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Crude-oil

WTIUSD / Oil - Technical AnalysisReviewing the daily chart shows extreme pressure to the downside over recent days, yet the bottom trend line held. We are still range bound with no clear trend, however analysing the current range, an uptrend is assumed. It is important to counter in the news and market sentiment. With ongoing conflict affecting supply chains, and concerns over supply chains being cut-off or heavily reduced, this will negatively impact supply and increase demand - leading to higher prices. Technical Analysis RSI is nearing the oversold level, and has on the last 2 days turned upwards - however looking over the last few days, this is no guarantee of continuation. We have a bullish looking formation in the last 3 days of daily candles, with large wicks rejecting the botton of the trend line. Support levels: 100.95 93.00 84.30 73.30 Resistance levels: 126.35 111.50
FXOPEN:XTIUSDLong
by robertofiorentino9
1
Crude needs to bounce off retest support today...Previously bullish on Crude Oil, especially after it met expectations to break out of the triangle. However, it did meet resistance and failed with a gap down, pushing back to retest the triangle. At this point, pre-(US)market hours, Crude broke back into the triangle, which would be bearish in nature, expecting an exit on the other side to ensue in due course. So, in short, be the end of the trading day, Crude needs to spike back up above 18 May close. The OSL line is currently below the 55EMA. Will review again...
NYMEX:CL1!
by Auguraltrader
USOIL: Higher Crude Prices Coming The oil market is currently the battleground of a tremendously hard-fought struggle that will likely resolve in favor of higher prices with an increase in volatility along the way. After decisively holding the line above $100/bbl in recent weeks, Crude Oil looks ready to extend gains. On one side you have the price suppression from the US-led SPR releases, and the echoing effects of the FED and Central Banks stepping on the brakes. Then on the other side are the supplies as Russian crude gets harder to place (aside from Asia), risks to complementary sources of energy (especially gas), a foot-dragging OPEC+, and support for consumption in ex-China economies as they move beyond the pandemic. The latest news from Europe is supportive of prices, especially the choking off of Russian gas flows to Poland and Bulgaria . That'll boost energy costs, and may be the precursor to interruptions elsewhere . On top of all that, the EU is set to begin transitioning away from Moscow's oil , as well as a shift away from Russian business from major trading houses . U.S. crude stockpiles rose 619,000 barrels last week . However, refined products markets continued to show signs of extraordinary tightness as the disappearance of Russian oil forced Europe and Latin America to depend more on U.S. imports for fuel. Taking all this into consideration, Crude Oil looks set to push higher.
TVC:USOILLong
by NoOneWhoIsSomeone
2
USOIL - Choppy but still bearishYesterday, we showed a bearish breakout in the RSI of USOIL. Although, later, during the trading session, this breakout became invalidated, and RSI moved back above the horizontal support. Despite that, we remain bearish on the USOIL, and our price targets stay in place. Illustration 1.01 The idea above shows yesterday's intraday breakout below the support in the RSI on the daily time frame chart. Technical analysis - daily time frame RSI, MACD, and Stochastic are all bearish. The same applies to DM+ and DM-. ADX exhibits growth which signals that the bearish momentum is gaining strength. Overall, the daily time frame is bearish. Illustration 1.02 The picture above shows the retracement in the RSI on the daily chart. Technical analysis - weekly time frame RSI and Stochastic are bearish. MACD performed a bearish crossover recently; however, it remains in the upper area of the bullish zone. DM+ and DM- show bullish conditions in the market, with ADX suggesting their further deterioration. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
2