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Oil(wti)

USOIL reacting only slightly to the tensions in the Red SeaIn mid-December 2023, we witnessed major shipping companies announce a halt to transit through the Red Sea. Then, with the launch of Operation Prosperity Guardian, we saw the same companies start reversing their decisions, only to again pause shipping quickly after the resumption (thanks to more attacks from Houthi rebels targeting Maersk ships). As such, the past three weeks in the oil market were marked by turmoil, affecting about 8.2 million barrels per day in transport through the region (and an estimated 12% of the world’s trade). With these tensions increasing, USOIL is reacting positively, and we acknowledge that USOIL may continue to oscillate between $68 and $75 in the short term (before diving lower). However, our price target of $65 per barrel stays in place. Technical analysis Daily time frame = Neutral Weekly time frame = Bearish (turning neutral) 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
Hellena | Oil (4H): Short to support area of 67.34.Dear Colleagues, Towards the end of the year we see a large accumulation of option contracts at levels that are well below the current price. I believe that we should look out for short positions. I expect that wave 2 has finished its movement near the 74.80 area and I expect an impulsive wave 3, which will come at least to the target in the support area of 67.34. Manage your capital correctly and competently! Only enter trades based on reliable patterns!
TVC:USOILShort
by Hellena_Trade
22
WTI CRUDE OIL: Bearish until the 1D MA50 breaks.WTI Crude Oil broke yesterday over the two month Channel Down but the 1D candle closed back inside it and today is turning into a red session so far. The 1D technical outlook is barely neutral (RSI = 50.474, MACD = -0.620, ADX = 28.954), indicating no clear direction. We shouldn't technically see a sustainable bullish extension before the market closes a 1D candle over the 1D MA50, which was the case on April 3rd and July 5th. All other occasions failed and reversed back to the 1W MA200. Consequently until the 1D MA50 is crossed, we will sell and target the 1W MA200 (TP = 71.00). If the 1D MA50 breaks, we will buy and target the symmetrical R level (TP = 83.50). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOIL
by InvestingScope
Oil tankers and cargo ships at danger in the Red SeaSince the breakout of the Israel-Hamas War on 7th October 2023, there has been an increasing number of attacks on military and transport ships sailing through the Red Sea, with Houthi rebels from Yemen standing behind many of these incidents. About a week ago, the group went as far as to announce the blockade on ships traveling to and from Israel through the Red Sea, which prompted large transportation companies to announce a pause on shipping through this particular route. The Danish shipping company, A.P. Moller Maersk, announced last Friday that it would halt all shipping via the Red Sea route following a near-miss incident involving Maersk Gibraltar on Thursday and another attack on a container ship. The next day, the Medditerean Shipping Company announced the same thing following Friday’s attack on its vessel MSC Palatium III. These two companies were quickly joined by Hong Kong based Orient Overseas Container Line, Taiwanese Evergreen, Belgian Euronav, and French CMA CGM Group, which happens to be the third-largest container shipping company in the world. Then, yesterday, the first major oil and gas transporter, British Petroleum, announced it would also halt shipments through the Red Sea. As a result, many of the mentioned cargo ships and oil tankers will have to be rerouted via alternative paths; such changes are likely to cause (some) supply chain disruptions and soaring costs for transporting goods (as well as operating expenses for the companies themselves). To resolve the situation after weeks of relentless drone and missile attacks, the United States finally announced yesterday that it would no longer tolerate Houthis’ aggression in the region and that it would form a task force responsible for protecting international waters in the Red Sea and Bab Al-Mandev Strait. As for our outlook for the oil market, it remains unchanged, with a price target of $65 per barrel in 2024. However, we are aware that the situation could deteriorate further if Iran-backed Houthis continue to ramp up their attacks in the foreseeable future (especially against U.S. warships, which has been the case recently). We will closely monitor the situation and report new developments once they arise. Illustration 1.01 Illustration 1.01 displays the daily chart of USOIL and simple support/resistance levels derived from past peaks and troughs. Technical analysis Daily time frame = Bearish (turning neutral) Weekly time frame = 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
2
WTI BULLISH OUTLOOK AND POSSIBLE STRATEGIESWith recent market dynamics, the oil trading landscape has witnessed significant shifts, presenting traders with lucrative opportunities. Here are actionable strategies tailored to capitalize on these developments. 1. Fed's Dovish Stance and Demand Surge: The Federal Reserve's dovish outlook coupled with the International Energy Agency's upgraded oil demand forecast signals a potential uptick in oil consumption. This suggests a bullish trend for oil prices. Traders could consider entering long positions or call options in anticipation of a sustained price increase due to heightened demand projections. 2. OPEC's Tightening Supply Scenario: OPEC's report highlighting a potential deficit in the oil market, especially if OPEC+ production cuts persist, indicates a tightening supply situation. Traders may benefit from this by leveraging the anticipated supply shortage. Long-term positions or bullish spreads might be favorable strategies to capitalize on the potential price rally resulting from constrained supply. 