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Oil(wti)

WTI CRUDE OIL short term buy but new Low in AprilWTI Crude Oil is having the worst 3 day selling streak of the year, getting rejected on the 1day MA50. The 1day RSI got oversold and should cause a short-term rebound, which is what happened on the oversold Lows of December 9th and September 26th. We are short term bullish near the 1day MA50, Target A 73.50 and long term bearish, Target B 61.00 (bottom of Channel Down on a -25% decline). Follow us, like the idea and leave a comment below!!
TVC:USOILLong
by TheCryptagon
3
Energy Fundamental + Technical Macroeconomic Update | 3.14.23WTI Crude Futures Rebound, Brent Crude Futures Rise On Wednesday, Brent crude futures rose above $78 per barrel, rebounding from three-month lows as OPEC raised its forecast for Chinese oil demand growth in 2023 due to the country's exit from the zero-Covid policy. However, the group left its outlook for global demand unchanged, citing potential downside risks for global growth. On the supply side, Saudi Arabia's energy minister confirmed that OPEC+ would continue with production cuts agreed upon in October until the end of the year. Meanwhile, the international oil benchmark remained down by more than 5% this week due to the turmoil in the US banking sector and the prospect of another interest rate hike from the Federal Reserve. Heating Oil Futures Fall Heating oil futures extended losses and were priced at around $2.7 per gallon, approaching their lowest point since February 2022. This was due to weak domestic demand and concerns about a recession caused by the Fed. The unusually warm winter season significantly reduced demand and increased supply. According to the latest EIA data, distillate stockpiles, including diesel and heating oil, rose by 0.138 million barrels in the week ending March 3rd, while analysts predicted a decrease of 1.038 million barrels. Gasoline Futures Dip Gasoline futures fell below $2.6 per gallon, slipping further from an over one-month high of $2.8 reached last week. This was due to overall weakness in energy markets and persistent concerns about low domestic demand, exacerbated by the failure of SVB and the closure of Signature Bank. Despite this, the upcoming peak demand season for gasoline and increased demand from China could lead to higher gasoline prices in the medium term. OPEC's reluctance to raise production should also keep a floor under the cost. According to the latest EIA report, US gasoline stocks fell by 1.134 million barrels in the week ending March 3rd, 2023. Gold Prices Unchanged Gold prices remained steady at around $1908 an ounce on Tuesday, near high levels not seen since early February. Investors are digesting the latest US CPI report and adjusting their monetary tightening expectations. Concerns regarding the collapse of SVB and Signature Bank, and news that Credit Suisse found "material weaknesses" in its reporting, continue to raise fears of contagion to other banks, leading to a risk-off mood. The inflation rate in the US slowed as expected, but the core monthly rate accelerated, indicating that inflationary pressures remain elevated. Most investors now expect a 25bps rate hike from the Fed next week, while the ECB is expected to raise rates by either 25bps or 50bps.
OANDA:WTICOUSD
by TayFx
Overall bullish direction unchangedNews: The short-term impact of Saudi Arabia and Iran announcing the resumption of diplomatic relations on the international energy market is limited. However, in the long term, due to the impact of the development of new energy sources and reduced international investment, OPEC oil-producing countries hope to maintain oil prices at relatively high levels to achieve fiscal balance and ensure domestic financial income. This means that the expansion of OPEC's influence will be beneficial for the global oil market to stabilize and maintain at a relatively high level for a longer period. Technical Analysis: Crude oil is still volatile and closed lower this week, but the real body of the candlestick chart has not broken down. Therefore, it is possible to see a bullish candlestick chart next week, with a preference for low long positions. The weekly support level is around 75.6, and the resistance level is around 80, so it is possible to consider high short and low long positions. On Friday, the daily chart showed a bullish candlestick with a long shadow and closed at 74.7, suggesting an upward trend at the beginning of the week. The support level is around 76.1, and the daily trading position is uncertain, but a long position can be taken if it does not break down. If the market is volatile, it may give a buying opportunity near 75.3, with the target of breaking above 77.4 and possibly reaching above 1 USD. The recent strategy is based on two possibilities shown in the chart, and the second possibility is currently being followed. However, regardless of which possibility is followed, the overall direction is still bullish, and attention should be paid to the retracement of small cycles. Specific operations will be updated in real-time, and everyone should keep track of the market's real-time changes, remain calm, and make accurate judgments. All theories are just references.
TVC:USOILLong
by Navigation-h
WTI CRUDE OIL Two buy entriesWTI Crude Oil hit Support Zone (1) and is rebounding. The pattern has been extremely steady since November and Support Zone (1) has delivered 5 rallies of at least +9.50% each. Trading Plan: 1. Buy on the current market price. 2. Buy near Support (2). Targets: 1. 80.00 (near Resistance Zone 1). 2. 77.50 (mid level structure). Tips: 1. The RSI (4h) is on a Rising Support. A common characteristic of all prior rallies since November. Please like, follow and comment!! Notes: This is a continuation of this trading plan:
TVC:USOILLong
by TradingBrokersView
3
Oil prices caught in dollar's game, ahead of NFPOil prices are like a game of poker right now, with players trying to figure out what everyone else is holding. There's the China reopening story, OPEC's card tricks, SPR releases and refills, and the dollar's royal flush. It's a high stakes game, but the pot is huge! Traders are watching NFP and CPI data like hawks, looking for any tells that might indicate which way oil prices are headed. Powell's hawkish comments have only upped the ante, with the markets going all in on a 50-point rate hike. Will they be able to bluff their way to a win? For now, oil prices are stuck in a tight range of 73.00 to 82.50, like a hand with no pairs or straights. But there's still hope for a lucky break! You could try raising the stakes by buying a bounce off of the 73.00 level or buying a break of the 82.50 level. If you're feeling lucky, why not both? A break above 82.50 could mean a jackpot, while a break below 73.00 could signal a bust. So grab your lucky rabbit's foot and get ready to play the oil price game! Keep your eyes peeled for any new cards on the table and you just might hit the jackpot.
TVC:USOILLong
by natron
1
WTI OIL Limited upside, significant downsideIt is time to update our WTI Oil (USOIL) thesis, which was bullish last week as the Resistance within the Channel Up broke: This time we see one last rise as a possibility since the price is rebounding on the 4H MA50 (blue trend-line) but limited to the 83.40 Resistance. An exception can be made to an overextension to the 85.00 - 86.00 range on the red zone, which is the top (Lower Highs) limit of the 5-month Channel Down (dashed lines). On that point or if the price breaks below the 4H MA50 first, we expect a strong drop, with the downside open to at least the 70.10 Support. A more likely scenario in our opinion. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
3