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WTI Oil Price Declines Amidst China Import DataDuring Monday's trading session, the WTI oil price commenced a decline, hovering around $77.35, following a bullish candle that countered three consecutive negative days. Market analysts suggest that the price may experience a pullback at the resistance and supply area indicated on the chart (highlighted in the red rectangle). This anticipated pullback is primarily driven by recent data indicating a notable decrease in oil imports in China. According to reports, oil imports in China plummeted by approximately 5.7% to 10.8 million barrels per day (bpd) in the first two months of the year, compared to 11.44 million bpd recorded in December. This decline in oil imports has exerted downward pressure on the WTI oil price, which is currently trading around $77.00 per barrel during the Asian trading hours on Monday. Given the prevailing market conditions, market participants are closely monitoring the potential for a pullback in the oil price, with a targeted level around $78, followed by a potential downward push towards the $76 area or lower. Amidst these developments, the market is adopting a cautious stance ahead of the release of crucial economic data from the United States (US). Specifically, investors are eagerly awaiting the release of the Consumer Price Index (CPI) data scheduled for Tuesday. Additionally, Retail Sales and Producer Price Index (PPI) data, expected on Thursday, are anticipated to provide further insights into the US economic landscape. These data releases carry significant weight amidst growing expectations of a Federal Reserve (Fed) interest rate cut in June. As the week progresses, market participants will continue to monitor these key economic indicators to gauge the overall health of the US economy and its potential implications for future monetary policy decisions by the Fed.
BLACKBULL:WTIShort
by FOREXN1
1
CL OIL H4 11 March 2024 🛢 CL OIL, H4 🛢 11 March 2024 Crude oil prices experience a slight dip as apprehensions persist over soft Chinese demand. Despite OPEC+ extending supply cuts, China's conservative economic growth target of around 5% for 2024 raises concerns. Analysts emphasise the challenging outlook without additional stimulus measures. Attention shifts to major central banks' potential rate cuts, including the Federal Reserve and the ECB, as lower rates could stimulate oil demand by fostering economic growth. Oil prices are trading lower following the prior breakout below the previous support level. Suggesting the commodity might extend its losses. Resistance level: 78.00, 80.20📉 Support level: 75.95, 73.45📈
TVC:USOILShort
by top_fx
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 :-)
FX:USOILShort
by ShahedZare
Crude Oil Analysis: Bullish Momentum Expected After BreakoutCrude oil has recently encountered resistance and experienced a pullback from this level. However, it is currently trading within an ascending channel, suggesting that the bears are losing momentum, while the bulls are gaining control of the market dynamics. Key Observations: 1. Resistance Encounter: Crude oil faced resistance at a significant level, prompting a temporary retreat. 2. Ascending Channel: The price action is confined within an ascending channel, indicating a bullish bias in the market sentiment. 3. Breakout Confirmation: Notably, the price has broken and closed above the critical resistance level of 83.00, signaling a potential shift in momentum towards the upside. Anticipated Move: - With the breakout above 83.00, I anticipate a continuation of bullish momentum in the near term. - The breakout suggests renewed strength in the market, potentially leading to further upside movement. - Bulls are likely to dominate as the momentum shifts in their favor, with potential targets being the next resistance levels. Trading Implications: - Consider long positions or bullish strategies in anticipation of the upward momentum. - Implement risk management strategies, including stop-loss orders, to mitigate potential downside risks. - Monitor price action for confirmation and adjust trading plans accordingly based on evolving market dynamics. Overall, the breakout above the resistance level of 83.00 suggests a bullish outlook for crude oil, with the potential for further upside movement in the near term. --- Share your thoughts in the comments and support the analysis with boost thanks for the follow.
EASYMARKETS:OILUSDLong
by Forex_Haleh_signals_professor
1
CL WTI Crude Oil ShortMy weekly bias is for price to trade up to previous weeks highs, but Mondays price action has me leaning towards a pullback before we trade up mid/late week. Today's candle was quite bearish, so I am looking for price to trade down to Monday's lows, and possibly trade into the untapped lows from several daily candles formed last week. I want to see price trade into and respect a bearish premium array to trigger me to look for short entry on m5/m15.