3. Declining U.S. Oil Inventories and Weakening Dollar: The Energy Information Administration's data revealing a substantial drop in U.S. oil inventories, alongside the weakened dollar, strengthens the bullish sentiment. Considering the reduced supply and increased affordability of oil due to the dollar's decline, traders could explore long positions or bullish futures contracts to align with the rising prices. 4. Geopolitical Tensions in the Middle East: Ongoing geopolitical tensions in the Middle East, particularly recent attacks on vessels, add to the uncertainty surrounding oil supply. Traders might view this as an opportunity for short-term gains through cautious but strategic investments, keeping an eye on potential supply disruptions that could trigger price spikes. In conclusion, recent market developments indicate a favorable landscape for bullish trading in the oil market. Traders can consider adopting long positions, call options, or bullish spreads to capitalize on the projected increase in demand, tightening supply, weakened dollar, and geopolitical uncertainties. However, it's crucial to stay informed and adaptable to swiftly respond to evolving market conditions for optimal trading outcomes. Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
BLACKBULL:WTILong
by legacyFXofficial
A rebound in USOIL might not be done yetLast week, West Texas Intermediate crude oil reached our price target of $70 and slid as low as $68.83 per barrel. After this route, USOIL has slightly rebounded and currently trades near the $71.50 price tag. In the very short term, we acknowledge a potential for the price to continue higher. Indeed, this would be consistent with a natural occurrence of the price retracing toward its moving average, particularly the 20-day SMA. Yet, if the price breaks above this level and starts to consolidate there for a certain period, it might foreshadow even higher price tags; we will reassess our view if we get there. Beyond this short-term speculation about the prospects of further rise in USOIL, we stay bearish. Accordingly, our price target of $65 per barrel for the next year remains valid. Illustration 1.01 The image above shows the daily chart of CL1!. Red arrows highlight the decreasing price accompanied by falling volume (suggesting the selling pressure might be decreasing as well). Illustration 1.02 Illustration 1.02 displays the daily graph of USOIL and simple support/resistance levels derived from particular troughs. Technical analysis Daily time frame = Bearish Weekly time frame = 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILLong
by Tradersweekly
5
WTI CRUDE OIL Strong buy signalWTI Crude Oil is rebounding after breaching marginally under the 0.786 Fibonacci. That is the retracement level of the ranged price action long-term in the last 12 months. Symmetrically, it is a strong rebound level as witnessed on the December 9th 2022 low. Trading Plan: 1. Buy on the current market price. Targets: 1. 77.50 (projected contact with the MA50 (1d)). 2. 81.50 (0.5 yellow Fibonacci like the Jan 3rd and 23rd Highs). Tips: 1. The RSI (1d) has triple bottomed. Rarely you get a stronger buy signal than that. Please like, follow and comment!! Notes: Past trading plan:
TVC:USOILLong
by TradingBrokersView
1
USOIL nears $70 per barrel The price of USOIL is edging toward $70 per barrel, which is our price target for 2024. However, it is becoming increasingly possible that we will see this price taken out even by the end of the current year. With that said, we want to raise another price target for the next year, valued at $65 per barrel. Illustration 1.01 The monthly graph above shows the U.S. crude oil production. From the start of 2023 until September 2023, U.S. crude oil production rose by more than 770,000 barrels per day, which amounts to about 6.2% (since last year’s highs, the production is up more than 13.5%). Illustration 1.02 Illustration 1.02 depicts the monthly chart of the U.S. total rig count. Interestingly, since September 2023, the total rig count stopped declining. Technical analysis Daily time frame = Bearish Weekly time frame = Slightly 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
8
WTI OIL Loosely supported by the RSI.WTI Oil (USOIL) got rejected yesterday just before it hit the 4H MA200 (orange trend-line), near the top (Lower Highs trend-line) of the 2-month Channel Down. It may have broken though below the 4H MA50 (blue trend-line) as well but found support on the short-term Channel Up (dotted lines), which is essentially the bearish leg towards the Lower Highs of the Channel Down. The early October bullish sequence traded within such a Channel Up as well and broke downwards only when the 4H RSI broke below its Higher Lows trend-line (October 22). Currently the RSI is supported by a similar Higher Lows trend-line. If broken, we will see and target the 1W MA200 (red trend-line) at 71.00. Until then we have the opportunity for a Channel Up bottom long towards 79.50 (4H MA200 potential contact). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
1
WTI CRUDE OIL High probability buy above the MA50 (4h).WTI Oil is trading inside a Channel Down since the September 27th High. The price is now forming the Right Shoulder of a minor Inverse Head and Shoulders pattern that bottomed on the Lower Lows trend line of the Channel Down. This is formation technically aims at pricing the new Lower High at the top of the Channel Down. Trading Plan: 1. Buy the moment a (4h) candle gets closed over the MA50 (4h). Targets: 1. 80.50 (which is the 1.382 Fibonacci extension, as the previous Lower High was priced. Also it's the MA200 4h and top of the Channel Down). Tips: 1. The RSI (4h) is forming the exact same pattern as the previous bottom from October 6th to 12th. Once it re-crossed over its MA line, the spike that priced the top started. Please like, follow and comment!! Notes: Past trading plan:
TVC:USOILLong
by TradingBrokersView