My view on CRUDEOIL Crudeoil taking support of symmetrical triangle trend line on 1 week time frame.
Looking support 5980-5990
Above it seeming buying opportunity
Crudeoil!
Oil (CL) Should Continue Lower to Build an Impulsive StructureShort Term Elliott Wave View in Oil (CL) suggests that cycle from 4.12.2024 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 4.12.2024 high, wave (1) ended at 72.48 and rally in wave (2) ended at 84.55. The commodity has turned lower in wave (3) with internal subdivision as another impulse in lesser degree. Down from wave (2), wave (i) ended at 83.07 and rally in wave (ii) ended at 83.45. Oil then extended lower in wave (iii) towards 81.25 and wave (iv) ended at 82.16. Final leg wave (v) ended at 80.81 which completed wave ((i)) in higher degree. Wave ((ii)) unfolded in an expanded flat structure where wave (a) ended at 83.74. Wave (b) lower ended at 80.22, and rally in wave (c) ended at 83.82 which completed wave ((ii)).
Oil has turned lower in wave ((iii)) ended at 76.40 low. The market built an expanded flat correction as wave ((iv)) finishing at 78.60 high and turned lower again. CL broke below wave ((iii)) to end wave ((v)) of 1 at 74.59 low and also we ended wave 1 of (3). Up from wave 1, the market bounce in a zig zag correction ending wave 2 at 78.88 high and starting wave 3 of (3) to the downside. After 5 swings lower, wave ((i)) of 3 completed at 71.67 low and currently we are calling 3 swings higher to end wave ((ii)) pullback before resuming lower. Therefore, we expect further downside to complete wave ((iii)) of 3. Near term, as far as pivot at 78.88 high stays intact, expect rallies to fail in 3, 7, or 11 swing for further downside.
Crude Oil (XTIUSD) Make or Break LevelAs per my analysis WTI Crude Oil is at make or break level. 72.47 is now a trend live of 3 month candle low, if it breaks then we can expect for more downside up to 68.40. If price sustained and take support from 72.47 the we can see upside move to 82.08.
Note: This is my personal analysis, only to learn stock/commodity market behavior. Kindly do your analysis/ research to take any trade. Thanks & Regards.
USOIL Trading IdeaBased on Simple Technical Analysis ( Trendline + Support & Resistance )
Risk Disclaimer:
Please be advised that I am not telling anyone how to spend or invest their money. Take all of my analysis as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this page, and they are for educational purposes only. Any action you take on the information in these analysis is strictly at your own risk. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Good luck :-)
CRUDE OIL Bullish Rebound Ahead! Buy!
Hello,Traders!
CRUDE OIL went down and
The price will soon hit a
Horizontal support of 72.50$
From where we will be expecting
A local bullish correction
Buy!
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Check out other forecasts below too!
CRUDE OIL (WTI): Support & Resistance Analysis
Here is my latest structure analysis and
important support & resistance levels to watch and trade on WTI Crude Oil.
Resistance 1: 78.5 - 78.8 area
Resistance 2: 80.2 - 80.5 area
Resistance 3: 82.8 - 83.7 area
Resistance 4: 84.0 - 84.5 area
Support 1: 74.6 - 75.2 area
Support 2: 72.4 - 72.8 area
Consider these structures for pullback/breakout trading.
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Thursday Climb Crude Oil As this week has been short term Bullish I am looking for continuation today.
At around NY open I would like to head down into the 1hr FVG and then show signs it wants to move higher towards the BSL that is marked
Crude Oil Steps In A Corrective RecoveryCrude oil is strongly stabilizing after a completed five-wave drop from the highs, so it's making a higher degree A-B-C corrective recovery. Current impulse up into wave A can be coming to an end at temporary 79-80 resistance area, from where may see a corrective setback in wave B before we will see a bigger recovery for wave C up to 81 – 83 strong resistance zone.
WTI extends rally to form bullish signI think today's big reversal qualifies as a key reversal day on oil. The rally means WTI is forming a three-bar reversal pattern on its daily time frame. Prices have been supported by further sharper-than-expected drop in US oil stocks, suggesting US driving seasons is well and truly underway. A close above the shaded area on the chart in the next couple of days would further boost the appeal of WTI on the long-side. Longer-term, we will need to see a clean breakout from the converging trend lines for prices to establish a clear directional bias.
By Fawad Razaqzada, market analyst at FOREX.com
Crude elliott wave updateCrude elliott wave update
BLACKBULL:WTI FOREXCOM:USOIL MCX:CRUDEOIL1! NYMEX:CL1! TVC:USOIL FX:USOIL CAPITALCOM:OIL_CRUDE BLACKBULL:WTI FOREXCOM:USOIL
Elliott wave Count
Target above 100
MarketBreakdown | USDCAD, NZDUSD, CRUDE OIL, DXY
Here are the updates & outlook for multiple instruments in my watch list.
1️⃣ #USDCAD daily time frame 🇺🇸🇨🇦
The pair is currently testing a significant daily structure resistance.
The intraday price action looks bearish at the moment.
I think that the pair may start a correctional movement
from the underlined blue area.
2️⃣ #NZDUSD daily time frame 🇳🇿🇺🇸
The market is approaching a significant weekly resistance cluster
that is based on 2 important historic highs.
I think that we may see a correctional movement/pullback soon.
3️⃣ #WTI CRUDE OIL daily time frame 🛢️
Crude Oil updated a low on a daily, violating a key horizontal support.
It confirms the strength of the sellers.
The market may keep trading in a bearish trend within the boundaries of the underlined channel.
4️⃣ DOLLAR INDEX #DXY daily time frame 💵
We see a nice correctional movement after a strong bearish impulse.
The market is currently trading within a bearish flag pattern.
