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Oil

75: Decline in Oil Tankers to China Signals Weaker DemandThe number of oil tankers heading to China has dropped to its lowest in nearly two years, indicating weaker demand in the world's second-largest economy. Bloomberg reports only 86 supertankers en route over the next three months, the lowest since August 2022. Current Scenario: After holding $70 on the weekly chart, oil prices are attempting to reach new highs around $90. This movement suggests bullish momentum as the market reacts to shifting demand dynamics. Bearish Scenario: If oil prices fail to maintain momentum and drop below the recent low, we could see a trend reversal. Key support to watch is around $60, where buyers might step in again. Bullish Scenario: If oil prices break above $90, we could target $100 as the next major resistance level. Sustained bullish momentum would be necessary for this upward move, potentially driven by improving economic indicators or geopolitical factors.
NYMEX:CL1!Short
by SeventyFive-Invest
USOIL Will Go Lower From Resistance! Sell! Please, check our technical outlook for USOIL. Time Frame: 1h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is trading around a solid horizontal structure 83.34. The above observations make me that the market will inevitably achieve 82.57 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!
TVC:USOILShort
by SignalProvider
2
USOIL Will Go Up From Support! Long! Here is our detailed technical review for USOIL. Time Frame: 4h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is on a crucial zone of demand 83.25. The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 84.34 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!
TVC:USOILLong
by SignalProvider
1
My Bullish Idea For USOIL Trade - Here is Why am Buying USOILFOREXCOM:USOIL Here is why am bullish on USOIL. 1. The daily time frame structure is extremely bullish. 2. The 4hour is also bullish. 3. The 1hour chart structure is extremely bullish such that there is no reason to go short. The orderflow on 1hour is very bullish, price is respecting bullish PD Arrays like Fair value Gaps (FVG), Bullish Orderblocks, bullish breaker etc. My entry, target and stop loss are all on the chart. I hope this inspires you. Drop your idea in the comment section.
FOREXCOM:USOILLong
by Elijahenoch7
BTC Futures. Bulls fade. Robust gain de-established.BTC has reached the top around US$ 73700 on March 14, 2024 as it was clearly explained in previous publication. Since that it's gone around 1 month till now, and no one new high was printed in BTC. Bulls fade. Robust gain de-established. Upside bubble-alike trend transformed into detrend structure with flat top near US$ 73000 per BTC. RSI (14) is sluggish also. This idea is for b-adj CME’s Bitcoin futures contracts, ticker symbol BTC, which are a USD cash-settled contracts based on the CME CF Bitcoin Reference Rate (BRR), which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. The BRR aggregates the trade flow of major bitcoin spot exchanges during a one-hour calculation window into the U.S. dollar price of one bitcoin as of 4 p.m. London Time. The Bitcoin futures contract trades Sunday through Friday, from 5 p.m. to 4 p.m. Central Time (CT). A single BTC contract has a value of five times the value of the BRR Index and is quoted in U.S. dollars per one bitcoin. The tick increments are quoted in multiples of $5 per bitcoin, meaning a one-tick move of the BTC future is equal to $25. BTC futures expire the last Friday of the month, and are listed on the nearest six consecutive monthly contracts, inclusive of the nearest two December contracts. Technical graph indicates on a detrend structure, where near 73K per BTC is the Top, and near 55K is the target. Technically, BTC can retrace to mentioned above level as it still below reasonable resistance.
CME:BTC1!
by FinWealth
Oil Prices Climb on Inventory DrawdownOil prices edged higher on July 3rd, 2024, buoyed by signs of a significant decline in U.S. crude oil stockpiles. Brent crude, the benchmark for international oil prices, for September settlement rose 0.1% to $86.34 a barrel by 10:21 AM in London. Meanwhile, West Texas Intermediate (WTI), the U.S. oil benchmark for August delivery, inched up to $82.88 a barrel. This price increase comes amidst a wider risk-on sentiment in the global financial markets. Equity markets, including the S&P 500, have been reaching record highs, and this optimism appears to be spilling over into the oil market. Inventory Drawdown: A Cause for Optimism The primary driver behind the oil price increase is a report from the American Petroleum Institute (API) indicating a substantial drawdown in U.S. crude oil inventories. According to sources familiar with the data, crude inventories fell by a significant 9.2 million barrels last week. If confirmed by the official figures released by the Energy Information Administration (EIA) later this week, this would mark the largest single-week decline in stockpiles since January 2024. A decline in stockpiles indicates a tightening of supply, which can lead to higher prices. This is because crude oil is a fungible commodity, meaning a barrel of oil from one source is generally equivalent to a barrel from another. So, if stockpiles decline in the United States, it can impact global supply and drive prices up. Geopolitical Tensions and Summer Driving Season Lend Support Apart from the inventory drawdown, several other factors are contributing to the current oil price rally. Geopolitical tensions remain elevated around the world, particularly in the Middle East. The ongoing war between Israel and Hezbollah, along with potential upcoming elections in France and the UK, are keeping investors on edge. Disruptions to oil supplies from these regions could significantly impact prices. Summer is typically a season of increased demand for gasoline due to vacation travel. While the API report also indicated a decline in gasoline stockpiles, concerns linger about weak U.S. gasoline demand, which could temper the current price uptick. Looking Ahead: Factors to Consider The oil market remains susceptible to several factors that could influence prices in the coming weeks and months. Here are some key elements to keep an eye on: • Confirmation of API Inventory Data: Official confirmation from the EIA regarding the inventory drawdown will be crucial. If the data is validated, it will solidify the current bullish sentiment in the market. • Global Economic Growth: The health of the global economy, particularly major oil-consuming countries like China, will significantly impact demand. A strong global economic recovery will likely lead to higher oil demand and consequently, higher prices. • The Upcoming Hurricane Season: The Atlantic hurricane season officially began on June 1st, 2024. If major hurricanes disrupt oil production facilities or shipping routes in the Gulf of Mexico, it could lead to price spikes. • Geopolitical Developments: Any escalation of geopolitical tensions in major oil-producing regions like the Middle East could lead to supply disruptions and price increases. Overall, the recent oil price increase is a result of a confluence of factors, including a potential decline in U.S. crude oil inventories, a risk-on sentiment in the financial markets, and ongoing geopolitical tensions. While some headwinds exist, such as concerns about weak U.S. gasoline demand, the near-term outlook for oil prices appears cautiously optimistic. In conclusion, the oil market is currently in a state of flux. While several factors currently support higher prices, the path forward remains uncertain. Close monitoring of inventory data, global economic indicators, geopolitical developments, and the Atlantic hurricane season will be crucial for understanding how oil prices will behave in the coming months.
