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Crude Oil Futures WTI (CL1!)

WTI CRUDE OIL: Targeting the 1D MA50.WTI Crude Oil is rebounding today aggressively after hitting and holding the 1W MA200, which as we've discussed on our channel, has been the long term Support since February 1st 2021. The rebound has turned the 1D technical outlook neutral (RSI = 47.857, MACD = -0.970, ADX = 22.204) but the 1D RSI is inside a Channel Up, which indicates that there might be a hidden bullish divergence for the long term. Nevertheless, we cannot discuss any +25% to +30% moves as those in April and July 2023 unless the 1D MA50 breaks. Until then, we will focus on the short term and aim just under the 1D MA50 (TP = 74.50). See how our prior idea has worked: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
4
WTI OIL Bearish below the 1D MA50.WTI Oil (USOIL) got rejected two days ago near the 1D MA50 (blue trend-line), which has been the downward Resistance since October 24, despite the fact that the price marginally broke above the 3-month Channel Down. As long as it stays below the 1D MA50, the trend is bearish and we will target the 68.00 Low. On the long-term though, this is a huge Buy Zone since March but the price only rallied sustainably when a 1D candle closed above the 1D MA50. The 1D RSI is technically repeating the December 2022 bottom pattern, but we will only engage in buying above the 1D MA50, in which case we will target 82.50, which is a level reached both on the March and July's rallies. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
3
Crude oil wants to make money to read this article!The recent rise and fall of crude oil, as a whole is a big shock, although it is an upward trend, but not so clear, yesterday's daily line is very unexpected unexpectedly closed the negative line, the rise is not coherent, such a market we understand as shock, today's thinking of shock more treatment, today's crude oil attention yesterday back to the low point is the bottom of the upward trend of 1 hour, Strong support is near 73.10, these two positions are the positions of bull sniping, and the positions of pressure are 75.50 and 76.50
NYMEX:CL1!Long
by the_Hand_of_God
2
WTI CRUDE OIL Buy and target the 1day MA50.WTI Crude Oil / USOIL is inside a Channel Down but the bearish strength is fading as a Falling Support has been formed while the 1day RSI Double Bottomed. At the same time the 1day MACD is about to form the 2nd Bullish Cross in less than a month. The very same (Channel Down) pattern was trading back in June - August 2022, with the same bullish divergence and MACD Bullish Cross. The price bottomed on that Cross and rebounded to test the 1day MA50. Buy and target again the 1day MA50 with an early target estimate being 77.00. Previous chart: Follow us, like the idea and leave a comment below!!
TVC:USOILLong
by TheCryptagon
1
US Oil ~ Macro Headwinds > Market Intervention (1H)TVC:USOIL chart mapping/analysis. Crude Oil reversing all gains manufactured by OPEC+ production cuts & Middle-East conflict premiums, while threatening to further capitulate due to growing macro headwinds leading into 2024.. Trading scenarios into EOY: Bullish resurgence = rally above horizontal resistance line (yellow dashed) into 23.6% Fib & upper range of descending parallel channel (white) / re-test ascending trend-lines (green dotted) confluence zone. Bearish continuation = break below previous low (~68.80) towards ~67 horizontal line (yellow dashed) / descending trend-line (light blue / lower range of descending parallel channel (white) confluence zone. Neutral scenario = further sideways chop until next OPEC+ catalyst / key macro economic development.