Bearish breakout of the support of the flag will be a strong bearish trend-following signal.
Do you agree with my market breakdown?
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CRUDE OIL SUPPORT AHEAD|LONG|
✅CRUDE OIL is trading along the rising support
And as the price will soon retest it
I am expecting the price to go up
To retest the supply levels above at 75.65$
LONG🚀
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USOIL Potential Buy setupTrade Plan:
Entry Level(Buy Stop): 79.400
Stop Loss Level: 75.600
Take Profit Level 1: 83.200
Take Profit Level 2: 87.000
Reasons for bullish bias:
- Price gave LH breakout (DOW)
- Strong bullish divergence
- Safe entry at HH breakout for trend confirmation
Turbo Tuesdays ? Crude OilNice ranged day on Monday leading me to think today won't be as expansive.
Nether less I am looking for Bearish movement but I would like some sort of BSL to be taken meaning I am anticipating a retracement come NY open 0830est roughly.
15min FVG and the 2hr -OB are areas if price was to retrace to I would look for shorts.
Targets are bellow the weekly ssl and the eql's.
Monday Drab Crude Oil We opened with a large Gap to the upside...
So far we have not moved in any direction with any purpose.
To stay bearish running into NY the DAILY -OB should be respected if we retrace back to that level.
Closing the NWOG with a displacement candle would be advantageous for sell side to be taken and the two targets I have noted with the magnets.
CRUDE OIL (WTI): Waiting For Breakout
WTI Crude Oil is currently testing a key daily structure support.
Trading in a bearish trend, the price has a high potential to violate that.
Next week, wait for a bearish breakout of an underlined green area.
A daily candle close below that will confirm a violation.
A bearish continuation will be expected at least to 72.9 level then.
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OIL: Day 3 breakout short reversalHi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you!
“Trade setups, not movements”
1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion)
Monday DAY 1 Opening Range
Tuesday DAY 2 Initial Balance
Wednesday DAY 3 (reset DAY 1) Mid Point Week
Thursday DAY 2
Friday DAY 3 Closing Range ✅ day 2 cycle
2. SIGNAL DAY
First Red Day
First Green Day ✅
3 Days Long Breakout
3 Days Short Breakout
Inside Day
3. WEEKLY TEMPLATE
Pump&Dump
Dump&Pump ✅
Frontside
Backside ✅
4. THESIS:
Long: primary, Friday day 3, market on the backside, is a high quality potential long setup, back to the HOW if criteria will be met. Consolidation till OIL market opening at least (9am NYT).
Short: secondary, not interested today in this scenario, however, the pump of yesterday can fail, with a further failed daily breakout going to re test the LOW.
Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni
OIL: Day 3 short in the market, inside day and potential FGDHi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you!
“Trade setups, not movements”
1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion)
Monday DAY 1 Opening Range
Tuesday DAY 2 Initial Balance
Wednesday DAY 3 (reset DAY 1) Mid Point Week
Thursday DAY 2 ✅ no daily cycle
Friday DAY 3 Closing Range
2. SIGNAL DAY
First Red Day
First Green Day ✅
3 Days Long Breakout
3 Days Short Breakout ✅
Inside Day ✅
3. WEEKLY TEMPLATE
Pump&Dump
Dump&Pump ✅
Frontside
Backside
4. THESIS:
Long: primary, considering the overall template and signal day, I would be looking for a long trade if the market will consolidate till 9am at least for a potential dump and pump template, long trade back to Asia high.
Short: secondary, no daily high has been triggered yet, Oil can potential keep going down. I do not exclude a blow off with the original trend. However, is not a setup I mastered
Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni
Crude EW countCrude EW count
MCX:CRUDEOIL1! TVC:USOIL FX:USOIL FOREXCOM:USOIL BLACKBULL:WTI
Crudeoil elliott wave count
Brent Seell!Based on the previous analysis I had done on this commodity, it is now time for a sell entry considering that the price has retested the support zone, converting it to a resistance zone.
Entry point at 80, SL at 82 and TP at 76.
Thursday Trouble Crude OilWe are nearing the end of the week and have had some nice movement heading lower..
I have marked out the Previous Day Wick ( PD Wick ) If price is to retrace today for NY this is where I would expect it to stop and head lower / consolidate at least.
The Draw on Price are bellow :
Daily +OB
Daily EQL'S
DAILY FVG
WTI Oil - 4HWTI oil completed its second bullish leg and has now formed a reversal setup. The price action shows that WTI missed the ascending channel support and is currently consolidating below the previous support zone, which has now turned into a resistance level. This suggests a potential bearish outlook as the price struggles to regain upward momentum.
With the recent break of the ascending channel, it is expected that WTI may continue its downward trajectory. The consolidation under the new resistance zone indicates seller strength, and further declines could be seen if the price fails to break back above this resistance. Traders should watch for key support levels around $81 and $78 for potential buy signals or continuation of the bearish trend.
WTI rebounds after larger crude drawdownAfter falling sharply in the last few days, crude oil prices were trying to form support as WTI tested its technically-important 200-day average following the release of US oil inventories data. The data showed a larger-than-expected drawdown of 3.7 million barrels on the headline front. Stocks of oil products (gasoline and distillates) and crude inventories at Cushing all showed drawdowns too. In theory, oil prices should find some support on the back of these numbers. However, with global economic data remaining soft this week, demand concerns continue to hold back oil prices. So, a clear bullish signal is needed to encourage the bulls to step back in on oil.
If we see any distinct bullish reversal signals on WTI or Brent, then this would suggest that at least some buying could be on the way in the days ahead, as the previous selling pressure is potentially replaced by buying. Let’s see if that happens today.
By Fawad Razaqzada, market analyst at FOREX.com
