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2024-08-29 - priceactiontds - daily update - oilGood Evening and I hope you are well. tl;dr Oil - News again which let the market rip for 285 ticks but above 67.7 we saw bigger profit taking and a decent pullback to the 30m ema. Kinda in the middle of the range and I am not trading there. Also no opinion on where to go next. Around 77 I favor bears to get back down again and around 74 I favor the bulls. Trading range price action. comment : Bulls had the news on their side today and strongly reversed from 74 for almost 3$. I expect another test of 77 tomorrow and there market decides if it wants to break above the weekly high 77.59 or trade back down to 74. Can also very well close exactly at the mid point 75.5. Neutral around 75-76, bearish near 77 and bullish around 74. Fade the extremes as long as market is making lower highs and higher lows. current market cycle: trading range (triangle) key levels: 74 - 77 bull case: Bulls got near the bear trend line again and found more sellers than buyers. They want at least a retest of 77 and poke the trend line. Since no side has any control for many weeks now, I don’t expect this to change tomorrow. Invalidation is below 75. bear case: Bears stepped aside after the news release but come through near the bear trend line. They defended it and want to keep this below 77 / 77.59. 76 is a bad short, so the closer to 77 they can get, the better the math. Invalidation is above 76.2. short term: Neutral. Bullish above 76.2 for retest of 77 and then wanting to fade the extremes as mentioned in the comment. medium-long term : We are seeing the big triangle playing out between 72 and 82/84. The high of the triangle got tested until mid of April and we have now tested the lows around 72.5. We are at the bear trend line and odds favor the bears if they stay below 86.27 for trading back down below 76 again. Update: If we break below 70.67, the triangle is dead and we need to find new support. Will update this again when it happens. current swing trade: None trade of the day: Long bar 7 or 8. Very strong bull bars after a climactic bear bar 7 which made a decent double bottom with bar 8 from Wednesday.
NYMEX:MCL1!
by priceactiontds
WTI Oil H1 | Potential bearish breakoutWTI oil (USOIL) is looking to make a bearish break below an overlap support and could potentially drop lower from here. Sell entry is at 74.13 (wait for the 30-min candle to close below this level for confirmation). Stop loss is at 75.10 which is a level that sits above an overlap resistance. Take profit is at 72.81 which is a pullback support that aligns with a 78.6% Fibonacci retracement level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILShort
by FXCM
USOIL Will Go Lower From Resistance! Short! Take a look at our analysis for USOIL. Time Frame: 9h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is trading around a solid horizontal structure 74.743. The above observations make me that the market will inevitably achieve 72.884 level. P.S We determine oversold/overbought condition with RSI indicator. When it drops below 30 - the market is considered to be oversold. When it bounces above 70 - the market is considered to be overbought. Like and subscribe and comment my ideas if you enjoy them!
FX:USOILShort
by SignalProvider
1
USOIL / UNDER BEARISH PRESSURE - 4H USOIL / 4H TIME FRAME HELLO TRADERS Tendency , prices is under downward pressure , until trading below turning level at 77.73 . Downward Condition : With the price holding steady at the current turning level at 77.73 , it is likely to decline towards the support level of 76.16. If it stabilizes below this level, it could then reach the next target level of 74.77 . Upward Condition : for an upward , a potential is expected if the price breaks the turning level at 77.73, leading to a rise toward the resistance level (1) at 79.93 . For a sustained increase, the price must breaking the resistance level (1) to reach the next resistance at 82.50 . TARGET UPWARD ZONE : RESISTANCE LEVEL (1) : 79.93 . RESISTANCE LEVEL (2) : 82.50 . TARGET DOWNWARD ZONE : SUPPORT LEVEL (1) : 76.16 . SUPPORT LEVEL (2) : 74.77 . TURNING LEVEL : 77.73 .
TVC:USOILShort
by ArinaKarayi
WEEKLY FOREX FORECAST AUG 26 - 30th: S&P NASDAQ GOLD SILVER OILThis is Part 1 of the Weekly Forex Forecast AUG 26-30th. In this video, we will cover: S&P500 NASDAQ DOW GOLD SILVER US & UK OIL Enjoy! May profits be upon you. Leave any questions or comments in the comment section. I appreciate any feedback from my viewers! Like and/or subscribe if you want more accurate analysis. Thank you so much! Disclaimer: I do not provide personal investment advice and I am not a qualified licensed investment advisor. All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this channel, expressed or implied herein, are committed at your own risk, financial or otherwise.
NYMEX:BZ1!
by RT_Money
2
OIL Short - Wouldn't it be funny?I mean... expect the unexpected right? Monday seems to have topped out the whole move while wednesday could be a potential conitnuation. Where would be the biggest pain point for longs? PS: Prepare yourself to work with broader SL here, $78 is as well in play. But I like this current situation since I know that the majority is obviously long cause of our daily world drama and it just doesn't make sense to anybody that Oil could suddenly drop again?!
