USOIL - the two choices USOIL can't break below strong support at 92 so far. If it does, it will likely be a big sell to the 70's. If it holds that 92 level and breaks above 104, look for another leg up to around 120.
Crude Oil Futures WTI (CL1!)
SHORTING CL HIgh probability that cl will be short in the mentionned area ; i highly recommend to sell CL
CRUDE OIL (WTI) Your Trading Plan For Next Week🛢
Hey traders,
WTI Crude Oil is approaching a solid demand area.
To catch a bullish move from that, watch the reaction of the price to the resistance line of a falling parallel channel.
If the price breaks and closes above that, we will expect a bullish movement at least to 104.5 level.
Alternatively, bearish violation of the yellow zone will trigger a further decline.
Good luck next week, traders!
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
Crude Oil Bullish TailwindsCrude Oil (September)
Yesterday’s close: Settled at 94.70, down 1.65 on Friday and up 0.13 on the week
- Recession fears weighed on Crude Oil ahead of the weekend after poor Eurozone PMIs and given continued mass testing in China.
- Also, a bearish EIA report and Libya production coming back online added negativity to the. Libya is now seen ramping to 1.2 mbpd over the next two weeks.
- A return of geopolitical premiums after Russia attacked the Odessa, Ukraine port only one day after inking a deal to allow the traffic of exports?
- Bullish response this morning to major three-star support at 92.83-92.97, aligning with the July 6th low, creates a right shoulder of a bullish inverse head and shoulders pattern.
- Strong overhead technical resistance persists due to steep trend line from Jun 14th high.
- Look for momentum to shift with a close above the 21-dma at 99.49 today.
- Must close above major three-star resistance at 96.52-96.97 to encourage added buying.
- A bullish breakout will be secured upon a close above major three-star support at 100.57-100.74.
Bias: Neutral/Bullish
Resistance: 96.52-96.97***, 97.66-97.95**, 99.16-99.31**, 99.88-99.99**, 100.57-100.74***, 101.21-101.78***
Pivot: 96.06
Support: 95.15-95.47**, 94.23-94.57***, 92.83-92.97***, 91.66**, 90.00**, 87.56***
1773.3 decisive point 1773.3 decisive point is either we have to short or buy gold if breaks with force
Will Oil Test $100 Again??Oil has edged back down to support after topping out at $100, a strong psychological and technical level. As predicted here, we are finding support at our technical level of $95.24, confirmed by a green triangle on the KRI. Support is looking weak, and we could break down further. The next level below and target for support is $92.03. After that we could test the base of the $90 handle at $90.06. If we pivot off current levels we could make a run for $100 again.
SPX 500 - all about that 3900Bull and bear cases discussed, also OIL and BTC. In a nut shell, bulls want to continue the uptrend and 3900 to hold as support. Bears want to see 3900 fail as support which would likely start more intense selling. Oil short looks clearer to me as of now.
Oil Hovers Under $100Oil has edged upward, but is meeting lots of resistance in the high $90's, just below the target of $100. We edged past $100 briefly, only to retrace back to comfort at the base of the $99 handle at the time of this writing. The Kovach OBV is trending up, but appears weak, suggesting we will need more momentum to break through $100 definitively. Many red triangles on the KRI are signalling resistance here, so anticipate a rejection back to $95.24, or even $92.03. If we are able to break through the low $100's there is a vacuum zone to the next target of $106.
Stocks Chew Through Resistance and moreS&P, NQ, and equity indices chewed through resistance today. U.S. Dollar weakness is underpinning strength across risk assets. Crude is at an inflection point. Let's dive in.
USOIL - the shorter's setupBearish hidden divergence on 4 hour chart and trendline resistance. If the idea is correct it shouldn't get past 104/105 although with oil it may spike past that first and then immediately sell. Target mid 80's
Oil Gives Up the $100'sOil appears to have bottomed out at our exact level of $92.03, with a wick extending to $90.06 as we predicted last Friday. We were then able to pivot back up to the mid $90's, meeting swift resistance at $96.88. We have several red triangles on the KRI signifying resistance around this price area, just before $100. Sub $100 prices will surely be welcome to consumers world wide, after soaring oil prices have hit relative highs in the $100's just a few months back. The Kovach OBV has bottomed out, which suggests that we will need strong momentum to come through to break current resistance. if so, $100 and $101 are the next targets. Othwerwise, we can expect to test $92.03 and $90.06 again.
