the market can bottom out on a weekly basis and if settled below would indicate 67.56 long-term support within another full week of activity.
NYMEX:CLH2023
by SpecialeAnalysis
What does RSI look like?Don't mind me, I am just messing around... I did an experiment a while ago, which I now repeat as a standalone idea. The method is simple, draw some "meaningful" trendlines on RSI which contain 3 touches with RSI. The 3 points on which RSI touches the trendline, draw a curve on the price chart. You now have a beautiful chart. Some experienced traders/coders out there could make an indicator that creates channels on RSI, which translates them on the price chart. With this comparison, we see what RSI is reading, how it is working. We can better understand what RSI trendlines translate to price. Moral of the chart: Oil price could be bull-flagging. I am reposting this because this is beautiful, harmonic... organic in a way... I added an extra line on this one. Tread lightly, for this is hallowed ground. -Father Grigori
NYMEX:CL2!
by akikostas
2
WTI OIL: Rising on the 4H MA50Crude Oil is rising strongly today on the 4H MA50, recovering from yesterday's rejection on the 1D MA100. Both the 4H and 1D time frames turned bullish technically (RSI = 60.309 & 60.309, MACD = 0.770 & 0.890, ADX = 36.187 & 25.146 respectively) as the price is approaching R1. This is a strong Resistance Zone that has been intact for 2 months. On it is the HH 1 trend-line, which has three Higher Highs already. The bullish trigger is above 83.40 with TP the R2 at 87.50. The bearish trigger is the 4H MA50 and HL 2 with TP HL 1 and S2. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ## ## Also DONATIONS through TradingView coins help our cause of increasing the daily ideas put here for free and reach out more traders like you. ##
TVC:USOIL
by InvestingScope
2
Short Idea - XOM Exxon Mobile Corporation - Updated 011923Looking at the chart(s) of XOM Exxon Mobile Corporation , are they signaling a short opportunity on the back of lower growth outlook(s) for 23-24'? 🛢⛽️ 📉 Not going to provide much commentary on the macro outlook for U.S. Crude Oil CL1! CL2! CRUDEOIL1! CRUDEOIL2! WTI1! WTI2!, just the charts of XOM: XOM Weekly Chart: 📊 XOM Daily Chart: 📊 XOM 4-Hour Chart: 📊 XOM Hourly Chart: 📊 XOM 15-Minute Chart: 📊 Here is a more detailed XOM (Short) analysis from @dRends35: 📉 What do you think about an XOM (Short)? 🛢⛽️ 📉 Let me know in the comments below! 👇🏼
NYSE:XOMShort
by kylemusserco
1
Crude Oil - Inverse Head and Shoulder pattern - Break out ? Crude Oil has seen a recent rally from $70 to $81 current resistance level . It has formed a smaller inverse head and shoulder pattern within the parallel channel. Breakout of the resistance level at $81 could have a best case potential target of $93 ( measured inverse head and shoulder target), which also coincides with previous pivot highs resistance levels ( #4). In between we have other significant resistance levels to break #2 ( Parallel channel in white) and #3 (200 EMA).. Failure to break the current resistance level at $81 could drag the Crude back to next lower target around $65.. Let me know your thoughts in comments.
NYMEX:CL1!
by gmaster29
WTI Light Sweet Crude Oil, DAILY Market Analysis 1/19/23For Thursday, 78.51 can contain selling through the balance of the week, above which 83.08 is attainable over the next 2 - 3 days, where the market can top out through next week - once tested 72.54 attainable within several weeks. Upside Thursday, a daily settlement above 83.08 signals 87.57 within a full week of activity, where the market encounters longer-term resistance able to contain buying into spring activity. Downside Thursday, closing below 78.51 shifts momentum negative into next week, 72.54 then likely within 1 - 2 weeks, where the market can bottom out on a weekly basis and if settled below would indicate 67.56 long-term support within another full week of activity.
NYMEX:CLG2023
by SpecialeAnalysis
WTI Light Sweet Crude Oil, DAILY Market Analysis 1/18/23For Wednesday, 77.92 can contain selling into later week, above which 82.95 is attainable over the next 3 - 5 days, where the market can top out through next week, once tested 72.22 attainable within several weeks. Upside Wednesday, a daily settlement above 82.95 signals 87.57 within a full week of activity, where the market encounters longer-term resistance able to contain buying into spring activity. Downside Wednesday, closing below 77.92 shifts short-term momentum negative, 72.22 then likely by the end of next week, where the market can bottom out on a weekly basis and if settled below would indicate 67.56 long-term support within another full week of activity.
NYMEX:CLG2023
by SpecialeAnalysis