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Crude Oil Swing TradeThe idea here is about Crude Oil Swing Trade: I am bullish on short term for crude oil due to the below observed technical factors. 1. Support established on a daily chart at the point of falling wedge as per below: 2. Deep Crab Harmonic pattern completed on a daily chart as per below: 3. Leonardo Harmonic pattern completed on a weekly chart as per below: 4. Trading below 20 & 200 EMA on daily chart & weekly chart. 5. RSI is at 34.67 on a Daily Chart & 34.36 on a weekly chart at the time of publishing. 6. MACD below signal line on daily & weekly chart . Projected targets as per Deep Crab & Leonardo Harmonic provided in the chart & Weekly Image attached as above. Stop Loss: provided in chart. Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”. Do you like my TA & ideas!! Want to keep yourself updated with current market action? Then don’t forget boost & to subscribe for more analysis. Do leave your valuable feedback & comments for any improvisations. Cheers.
CAPITALCOM:OIL_CRUDELong
by Tron029
4
Fed may destroy Oil Demand - Stay CautiousAs soon as the US Fed shifted into rate increases - traders should have suddenly elevated their protection tactics. The Fed's objective is to beat inflation and remove the easy money mentality. In order to do that, they may have to break consumers, industry, global economics, and the general demand cycle for cars, homes, credit/debt, and more. What happens when the Fed raises rates to a point where the global economy comes to a crashing halt? Consumers react by pausing or stalling travel/spending plans - creating demand destruction for Oil, Lumber, and other commodities. In my opinion, it is just a matter of time before Crude Oil collapses downward, headed into a typical seasonal cycle (winter). I believe we may be entering a period of very dangerous demand destruction as the US Fed may have pushed rates too high (again). Stock up. Things could get really WONKY. Follow my research.
NYMEX:CL1!Short
by BradMatheny
CRUDE OIL EXPECTED RALLYRising US crude exports, indicator for increased demand, and weakening of the dollar helped for a price surge of WTI, which broke and close above the 12 days formed resistance on the 4H graph. The technical indicators are also suggesting a bullish movement, with MACD histogram above 0 line and rising and RSI above 50 neutral line. If this movement continues, the price of the instrument might try to reach levels of 93.8, but in the opposite scenario the price might test its previous support at 82.7 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.
BLACKBULL:WTILong
by legacyFXofficial
Is Crude going to fall below $69 over before the end of 2022?You tell me? My analysis is that Asia/Europe will contract demand as high Natural Gas and other economic constraints pull purse strings throughout the Christmas Holidays/Winter. If this happens, we may see a demand destruction cycle take place in Oil that could be 40~50% of the demand destruction that took place when COVID hit. The new strains of COVID are already making news and any pump in infections throughout Asia/EU/Africa may send 65% of the world into LOCKDOWNS again. Don't get too bullish as it appears Crude is attempting to settle below $69 ppb. FYI. Follow my research.
NYMEX:CL1!Short
by BradMatheny
1
WTI oil - Deteriorating demand to weight on the higher oil priceSince our short-term price target of 80 USD was taken out a few weeks ago, we abstained from setting short and medium-term price targets because of very high volatility in the oil market. Despite that, we stuck to the long-term price target of 70 USD, to which we remain committed. Our views are based mainly on fundamental factors concerning the deteriorating global demand for oil, with the OPEC slashing demand for 2023 and China maintaining its zero covid policy for longer. Technical analysis - daily time frame RSI and Stochastic are bearish. MACD is neutral. DM+ and DM- strive to perform a bearish crossover. Overall, the daily time frame is neutral/slightly bearish. Illustration 1.01 Illustration 1.01 shows the daily chart of USOIL and two simple moving averages. Yellow arrows hint at bullish breakouts (above SMAs) and subsequent invalidation. Technical analysis - weekly time frame RSI and MACD are bearish. Stochastic is bullish. DM+ and DM- are bearish. Overall, the weekly time frame is bearish. Illustration 1.02 The picture shows the weekly chart of USOIL and two moving averages. The yellow arrow points to the impending bearish crossover between two SMAs; if successful, it will bolster the bearish case. 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 be 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
22
CRUDE down first before all elseA few simple observations that tell of Crude falling over, despite a previous week of strong bullish price movement from OPEC cuts announcements. Weekly chart had crude price break above the 55EMA strongly the previous week with a marubozu like candlestick. However, not only did it failed resistance at 94 (dark green line); it broke back down in failure of the weekly 55EMA (white line). Weekly candlestick formed a Dark Cloud Cover, fully qualified (unlike the SPY. Read about the Dark Cloud Cover candlestick pattern here . This candlestick pattern does not happen often, but is significant as it tells a very logical underlying issue. The gap up is an exhaustion spike, then the downward momentum to more than half of the previous bullish body underscores the overwhelming of the bulls and the victory of the bears. A follow through down candle seals it. To break the current TD Sequential Setup, the incoming week must close way below 79. Oddly enough, to change the primary trend in the daily chart to a bearish trend, price has to close below 79. Coincidence? Maybe, but 79 IS the critical support now. The daily chart (right) has its own failures too. We see a clear breakdown failure of the daily 55EMA, coincidentally about a similar level as the weekly 55EMA (white line). With a retest failure just this week, it ended with a nice large red candle that engulfed the previous day's test of the 55EMA. Here, technical indicators all show more downside to come. In like with all of these, the expected surge of the USD (recently posted and linked below) over the next few weeks; it appears that crude is about to tank to 70-75. Previously projected a downside target of 70, might have to readjust closer to 75, as conditions continue to develop and evolve. Crude appears bearish (again) in the short term.
NYMEX:CL1!Short
by Auguraltrader
WTI Crude Oil headed for 96?Following a 3-day pullback from 93.64, WTI produced a bullish engulfing candle on the daily chart which closed back above the 20-day EMA. Given the strength of the rally from the 76.30 low, we suspect a corrective low has been found. The 4-hour chart shows that there was a lot of trading activity around 87.60 since the September low (which marks the volume POC / point of control). But also note that yesterday's low held above a previous bullish engulfing candle on the 4-hour chart, rebounded above the 200-bar EMA and a bullish engulfing candle closed firmly above trend resistance. Prices are pulling back in Asia so we're now looking for opportunities to enter long above the 88.0 area / monthly R1 pivot point, and anticipate prices to retest the 94 highs and head for 96 - or even the high around 97.66.
NYMEX:CL1!Long
by CityIndex