Oil Gartley and weekly W in playOil Gartley and weekly W in play so looking for consolidation and then short into levels below.
Oil(wti)
USOIL:I think shorting is the main
Hey traders, I think crude oil is about to reach a short position, what do you think?
From the 4-hour chart, the pressure of crude oil is around 77-77.2. If it does not break through 77.3, then the strategy can be shorted around 77-77.3. The target is first around 75.5, and after it breaks, look around 74.
If it reaches near 74 to form a support, then backhand to do more.
If you agree with my point of view, welcome to pay attention
BLACKBULL:USOIL.F FX:USOILSPOT TVC:USOIL
✅CRUDE OIL RISKY SHORT🔥
✅CRUDE OIL is going up to retest a horizontal resistance of 77.33$
Which makes me locally bearish biased
And I think that we will see a pullback
And a move down from the level
Towards the target below at 76.50$
However, as it is a counter-trend
Trade I would suggest using
A lower risk per trade
SHORT🔥
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PVVM Analysis & Trade Idea - USOILMacro PVVM Analysis:
The Macro PVVM score provides us with an understanding of the long-term trend of the asset. On 7/10/2023, the Macro PVVM was at -9, indicating a slightly bearish sentiment in the long-term. However, by 7/20/2023, it had climbed to 60, suggesting a notable strengthening of the bullish trend.
Considering the range of the Macro PVVM (-150 to 150), the asset is not yet overbought, but the increasing trend signifies a positive sentiment in the long-term. This suggests that TVC:USOIL might have potential for further growth in the foreseeable future.
Micro PVVM Analysis:
The Micro PVVM score represents the short-term trend of the asset. On 7/10/2023, the Micro PVVM was at 98, which indicates a strongly bullish sentiment in the short-term. However, it experienced a slight dip to 72 by 7/20/2023. The momentum seems to be weakening slightly, as it has declined from the peak of 114 seen on 7/12/2023.
Key Takeaways:
1. The long-term trend of EASYMARKETS:OILUSD has turned bullish, as evidenced by the increasing Macro PVVM score.
2. The short-term trend has been predominantly bullish, though it experienced a slight decline in recent days.
Trade Idea:
Considering the current technical analysis, you might consider a long position in TVC:USOIL . Traders could wait for the correction expected by the Micro PVVM to end and then enter long positions.
CRUDE OIL On The Rise! BUY!
My dear friends,
This is my opinion on the CRUDE OIL next move:
The instrument tests an important psychological level 76.77
Bias - Bullish
Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bullish continuation.
Target - 80.26
Safe Stop Loss - 74.31
About Used Indicators:
A super-trend indicator is plotted on either above or below the closing price to signal a buy or sell. The indicator changes color, based on whether or not you should be buying. If the super-trend indicator moves below the closing price, the indicator turns green, and it signals an entry point or points to buy.
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WISH YOU ALL LUCK
Hellena | Oil (4H): Long until the end of wave 5Dear colleagues, I see a five-wave structure in which the price is completing corrective movement 4 and is about to begin impulsive movement 5. I anticipate that the price will reach at least the resistance area of 77.22.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
WTI CRUDE OIL Double rejection on the 1day MA200WTI Crude Oil hit and is getting rejected on the 1day MA200 today. That is the 2nd time 4 days to do so.
That is a technicals Double Top rejection and if the 1day RSI crosses under its MA, it will confirm the bearish move.
The long term pattern is a Channel Down and as we described last time, this isn't just near its top but also near the 1week MA50.
Sell and target the 1week MA200 at 68.50.
Previous chart:
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$74 could be pivotal for WTI over the near termCommodities were broadly lower yesterday with the CRB index falling to a 4-day low. Geopolitical tensions are rising following Russia’s decision to back out of a key grain deal which allowed Ukraine to export grain through the Black Sea. Weak data from China and news that Libya will restart oil production also saw WTI fall for a second day.
What has caught our eye is that WTI played very nicely with its round numbers yesterday, printing the high of the day at $76, a lower high at $75 and lows around $74. It is also considering the break of a trendline, although unless volatility picks up it runs the risk of moving sideways through it (which is not in the spirit of a trendline break).