TVC:USOILShort
by BlueHatInvestor
🔝 US Gas prices become more affordable as key breakdown is hereAmericans could breathe a sigh of relief with gas prices set to be more affordable this year. US gas prices hit their highest 52 Weeks in August and September ahead of Labor Day, with the national average standing at $3.82 a gallon FRED:GASREGW , per AAA Gas Prices . Gasoline prices hit summertime levels in over a decade even as the driving season comes to a halt, as a result of rising crude-oil prices TVC:USOIL driven by production cuts. Brent crude TVC:UKOIL , the international benchmark, jumped to $90 a barrel earlier is September for the first time in 2023 after both Saudi Arabia and Russia extended oil production cuts of 1.3 million barrels a day through December 2023 in a bid to maintain price stability. Higher US gas prices NYMEX:RB1! are a problem for the Federal Reserve, which has been trying to tame historically high inflation. The central bank has already hiked interest rates ECONOMICS:USINTR by more than 500 basis points since March 2022, helping lower the pace of consumer-price increases to 3.2% in July from last year's highs above 9%. But the jump in fuel prices is threatening to derail the progress the Fed has made in taming inflation. As a result, just after September, 2023 FOMC meeting market participants are waiting one or maybe two dovish Fed's Rate price actions in 2024. At the same time before September, 2023 Federal Reserve meeting, market expectations were about three cuts, near to four. (up to 100 b.p.). Meanwhile juts a take a look what technical picture in RBOB Gasoline futures RB1! price says. Near the middle of August, 2023 Gasoline futures prices turned massively down, due to seasonal backwardation in RBOB futures contracts, where autumn RBOB futures contracts are usually to be trade lower vs. summer RBOB futures contracts. Moreover, in the last day of Q3'23 RBOB futures price turned firmly lower, breaking down the major trendline support that was actual all the time from disinflationary Covid-19 era. Moreover weekly SMA(52) is broken down also. In a conclusion, I have to say that retail gasoline prices are usually to follow the major trend, within one or up to two months.
NYMEX:RB1!
by Pandorra
CRUDE OIL (WTI) Bearish Trend Continues 🛢️ Crude oil is trading in a bearish trend on a daily. After a long-lasting consolidation within a horizontal range, the market violated its support on a daily and set a new lower low. Retesting the broken structure, the market started to coil within an intraday range. Its support breakout gives us a strong intraday confirmation. A bearish movement is now expected at least to 70.7 ❤️Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
3
WTI CRUDE OIL: Below the 1W MA200. Critical Support to hold.WTI Crude Oil crossed today under the 1W MA200, which is a level that, even though it broke on occassions this year, hasn't closed a 1D candle under it since February 1st 2021. Those occasions are marked by circles on your chart and as you see despite breaking under it, the price rose intraday closing the candles over the 1W MA200 at the end of those sessions, essentially holding it as long term Support. It is now critical therefore for buyers to hold the 1W MA200 and push the candle above it before the closing bell today. The 1D technical outlook is strongly bearish (RSI = 31.049, MACD = -2.590, ADX = 35.758), which is normal considering that the commodity has been trading inside a Channel Down since the September 28th High. However having touched the 30.000 oversold level on the 1D RSI, it makes the case for a rebound stronger, since every time it gold oversold during this (almost) 2 year span, an aggressive rebound followed. Consequently, as long as the 1D candles close over the 1W MA200, we will be buying and aming for the top of the Channel Down (TP = 76.50) and potentially the 1D MA50. If however the candle closes under it, we will aim for the 1.786 Fibonacci extension (TP = 66.50) as the November 8th Lower Low did. See how our prior idea has worked: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOIL
by InvestingScope
CL1! Crude Oil Day Trade 6-Dec-2023TRADE DIRECTION: SHORT; as indicated by the red EMA cloud and the market structure. KEY LEVEL: 1) Round numbers S&R with 25 ticks range between each level (hidden) 2) Monthly, Weekly and Daily Pivot levels. TRIGGER SIGNAL: Price broke the previous day's low (green circle) and retraced to the bearish EMA cloud. A bearish pin bar (in yellow circle) formed as a sign sellers are ready to push the price down. The Profit target is set to be 3 ticks above the Daily S3 (white circle). RR: 1:1.56 SL: 54 Ticks TP: 84 Ticks (achieved)
NYMEX:CL1!Short
by TheDemonTrader
WTI CRUDE OIL High probability buy above the MA50 (4h).WTI Oil is trading inside a Channel Down since the September 27th High. The price is now forming the Right Shoulder of a minor Inverse Head and Shoulders pattern that bottomed on the Lower Lows trend line of the Channel Down. This is formation technically aims at pricing the new Lower High at the top of the Channel Down. Trading Plan: 1. Buy the moment a (4h) candle gets closed over the MA50 (4h). Targets: 1. 80.50 (which is the 1.382 Fibonacci extension, as the previous Lower High was priced. Also it's the MA200 4h and top of the Channel Down). Tips: 1. The RSI (4h) is forming the exact same pattern as the previous bottom from October 6th to 12th. Once it re-crossed over its MA line, the spike that priced the top started. Please like, follow and comment!! Notes: Past trading plan:
TVC:USOILLong
by TradingBrokersView
Crude oil looks set to bounce ahead of OPECWith oil prices having fallen around -25% from the September high, a correction higher may be due. And as prices failed to hold beneath $70, Wednesday's bullish hammer (which is also a higher low) has caught out eye). The hammer was coupled with above-average volume to suggest demand around $75, and the initial break below $70 was seen on strong negative delta (more sellers than buyers) which means the subsequent move higher likely forced them to cover and reconsider their direction. A move towards $75 could help improve the reward to risk ration for an anticipate move to $80, a break above which brings $82 into focus just beneath the January and April highs.
