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Oil(wti)

Crude Oil testing 2008 and 2014 key areas cont.The top of the 2014 volume area continues to hold price and will need to do so for price to continue higher In the last week, the volume point of control has shifted up from 91.6x to 107.6x with the increase in volume due to buying Question on timing: Has a low been put in place the week of 21-June or will price drift for several more weeks. The 45-period lookback on the 1st, 2nd, and 3rd STD LR has seemed to have tight boundaries. I’m not sure if price will drift right several more weeks touching bottom of the 2nd STD LR before continuing up. Although options are expensive, could be opportunity for Oct/Nov 2022 calls. R4 traditional pivot for 2022 is close to the 2008 high so that would be my first target to close any Oct/Nov calls
NYMEX:CL1!
by mxb1961
USOIL 27th JUNE 2022World crude oil prices tended to be bearish, continuing the correction a week earlier, amid the aggressive United States central bank in raising its benchmark interest rate. Oil prices have been rising since last year and hit a record high this year on March 8, 2022 when Russia invaded Ukraine. The weakening of oil prices is the uncertain demand prospect from China. Although the spike in Covid-19 cases has been contained, it is still unclear how quickly Chinese businesses will be able to recover. USOIL H1 USOIL D1 - JUNE
TVC:USOILShort
by DNP-FX
Crude Oil Remains Under Pressure Amid Global Recession FearsCrude oil prices slumped on Wednesday, with both the U.S. and the U.K. benchmarks losing more than 4% amid growing global recession fears. Prices managed to stabilize on Thursday but remain on the defensive, having pulled sharply from three-month highs struck earlier this month. Investors continue to assess how much of the new “normal” monetary policies major central banks are embarking on could affect global growth after the Fed hiked rates at its highest pace since 1994 last week, aiming to cool down ramping inflation. Testifying before the U.S. Congress, Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is “not trying to provoke a recession.” However, he acknowledged that a recession was “certainly a possibility” against the current global backdrop. Meanwhile, U.S. President Joe Biden called for a three-month holiday on federal gas and diesel taxes and urged states to also temporarily drop fuel taxes in an attempt to contain energy prices. Inventory data from the Energy Information Administration was scheduled for Thursday, but the EIA said data will be delayed due to “systems issues,” with no new release date. The West Texas Intermediate (WTI) barrel continues to back away from the $123 area where it peaked on June 14, hitting a six-week low of $101.56 before steading around $104 on Thursday, 0.6% below its opening price. From a technical perspective, WTI holds a short-term bearish bias, according to the daily chart. The price has broken below the 100-day SMA while the RSI remains in negative territory, not yet reaching oversold conditions. The MACD is printing larger red bars, showing increasing selling interest. On the downside, the next support level is seen at the $100.00 area, followed by the May 12 low at $98.23. A break below this latter would expose the April 11 low at $93.00. On the other hand, the next resistances are located at the 100-day moving average, currently at $105.53 and then the $110.00 area, followed by the 20-day moving average, currently at $115.73.
TVC:USOIL
by Alex_Boltyan_FXAnalyst
Crude Oil testing 2008 and 2014 key areasvolume profile from 2008 and 2014. 2008 looks like some of its key aspects (volume area and point of control) influenced market 6+ years later. 2014 looks to be key influencer now. Both 2008 and 2014 CL vol POC aligned in the 103 to 102.50 area so I think this line price will now move toward. Time will tell if support for higher prices or not. The red dashed lines are the vol POCs while the deep purple dashed lines in the pink volume areas are 50% lines of the area. 109 to 102.50 is the key area to hold for higher prices. From 2011 to 2014 this area proved to be the area that price tested but couldn't break. Now that price has broken through decisively, holding as support could indicate considerable higher oil prices.
NYMEX:CL1!
by mxb1961
Steve's Gun2Head - Buying WTI Crude OIlTrade Idea: Buying WTI Crude Oil Reasoning: Bullish hammer formed on daily with price pushing back above 21-day sma. 4-hour bullish outside candle also helping with the short-term technical picture. Potential bullish flag on 1-hour chart. Entry Level: 115.09 Take Profit Level: 120.61 Stop Loss: 113.49 Risk/Reward: 3.45:1 Disclaimer – Signal Centre. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis, like all indicators, strategies, columns, articles and other features accessible on/though this site is for informational purposes only and should not be construed as investment advice by you. Your use of the technical analysis, as would also your use of all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features.