Still, $74 appears to be a pivotal level over the near-term. And if prices print a minor bounce, we’d still consider shorts below $75 with a view for it to trade to $73. Take note that it is contract expiration today so we may see spills of undesirable volatility, but overall we want to see which way momentum takes this market next.
Hellena | Oil (4H): Short to supportDear colleagues, I anticipate that the correction is not yet over and the price will reach the support area at 73.81.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
CRUDE OIL Risky Long! Buy!
Hello,Traders!
CRUDE OIL broke the key
Horizontal level of 74.5$
And will now be making a
Retest of the level from
Where I think we will see
A bullish rebound
Buy!
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Check out other forecasts below too!
#Oil Update #OOTTDespite the fact that the price moved almost exactly as outlined in the prior report, the short term subdivisions are difficult to read at this stage. There is no cause to close long positions at this point. I'll just have to be patient.
Gasoil appears to offer a more clear picture.
#Gasoil Update #OOTTThis time, Gasoil has a more defined structure, signalling that the advance will continue. The final shape is yet unknown. The terminating diagonal is solely included for illustration purposes.
Hellena | Oil (4H): Long to Fibo LvlDear colleagues, the price is currently in a descending channel. I anticipate that the price will break above the upper boundary of the channel and reach the resistance area and the 0.618 Fibonacci level - 76.72.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
WTI Light Sweet Crude Oil, 7/12/23For Wednesday, 72.83 can contain selling through the balance of the week, above which the 77.48 formation is likely by the end of next week or sooner, able to contain weekly buying pressures when tested - possibly through the balance of July.
A daily settlement above 77.48 indicates the more significant 81.97 long-term resistance level within 1 - 2 more weeks, where the broader market can top out into later year and a significant upside continuation point over the same time horizon.
Downside Wednesday, closing below 72.83 signals 69.15 within several days, possibly yielding another test next week of 67.08, able to contain selling on a weekly basis and above which 77.48 is attainable over the next 3 - 5 weeks.
WTI Light Sweet Crude Oil, 7/11/23For Tuesday, 72.83 can contain selling into later week, above which the 77.41 formation is likely by the end of next week or sooner, able to contain weekly buying pressures when tested, possibly through the balance of July.
A daily settlement above 77.41 indicates the more significant 81.97 long-term resistance level within 1 - 2 more weeks, where the broader market can top out into later year and a significant upside continuation point over the same time horizon.
Downside Tuesday, closing below 72.83 signals 69.25 within several days, possibly allowing another test of 67.08 by the end of next week, able to contain selling on a weekly basis and above which 77.41 is attainable over the next 3 - 5 weeks.
WTI CRUDE OIL: First time since April on the 1D MA100WTI Crude Oil reached the 1D MA100 for the first time since April 28th. The 1D technicals turned green (RSI = 59.140, MACD = 0.550, ADX = 29.727) and if the 1D candle closes over the 1D MA100, then an emerging Channel Up will lead it to the 1D MA200 and consequently we will target a HH (TP = 76.50).
We will take the loss if the price crosses under the Channel Up and the 4H MA50, where we will go short and target the S1 (TP = 66.80) on the long term.
Prior idea:
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WTI Light Sweet Crude Oil, 7/10/23A two-sided framework continues through summer between 62.14 long-term support, and 81.97 long-term resistance, both regions able to contain seasonal activity.
Downside, a weekly settlement below 62.14 indicates 53.87 within several months, longer term Fibonacci support able to contain selling into later year.
Upside, a weekly settlement above 81.97 indicates 94.67 within several months, able to contain annual highs.
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For Monday, 72.82 can contain selling into later week, above which the 77.34 formation is likely by the end of next week or sooner, able to contain weekly buying pressures when tested, possibly through the balance of July.
A daily settlement above 77.34 indicates the more significant 81.97 long-term resistance level within 1 - 2 more weeks, where the broader market can top out through the balance of the year and a significant upside continuation point into later year.
Downside Monday, closing below 72.82 signals 69.35 within several days, possibly another test of 67.08 by the end of next week, able to contain selling through next week and above which 77.34 is attainable over the next 3 - 5 weeks.
