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Crudeoilwti

Technical analysis update: WTI oil (2nd December 2021)Contrary to our expectations, OPEC's meeting resulted in a further drop in the price of USOIL. Sudden drop of more than 2 USD per barrel (to as low as 62.46 USD) occured on headline news regarding the proposal on output hike by Russian Federation. Sudden selloff is shown on 1 minute chart below: It took merely 5 minutes for USOIL to drop over 4.3%. We previously stated that we expected OPEC to ease production as a countermeasure to release of strategic oil reserves by the U.S. and its allies. However, the Russian Federation came forward with the opposite proposal at today's OPEC meeting (to boost production by 400 000 bpd, starting in January 2022). Price retracement after selloff: It took approximately an hour for price to retrace headline news selloff. Overall, we continue to see headwinds for WTI oil in the short-term and medium-term ( mainly due to rise in production, global lockdown measures and ongoing politics between OPEC and the U.S.). Technical indicators show extremely oversold conditions on a daily time frame while weekly time frame suggests that bearish structure may continue to develop further for a little longer. Despite that we remain bullish in the long-term. Technical analysis - daily time frame RSI broke into the oversold area for the second time now. We expect its reversal and crossover above 30 points. We expect such an occurrence to be accompanied by a bounce in price. MACD continues to develop bearish structure and it is getting overextended. Stochastic, DM+ and DM- also show bearish conditions. ADX seems to be growing rapidly which suggests that correction nears its end (as peak in ADX often coincides with peak in prevailing trend). Technical analysis - weekly time frame RSI, MACD and Stochastic are all bearish. DM+ and DM- show the same conditions. ADX decreases which suggests that trend of higher degree is becoming neutral. Support and resistance Major resistance level sits at 85.39 USD while the major support level sits at 61.58 USD. Resistance 1 is at 74.21 USD, Resistance 2 is at 75.47 USD and then Resistance 3 is at 76.95 USD. Medium-term resistance is at 69.60 USD. Short-term resistance appears at 69.21 USD and immediate support/resistance sits at 65.11 USD. DISCLAIMER: This analysis is not intended to encourage any 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 Elliott Wave Idea - UpdateAn update on below idea: Oil hit the 0.382 extension exactly around $84,07 and has since fallen sharply. In my opinion this is the start of the correction of the move up from the lows in April 2020 to the highs in October 2021 which could end in the $50 to $58 area. Just theorizing here that we're currently in the middle of wave 3 of A where A would complete around $61 before a correction before proceeding down towards that $50-$58 level.
NYMEX:CL2!
by Joseph_King
7
Technical analysis update: USOIL/WTI oil (30th November 2021)In our previous idea we noted that we saw short-term and medium-term headwinds for further rise in the price of oil due to ongoing politics between the U.S. and OPEC. We also stated that we expected the OPEC to take countermeasures in response to release of strategic oil reserves by the U.S. and its allies. We await tomorrow's OPEC meeting (and with it more insight into the mentioned countermeasures) which we expect to bolster the bullish case for oil in the long-term. We expect these measures to come in the form of less production quotas for cartel members. Price of USOIL fell over 21% within the last 36 days. At the moment, technical indicators point to oversold conditions in the oil markets. We think that the current price is extremely attractive for a long position (re)entry. However, we are very cautious as it is possible that the U.S. and its allies will take actions to offset measures taken by the OPEC. If this is to happen, then we expect the price to continue lower towards 65 USD per barrel. Technical analysis - daily time frame RSI is oversold. MACD continues to develop bearish structure with no signs of flattening. Stochastic is also bearish. DM+ and DM- indicate a bearish trend with ADX suggesting its strengthening. Overall daily time frame is very bearish. However, some indicators reached an oversold condition already which suggests that end of correction might be in sight. Though, all depends on further measures by the U.S. and OPEC. Technical analysis - weekly time frame RSI is bearish. Similarly, Stochastic and MACD are also bearish. DM+ and DM- show bearish condition, however, ADX continues to decline which suggests that trend of higher degree is weakening. It is possible that the price will move in range for a while before a new trend will begin. Support and resistance Major resistance level sits at 85.39 USD while the major support level sits at 61.58 USD. Short-term resistance appears at 69.60 USD. Resistance 1 is at 74.21 USD, Resistance 2 is at 75.47 USD and then Resistance 3 is at 76.95 USD. Strong support also appears at 65 USD from a psychological standpoint. DISCLAIMER: This analysis is not intended to encourage any 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:USOIL
