CRUDE-OIL IN WYCKOFF DISTRIBUTION WEDGE- Looks like CrudeOil is in a Wyckoff distribution wedge
- Preparation to move lower to fill in imbalances before DEC Russia Oil Cap
- Russia Oil Cap after DEC first will likely trigger a bullish move
Oil(wti)
USDCHF: Dollar Steadies Ahead of Midterm ElectionsAs the risk aversion theme is gaining steam, the powerful US dollar index (DXY) has renewed its day's high at 110.40. The S&P500 futures' modest gains have been reduced as risk appetite declines. After Thomas Barkin, president of the Richmond Federal Reserve (Fed), provided hawkish guidance, the yield on the 10-year US Treasury increased to 4.23%.
Investors are currently preparing for the release of the CPI report for October. Aside from this, the CME FedWatch Tool indicates that money market futures anticipate the US Federal Reserve will raise rates by 50 basis points (50% chance of doing so, 48% chance for 75 basis points).
The outcome of the US midterm elections will have a big impact on the powerful DXY and show how stable the political environment is for the economy. Consequently, the race for 34 Senate seats and 435 House of Representative seats will be closely watched.
The markets kept an eye out for policy cues from China, a major trading partner, to see if it was thinking about easing up on its zero-Covid policy.
Brent could trade higher only if...Energy prices climbed on Friday as Brent reached the 92.60 price level and WTI climbed a high of 98.75. This move higher was due to the weakness of the DXY and the anticipation that China was ready to reopen borders, spurring demand for oil.
However, as China reiterates its intention to maintain its current Covid policy, both Brent and WTI are retracing lower from last week’s climb higher. Look for the completion of the retracement before a continuation of the uptrend.
The prices could test the key resistance level of 97.00 for WTI and 102.00 for Brent, if prices clear above the immediate resistance of 94.00 and 100 respectively.
Weekly Oil Report: More Bullishness by New IEA ReportsOctober, as expected, brought oil growth after 4 months of fall. November also opened with positive sentiments. During its first week, crude oil grew by 4.71 %.
The volume and MACD are showing slight weakness in bulls. We might see oil moving a bit more slowly during the week.
With the supply issues at the moment, oil can stay in the channel of 90
OIL HIGHER AFTER MIDTERM ELECTIONSFUNDAMENTALS:
- OPEC is for higher prices
- Sanctions on Russian oil will drive price up
- Developing Diesel shortages will drive price up
TECHNICALS:
- Price made a Higher Low on the D1
- Price is at Role Reversal Zone = 50% of downswing = Quarterly Pivot
- Looking for price to respect demand-zone and break above SELL-VWAP
TIMING:
- Expect trend to take off after midterm elections (> NOV 8)
USOIL WTI M15 Bearish Shark Pattern Formation Sell under 86.84 USOIL WTI M15 TF Bearish Shark Pattern Formation Sell under 86.84, after target hit and breakout than wait for 2nd target. let's see the market condition...
Today API oil report tell shortToday API oil data report tells us that we have a lot more millions barrels this week and it can allow us to predict together with destilates rosed report togther with BIden releasing reserves to fight the oil production OPEC cut, to artificially make oil price higher can makes us to suspect that tomorrow oil DATA will show us reasons to make this black gold cheaper up to 82 or less . . . some says biden wants 68 or less .
CRUDE OIL (WTI) What to Look at This Week 🛢
Video analysis on Oil.
In this video you will learn:
Potential scenarios.
Trading recommendations.
Direction bias.
Key levels.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
Uncertainty by Mixed Signals Hit Traders AgainOn the weekly chart of WTI, uncertainty is clear in the last candle. Buyers and sellers were both indecisive.
On the daily chart, the MACD indicator seems to be crossing and changing the phase. Oil might open lower on Monday but it is possible to see volatilities throughout the week.
The recession is nearly the strongest bearish factor holding oil prices down. The dollar index is increasing and it brings more fear to the markets.
CRUDE OIL (WTI) Trading Plan For Next Week 🛢
Hey traders,
WTI Crude Oil has recently reached a key daily structure support.
The market is currently stuck within a horizontal range.
To catch the next trend-following move, watch 81.85 - 83.4 horizontal demand zone.
