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Crude-oil

Technical analysis update: USOIL (24th August 2021)USOIL rebounded from its recent low 2 days ago to over 67 USD today. This retracement from 61.76 USD is pretty significant as price soared above 65 USD price level which acted as siginificant support before the selloff. We mentioned in our previous post that if WTI oil manages to hold above 65 USD this would be particularly bullish developement for it. In recent trading sessions Stochastic gained bullish direction. In addition to that RSI reversed to the upside from oversold area below 30 points. At the same time MACD strives to turn bullish and follow RSI. However, we need to note that MACD still remains in the bearish territory and needs to be closely observed over the next few days. We are currently bullish on USOIL. Our medium price target remains 77.50 USD and long term price target remains 80 USD. Now as price retraced back above 65 USD we would like to set short term price target to 70 USD. MACD daily timeframe: Stochastic daily timeframe: Prior developements from 18th August 2021: Here we warned our readers that if price plunged below 65 USD then more selling was probable. As that happened we abandoned our short term price target of 70 USD. We also pointed out support level at 61.58 USD and discussed the possibility of fake breakout below 65 USD. Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
Crude Oil setup to rally to new highs - $USOIL $CL $CL_1 $XOMAside from Crypto, I've had the most success in the last decade trading crude based on a combination of technical analysis (classical charting) and trading the news (economic indicators, such as OPEC releases). Between March - June 2021, Crude oil prices formed a cup and handle that concluded with price reachings its target just above $75. Price then corrected, forming a triangle that turned into a bear trap as sellers sold the breakdown before price rallied back into the consolidation. From failed moves come fast moves. Over the last 6 weeks, price has formed an inverted H&S. Having occured after a downside break and failure, this is an immediate buy signal with fast upside price implications. Oil is a fun and scary market to trade because of the volatility and liquidity combined with leverage opportunities. Be safe, j
NYMEX:CL1!Long
by jBTCkingaling
1
WTI Crude - Breakout Imminent?Oil prices have rebounded strongly over the last couple of weeks, with WTI coming within a whisker of $70 before profit-taking kicked in. The pullback today was short-lived and after falling close to $67 it recovered the bulk of the losses to trade in between two key technical levels. Above, $70 is an important psychological barrier that coincides with the 200/233-period SMA band on the 4-hour chart. This is also around the 55/89-day SMA band. Below, the 55/89-period SMA on the 4-hour chart coincides with recent support that has been tested on a number of occasions this past week. A breakout in either direction may indicate the direction of travel in the coming weeks.
OANDA:WTICOUSD
by OANDA
CRUDE OIL (WTI) Technical Outlook & Price Action 🛢️ Hey traders, I received a lot of questions about WTI Oil. Analyzing a daily time frame, since 77.0 level - current year's high was reached, the market started a nice correction cycle. Trading in a local bearish trend from the beginning of July, the price managed to form multiple bearish impulses setting lower lows and lower highs. From 20th of July though the price is stuck on 65.0 level. Setting two equal lows there, for now, the price didn't manage to break that. However, the lower highs that the price keeps setting, signify a bearish accumulation. Be prepared for a breakout attempt of the underlined yellow support and sell the market after a daily candle close below that. Next support will be 62.0 level. For now, I wouldn't trade OIL, Be patient and wait for a breakout first! ❤️Please, support this idea with a like and comment!❤️
TVC:USOILShort
by VasilyTrader
19
On OPEC & OILSince May 2021, S&P 500 has gained almost 10%, while Copper/Oil ratio has lost 52%; which means oil prices are relatively higher than the Global economic growth capacities. IEA reported the same idea on Global OIL demand this week, which is totally in contrast with OPEC's demand assessments noted in it's August report. Since these high prices are weighing on U.S. Trade Balance & causing inflationary pressures, White House has already reached OPEC for lower prices. While OPEC is counting on strong Global growth to reach it's basket pricing, a failure on that could force the Cartel to cut it's prices; The bad scenario is a continued divergence between OPEC basket pricing & the global growth capacities, which could at last end in a pressure on World Economies which are already in ultra low Interest Rates & looming Tapering stages. I believe the above divergence scenario has a little chance to happen, But still a possibility since OPEC miscalculation isn't new. Whether OIL prices lower to match the world growth capacity or world recovery reach the high energy prices according to OPEC's anticipation, is to be judged by the unveiling Fundamental Factors including Delta variant outbreak & vaccines effectiveness. However any prolonged divergent policy, despite being unlikely, could cause recessionary pressures.
TVC:UKOIL
by Alireza_Bahmani
2
WTI POTENTIAL LONG SCENARIOCRUDE OIL is trading in a kind of a massive wedge And now oil is falling down to retest the rising support and trendline around 68.00-69.00$ From the Support line expecting a local pullback With the final target being the horizontal resistance above around 71.00 $! Today is NON=Farm Payrolls and traders can see big movements. If the OIl breaks the support on 68.00 , next target would e 63 $ Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
TVC:USOIL
by legacyFXofficial
Crude Oil (CRUD) UpdatesQuick update on crud oil (the investment is on the "CRUD" ETC as you well know). No fundamental news from OPEC, so let's analyze the chart, because we have reached an important point. After the retracement practically lasted from 6 to 20 July, the price with a classic "V shape" is returning to the 5.80 area. I highlighted a similar situation in the past when in May, after some profit-taking, there was a double top in the € 5 zone. It is not certain but it is highly probable that such a situation will repeat itself when the price touches the previously mentioned level. As far as I am concerned, I have already said that I consider the level of 8 € the real target, but obviously, we are talking about a raw material, very linked to what is happening in the world, in a moment of recovery, but recently threatened by the Delta variant. of the virus. A very uncertain picture and the markets generally don't like uncertainty. We must constantly follow the news and check that the price does not fall below the level of 5. 05 that I recently traced. In fact, this could mean a trend reversal and for many who may have an entry price close to that level (possible since it was a breaking point of an important resistance). a risk of a possible loss. But by far, August 1st, the price has returned to the uptrend channel clearly visible on the chart, which I have drawn. This we know. In an ideal scenario, there should be a strong break with a daily candle closing above 5.80. If accompanied by volumes it would be a clear signal of continuation of the trend. In the event of a retracement, for those who have been investing for a long time, the most interesting levels to add positions are 4.577 (green line on the chart) and the SMA 200 moving average. I remember that we are talking about a commodity, so the scenarios could change radically at a fundamental level, so if you were long, follow the economic calendar, the trend of the dollar, and the seasonality very carefully. however importance. Lazy Bull
MIL:CRUDLong
by LazyBull5
CRUDE OIL Swing Forecast! Sell! Hello,Traders! CRUDE OIL is trading in an uptrend Making a spectacular recovery after the COVID crash And there is still some way to go However, a massive monthly resistance level is ahead And it looks ironclad to me Which makes me think that we will see a correction That is long overdue, and judging by the nearest strong support level The correction might be as big as 15% from the highs Sell! Like, comment and subscribe to boost your trading! See other ideas below too!
TVC:USOILShort
by TopTradingSignals
6