OLong
by Signal_Centre
1
USOUSD OIL,Yesterday's buyer fightback to push a new leg higher?Thanks for tunning in TradingView community. Today we're looking at USOUSD oil and wondering if yesterday's price rejection could lead to a new leg higher from buyers. So far this week, we have seen mixed trade with buyers coming close to breaking last week's high before sellers took hold and set up a two-day retracement. It would have been three, but buyers had other ideas yesterday, stopping sellers once they tested 112.75. Buyers quickly took price back up above 117 and posted a higher close for the session. Today so far price has been on the quieter side. If we can see a new move above yesterday's high, we will be looking for a new up leg, but if sellers can close below 115.14 this could be a warning that the current retracement could have further to go. If we do see a new leg higher would look for price to possibly get back into the 120/21 area if buyers can maintain momentum. Happy Friday, all. We hope everyone has a lovely weekend and good trading.
EIGHTCAP:USOUSDLong
by Eightcap
Crude Oil Hits Three-Month Highs Above $120 The barrel of Western Texas Intermediate (WTI) crude reached its highest level in three months above $123 and recorded a 2.3% gain on Wednesday following the release of U.S. crude inventories data by the Energy Information Administration. The barrel of Brent rose past $124 per barrel and scored a daily gain of 2.5%. On the supply side, EIA data showed that U.S. crude inventories fell 2 million barrels in the week ending June 3, while gasoline inventories fell by 800,000 barrels and inventories of distillates increased 2.6 million barrels. At the same time, prices were supported by the potential for a strike by Norwegian offshore oil workers next week, which could cause output shortages from the largest producer in Western Europe outside Russia. Both WTI and Brent have risen more than 30% since the Russian invasion of Ukraine on February 24, adding to inflationary pressures in major economies. On the demand side, the relaxation of Covid-related policies in China is another bullish factor for the crude prices, as it means higher demand from the world's largest importer. The short-term technical outlook for WTI remains bullish, according to the daily chart, after the price broke above the $120.00 threshold. The RSI has accelerated higher in convergence with the price and is close to overbought territory, while the MACD has printed a new green candle and continues to gain momentum. To the upside, the next resistance level is seen at $125.00, followed by the March 8 high at $129. On the other hand, immediate support is seen at the $120.00 level, followed by the 20-day SMA at $114.00 and then the $112.50 area.
TVC:USOIL
by Alex_Boltyan_FXAnalyst
WTI OIL heading to $160 long-termThis is not a new chart I'm sharing with you on WTI Crude Oil today, I've initially posted it 2 months ago, calling for a medium-term consolidation and then bullish break-out when the Resistance breaks, based on the striking similarities with the September 2020 - March 2021 pattern: It is time to update my thesis, as the Resistance broke and the similarities continue to be striking both in candle and RSI terms. The analysis is on the 1W time-frame, with the 1W MA50 (blue trend-line) and the 1W MA200 (orange trend-line) standing out. On the May 31 2021 1W candle, when the price broke and closed the week above the prior High/ Resistance, Oil eventually reached the 1.618 Fibonacci extension level. Currently that Fib level is at 159.00. With the 1W RSI well above its MA, it appears that WTI has enough momentum to break its prior High/ Resistance by July. This is a long-term thesis. I will be making updates on the 1D time-frame for shorter term trades. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
9
🛢️ CRUDE OIL - Wouldn't want to be short on this one⚡ ⚡ ⚡ 🍂Many of you ask about Oil (WTI Crude mainly) and surprisingly you are Short for some reason. Professor take a look at Oil: I wouldn't be Short on Oil, for reasons I have explained before: You hyad been warned: ''There are bigger reasons why the price could bounce back up next: War in Ukraine and Inflation . We are going LONG here. Do your own research and ride the Bull (or the Bear). Good luck to all. One Love, the FXPROFESSOR''
TVC:USOILLong
by FX_Professor
10
Crude on track to rocket up...It has been weeks (maybe months) since Crude had yet to commit to an up move (clearly) although it gave early indication of the imminent move. This past week was volatile and eventually closed the week relatively bullish. The weekly MACD crossed up and appears set to continue the momentum, slowly but surely. The daily chart shows an invasion into a gap area, forming a resistance. The week closed near the top of the range, but has not yet decisively cleared the resistance. Technicals are supportive of a breakout. Upside targets are maintained, but time adjusted for another 3-6 weeks buffer.
NYMEX:CL1!Long
by Auguraltrader