Wait for its bearish breakout next week - daily candle close below that, then sell aggressively or on a retest.
Targets will be 79.7 / 76.5
Alternatively, a bullish breakout of the underlined resistance may trigger a bullish movement.
Good luck next week!
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Please, support my work with like, thank you!❤️
CRUDE OIL (WTI) Detailed Technical Outlook 🛢
Multiple time frame analysis on WTI Crude Oil.
Potential scenarios & trading recommendations.
Price action & thoughts.
❤️Please, support this video with like and comment!❤️
LONG WTI OILWTI is ready to start another bullish move after break bearish trend line.
This zone is cluster of 0.786% fibo ret, 100% exp and 200% ext.
Trade safe guys.
Good luck.
WTI oil - Deteriorating demand to weight on the higher oil priceSince our short-term price target of 80 USD was taken out a few weeks ago, we abstained from setting short and medium-term price targets because of very high volatility in the oil market. Despite that, we stuck to the long-term price target of 70 USD, to which we remain committed.
Our views are based mainly on fundamental factors concerning the deteriorating global demand for oil, with the OPEC slashing demand for 2023 and China maintaining its zero covid policy for longer.
Technical analysis - daily time frame
RSI and Stochastic are bearish. MACD is neutral. DM+ and DM- strive to perform a bearish crossover. Overall, the daily time frame is neutral/slightly bearish.
Illustration 1.01
Illustration 1.01 shows the daily chart of USOIL and two simple moving averages. Yellow arrows hint at bullish breakouts (above SMAs) and subsequent invalidation.
Technical analysis - weekly time frame
RSI and MACD are bearish. Stochastic is bullish. DM+ and DM- are bearish. Overall, the weekly time frame is bearish.
Illustration 1.02
The picture shows the weekly chart of USOIL and two moving averages. The yellow arrow points to the impending bearish crossover between two SMAs; if successful, it will bolster the bearish case.
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 Breakout Short! Sell!
Hello,Traders!
CRUDE OIL broke the rising support
Which was somewhat unexpected
But now we are locally bearish biased
And I think that we will see
A further move down
Sell!
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See other ideas below too!
$BRENT outlook and setups.BLACKBULL:BRENT OUTLOOK and levels 🛢️
1. Long setup on golden fib + 50dma + wedge.
2. Short if broken below.
* Only TA. Disregards any agreements of fundamentals such as potential pending Saudi agreements, cuts, or alternatives.
Is Crude Oil - WTI Really on a Hike?In the daily chart of WTI, we can detect a hidden divergence in MACD and price. Friday’s movement was strong but it was not significant to the strong yearly pivot resistance and stayed below 200 MA. It can be only a fake breakout. Yet, we shall observe every new detail closely.
If it fails at the resistance, be prepared to go short. Unless the fundamentals of the Ukraine war take over and the panic pulls up the chart.
Playing The Crude CorrectionIn this update we review the recent price action in the the Crude Oil futures contract and identify the next high probability trading trading opportunities and price objectives tot arget
USOIL Short From Resistance! Sell!
Hello,Traders!
USOIL is going up now
And I think that it is already
Locally overbought at this point
So I think that after the retest
Of the horizontal resistance
We will see a local bearish correction
Sell!
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See other ideas below too!
Oil_crudeOil can grow up to 86 dollars in the upward trend that has started. There is a lot of liquidity in the target area that can fuel a correction.
crude & DXY cycle looks little similarcrude doesn't seems to ease out quickly
until 2024 it'll be up
oil decision timeoil is at a key key level here we did get a bullish break of the trend line but its right into a key level so price has to make a decision soon overall trend is down but oil did hit a major low on that up move so if this level holds we can see a move back down to atleast fill that gap around 80$
now if price breaks above here we can see push towards 86$ level b4 any bearish push these next few closes are important for oil
Oil Trend in OctoberThe wedge has been valid for about 3 months. According to MACD, we can see weakness and bear exhaustion in the price. Considering the current fundamentals, we can expect a sharp movement toward the upper resistance.
CRUDE OIL Short From Resistance! Sell!
Hello,Traders!
CRUDE OIL is trading in a downtrend
And the pair will soon retest
The broken key horizontal resistance
From where a bearish move down
It to be expected
Sell!
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See other ideas below too!
