Crude-oil
ukoil 8h chart broke down 15% correction warningUKOIL 8hour chart review/outlook. Broke key s/r recently
so expecting weakness next 4-8 weeks. Previously compression
intro triangle pattern and sequence of higher lows was
invalidated recently with break of 83.50 USD.
sequence of higher lows at 76.50 and 79.85, but broke
down with recent sell side pressure mounting due to
US banking crisis. Based on measured move price projection
bears will target 69.50 USD, so this is a 15% correction off
the base of the triangle patter setup.
Recommended strategy: short sell rips/rallies and exit
final TP at 69.50 on sell side.
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WTI bearish breakout coming soon?We're seeing an ascending support line hold prices just above the 72.72 support level. If price were to break this support level along with the ascending support line, we could see a big drop to major multi-swing low support at 61.97.
It's worth noting that there's a bearish ichimoku cloud that is pushing prices lower too with its bearish momentum.
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easyMarkets WTI Oil Daily - Quick Technical OverviewWTI Oil continues to move sideways. We need a clear breakout through one of our levels in order to consider the next short-term directional move.
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Range Trading Light Crude Oil-Crude oil is currently trading in a ranging market environment between 83.34 and 70.08 (larger range). Price is also in a smaller range between 82.66 and 72.46 (smaller range).
-From how I see the markets, the 10AM Feb 23 candle was a retest of a fair value gap before a move higher continues aiming between 79.73 and 81.50 price levels. I would like to see the fair value gap left open and not rebalanced completely.
-Bias: Bullish (within the ranges outlined only)
-Why? Some buyside liquidity will likely be rebalanced with a possible sweep to the upside to test the 83.00 level.
-Targets: 79.73-81.5, possibly up to 82.66 for a sweep.
WTI BULLISH OUTLOOKUS YoY CPI came above expectations yesterday, which led to expectations of further push of the prices. Although US Oil cushion reserve came above expectations, OPEC reported declined production of the month of January, and the expectations are for further increase of global demand for the crude oil.
On the 1H graph the price had broke the resistance of the Flag pattern, suggesting a start of a bullish movement, where, if continues, the price might test levels of 79.63
In the opposite scenario the price might fall to levels of 79.03
Both MACD and RSI indicators are confirming the bullish scenario.
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Brent Crude per Monthly ChartCurrently trading at historical high. Recent long low wicks suggest buoyancy. A determined break above highs of recent monthly candles might see a good long trade.
USOUSD (Crude Oil) Daily: 06/02/2023: Does it fall more?
Main idea:
According to the weekly analysis, we expect a bear market.
In this case, there is a liquidity pool below 72.42 that can be defined as a first target. There is good support at 72.05, if the price can break this support, the price can fall to 67.5.
After collecting liquidity under 72.42, the price may have a short-term upward move. We can define 74.83- 75.7 as a supply zone that can push the price down.
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🗓️06/02/2023
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Crude Oil at Various Support Levels As you can see Crude is currently positioned on a 4/5 year support level which was first tested in May 2018.
As well as that it has reached the breakout point of the descending triangle and has perfectly placed itself on the 0.786 fib retracement level.
All of these indicate a bullish reversal in my opinion, however I wouldn't be surprised to see a bounce before those levels are broken to get rid of weak hands.
Let me know what you think!
CrudeOil Futures ( CRUDEOIL1! ), H4 Potential for Bullish RiseTitle: CrudeOil Futures ( CRUDEOIL1! ), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 7676
Pivot: 6764
Support: 5832
Preferred case: On the H4 chart, we have a bullish bias. To add confluence to this, price is above the Ichimoku cloud which indicates a bullish market. If this bullish momentum continues, expect price head back up to retest the pivot at 6764, where the 50% Fibonacci line is.
Alternative scenario: Price may possibly head back down towards the support at 5832, where the previous swing low is.
Fundamentals: There are no major news.
Crude oil a leading inflation indicatorTwo observation made the last two years between crude oil and CPI:
1) There were 5 waves up and
2) 3 significant peaks
However, between the last 2 peaks of crude, it was a lower low follow-by its downtrend, and CPI followed this downtrend subsequently.
Among many commodities, crude oil moves the most in tandem with CPI, but crude seems to lead in this study.
Refer to the daily chart on your own, try drawing a downtrend line, you will see crude oil prices has broken above its downtrend line recently. If crude oil is going to transit to an uptrend from here, we will have to track CPI very closely. The inflation fear is still there.
Did a video on this observation last week, refer to the link below.
Crude Oil Futures
Minimum fluctuation
0.01 = $10
0.10 = $100
1.00 = $1,000
10.00 = $10,000
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WTI Outlook 20/01/2023WTI remains firmer for the second consecutive week even if the intraday buyers retreat during early Friday morning in Europe. That said, the black gold slides to $80.95 while paring the daily gains by the press time.
In doing so, the energy benchmark takes clues from the recent stabilization of the US Dollar, as well as hawkish comments from the Federal Reserve (Fed) officials. On the same line could be the headlines suggesting the US recession and higher crude oil inventory build in the US.
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.
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WTI DAILYThis may come as a shock to all of you but we are at the lower end of the market historically, and we have begun to see the rapid decline of market trends.
Long positions are being made which is why we are seeing such a short market to buy up all the great pricing for a swing to the 100s in the mid-year rise.
this cycle will place us in new market highs pretty soon.
CrudeOil Futures ( CRUDEOIL1! ), H4 Potential for Bearish DropTitle: CrudeOil Futures ( CRUDEOIL1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 7676
Pivot: 6764
Support: 5832
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing below the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly continue heading towards the support at 5832, where the previous swing low is.
Alternative scenario: Price may possibly head back up to retest the pivot at 6764, where the 50% Fibonacci line is.
Fundamentals: There are no major news.
CRUDE OIL Short From Resistance! Sell!
Hello,Traders!
CRUDE OIL went up from
The lows to retest the
Key horizontal resistance
But Oil is already locally
Overbought so I think
That after the retest of
The level we will see
A bearish move down
Sell!
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