Oilanalysis
Crude Oil Swing TradeThe idea here is about Crude Oil Swing Trade:
I am bullish on short term for crude oil due to the below observed technical factors.
1. Support established on a daily chart at the point of falling wedge as per below:
2. Deep Crab Harmonic pattern completed on a daily chart as per below:
3. Leonardo Harmonic pattern completed on a weekly chart as per below:
4. Trading below 20 & 200 EMA on daily chart & weekly chart.
5. RSI is at 34.67 on a Daily Chart & 34.36 on a weekly chart at the time of publishing.
6. MACD below signal line on daily & weekly chart .
Projected targets as per Deep Crab & Leonardo Harmonic provided in the chart & Weekly Image attached as above.
Stop Loss: provided in chart.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
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WTI CRUDE OIL POSSIBLE TO GO DOWN
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Long opportunity for CL Long opportunity for CL
Entry : 77.85
SL : 76.12
TP1 : 86.58
TP2 : 89.75
TP3 : 93.86
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🟢 USOIL - 3D (06.10.2022)🟢 USOIL
TF: 3D
Side: Long
Pattern: Bull Flag
SL: $76.28
TP 1: $96.58
TP 2: $102.85
TP 3: $109.12
Oil has broken out of the Bull Flag. If the retest is successful it could be a great buy to hold for the coming weeks.
WTI analysis: Will OPEC+ cuts boost crude to $100?OPEC+ has taken a tough stance, slashing output by 2 million barrels per day (bpd) beginning in November 2022, the largest reduction in crude oil production since March 2020.
In addition to production extending the agreement through 2023, oil producers have agreed to hold semiannual rather than monthly meetings.
WTI oil briefly spiked to $87/bbl following the OPEC+ announcement. It then broke through that level in response to disappointing US crude oil inventory data (-1.36 million barrels vs. 2.05 expected) and a strong US ISM Services PMI, which delayed recessionary warning signs following the weak ISM Manufacturing PMI earlier this week.
The move by OPEC+ risks putting renewed pressure on crude oil’s global supply-demand balance in the coming months, potentially resulting in a price floor at pre-OPEC+ meeting levels.
On a technical level, WTI crude and (also Brent) prices are currently testing a key resistance area, defined by the 50-day moving average and the 23.6% Fibonacci retracement level of the range between September lows and June highs.
A sharp break above this resistance zone and then the $90/bbl level (September highs) could put additional upward pressure on an extension towards the 50% of the Fibonacci level ($98.6/bbl) and then $100/bbl.
Idea written by Piero Cingari, forex and commodity analyst at Capital.com
OIL BEARISH DOWNTREND $$$Oil has been consistently declining since its last top, trading in a descending channel with lower highs and lower lows. I've highlighted the key areas of support and resistance for oil to help you see the broader picture. You may take advantage of this if you want to swing trade in the channel.
USOIL | Price Is Falling Despite The Energy CrisisUSOIL | Price Is Falling Despite The Energy Crisis
It is strange that despite the energy crisis that all the countries are facing
and the high inflation the USOIL is still very strong.
It looks like it is moving down to the previous price levels close to $60 on the
bigger picture.
The market is still speculating a lot about the problem that with the economic recession
the OIL price should decrease
However, never knows what really is happening after the USOIL considering that it has been all the time
on the opposite direction with the fundamental perspective.
Thank you and Good Luck!
USOIL | Will The Price Test $70 Soon?OIL | Will the price test $70 soon?
Despite the energy crisis that the whole world is suffering from, we can see strangely that oil is falling in value.
One of these problems is addressed to the possible economic recession that
with this comes the decrease in oil consumption in general.
However, despite that speculation, from a technical point of view
we can see that the price is moving down on the daily chart.
After each breakout of the structure, we can see that the price consolidated a lot of days before the next bearish move.
The same thing can happen again up to $70
Thanks and good luck!
USOIL Previous analysis succeeded ✅We gained more than 600 pips of oil from our previous analysis. ✨
Congratulations to all my traders 🎉
Stay tuned for more accurate analysis ✅
WTI oil - An indecisive moment in the oil marketWe warned about the possibility of a downtrend correction in the middle of August 2022. Indeed, we said that the breakout above the sloping support/resistance would lead to such action. Then shortly after that, USOIL rose from its lows and broke above the resistance, halting its rise at 97.65 USD per barrel.
Since then, the price fell back below the 90 USD price tag. However, the drop stopped slightly above the sloping support, which is bullish. Accordingly, we are bullish on oil for as long as the price stays above the support. However, an alternative position can be taken (with a tight stop-loss) on the breakout below the support.
In the short-term future, we will pay close attention to OPEC's rhetoric and any potential talks about more production cuts. In our opinion, cutting production risks higher prices for oil in the short term. Although with the prospect of global recession unraveling, we think production cuts will only have a temporary effect if any.
Illustration 1.01
The picture above shows the daily chart of USOIL. Yellow arrows indicate a bullish breakout above the sloping support/resistance and subsequent failure of the price to retrace below it. As long as the price stays above the sloping support/resistance, it stays in the bullish area.
Technical analysis - daily time frame
RSI and MACD are neutral. Stochastic is bearish. Overall, the daily time frame is neutral/slightly bearish.
Illustration 1.02
Illustration 1.02 shows the daily chart of USOIL and two simple moving averages, which still reflect a bearish constellation.
Technical analysis - weekly time frame
RSI is neutral. Stochastic and MACD are bearish. DM+ and DM- are bearish. Overall, the weekly time frame is 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. Therefore, your own due diligence is highly advised before entering a trade.
