Oil
USOIL / GOT IT, AND STILL RUNNING!!! Technical Analysis: USOIL
Current Outlook:
the price remains bearish zone due to stability bearish volume under 77.94
Bullish Scenario:
The price should stabilize above 77.94 to get 79.49
Bearish Scenario:
As long as trades under 77.44 means will drop to 76.30 and 75.35
Key Levels:
- Pivot Line: 77.40
- Support Levels: 76.30, 75.35, 72.80
- Resistance Levels: 77.94, 79.49, 80.73
Today's Expected Range:
The price is anticipated to move between the support at 75.35 and the resistance at 77.95.
PREVIOUS IDEA:
Turbo Tuesdays ? Crude OilNice ranged day on Monday leading me to think today won't be as expansive.
Nether less I am looking for Bearish movement but I would like some sort of BSL to be taken meaning I am anticipating a retracement come NY open 0830est roughly.
15min FVG and the 2hr -OB are areas if price was to retrace to I would look for shorts.
Targets are bellow the weekly ssl and the eql's.
WTI Oil H4 | Pullback resistance at Fibonacci confluenceWTI oil (USOIL) is rising towards a pullback resistance and could potentially reverse off this level to drop lower.
Sell entry is at 77.35 which is a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 61.8% retracement levels.
Stop loss is at 78.90 which is a level that sits above the 38.2% Fibonacci retracement level and a pullback resistance.
Take profit is at 75.43 which is a pullback support.
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WTI OIL on the 3.5 year Support!WTI Oil (USOIL) is attempting to form yet another bottom below the 1W MA200 (orange trend-line), which has been the ultimate long-term Support since February 2021. As you can see, since May 2023, Oil has been forming Higher Lows just below this level.
Despite the presence of the Lower Highs trend-line since September 25 2023, the pattern shows a break-out above Resistance 1, every time such a low is formed. Our long-term Target remains 90.50 (potential Higher High on an emerging Channel Up).
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Oil prices losing strength due to China's economic slowdown
Oil prices continue to trend downward, as are expectations for increased U.S. oil production and pessimism about the Chinese economy. Expectations are growing that oil prices will gradually fall following reports that new wells will be drilled in US shale fields, and the costs for them will drop significantly by about 10% this year alone. Meanwhile, the economic slowdown in China, the world's largest crude oil importer, is also putting downward pressure on oil prices. China's oil imports in June fell 10.7% amid disappointment that the PBoC's rate cuts were not large enough to boost the Chinese economy.
USOIL (WTI) has been trending downward over the past week, falling to the 75.10 level. After death-crossed, both EMAs rapidly widen the gap and send out a typical bearish signal. If USOIL fails to hold the 75.00 support, where the trend line intersects, the price could fall further to 72.50. Conversely, if USOIL advances toward the 76.80 resistance after recovering EMA21, the price may gain upward momentum toward the 78.20 level.
2024-07-29 - priceactiontds - daily update - oilGood Evening and I hope you are well.
comment: Lower low again after market formed a perfect double top with Globex high, which was couple of ticks above Globex open. Market is going down but barely. Bears taking profits at new lows and wait for market to go higher again before they sell it. 1h 20ema is a roller coaster. Need to trade small, have wide stops and wait for decent pullbacks.
current market cycle: trending trading range or broad bear channel, whatever you prefer to call it
key levels: 74 - 78
bull case: Bulls buying new lows and making money. That’s about it. They are too weak to push to make new highs and bears will probably stop at bigger resistance which I think is below 74.
Invalid below 73.
bear case: Bears in control but they are taking profits at new lows and thats why the channel down is so broad and we have two sided trading. Play the bear channel until it’s clearly broken. Do not try to be a rocket scientist here and start with macro schmackro stuff about oil. It’s going down, look for shorts. Be Forest Gump and not Cathie Wood.
Invalid above 78.
short term: Bearish. Play the channel.
medium-long term: We are seeing the big triangle playing out between 72 and 86 (could also be 87 but for now I see the spike above 83 as a failed breakout of the triangle. We hit the lower trend line and now we will test back up to above 83. —will update this Wednesday
current swing trade: Still short since 82.69.
trade of the day: Selling the double top Globex and EU high at 77.6. Had to get short latest at bar 42 but better 41 since it was also a head & shoulders or the top of the trading range. More than enough reasons to sell.
CRUDE OIL WILL FALL|SHORT|
✅CRUDE OIL is trading in a
Downtrend and the price
Broke the key horizontal
Level of 76.50$ which is now
A resistance and the breakout
Is confirmed so we are bearish
Biased and we will be expecting
A further bearish continuation
SHORT🔥
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USOIL Sellers In Panic! BUY!
My dear followers,
I analysed this chart on USOIL and concluded the following:
The market is trading on 76.41 pivot level.