CL1! Time To buyafter the creation of the reversal figure '' inverse head and shoulders '' and the confirmation of the breakout of vwap and neckline we can take the buy position after the opening of the market
CRUDE Bounce and rehash IILast week's assessment was way off, admittedly. No follow through and just a turn and dive. It went further down to 92, and bounced strongly to end the day, and the week with a candlestick and long lower tail.
Expecting bullish week ahead... later in the week.
104 resistance, then 108 next resistance.
TRADE OF THE WEEK | Patience Pays & Winners Win💰
Hey traders,
As you know, I made 4 accurate predictions in a row on WTI Crude Oil.
This week the price was retesting a key level.
I spotted a very nice confirmation on that with a double top formation and a bearish breakout of a rising wedge pattern.
The market dropped sharply then and I spotted one my confirmation:
neckline breakout of a head and shoulders pattern.
Great winner and nice trade.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
Oil Digs into the Lower $90'sOil dipped down further into the $90's, with a wick touching $92.03, as we have noted in these reports as the next level of support. We do appear to be pivoting nicely back to $95.24, but are bounded by $96.88. The Kovach OBV appears bearish, but does seem to have bottomed out, suggesting potentially that oil has reached a floor. If so, we expect it to shoot back up to the $100's. If not, we could retest $92.03. The next level after that is $90.06, which is our last technical level at the base of the $90 handle, before we dig into the $80's.
Crude oil will probably find its long term top soonAfter almost two and a half years, i decided to come back to tradingview again. Right now i am working for one of the largest commodity trading houses and covering our metals trading business in Asia. In the future, i will try to share as much as my personal views at here, also you all welcome to challenge and discuss.
In the last few months, we see an incredible inflation increased in Europe and USA due to the Ukraine war. The gap of export push the price of almost all kinds of commodities to the historical high, including agriculture products, energy products, metals, etc. The people in Europe and USA are suffering from this sudden increasing of living cost, which also brings a lot of pressures to their governments.
For crude oil, I think those leaders will give up to the inflations and try their best to buy Russian oil and Russian gas to lower down their domestic energy price. ( I believe that they will also buy a lot of corn and wheat from Russia ) In the other hand, the Fed's rate hiking decision will keep bringing pressures to the commodity market. So due to the economic cycle and potential cooling down of global energy crisis, I think Crude oil will find its long term top soon.
At the technical side, i marked two resistances and one support line. For sure, the resistance zone will attract many bears to join the fight.
Good bearish trend in last week so a small recovery is needed.So the recovery will determine whether the market to more long or its going to remain in the same bearish trend.
So kindly plan accordingly as per your analysis.
Possible top coming soon for $DXY?I can't say that I've called a top using trendlines atop of a bullish trend, but I've seen a few others do it. With the rise in the dollar bringing mass bearishness to rest of the investment complex, a pause could bring some welcome relief. Anyway, I thought the timing might be relevant as important lower levels approach in $CL, $UX, and some metals, as well being overdue for a meaningful bounce in the equities. I will use the $109.xx marker in DXY to signal a buying point for small positions in UUUU, UEX, NXE, USO, GDX, SILJ, SPY, IWM, AAPL, AMD, et al
CL1!7.13.22 OIL Part 2 I think it helps to look at part 1 before you look at this video. The video speaks for itself because it shows similarities and also differences and this is helpful if you recognize the differences because you trade markets differently based on some of these patterns. Not all patterns and differences in volatility will be equal for you. You may find that you prefer some markets more than others and you'll become expert at those patterns, and you will be more comfortable with those patterns. If you're trying to sew up a hand laceration, it's a lot easier to do that with a magnifying glass then it is to do it with an electron microscope. On the other hand, now that I think about it, it's frequently easier to trade a 4-Hour chart then it is a 30-minute chart. The 30-minute chart has more data, but see for our chart shows you things did you will not see on the smaller time frame.... plus you have work time to take more coffee breaks with the higher time frame.