USOIL is evaporatingOil has to fall if the global fight against inflation needs results.
Inflation Reduction Act of 2022 gives us fresh ammo to short the oil.
Watch for the downward supports:
Support 1 - 85.5
Support 2 - 77
OIL-WTICOUSDOops, I updated the chart today and looked at the chart in the medium term (6H) and realized that we might see this pattern on the chart, then should check twice the chart within the specified range.
But the analysis done on the daily time frame is still valid.
OILShould we prepare ourselves for new important news? Is a new war coming? What will happen to this vital energy (for this period of time) that the oil price chart shows its price increasing?
USOIL Short: Shooting Star at 4hr Resistance LevelTrend: The overall trend of the chart is downwards.
Candle Sticks: Formation of shooting start at the LH of the chart.
Support & Resistance: Price is testing the 4he resistance area by making an LH with a shooting star.
Reasoning: The formation of a shooting star at the LH of the 4hr resistance area strongly indicate the price will go down.
SL: Place at the previous LH of the chart.
TP1, TP2, TP3: Placed according to the Fibonacci retracement levels.
Is it time to short Oil!!Believing in yourself is one of the most important aspects in trading! So, because of that confidence I will take a short trade on oil soon within the range I specified on the map and my SL will be 105 or 106.
Wish me the 👌 best.
CFD News; Oil sees demand after testing key support.Welcome to Wednesday's update, subscribers and TradingView community Today our focus is on oil as price has started to move higher after testing and holding for now at key support.
Price continues to trade in a short to medium-term downtrend after sellers turned momentum back in June. Since that point, it's been a series of LHs and LLs. Today's price has shown defensive action from buyers after this morning's lower gap failed to beat 94.90 area support and demand.
Could yesterday's bar be seen as exhaustion? If buyers can hold this level of support, we will be looking for price to continue to push higher. Obviously, if we see a break, then it's back to looking for new LLs maintaining the downtrend.
The MAs remain bearish, but the OBV has stopped putting in clear LLs despite yesterday's strong move lower. Could support be hiding plenty of fresh demand from oil buyers? We will have to wait and see if buyers can hold the level again today.
Data to keep an eye out for today. 10:30 pm US CPI and core CPI. 12:30 am US crude oil inventory numbers.
USOIL HIKEBullish Structure is forming on the hourly currently pulling back into Fibonacci retracements. Waiting for the 15M to create bullish structure to correlate with the Hourly and the 4 hour chart.
USOUSD OIL,Yesterday's buyer fightback to push a new leg higher?Thanks for tunning in TradingView community. Today we're looking at USOUSD oil and wondering if yesterday's price rejection could lead to a new leg higher from buyers.
So far this week, we have seen mixed trade with buyers coming close to breaking last week's high before sellers took hold and set up a two-day retracement. It would have been three, but buyers had other ideas yesterday, stopping sellers once they tested 112.75. Buyers quickly took price back up above 117 and posted a higher close for the session.
Today so far price has been on the quieter side. If we can see a new move above yesterday's high, we will be looking for a new up leg, but if sellers can close below 115.14 this could be a warning that the current retracement could have further to go.
If we do see a new leg higher would look for price to possibly get back into the 120/21 area if buyers can maintain momentum.
Happy Friday, all. We hope everyone has a lovely weekend and good trading.
USOIL probability short for 107.80#usoil, 9th daily inside bar, 10th insurance bar indication for weakness ahead. 14th june key reversal bar further dictation for lower price ahead. use low risk and divide risk into multiple position. sell with low risk cmp 116.32, more if up 119.20 even 120.90 with stop loss 121.60-70 for target 107.80. 110.20-00 initial support may take profit partially there partially hold for 107.80.
Could we see Oil retest 122?Thanks for stopping by. We hope the community is having a lovely Friday. Today our focus is on USOUSD (Oil) as price finished yesterday’s session with a commanding reversal bar. After trading over 2% lower, buyers not only took hold but ended the session with a solid 3.83% gain.
Yesterday’s session appears to show that buyers are still very active, and for now, price is not comfortable trading below 114.77. The move maintains the current trend, but we want to see further confirmation to suggest that the trend is set to continue.
If buyers can reverse today’s selling and beat 119.50 minor resistance, which also holds yesterday’s high, we will then be looking for the current trend to continue with a possible new test of 122 or above.
A failure to break yesterday’s high and minor resistance in today’s session could be seen as a small warning to buyer strength.
Good trading
What 1-hour chart says? Fundamental Development Oil was up on Thursday morning in Asia, extending a cautious rally as signs of a tight market emerge. The European clash with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, also continues. Brent oil futures were up 0.31% to $111.47 by and WTI futures for July delivery rose 0.50% to $110.88. Investors also digested Wednesday’s crude oil supply data from the U.S. Energy Information Administration (EIA). The data showed a draw of 1.019 million barrels in the week to May 20, 2022. Forecasts prepared by Investing.com predicted a draw of 737,00 million barrels, while a 3.394-million-barrel draw was recorded during the previous week. Crude oil supply data from the American Petroleum Institute released the day before, showed a build of 567,000 barrels.
Short Term Technical View: In 1-hour chart, XTIUSD is trading middle line of Bollinger band indicator. Right know XTIUSD trading at tight range. As per the 1-hour chart, XTIUSD is trading above today pivot level 109.50. As per my view, buy on dip is good strategy for XTIUSD, buy range is 109.50 to 109, and there is very strong support zone at 108.
Alternative Scenario: If XTIUSD will trade below 108 and sustain in U.S. Session so it will be, give great opportunity to sell with the target of 106 with the stop loss of 109.50.
