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Oil(wti)

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
Trader Insights - Why you need Oil on your WatchlistOil Volatility is driving multiple markets and in this video we explain the transmission mechanism of how Oil gets through to the markets you trade. We look through US Yields, USD/JPY and US stock market relationships with Oil and provide the correlations you need to watch to trade successfully. easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration. “Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
EASYMARKETS:OILUSD
by easyMarkets
Could we see Oil retest 122?Thanks for stopping by. We hope the community is having a lovely Friday. Today our focus is on USOUSD (Oil) as price finished yesterday’s session with a commanding reversal bar. After trading over 2% lower, buyers not only took hold but ended the session with a solid 3.83% gain. Yesterday’s session appears to show that buyers are still very active, and for now, price is not comfortable trading below 114.77. The move maintains the current trend, but we want to see further confirmation to suggest that the trend is set to continue. If buyers can reverse today’s selling and beat 119.50 minor resistance, which also holds yesterday’s high, we will then be looking for the current trend to continue with a possible new test of 122 or above. A failure to break yesterday’s high and minor resistance in today’s session could be seen as a small warning to buyer strength. Good trading
EIGHTCAP:USOUSDLong
by Eightcap