Crude Oil Falls to $70.30 as Market Awaits Possible ReversalOil prices have extended their losses for the second consecutive day, with crude trading around $70.30 per barrel on Wednesday. The decline in oil prices has been largely driven by the potential resolution of a political dispute in Libya, which has temporarily halted exports, along with growing concerns over a slowdown in global demand growth.
Adding to the negative market sentiment, data from the Institute for Supply Management (ISM) indicated that US manufacturing continues to struggle. Although there was a slight improvement in August, with the ISM Manufacturing PMI rising to 47.2 from 46.8 in July, it still fell short of market expectations of 47.5. This marks the 21st contraction in US factory activity over the past 22 months, underscoring the persistent weakness in the manufacturing sector.
From a technical standpoint, oil has entered a strong demand area, where seasonality data suggests a potential increase in volume, hinting at the possibility of a reversal. Additionally, the latest Commitment of Traders (COT) report shows that retail traders are heavily short on oil, further supporting the potential for a rebound. However, it's important to note that commercial traders, often seen as the "smart money," continue to hold lower positions, adding a layer of uncertainty to the reversal outlook.
Moreover, oil prices are facing additional pressure due to the Organization of the Petroleum Exporting Countries and their allies (OPEC+) planning to increase production in the upcoming quarter. This move could weigh on prices, making a sustained recovery less certain.
While there are signs of a possible reversal in oil prices, the data remains inconclusive, and traders should exercise caution as market dynamics evolve.
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Curdeoil
Crude Oil Weeky key reversal bar indicator for reversal 73.70Crude oil weekly key reversal bar, made a new low closed towards high, 67.40-66.50 is 61.8% & 79.0% fib level, expecting retracement to this level for taking long position. stop loss below key reversal bar low i.e. 65.20, target: 73.70. if price breaks below the key reversal bar with increasing volume then next buying level is 64.30.
Downtrend Breakout, So Uptrend Confirmation. Long Term AnalysisThis is Long -Term Analysis to understand the "Upcoming" Market Direction. Now Confirmed the Downtrend has Breakout. So market definitely move into Uptrend. It might temporarily move downside as a Retest of the Trendline. Must follow Trend continuation technic.
I marked 0.5 Fibonacci Retracement. It is Next Target for Short Term Traders.
I want to help people Make Profit all over the World throughout my entire life. Additionally, I am eager to Receive Money form Worldwide because of my Potential.
WTI may bounce off the support!!Instruments : WTI
Possible direction : Bullish
Technical Analysis : Early this month WTI opened with big gap up and signaling possible trend change. After long consolidation, WTI filled the gap and currently bouncing off the support level. It is highly likely that WTI may change trend and continue to uprise. A bullish trade is high probable.
Possible trade recommendation : Bullish as per sketch.
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USOIL Will Go Down! Sell!
Hello,Traders!
USOIL is trading in a downtrend
And the price has retested a strong
Horizontal resistance level
From where a pullback is already happening
Thus making us expect a further correction
Sell!
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See other ideas below too!
" USOiL" Sell Trade ( With 230 Pips Target )Pair Name : USOIL
Time Frame : 15 Min
Analysis Type : Scalping Trade
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➡️ Main Support Level : 115.00
➡️ Main Resistance Level : 120.60
➡️ Time To Entry : Sell After Break Out The Point On Chart,, Target And Stop On Chart
➡️ Target : 115.20
➡️ Stop Lose : 118.30
➡️ Risk Reward : 1:3
Brent: Rolling Down the Streets 🛢️🛢️The British oil is expected to further decline in its price but to turn around before hitting the mark of $64.56. After that, we are in a perfect position to not only enter the market on the long side, but also to look forward to a very long-lasting bullish run! In total, we expect the price to at least reach areas of $95 in the long run.
Be optimistic!
🔰 USOIL - Daily Update 🔰🔻 Oil moved bullish from the bearish dollar and hope to come from the COVID-19 vaccine but it closed below $47
🔹 A little bit more of a bullish move is possible from here as well. But the fundamentals won't change
🔹 The fact is that oil has a huge oversupply issue and that will lower oil's price once the hype regarding the vaccine is over
October 30th NASDAQ US100 Analysis
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“Make it simple, make profit”
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I will begin NASDAQ ZeroMarket US100 Chart Analysis for October 30th .
It is a 30 minute chart, a long position strategy.
Short -> Long switching strategy.
There are rebound spots that I know, so
Today I have a special strategy.
Instead of , All conditions must be met.
For beginners,
After waiting, it is advantageous to operate a short position.
In section 1,
Short without reaching the red resistance Downtrend
In the purple finger section,
On the condition that it does not deviate from the red support line
This is a long position strategy.
If the red support line breaks,
It can go down to 10596.5.
I have marked each major section.
Have a nice weekend everyone.
Thank you.