USDCAD-07/03/2023Preferred direction: SELL
Comment: Despite the fact on Friday the downward impulse after breaking out the lower border of the balance did not take place, the priority of sell remains. However, the action plan has been slightly changed. The most potential sell should be considered at the upper border of the current balance, most likely in the format of a false breakout. An alternative scenario, also sell, can be considered at the lower border of the same balance, that is, in the format of a breakdown of the level of 1.32399. The target is still the same at the level of 1.31385.
Thank you for like and share your views!
Xop no impulse yetxop, might have more room to the downside.
It is not yet showing a 5-wave up.
We might see a retest of wave 4 untill we can call the correction completed.
WTI rallies form range lows - break of $70 up next?WTI crude posted a strong rally from the $67 support level thanks to another strong drawdown of crude inventories. The fact it rallied over 3% despite the stronger US dollar and hawkish comments from Powell makes us wonder if it could have broken above $70 were the dollar not to dominate FX majors on Wednesday. Still, prices are trading within a range between $67 - $72/73, and whilst prices action remains choppy o the daily chart there are some opportunities to trade the range on lower timeframes.
A triple bottom has formed on the daily along with a 2bar bullish reversal (bullish piercing line). String volumes accompanied the rally from the $67.50 area to show demand around those lows and the OBV (on balance volume) broke above its previous swig high, which hints at a breakout for prices.
Prices are drifting higher at the open, but we’d consider bullish setups above or around the daily pivot point or 10/20 EMAs if prices pullback for a potential swing-trade long to $70.A break above which brings the resistance zones around $71 and $72 into focus.
WTI Light Sweet Crude Oil, 6/29/23For Thursday, the 67.08 level can contain weekly selling pressures, above which 72.77 is attainable by the end of next week, possibly yielding 77.17 by the end of July.
Upside Thursday, 69.95 can contain session strength, while closing above 69.95 signals 72.77 within 2-3 days, where the market can top out into later next week and the point to settle above for yielding the more meaningful 77.17 within 3-5 more days.
Downside Thursday, closing below 67.08 indicates 64.10 within 3-5 days, 62.14 longer-term support within 2-3 weeks, where the broader market can bottom out through summer activity
WTI Light Sweet Crude Oil, 6/27/23For Tuesday, the 67.08 level can contain weekly selling pressures, above which 72.92 is attainable within the week, possibly yielding 77.00 within 2-3 weeks.
Upside Tuesday, 70.67 can contain session strength, while closing above 70.67 signals 72.92 within 2-3 days, where the market can top out through the balance of the week and the point to settle above for yielding the more meaningful 77.00 within 3-5 more days.
Downside Tuesday, closing below 67.08 indicates 64.67 within the week, 62.14 longer-term support within 1-2 weeks, where the broader market can bottom out through summer activity
OIL - Potential up move before a bigger dropFundamental Analysis
WTI remains stable as global interest rates are decided, showing signs of a potential increase for the week. The People's Bank of China's decision to lower rates aims to boost economic growth and improve the outlook for oil. Currently, WTI is trading at $71.25, a slight increase from before.
Despite elevated prices worldwide and a slowing economy, major central banks, such as the European Central Bank (ECB) and the Federal Reserve (Fed), have chosen to keep rates unchanged. The ECB raised rates to a 22-year high, while the Fed decided to skip its June meeting but revised its peak rates upward, surpassing the 5.50% threshold. Although this initially strengthened the US dollar, WTI prices were affected by Jerome Powell's neutral comments, causing the gains to diminish.
In contrast to the ECB and the Fed, the People's Bank of China reduced rates due to the slower-than-expected recovery of the Chinese economy. Recent data suggests a loss of momentum, which impacted the rise in oil prices, especially after Saudi Arabia announced a cut in its crude oil output starting in July.
Growing demand in China has supported oil prices, with refinery output reaching its second-highest level on record. The CEO of Kuwait Petroleum Corp estimates that Chinese oil demand will continue to increase in the second half of the year.
It's important to note that the voluntary cuts in crude oil production by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will limit supply in the near future. Additionally, the US dollar has weakened following the Fed's decision to keep rates unchanged, which also contributes to favourable conditions for WTI prices.
Technical Analysis
From a technical perspective, WTI is currently moving horizontally on the charts, staying within the range of approximately $63.50 to $68.00 throughout the year. Our long term view is bearish, but right now we would expect a move up to $76 Price range before we could see another bigger drop which would most likely break the $63 price level.
