Oil(wti)
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!❤️
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.
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.
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!
Like, comment and subscribe to boost your trading!
See other ideas below too!
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
Crude Oil since the US Presidential Election vs UkraineJust a commentary about President Biden's Press Secretary saying that the Ukraine situation has caused oil prices to be elevated.
The advance from the lockdown/reopening may have been a much more important factor in the current market price.
The fear that investments in new oil refining wouldn't generate a return with an administration vehemently against oil has prevented projects from getting funded. Projects have a long time line from start to finish, measured in years.
The price had tumbled to generational buy levels in the wake of the Covid Lockdown response and economic stagnation in 2020-2021. So the natural rebound would have taken us back to this level anyway.
It's an interesting picture to see how the market moved versus how people are saying the market has moved.
IF the price goes back UNDER the Ukraine level of February 24th, then you can rightly assume that a large correction and wipe-out of speculators is underway.
The idea of this chart is that NEWS is important to graph so you can see the level where it happened. That NEWS level will be key on any future revisits to that level. It is the foundational idea behind "Key Hidden Levels" where we graph the Earnings Day on our charts to help us define low risk, high reward potential trade setups.
Tim
9:52AM EDT May 19, 2022
Crude Oil (WTI) Bearish Trend Continues 🛢️
Weekly update for WTI Crude Oil.
From the beginning of September, the market was forming a descending triangle formation - a classic bearish accumulation pattern.
Its support was broken on Friday last week.
I believe that it will trigger a further decline.
Next supports: 74.5 / 71.5 levels.
For entries, consider a confluence zone based on a trend line of a triangle and its neckline.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
Crude Oil (WTI) Important Breakout & Bearish Outlook 🛢️
Hey traders,
WTI Crude Oil broke and closed below a major horizontal weekly demand cluster.
I believe that it is very strong bearish clue and it may push the market much lower.
The closest support that I spotted is 66 level.
It might be the next mid-term goal for sellers.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
WTI oil - 80 USD in sight Since our last update on oil, much has not changed. Therefore, we continue to be bearish on USOIL and stick to our short-term price target of 80 USD and a long-term price target of 70 USD. Our views are based on technical and fundamental factors we reiterated throughout 2022.
Illustration 1.01
Illustration 1.01 displays the daily chart of USOIL. Additionally, it shows two yellow arrows that indicate natural price retracements toward its 20-day SMA and 50-day SMA (which acted as a correction of the downtrend).
Technical analysis - daily time frame
RSI, Stochastic, and MACD are bearish. DM+ and DM- are bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, Stochastic, and MACD are bearish. DM+ and DM- are bearish. Overall, the weekly time frame is 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.
USOIL 23rd SEPTEMBER 2022Oil prices slipped below the US$85 per barrel level after the US central bank, the Fed, announced an interest rate hike.
U.S. oil demand over the past four weeks fell to 8.5 million barrels per day (bpd), the lowest since February, according to the Energy Information Administration (EIA). On the other hand, there was a 1.1 million barrel increase in crude oil stocks last week.
The European Union is considering restrictions on Russian oil prices, as well as on high-tech exports to Russia, as well as sanctions in the event of an escalation of Moscow's war in Ukraine.
On the other hand, China's crude oil demand is also still pressured by tight restrictions due to Covid-19.
OPEC crude oil exports have been fairly stable, since the high increase in demand earlier this month for an early winter contract.
When Russia refuses to 'restrictions on Russian oil prices', and OPEC starts to 'reduce oil exports', that's we can see prices will tend to be bullish.