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Oilanalysis

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.
TVC:USOIL
by Tradersweekly
26
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.
TVC:USOILShort
by sanasaeed
5
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.
EIGHTCAP:USOUSD
by Eightcap
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.
EIGHTCAP:USOUSDLong
by Eightcap
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
EIGHTCAP:USOUSDLong
by Eightcap
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.
FXOPEN:XTIUSD
by RATONYCNC
USOUSD Oil, continuation higher watch.Good morning/good afternoon TradingView community. Today's video idea is focused on oil as we saw a solid reversal yesterday sellers did their best to get a new leg lower going. Buyers not only stopped the run but put in a solid reversal bar that finished above the 50% point of the previous lower bar. This action has us thinking, could this be the start of a new trend continuation? We are watching to see if buyers can break yesterday's high. A break could be the starting point of confirmation of this idea. The MA and CCi both support further buying, but we really want to see yesterday's high beaten to show that buyers retain momentum. Please check out our video for more detail on our trade idea. Good trading. We hope everyone has a great weekend.
EIGHTCAP:USOUSDLong
by Eightcap
USOIL Crude oil : Russian oil ban, what's next? 4.5The pennant consolidation opened the week with a breakout and a retest confirmation of the breakout. Consolidation took place between Jan - April 2022, With a high of ~128 and a low of ~88. The breakout is a major bullish technical alert, indicating new daily up-trend. Resistance levels on the new up-trend are: *106.80 - 108.50 *114.60 - 116.40 *125 - 127.80 Retest potential to the downside: *Consolidation retest - 100-101.50 *Consolidation support floor - 96.50-98.20 A break below consolidation may lead to trend reversal, but for now bullish indications on full alert! Russian oil sanctions are increasing and we have 1 million barrels a day off circulation as of now, this amount is expected to double soon, Bernard Looney, CEO of BP oil company says. This is a fundamental trigger for the technical breakout. ----------------------------------------------------------------------------------------------------------------- Thank you so much for reading! If you found my idea useful please like and follow - It would truly mean a lot to me. I promise to respond to any and all questions/comments, so don't hesitate! Always be careful trading and make your own research, best of luck. -----------------------------------------------------------------------------------------------------------------
TVC:USOILLong
by Exactus
2
WTI Crude Oil: Bubble burst on the go? Or rocket to space? 25.4Let's be practical. There's 2 ways this can go. (refer back to my 19.4 update about the slip we see in the last few days) 1) Triangle consolidation since the peak of 128 back in March is with a 102.90 resistance level. A breakout above with a daily candle close confirms up-trend breakout and 105, 108, 115 would be immediate possible targets. 2) A breakout below cluster level of supports between 94-96 will be confirmed with a close below 93-94 with a daily candle. This would be high probability bubble burst similar to what we've witnessed back in 2008, 2014 and 2018 with massive $50+ declines. Immediate possible targets would be 88, 84 and 75. Fundamentally speaking, Chinese lockdown as well as India possibly also announcing restrictions soon provides bearish support together with possibility of reserve release from multiple directions (USA, China, SHELL, Aramco, OPEC, etc...). For the bullish fundamentals we have war escalating (already going for 3 month, most probable impact is priced in) and inflation (During 2008 inflation did not help oil keep above 3 figures for more than days). On a personal note - I believe there's higher probability for a breakout down considering above points. I encourage you to do your own research before trading this idea or in general :) ------------------------------------------------------------------------------------------------------------------------ If you found my idea helpful, please like and follow - It would mean the world to me :D I'm open for any question in private or as a comment , don't hesitate to contact me! My goal is to reach out and help as many traders as I can :) ------------------------------------------------------------------------------------------------------------------------
BLACKBULL:WTIShort
by Exactus
6
WTI Crude Oil: 19.4 - A slide off the edge? A 'rising wedge" pattern is one of the most bearish candlestick patterns out there. It's when the highs consolidate with the lows in the shape of a sharp triangle going up. When the support trend-line breaks down - A trend reversal is usually ON! Meaning that from higher highs and lows the shift is to lower highs and lows and new lower targets are targeted. Yesterday I've covered how a break below 104.50 can be the beginning of a $10 or more drop down. 105.60 is another important support level to be broken and a blockage on the way down. Today is a very critical day as it may break this level, the other scenario is that WTI could retest the broken rising wedge at the high 107's low 108's. Pay close attention to the WTI today, as this could be the beginning of a significant correction down. --------------------------------------------------------------------------------------------------------------------------------------------------------- I'd very much appreciate a like and follow if you found this analysis helpful :D Please let me know what you would like to see more of and what you liked/disliked about my idea. My goal is to benefit the trading community and help improve results of all traders across the board ---------------------------------------------------------------------------------------------------------------------------------------------------------
BLACKBULL:WTIShort
by Exactus
11
WTI Crude Oil - The crossroad you need to know about !18.4 1) The breakout above the down trend-line starting from the highest high , when the price went above 101, marked the beginning of the movement we've seen so far (+$8). 2) There's 2 technical scenario playouts: *Break above 108.20 with a 4h/1d close - 113.40 to 114.64 may be reached in the very short-term *Break below 104.50 with a 4h/1d close - 97.90 to 93.20 may be reached in the very short-term 3) The circles on the chart mark the horizontal levels of support/resistance which play a very important role in price action. 4) Converging lows and highs are so far in the shape of a 'rising wedge" which could mean there's a higher potential for reversal down. 5) Fundamentally, oil is currently acting within an 'emotional' investor phase , which means in simple terms, there's no real shortage of oil so far - And reality may hit the price hard at any given time. OPEC, Aramco, SHELL, USA all have capability to supply the entire world with oil if necessary. ----------------------------------------------------------------------------------------------------------------------------- If you liked my analysis please like and follow , it would mean a lot to me :D If there's any questions please don't hesitate to ask me I would also like to hear suggestions of what you guys would like to see more of I thank you for reading this far and wish all of you successful trading <3 -----------------------------------------------------------------------------------------------------------------------------
BLACKBULL:WTI
by Exactus
1
MEDIUM TERM WTI CRUDE OIL ANALYSISHEY ZEYAN HERE Hello, zeyan. I was previously fairly bullish on oil, but as I can see now, oil prices will be settling back to below 100, with 82.50 being the next best probable position. this is an idea a plan in a uncertain chaotic environment out of multiple plans to be certain IF anything happens that changes the fundamentals of this idea, i will update. please note that this is not financial advice. do your own research and use this information as conformational biase on top of your own analysis. like for support!!!!
TVC:USOILShort
by zeyankhan1318