TVC:USOILShort
by Entropie2020
1
WTI OIL holding the multi-year Support Zone.As mentioned on our last analysis, it is critical for WTI Crude Oil (USOIL) to hold the 1M MA50 (red trend-line) and close the monthly candle (1M) above it. So far it has been holding, the current one is a 1W time-frame chart and as you see even on a weekly basis, all 4 last candles have held the 1M MA50. At the same time though, the 1W MA200 (orange trend-line) is applying selling pressure for the same time period as a Resistance. If this Zone holds, we still expect a strong rally to start and peak above the 1.5 Fibonacci extension. Our Target Zone is intact at 91.50 - 92.00. ------------------------------------------------------------------------------- ** 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:USOILLong
by TradingShot
1
Oil in high timeframe Hello traders, I 've identified a potential buying opportunity based on the daily timeframe. Here's a summary of my insights: * **Inducement Zone:** Oil has reached the inducement zone around $72.50 on the daily timeframe. * **Liquidity Sweep:** The price has swept the liquidity below the trendline, suggesting a potential shift in momentum. * **Strong Buy Signals:** The price action is showing strong signals to move higher, indicating a good opportunity for a low-risk buy. * **Critical Zones:** I 've identified key resistance levels at $74, $80, and $84, which can help guide my targets and risk management. Here are some additional points to consider: * **Confirmation:** Look for confirmation from other technical indicators, such as volume, momentum, or candlestick patterns, to reinforce your analysis. * **Risk Management:** Implement appropriate risk management strategies, including stop-loss orders, to protect your capital. * **Market Dynamics:** Stay updated on any news or events that could impact the price of oil, such as geopolitical tensions, changes in supply and demand, or economic data releases. Remember, trading always involves risk. Conduct thorough research, make informed decisions, and adapt your strategies as needed. Good luck with your trades!
OANDA:WTICOUSDLong
by somayehbasiri
Will there be a false breakdown WTI ? H4 20.08.2024Will there be a false breakdown WTI ? H4 20.08.2024 Oil is in an interesting situation right now. Initially I was waiting for repositioning to buy, however the price went lower. As a result, I closed my purchases on be and now the question is whether or not there will be a false breakdown of the support zone 71.30-72.40. The poured volume in the margin at 73.50 did not give a buyback reaction, but oil moves very insidiously. It could do a false breakdown and then come back on volumes and form a delayed culmination. In any case, the rebound is somewhere near, so watch carefully.
THINKMARKETS:WTILong
by KovachTrader
Possible correction WTI. H4 27.08.2024Possible correction WTI Oil has now approached the marginal resistance zone 77.41-77.97, as shown in the previous analysis. Large point volumes have appeared in the zone and may mean fixation of purchases and the beginning of accumulation of corrective sales. The question is whether the pullback will be and how deep it will be. In general, I expect an approach around 1/2 of the margin and then up again from there. That's why yesterday at 77.40 I closed 50% of buys and I'm still in the waiting mode. Oil after filling volumes likes to make gains and then go into a reversal.
THINKMARKETS:WTILong
by KovachTrader
2024-08-26 - priceactiontds - daily update - oilGood Morning and I hope you are well. tl;dr Oil - Breakout above happened as written in my weekly update. Only looking for longs now. Want 79 and then 80 before I expect a more complex pullback. quote from my weekly update: short term: Bullish above 75.1, bearish below 74 for retest of 72 or lower. comment : Bulls just continued on Monday and my 75.1 target was easily passed through. That trade was good for 200+, hope you made some. We are now at a minor bear trend line around 77.6 and I’d be surprised if we can just melt through that as well. The 1h ema was not touched once since Thursday’s US session. Very strong move by the bulls and decent chances we see 79 this morning. current market cycle: trading range (triangle) key levels: 75 - 79 bull case: Bulls did what I expected in my weekly outlook and their next targets above are 79 and then 80. I do think 80 can happen today or tomorrow. If bulls can break above current August high 78.99, bears will probably step aside enough for 80 to come fast. Invalidation is below 76. bear case: Bears did not want to fight this after their leg down and market move’s freely higher without any fight. News weren’t on their side either yesterday. Where could we expect a bigger pullback? 78 is a big maybe. 79/80 is where I expect it more but do not look for any fades until bears closed a bear below the 1h ema. You would be trying to short a strong bull trend and that’s mostly gambling. Invalidation is above 78. short term: Bullish for 78 and most likely 79/80 as long as we stay above the 1h 20ema. medium-long term: We are seeing the big triangle playing out between 72 and 82/84. The high of the triangle got tested until mid of April and we have now tested the lows around 72.5. We are at the bear trend line and odds favor the bears if they stay below 86.27 for trading back down below 76 again. Update: If we break below 70.67, the triangle is dead and we need to find new support. Will update this again when it happens. current swing trade: None trade of the day: Longing the breakout above 75.1 as I wrote in my weekly update. Was good for 200+.