NYMEX:CL1!Long
by CityIndex
WTI CRUDE OIL Buy signal under the 4hour MA50WTI Crude Oil / USOIL is trading inside a Channel Down for almost 2 months. The recent Lower Low on its bottom is so far replicating the previous one on October 6th. Today's sudden decline made a symmetric pull-back as on October 12th. This is the final short term buy opportunity before the price approaches the top of the Channel and the 4hour MA200. A crossing over the 4hour MA50 will confirm the buy. Target 79.50, which is under Resistance A, like the Lower High of October 20th. Previous chart: Follow us, like the idea and leave a comment below!!
TVC:USOILLong
by TheCryptagon
Crude Oil Futures ~ November TA V2 (4H Intraday)NYMEX:CL1! chart mapping/analysis. Note: TradingView chart B-ADJ adjusted for contract changes. What's on the chart: Converging parallel channels (light blue) aka diamond box pattern, framing price action into a pennant formation on higher timeframe. Descending parallel channel (white) emphasizing current downward trend since late September peak. Fibonnaci levels highlight key support/resistance zones. Short-medium term outlook: Sharp reversal (short-squeeze?) from over-selling after breaking out lower range of parallel channel (white). Bullish reversal = rally back above 50% Fib. Bearish continuation = further selling below previous low towards 78.6% Fib / lower range of parallel channel (light blue) confluence zone. Watch for commodity trading trend/sentiment in either direction - leading into upcoming OPEC+ decision re: 2024 supply cuts, TBC.
NYMEX:CL1!
by BlueHatInvestor
WTI bears eye a move down to $80Last week's swing trade to $90 worked out well, yet momentum ha since shifted lower. I noted in the recent COT report that managed funds and large speculators have been trimming long exposure in recent weeks, and that managed funds increased short exposure last week despite the slew of negative headlines surrounding the Middle East conflict. This also coincided with the two small bullish weekly candles, which appeared to be corrective on the weekly chart - and therfore suggests lower prices. A lower high has formed below $90 and momentum turned lower. As support has been found around the Jan/April highs, we suspect a bounce is due. And this could allow bears to fade into favourable prices below $87 - $87.50 on the assumption a breakdown is pending ahead of its move to $80. Should this be part of a larger decline, note that $75 and $70 are near the 100% and 138.2% Fibonacci projection levels on the daily chart.
NYMEX:CL1!Short
by CityIndex
WTI CRUDE OIL: At the bottom of the 6 week Channel Down.WTI Crude Oil hit today the bottom LL trendline of the six week Channel Down, turning oversold on the 1D timeframe (RSI = 31.036, MACD = -2.860, ADX = 46.284). That alone is a strong medium term buy signal, aiming at a +10.15% rise (TP = 79.50), which is how much the previous bullish leg of the Channel rose by. That is where the R1 level is also (79.75) and depending on how aggressive the rally will be, it may even extend as high as the 0.618 Fibonacci level (again same as the October 20th LH) and test the 1D MA50. Keep in mind that the 1W MA200 is slightly lower and is the level that supported WTI on many successive tests from March till June, closing all 1D candles over it. Also the last time the 1D RSI broke the 30.00 oversold level was on March 17th and a very aggressive rebound followed. See how our prior idea has worked: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
1
WTI Crude oil front expirationOverview: with today's fall in price, having reached $73.80 support area, and with a divergence on RSI, we consider close the corrective structure ABC on the daily time frame. Strategy: Moderate bullish position's delta , Our current position's delta: +0.30 Bullish first target: $75.00/$75.30 Bullish second target: $76.00 Mandatory rebalancing level / Stop loss: on breakout of the daily's low Bearish first target: $73.00 Bearish second target: $72.20
NYMEX:CL1!Long
by DeltaZeroFinance