NYMEX:CLJ2024Short
by Tradius_Trades
USOIL getting positioned for more gains? Yesterday, OPEC and its allies announced plans to extend a voluntary oil production cut of 2.2 million barrels per day through June 2024. Currently, the USOIL trades near $80.20 per barrel, and its structure is undergoing a significant change. Since late November 2023, the USOIL has traded predominantly sideways between $70 and $80 per barrel. However, last week, it broke above the resistance at $79.25 and established a new high in more than three months. By doing so, the USOIL formed an ascending channel, which is a bullish structure. In addition to that, the ADX started to tick slightly higher on the daily chart, suggesting the trend might be gaining bullish momentum. On top of that, technical indicators (on the daily chart), including RSI, MACD, and Stochastic, all turned to the upside, which is yet another bullish sign. Finally, it looks like the USOIL might be awakening and getting positioned for more gains in the short-term and medium-term future. Illustration 1.01 While OPEC and its allies are cutting oil production, the United States is doing the opposite; in fact, the U.S. crude oil production rose approximately 10% in 2023. Technical analysis Daily time frame = Bullish (weak trend) Weekly time frame = Neutral 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILLong
by Tradersweekly
6
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 :-)
FX:USOILLong
by ShahedZare
Crude Oil WTI - Analysis (ICT)Simple analysis on the Monthly timeframes. There is trendline liquidity residing above, which I believe is the next draw on price. With that in mind, I noticed price react nicely off of a 5-Month FVG and Orderblock. With that in mind, I'm anticipating price using the current Sibi that it is in to become an iFVG. I would like to see a Monthly candle close above it and then use it or a created Bisi as support to trade higher. Life is simple, don't complicate it. - R2F
NYMEX:CL1!Long
by Road_2_Funded
USOIL | POTENTIAL BREAKOUT IMMINENTUSOIL finds itself at a critical juncture, facing a formidable horizontal resistance level at 79 that has proven unyielding since November 2023. However, a noteworthy development is underway as it sustains its position above the DEMA100 for the first time since October 23. Furthermore, there is discernible formation of an inverted head and shoulders pattern within the confines of the 79 resistance zone. This pattern typically signifies a bullish reversal, hinting at the possibility of a breakout. To confirm the bullish momentum, the bulls need to achieve a daily close above the 79 mark, which would effectively unlock potential upside opportunities. It goes without saying that maintaining a stop-loss level below 76 provides a prudent safeguard for any long positions. Additionally, the EMA100 serves as a dynamic trailing stop-loss indicator, aiding in managing risk effectively.
TVC:USOILLong
by TradeTrio
WTI. Expecting and Suggestions about it.Good day. WTI. Last month showed interesting upward and downward movements; in anticipation, everything closed for an upward movement. Due to the instability in the Middle East and lower Africa, and indeed in the world, these factors influence more likely the Growth of Oil, but let's move on to the Technical Picture. Since the beginning of the year it is trading above 10% growth. The 10% level is the closing price of the year - 71.65 = 78.81. Next we have the expected levels of 15 and 20% growth - 82.39 and 85.98. Looking at the 1Month Charts, we see a picture of the absorption of December trade into January. Moving on to Weekly - We see that since the week of January 29 it has been trading in this range (Inside Bar itself is a very strong combination) and it is breaking through upwards. That's why she says growth. The support level remains at 78.81, if suddenly there is a false breakout. Next, we see that Exponential Averages say that the price passes the Annual from bottom to top, and the Quarterly and Monthly are lined up at an Angle in growth. Further, using Donchian, building a corridor of Highs and Lows for the period, and we look at the quarterly range, which breaks through at the Highs level at 79.62. Therefore, the Course for this month is clear. For the most part, 80% expect growth, depending on the Situation. Thank you all. Goodness and Peace to all
NYMEX:CL1!Long
by OpnTrader
a daily price action after hour update - oilGood evening and i hope you are well. Quote from my weekly outlook: short term: slight favor for the bulls to reverse Friday and trade above 79, there could still be resistance if bulls won’t push above with some force. bears win below 75 for at least 74 or lower That outlook was good for 300 pips. Hope you made some. bull case: Bulls got exactly what i have laid out. 79.62 was the high before many took profits and bears shorted aggressively. Bulls bought the bull trend line right under the 1h 20ema and to me that’s bullish because bears could not get lower lows. I expect bulls to trade back up, as long as it stays above 78. Target is still 80. bear case: Bears sold the highs and reversed the big breakout but until they break below the bull channel under 78, they have to cover and wait for higher prices again. short term: sideways to up for 80 and invalid below 78. medium-long term: same as last weeks. sideways inside the big triangle, above 80 odds favor bulls to get to the upper bear trend line around 82-84 trade of the day: buy 78 and sell 49 when the big bars were forming or buy/sell at the bull channel lines
NYMEX:MCL1!Long
by priceactiontds
Futures market backwardation suggests a sluggish outlookDefying our expectations, the West Texas Intermediate crude oil rose above $75 and began to form a rectangle pattern between $76.16 and $79.25 (following a breakdown of negotiations between Israel and Hamas). Currently, the USOIL is trading near the lower bound of this range, which also coincides with the 20-day SMA that acts as an alternative support level. On the daily timeframe, the MACD performed a bearish crossover, and RSI with Stochastic reversed to the downside. Simultaneously, the ADX continued lower, indicating a lack of any trend. Yet, despite that, the futures contracts continue to trade backward, which suggests the market’s sluggish outlook for the oil’s future price. Illustration 1.01 Illustration 1.01 shows the USOIL’s daily chart and simple support/resistance levels. Illustration 1.02 The MACD line and signal line performed a bearish crossover. However, they are still within the bullish area above the midpoint. Technical analysis Daily time frame = Neutral Weekly time frame = Neutral 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOIL
by Tradersweekly