Bias - Bullish
Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bullish continuation.
Target - 77.12
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
Oil Moves At The End Of July..Over a mid-long term period we have seen Oil slowly close in on its price range.
This comes as the Market awaits a larger sentiment inflow and move either largely up or down.
In my previous posts on Tradingview, I mentioned it short various times, so our bias remains the same on any rises.
Any longs, really, need a larger fall to key support levels below.
Crude oil: Waiting for a rebound to continue shortingCrude oil technical analysis
Daily resistance 78.4, support below 72.7
Four-hour resistance 77.5, support below 75.5-74.7
Crude oil operation suggestions: WTI prices stopped falling due to a decline in weekly crude oil inventories last week. The U.S. Energy Information Administration (EIA) crude oil inventory change report is expected to show that inventories will increase by 700,000 barrels in the week ending July 19. Israeli Prime Minister Benjamin Netanyahu will address the U.S. Congress, seeking to turn the U.S. attention to the Middle East.
From the daily chart level, crude oil has repeatedly fluctuated and stepped down in the medium term, and the oil price has fallen below the support of the moving average system. The objective trend of the medium-term rise has changed and returned to the oscillating pattern. Crude oil is expected to maintain a wide range of oscillation in the medium term.
From the current market situation, the lower target continues to focus on breaking new lows, and the short-term long and short strength watershed focuses on the 77.5 line. The rebound above 77-77.5 remains short. Any rebound before the daily level breaks through and stabilizes this position is a short-selling opportunity.
SELL:77.0near SL:77.30
SELL:77.5near SL:77.80
Technical analysis only provides trading direction!
Monday Drab Crude Oil We opened with a large Gap to the upside...
So far we have not moved in any direction with any purpose.
To stay bearish running into NY the DAILY -OB should be respected if we retrace back to that level.
Closing the NWOG with a displacement candle would be advantageous for sell side to be taken and the two targets I have noted with the magnets.
USOIL Is Approaching An Interesting ZoneHey Traders, in tomorrow's trading session we are monitoring USOIL for a buying opportunity around 74 zone, USOIL is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 74 support and resistance area. We would also consider the 82 area as a potential target as it's the main resistance USOIL will be facing.
Trade safe, Joe.
USOIL: Bullish Continuation & Long Trade
USOIL
- Classic bullish setup
- Our team expects bullish continuation
SUGGESTED TRADE:
Swing Trade
Long USOIL
Entry Point - 76.41
Stop Loss - 74.97
Take Profit - 79.13
Our Risk - 1%
Start protection of your profits from lower levels
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CRUDE OIL (WTI): Waiting For Breakout
WTI Crude Oil is currently testing a key daily structure support.
Trading in a bearish trend, the price has a high potential to violate that.
Next week, wait for a bearish breakout of an underlined green area.
A daily candle close below that will confirm a violation.
A bearish continuation will be expected at least to 72.9 level then.
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OilHere lies the sought edge.
source: FASTgraphs
The gray price band represents actual value with oil at current price up to $100+
USOIL Will Go Higher! Long!
Take a look at our analysis for USOIL.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The price is testing a key support 78.234.
Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 82.164 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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OIL: Day 3 breakout short reversalHi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you!
“Trade setups, not movements”
1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion)
Monday DAY 1 Opening Range
Tuesday DAY 2 Initial Balance
Wednesday DAY 3 (reset DAY 1) Mid Point Week
Thursday DAY 2
Friday DAY 3 Closing Range ✅ day 2 cycle
2. SIGNAL DAY
First Red Day
First Green Day ✅
3 Days Long Breakout
3 Days Short Breakout
Inside Day
3. WEEKLY TEMPLATE
Pump&Dump
Dump&Pump ✅
Frontside
Backside ✅
4. THESIS:
Long: primary, Friday day 3, market on the backside, is a high quality potential long setup, back to the HOW if criteria will be met. Consolidation till OIL market opening at least (9am NYT).
Short: secondary, not interested today in this scenario, however, the pump of yesterday can fail, with a further failed daily breakout going to re test the LOW.
Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni
USOIL BUYERS WILL DOMINATE THE MARKET|LONG
Hello, Friends!
USOIL is making a bearish pullback on the 1D TF and is nearing the support line below while we are generally bullish biased on the pair due to our previous 1W candle analysis, thus making a trend-following long a good option for us with the target being the 83.51 level.
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Sasol short about to get stopped out - Ready for a swing longTrades don't always work out.
The trick is to prepare for not only the stop loss to be hit but also the counter action immediately afterwards at times.
So in this case, the false break below lead to a rounding bottom and following another higher rounding bottom
If it breaks above, we will be stopped but the next trade will be imminent for a long position.
This is how we do it as active or hyper traders :)
R207.16 - New target upside