Crudeoilwti
CL Crude Oil WTI LONGMy bias all week has been for oil to trade to the PWH. So far, I've been given no trigger to get involved.
However, end of NY session saw H4 candle bullish closing disrespecting bearish arrays.
I want to see these levels respected as bullish arrays to then look for m15 bullish displacement long entry.
WTI Crude oil global trade analysis
U.S. crude oil inventories fell by 6.674 million barrels in the week ended January 19 from the previous level of 483,000 barrels. WTI prices were lower on the day as traders focused on rising U.S. oil production and rising supplies from Libya and Norway.
The short-term (1H) trend of crude oil has repeatedly fluctuated near the E point of the triangle, with the range ranging from 75.30 to 73.30. Oil prices cross the moving average system up and down, and the short-term objective trend enters a volatile rhythm. Judging from the gradually rising arrangement of lows and highs, the short-term subjective trend is still bullish. Crude oil is expected to continue to hover within the range during the day, and buying operations will be dominated by waiting for lows.
WTI crude looks set to retrace before its next big leg higherWTI appears set tor a cheeky retracement. Volumes were falling during its leg higher from $68, and Wednesday closed with an exhaustion candle. Note the strong trading activity around $70 which indicates some bears were caught short and bulls initiated, which assumes short-covering helped fuel the rally and any retracement towards $70 could also be supported.
From here we’re looking for prices to revert to $70. But given the strong support around the June lows / $68 and false break of $70, the bigger picture view is for a bullish rally to develop following a retracement heading into the new year.
$80 seems feasible as an initial target, around the 200-day EMA. But as you’ll see in the next post, a bigger bullish reversal could be unfolding on the weekly chart.
Crude Oil 21/12Pair : Crude Oil
Description :
Completed " 12345 " Impulsive Waves and Making its " ABC " Corrective Waves. Bearish Channel as an Corrective Pattern in Long Time Frame and Its Currently Rejecting from the Upper Trend Line to Complete the Retracement for Break of Structure
Entry Precaution :
Wait for Breakout and Retracement
Crude oil trades around this rangeCrude oil fell last week, the weekly cross small Yang K line to stop falling and start to stabilize, after a continuous decline, a slight short-term rebound. A strong rally held the 67.70 low and established support in the previous low area. A small wave of sun line initially recovered the last big Yin K line and recovered the apex of the big Yin line. The short-term weakness will be turned into a shock, and then with the recovery of space, it will become a rebound upward, and the local formation of a long-short switch. The 4-hour chart relies on the middle rail as a bullish support to rebound, and quickly recovered the lost ground after a brief step back on Friday, while recovering the 72.0 mark, and the step fell the second high point, breaking the weak fall.
Top focus on 74.7-74.5 line resistance,
Focus on 71.8-71.5 first-line support below.
USOIL is heading Lower and lower (~67$)Hello Traders
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(Disclaimer: Published ideas and other Contents on this page are for educational purposes and do not include a financial recommendation. Trading is Risky, so before any action do your research.)
Crude Oil 17/10 MovePair : Crude Oil
Description :
Completed " 123 " Impulsive Wave. Bullish Channel as an Correction after Impulse , It has completed " abc " and Rejection from the Upper Trend Line with Strong Bearish Price Action if it Breaks the Lower Trend Line then Sell
Entry Precaution :
Wait until it Breaks or Rejects Trend Lines
Dirty practices of corporate forecasts portrayed in the mediaOn Tuesday, we touched on the subject of corporate forecasts in the oil market portrayed in the media. In fact, we remarked how the recent announcements of ultra-bullish forecasts were very reminiscent of the 2022 oil market top and that we were pretty skeptical about the rally's sustainability (though we warned about this on a different platform three weeks sooner). Fast forward to today, and we can see that oil is down from nearly $95 a week ago to less than $84 today (down more than 12%). With this price action following recent upgrades for the oil price by various financial entities, we would like to point out a few similar news articles in the past, which often preceded the trend reversal to the opposite direction of the forecast. While we can only speculate whether it is intentional or not, we have seen these practices taking place for years, with big players coming to tell retail investors to buy near the market top or sell near the market bottom. The following presentation aims to advocate that one should always do their own research rather than rely on the opinion of others whose true intent or trading strategy is unknown.
Illustration 1.01
Illustration 1.01 shows some of JP Morgan’s forecasts in the past year or so, written as articles published by various media outlets (keep in mind that we are not showing all of the forecasts; there were some that were actually fulfilled).
Illustration 1.02
Illustration 1.02 displays more corporate forecasts from JP Morgan.
Technical analysis
Daily time frame = Bearish
Weekly time frame = Neutral (turning slightly 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 be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Crude Oil (WTI)This looks like it is poised to head back into a well established $70-$80 range (and then some!). Anticipated long-term USD strength, as well as extended Global economic weakness bodes well for an enduring price weakness outlook.
Technically, Crude is at a major pivot, both, at the top of a rising daily channel, as well as at the top of a descending weekly channel trend line, resulting in a significant confluence region - both of those having price-negative connotation.
The Daily (main signal);
SHORT on any reversal!
... and the 240 min. (secondary signal);
WTI trade analysis
Through the analysis of the hourly chart of crude oil, we know that the last trading day first rose, then fell and then rose again, forming a narrow concussion trend. Since crude oil rose from highs and fell back, it has been in the midst of a concussive adjustment. Last Friday, it was said that an adjustment is imminent. Once the heavy volume breaks through and stands firm at the 91.00 line, it will continue to fluctuate upward. In the early stage, the main bull funds intervened in the weak area at a high level and the market fluctuated all the way down. Currently, the main bull funds continue to flow in and there are signs of strength, indicating that the market is more likely to rise further. The short-term market continues to fluctuate and break through upwards based on the moving average system. In terms of operation, we continue to go high, low and long, focusing on going long on dips.
Crude Oil - Wave CountCrude oil - wave count
Crude appears bullish and may have begun its third wave.
Remember that if the price drops below the red line, it is considered invalid.
This information is for educational purposes only, so trade with caution.
MCX:CRUDEOIL1! NYMEX:CL1! TVC:USOIL CAPITALCOM:OIL_CRUDE FX:USOILSPOT
Crude oil - time for retracement? Crude oil has reached the August highs again, pushed by productions cuts by OPEC countries and weaker dollar. Markets are now awaiting further cues on the US economy and potential interest rate moves. I think it is time for a small retracement in the price, this rally has to end for a day or two, potentially reaching 61.8 Fibonacci retracement traced back from March 2022. highs - around $82.48, which can be a valid target.