OANDA:WTICOUSDLong
by bryandowningqln
Canadian Dollar Struggles Despite Oil SurgeUSDCAD – technical overview Above 1.3000 signals an end to a period of longer-term bearish consolidation and suggests the market is in the process of carving out a more significant longer-term base. Next key resistance now comes in up into the 1.4000 area. Setbacks should be very well supported down into the 1.3000 area. R2 1.3847 – 16 April/2024 high – Strong R1 1.3792 – 11 June high – Medium S1 1.3615 – 25 June low – Medium S2 1.3586 – 10 May low – Strong USDCAD – fundamental overview The Canadian Dollar wasn't impressed at all with a surge in the price of oil, instead getting hit hard on Monday after Stats Canada said growth faded in May. The market has been pushing more towards a Bank of Canada rate cut and this has been weighing on the Canadian Dollar. Key standouts on Tuesday’s calendar come from Eurozone inflation and unemployment, Canada manufacturing PMIs, a Fed Chair Powell speech, and US JOLTs job openings. Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
by BlackBull_Markets
USOIL Price Consolidation: Potential for Bullish BreakoutTechnical Analysis: USOIL Current Outlook: The price is currently consolidating between 80.73 and 82.24. As long as it trades above 80.73, it will likely aim for 82.24. Bullish Scenario: Stability above 80.73 suggests a potential move to 82.24. Should the price close a 1-hour or 4-hour candle above 82.24, it would signal the start of a new bullish trend, with targets at 84.14 and 87.07. Bearish Scenario: For a bearish trend, the price must drop and break below 79.47, targeting 77.94. Stability below 77.94 would indicate further bearish movement towards the next target at 75.35. Key Levels: - Pivot Line: 80.73 - Support Levels: 79.47, 77.94, 75.35, 69.78 - Resistance Levels: 82.24, 84.14, 87.07, 89.08 Today's Expected Range: The price is anticipated to move between the support at 79.49 and the resistance at 84.14. Tendency: The current outlook favors a bullish scenario.
TVC:USOILLong
by SroshMayi
Crude Oil "Triangle Pattern" Target 7100 and "Wolf Wave Target"A "Triangle Pattern" has formed in Crude Oil and Downtrend has "Breakout". So market is Bullish Trend. And the Target is Triangle's Top Trendline at INR 7100. Additionally, Expect a Breakout of the Triangle Pattern. Don't miss the "Wolf Wave Target" Opportunity. If Breakout the Triangle Pattern, then the Next 2nd Target is Wolf Wave. Refer to the below image for Wolf Wave Target Achieved in Ethereum. Guess 3rd Target ??? I want to help people Make Profit all over the "World". Additionally, I am Eager to Receive Money form Worldwide because of my Potential. Thank you
MCX:CRUDEOIL1!Long
by SasikumarMani
OIL: First red day, as well pullback on previous weekly highHi 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 ✅ day 2 cycle Thursday DAY 2 Friday DAY 3 Closing Range 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: secondary, but still a potential possibility for oil to keep going higher, why? Because the market broke out the previous high of week, and now is pulling back on it, consolidating for a potential trend continuation. The 3 sessions setup could be getting ready for it, but I will prioritise the short view. Short: primary, first red day, Monday pumping day, typical for a 3 days pump and dump. However the 3 session setup is not ready for this move, news on calendar, is a move that can be completed with nfp on Friday. 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
PEPPERSTONE:SPOTCRUDE
by GianniPichichero
18
WTI Oil H4 | Potential bullish reversal off overlap supportWTI oil (USOIL) is falling towards an overlap support and could potentially bounce off this level to climb higher. Buy entry is at 82.69 which is an overlap support. Stop loss is at 80.80 which is a level that lies underneath a pullback support and the 23.6% Fibonacci retracement level. Take profit is at 84.45 which is a multi-swing-high resistance. 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. 68% 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, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% 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:USOILLong
by FXCM
WEEKLY FOREX FORECAST: DXY, INDICES, GOLD, SILVER, US OILThis is Part 1 of the Weekly Forex Forecast. In this video, we will cover: USD Index, S&P500 NASDAQ DOW JONES GOLD SILVER WTI CRUDE 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.
COMEX_MINI:SIL1!
by RT_Money
WTI Crude Oil - 4H Still BullishWTI Crude Oil shows promising bullish momentum as it consolidates above a key static support zone, indicating potential for further gains. The price action demonstrates two major bullish legs, with the current position in the middle of the second major leg, suggesting continued upward movement. Additionally, the presence of a second minor leg forming suggests that the bullish momentum might lead to a breakout, propelling prices to higher targets. Traders should monitor the minor leg’s completion and potential further advances in the price of oil, taking advantage of the bullish trend.
TVC:USOILLong
by Sober_Trading