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Crude Oil Futures WTI (CL1!)

OIL8.23.22 This is a review of oil, specifically how you could have made significant trades in both directions with $3,000 ranges for more. The support and resistance were easy to identify, but there were nuances that you could see if you knew how to look at the chart that could have helped you make fewer mistakes and better trade decisions. Honestly, I don't know how you can make a lot of money in markets with relatively risk unless you focus when support and resistance areas. On the other hand, it is not quite as easy to trade the support or resistance because of the battles between buyers and sellers at those lines. I believe if you don't really think in terms at support or resistance, your risk will actually be that you will trade wrong direction. You can't live without focusing on those lines.... And once you do that, you have to learn how to manage your trade decisions. I go to those scenarios has the buyer and the seller looking at support and resistance in a two-day., with long and short trades. If you can learn this in one market, even the market you may not trade, you can use the analysis one markets that you will trade.
NYMEX:CL1!
by ScottBogatin
1
USOIL 23rd AUGUST 2022Oil prices briefly surged in mid-trade due to a push to raise the Fed's benchmark interest rate. However, prices eased back after investors believed that the US central bank's policy this month was to maintain interest rates. Another factor, the US dollar strengthened again to its highest level in five weeks, which limited the increase in crude oil prices. This is because oil becomes more expensive for buyers with non-US dollar currencies. US Dollar Index Oil prices will not be too bearish, this is due to the prospect of higher demand entering the winter season.
TVC:USOILLong
by DNP-FX
9
LONG CRUDE - Trading with COT dataCOT Data is pointing to Crude Oil ( NYMEX:CL1! or AMEX:USO ) being primed to pop after it's seasonal downturn This is a great example where money management is key as well as not blindly using the COT data as the sole reason for entry. Personally, I have a proprietary daily chart indicator I use to enter trades where COT data is giving signals. Crude Oil has been declining all the way down since June despite COT data that is telling us it is ready to go up (My proprietary indicator did not once provide a buy signal throughout that time period). I'm looking closely for a short-term signal to enter off of this week Notes on My Trading Methodology and What I'm Even Talking About COT Definitions: - COT: Commitments of Traders Reports - A weekly report published by the government (CFTC) that shows long and short positions of the below 3 groups (As well as much more data I don't look at). We look at the NET positions of these 3 groups and compare them to historical levels to signal trade opportunities 1- Commercials: Hedgers - We want to trade with them when they're at extreme levels (Think Tyson, Cargill, General Mills, etc) 2- Large Speculators: Hedge funds and large institutions - We want to fade them when they are at max positions (Think suits in NYC and commodity funds) 3- Small Speculators: People/institutions trading small lot sizes not big enough to report to CFTC - We want to fade their max positions as well since they represent the public (Think dude in his PJs trading and small trading firms) Indicators on Chart: - The first indicator shows the net positions of the 3 groups above plotted over time - The second indicator is an index of the relative buying/selling of commercials over a certain lookback period. Anything above 95 is looking for buy, look to sell when it hits 0 - Note: Just because the Commercial's net position is negative doesn't mean it can't be relatively net long and signal a buy (same in the opposite scenario) Trade Setup - Both Must Happen: - When commercials are at max levels we are alerted to buy or sell (Depending on the criteria above) - On a daily chart , use technical indicators, candlestick patterns, news, etc to enter the trade (not shown here) - Added bonus when the trend is your friend (I use a Multiple Moving Averages indicator to visualize)
NYMEX:CL1!Long
by Rudeadam18
CRUDE - now what?Initially, it appeared that Crude prices were very robust and strong. Then came a retracement after a lower high and formed a lower low, and it appeared weak (in the face of a looming recession. Missing the downside target, Crude actually appears that it found a base, just bellow the weekly 55EMA. Hint is mostly in the daily chart, where there is an obvious closed gap down, and as RPM accelerates upwards, the MACD is showing a bullish divergence. The coming week, breaking above 92, and then 95 is important to establish a good effort to reach the daily 55EMA, estimated about 95 then. So Crude is expected to have some upside in the short term...
NYMEX:CL1!
by Auguraltrader
Oil Struggles to Recover $90Oil seems to have bottomed out at $85.55. We saw good support from green triangles on the KRI, and a subsequent pivot back to the high $80's. We are now just below $90, with $90.06 in particular being the level to break before attaining higher levels. We should see significant resistance there. The Kovach OBV is bearish and keeps pressing lower. If we fail to test the $90's, then $85.55 should provide support, with the next support levels below including $84.75 and $83.76.