NYMEX:MCL1!Long
by priceactiontds
USOil WTI Technical Analysis and Trade IdeaThe current USOil chart exhibits clear signs of price overextension, with the asset pushing into a critical resistance zone. Given this technical setup, a retracement appears probable. My strategy involves seeking a long entry, but only if the price experiences a pullback to the key Fibonacci retracement levels, specifically targeting the 50% to 61.8% zone. It's crucial to contextualize this analysis within the broader macroeconomic landscape. The recent Bank of Japan rate hike has injected significant volatility into global markets. We must anticipate and account for potential continuation of these heightened volatility conditions, as they could materially impact price action and risk management parameters. This technical and fundamental confluence presents a compelling setup, but as always, proper risk management is paramount. Traders should conduct their own due diligence and consider their individual risk tolerance before executing any positions. Disclaimer: This analysis is provided for educational and informational purposes only. It does not constitute financial advice or a recommendation to enter any specific trade.
TVC:USOIL
by tradingwithanthony
1
Can USOIL, which has surged due to geopolitical concerns, contin Due to the expanding armed conflict between Israel and Hezbollah, supply instability has surged in the crude oil market. Oil prices shot up by 3% in a single day due to temporary halts in oil production caused by political risks in Libya. While geopolitical risks have not significantly impacted oil prices in recent weeks, escalating tensions will likely influence future movements. In particular, the suspension of oil production in Libya, a major exporter of about 1 million barrels per day, could substantially impact the oil market. USOIL has experienced a significant surge, breaking through the 76.50 level. Additionally, the EMA21 is about to golden-cross the EMA78, indicating a strong bullish signal. In addition, the formation of a double-bottom pattern clearly shows a positive future price outlook for USOIL. If USOIL continues its current uptrend and breaks the 77.50 resistance, the price may gain upward momentum toward the 79.00 level. Conversely, if USOIL breaks the 75.00 threshold, the price could fall further toward the 74.20 support level.
TVC:USOIL
by inkicho_exness
USOIL AnalysisOil prices have surged on Monday, driven by escalating tensions in the Middle East and potential disruptions in Libyan oil production. The recent uptick in violence between Israel and Hezbollah, coupled with ongoing drone attacks and bombings, has severely diminished the prospects of a Gaza ceasefire deal, pushing oil prices higher. Adding fuel to the fire, Libya is facing a significant disruption in oil production due to an internal political conflict between rival governments vying for control over the central bank. The sudden halt in production exacerbates supply concerns, contributing to the sharp rise in oil prices. The US Dollar Index (DXY) is struggling after a poor performance last week, influenced by Federal Reserve Chairman Jerome Powell's confirmation of an impending interest rate cut in September. However, markets may be overestimating the scale and pace of these cuts, which could have broader implications for the oil market if expectations are not met. Technical Analysis Oil is currently in a strong position at the start of the week. Despite fears of a sell-off from hedge funds, oil prices have rallied, potentially inviting more bullish positioning. The violence in the Middle East raises doubts about the feasibility of a ceasefire between Israel and Hamas, and any further escalation could drive prices even higher. On the technical front, WTI Crude Oil is trading around $77.07, while Brent Crude is at $80.44. A key resistance level is at $77.65, which aligns with both a descending trendline and the 200-day Simple Moving Average (SMA). A break above this level could see the 100-day SMA at $78.45 act as another potential rejection point. On the downside, support remains at $71.17, the low from August 5, which has provided a base for the current rebound. Should prices fall below $70.00, the next significant support levels to watch are $68.00 and $67.11, the latter being the lowest point from the triple bottom formation seen in June 2023.
TVC:USOILShort
by Forex48_TradingAcademy
1
Crude oil 76.5 buy tp :79!Last week I have been stressing that crude oil 74 is a one-hour bottom support and has not formed a new low and every day is building a bottom to push up the price which will be the rhythm of the correction and continue to rise! If you follow my advice then you will make at least $30 more profit! Many of my articles will be blocked but my prediction accuracy is over 100% if you want to get a factual trading signal you can click on my website to contact me! In case I can't be reached The trend of crude oil in the last two trading days formed a V-shaped trend line has reached the bottom position, so this position you just need to buy you can make money! Crude oil 76.5 buy tp :79!
TVC:USOILLong
by CrazyPeter001
USOUSD (WTI Crude) strong bullish move likely … week of 26 AugA ‘hammer candle’ is one of my favorites and we can see a nice one in the weekly chart of oil. It also appears at a major support (73.00) and at a rising trend line. If you are not a fan of the hammer candle like I am, just look left on my chart and see what happened in the past when this candle appeared. But “when” to trade is always a question, directional bias is only a part of our decision making. I will, first of all be looking for USD weakness and CAD strength (correlation). Monitoring PA on the H4 and H1 is always a good idea too. Evidence of bullish PA would justify taking a long trade. However, if a move to the downside forms, that would negate my analysis. This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster. If you like my idea, please give a “boost” and follow me to get even more. Please comment and share your thoughts too!! It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
EIGHTCAP:USOUSDLong
by Trading_Vista