by Tradersweekly
Crude Oil Elliott Wave Idea - UpdateUpdate on an oil theory that started back in November 2020: This idea was that a wave 4 completed at $33, however the move up accelerated and it quickly came apparent that the move up from $33 was not wave 5: In March 2021 I took another look with the idea that $33 was the end of wave 2 and the current impulse was indeed wave 3 that could end around the $77 area before a wave 4 correction: In August 2021 the wave 4 completed and now taking a new high above $76 the 5th wave is confirmed: In my opinion we are now in the 5th and final wave that could end anywhere between $84 and $97, completing either a larger degree wave 1 or wave A, before a larger degree correction.
NYMEX:CL2!
by Joseph_King
1
Crude Oil Elliott Wave IdeaWorking in the oil & gas industry I've always wanted to plot an Elliott Wave idea with oil reaching $100, one that I felt was realistic and not pie in the sky...in my opinion oil is heading that direction now. The exact 0.382 retracement level from $44,05 to $33,79 at the end of 2020 leads me to believe that was the end of wave 2 and the next retracement will begin at the 1.618 level around $77 for wave 4, before wave 5 towards $100. I had a similar idea back when this move from $33 started () that this move could be wave 5 but its flown far beyond those levels and has me thinking this is wave 3 we are in now, and its not quite finished yet.
NYMEX:CL2!
by Joseph_King
4
Monday: USOIL - Week 40Hello Traders! Check Related Idea for market context!! I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action. Thanks for the support! ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- SMASH that follow button! 👍 💡 Leave a comment and/or message me on how I can improve and provide better content, I'm open to suggestions to create a better experience for you! RISK DISCLAIMER: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my videos 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 channel. This content is for educational purposes only and is not tax, legal, financial, or professional advice. Any action you take on the information in this video is strictly at your own risk. We, therefore, recommend that you contact a personal financial advisor before carrying out specific transactions and investments. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Inotfancy.com and all individuals affiliated with this channel assume no responsibility for your trading and investment results.
TVC:USOILLong
by INotFancy
6
Monday: USOIL - Week 39Hello Traders! Check Related Idea for market context!! I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action. Thanks for the support! ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- SMASH that follow button! 👍 💡 Leave a comment and/or message me on how I can improve and provide better content, I'm open to suggestions to create a better experience for you! RISK DISCLAIMER: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my videos 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 channel. This content is for educational purposes only and is not tax, legal, financial, or professional advice. Any action you take on the information in this video is strictly at your own risk. We, therefore, recommend that you contact a personal financial advisor before carrying out specific transactions and investments. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Inotfancy.com and all individuals affiliated with this channel assume no responsibility for your trading and investment results.
TVC:USOIL
by INotFancy
Friday: USOIL - Week 38Hello Traders! Check Related Idea for market context!! I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action. Thanks for the support! ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- SMASH that follow button! 👍 💡 Leave a comment and/or message me on how I can improve and provide better content, I'm open to suggestions to create a better experience for you! RISK DISCLAIMER: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my videos 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 channel. This content is for educational purposes only and is not tax, legal, financial, or professional advice. Any action you take on the information in this video is strictly at your own risk. We, therefore, recommend that you contact a personal financial advisor before carrying out specific transactions and investments. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Inotfancy.com and all individuals affiliated with this channel assume no responsibility for your trading and investment results.