NYMEX:CL1!Long
by quantguy
Crude oil Some thesis: Oil is more than enough worldwide. Supply exceeds demand. Transition to electricity. Shale oil - another attempt to manipulate. Saudi Aramco - is the largest capitalization company in the world (another not a good signal for me). We can propose many fundamental arguments, but this is a virtual trading chart (little connect with the real life). It is a world of financial markets. There are a few arguments from financial markets: 1. Largest players in oil futures are Goldman Sachs, JP Morgan, and City Bank. 2. All of the world's oil is traded exclusively for dollars (petrodollar). Some people wanted to change the system. Now they are dead. Saddam Hussein, Muammar Gaddafi, Christophe de Margerie, and possibly someone else. Therefore, oil is another instrument to strengthen the dollar. For example, now you can buy 2 barrels of oil per $100, and if the price is $20 you can buy 5 barrels. The same story happened in 2014 when oil fell from $100 to $30. Saudi Arabia has been talking to the media for a year about increasing oil production. As you understand, they do not participate in the formation of oil prices cause we see a chart of futures oil. All national currencies depreciated, and the dollar strengthened. 3. Most likely, they will use these instruments during the coming falling of the US economy. 4. We are moving in the downtrend channel. 5. Cycles. Best regards, EXCAVO
NYMEX:CL1!Short
by EXCAVO
5
CL Daily falling towards up trend lineThe CL daily time frame is in a large up trend. The market is moving from a high price towards a future low price. There is a down Fibonacci with an extension price point 83.55 that meets the daily up trend line. It is expected the market to push bearish towards 83.55 then U-turn Bullish. If the market holds at the up trend line. It is expected the market to push towards all time highs near price point 147.27 about +5,808 ticks above the market. It will be a good idea to stay out of the market until the daily up trend line is hit. Then after the market hits the daily up trend line to look for a bullish reversal before turning to the one hour time frame and looking for long ideas.
NYMEX:CL1!Long
by JoshuaMartinez
1
Crude Oil (WTI): Technical Outlook For Next Week 🛢️ Hey traders, WTI OIL is currently trading within a falling expanding wedge pattern. While the market stays within its boundaries we remain bearish biased. The price started to fall from a minor horizontal resistance in the middle of the wedge on Friday. I guess that the price may drop even lower after the market opening. Two underlined resistances are on focus for breakout/pullback trading. I will post an update once I see a decent confirmation. Good luck! ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
16
CRUDE prices look very weak - 82, and then 70.Reviewing the Crude price action, and it appears weaker than stronger, after its retracement. At this point, the weekly chart is struggling to stay above the 55EMA, but technicals are showing strong weakness that would pull prices lower, and below the 55EMA in the coming weeks. A hint that this is the case comes from the candlestick of the week that just closed. Although it reclaimed above the weekly 55EMA, the candlestick did not close above the 50% mark of the previous candle, and left a top tail. This are indications that the coming week should be heading down below the 55EMA again. The daily chart accentuates those hints... the recent late week surge in crude prices met the resistance band upper range, and Friday closed with a rather full inside candle. Like a Harami, this is a bearish indication of a bearish reversal. IF so, the Fibonacci projections point to a likely test and fail at 90, an immediate support at 82, and downside target at 70 ( by mid-end October). Technical indicators appear a tad weak with the RPM losing steam, and the MACD struggling to make a comeback with a crossover. Am projecting a triangle support at 70... will know in time.
NYMEX:CL1!
by Auguraltrader
Oil Regains the Mid-$90'sOil has finally broken out, solidly reestablishing the $90's after spending a few days in the high $80's. We are still bound by $95.24, which has been our target and area of anticipated resistance since oil was in the $87's. We are seeing some red triangles on the KRI confirming strong resistance here. The Kovach OBV has picked up a bit, but it remains to be seen if we have enough strength to punch through the mid $90's and head back to the $100's. If we are able to break through $95.24, then $96.88 is the last level we must break before the $100's. If so, we should face resistance at $100 and $101.
NYMEX:CL1!Long
by quantguy
USOIL 11th AUGUST 2022The United States posted an increase in inventories of 5.5 million barrels in the past week. The realization was higher than the expected 73,000 barrels. Gasoline products supplied also rose in the last week to 9.1 million barrels per day. The figure marks a 6% decline in demand over the last four weeks compared to the period last year. From a fundamental point of view, the oil market continues to monitor the development of oil supply from Russia to Europe via the Druzhba pipeline, which was resumed earlier this week. The market is also awaiting the release of monthly oil data from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) scheduled Thursday.
TVC:USOILShort
by DNP-FX
10