TVC:USOILLong
by INotFancy
3
Wednesday: USOIL - Week 38Hello Traders! Check Related Idea for market context!! I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action. Thanks for the support! ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- SMASH that follow button! 👍 💡 Leave a comment and/or message me on how I can improve and provide better content, I'm open to suggestions to create a better experience for you! RISK DISCLAIMER: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my videos 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 channel. This content is for educational purposes only and is not tax, legal, financial, or professional advice. Any action you take on the information in this video is strictly at your own risk. We, therefore, recommend that you contact a personal financial advisor before carrying out specific transactions and investments. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Inotfancy.com and all individuals affiliated with this channel assume no responsibility for your trading and investment results.
TVC:USOILLong
by INotFancy
Thursday: USOIL - Week 37Hello Traders! Check Related Idea for market context!! I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action. Thanks for the support! ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- SMASH that follow button! 👍 💡 Leave a comment and/or message me on how I can improve and provide better content, I'm open to suggestions to create a better experience for you! RISK DISCLAIMER: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my videos 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 channel. This content is for educational purposes only and is not tax, legal, financial, or professional advice. Any action you take on the information in this video is strictly at your own risk. We, therefore, recommend that you contact a personal financial advisor before carrying out specific transactions and investments. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Inotfancy.com and all individuals affiliated with this channel assume no responsibility for your trading and investment results.
TVC:USOILLong
by INotFancy
Wednesday: USOIL - Week 37Hello Traders! Check Related Idea for market context!! I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action. Thanks for the support! ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- SMASH that follow button! 👍 💡 Leave a comment and/or message me on how I can improve and provide better content, I'm open to suggestions to create a better experience for you! RISK DISCLAIMER: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my videos 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 channel. This content is for educational purposes only and is not tax, legal, financial, or professional advice. Any action you take on the information in this video is strictly at your own risk. We, therefore, recommend that you contact a personal financial advisor before carrying out specific transactions and investments. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Inotfancy.com and all individuals affiliated with this channel assume no responsibility for your trading and investment results.
TVC:USOILLong
by INotFancy
3
USOIL IN DEPTH TECHNICAL ANALYSIS!Hello my beauties. I'll be shorting oil until the 56/58 area as it needs to retest a 13 years old trendline. The price broke it to the upside and I don't think it is going anywhere before kissing it. Oil is now facing a cluster that consists of the following resistances: - 1 year long uptrend trend line ; - downward channel trendline; - inverted head and shoulders neckline. On top of that, the following indicators suggest downside to come: - RSI bearish divergence; - stochastic forming a bearish divergence. Further reasons why I am taking the trade: - we have to see an Elliott wave 5 in the current downtrend. For those of you who are not familiar with Elliott waves , wave 5 needs to exceed the lows created by wave 3. From a short/medium term technical perspective, downside is pretty probable. After that I'll be bullish for a very long time. The green area evidences where I expect a strong reaction to happen.The weekly volume profile indicator suggests that the most orders have been placed in the 56 area. I hope this idea helped you, please like, follow and drop a comment below if you have any questions and we'll discuss them together. Consider supporting me if you believe I provide you with valuable information. Peace. Luca, TrickleDownFX
TVC:USOILShort
by TrickleDownFX
2
Monday: USOIL - Week 37Hello Traders! Check Related Idea for market context!! I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action. Thanks for the support! ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- SMASH that follow button! 👍 💡 Leave a comment and/or message me on how I can improve and provide better content, I'm open to suggestions to create a better experience for you! RISK DISCLAIMER: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my videos 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 channel. This content is for educational purposes only and is not tax, legal, financial, or professional advice. Any action you take on the information in this video is strictly at your own risk. We, therefore, recommend that you contact a personal financial advisor before carrying out specific transactions and investments. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Inotfancy.com and all individuals affiliated with this channel assume no responsibility for your trading and investment results.
TVC:USOILLong
by INotFancy
1