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Oilfutures

Oil Dead Cat Bounce Looking for Proper RejectionThe recent oil dead cat bounce that started at the $45 support level has been struggling and has shown obvious weakness, but the bullish momentum is still intact. This is known by the sequential green count of TD indicator. We are now on a green 7 candle; two more green counts to complete a TD sell setup. However, there is major resistance ahead in the $60 to $63 zone. I will not discuss why I believe this is a dead cat bounce nor why I believe a bottom hasn't formed. The overhead resistance cluster comprises the following: Two established horizontal levels at $60 and $63. The 0.236 Fibonacci retracement level when drawn from the $148 high of June 2008. The moving averages: 30-week around $60 and 50-week around $63. Price may either get rejected directly by this resistance cluster or get stuck in that zone until it is squeezed between the 30-week and 50-week moving averages into a golden cross, at which point we need to re-evaluate. However, I find it much more probable to be rejected given the weakness of the current dead cat bounce. If it is rejected, then I believe it will re-test the $45 support level. Check my linked idea on Brent oil futures.
NYMEX:CL1!Short
by TechNerdOmar
Crude 2019 Channel PlayEver since the beginning of 2019, Crude Oil has been trading in a very consistent upward channel. At the moment, we are currently at the upper bounds of the channel, and crude is due for a drop to the bottom of the channel. Looking at this channel, as well as historical zones of support and resistance a good entry would be in the range of 60.50-60.80 with a price target of 57-58, depending on how fast/slow it moves. Based on previous price action in this channel, I expect the move to take anywhere from 5 to 14 days to play out fully. Longer term, at the time of writing this, crude fundamentals seem strong, and I expect it to remain this way. For this reason, I don't foresee the channel to break to the downside, but it is a small possibility. More likely that bulls continue the upward trend after this slight pullback.
NYMEX:CL1!Short
by HBtrader22
Light Crude Oil #CL long term longs, weekly demand in controlLight Crude Oil #CL long term long bias, weekly demand level in control, similar scenario is also available on Brent. Weekly chart is uptrending, weekly demand imbalance at 64.94 is in control and printing higher lows. Daily demand at 65.82 in control attacking a used-up daily supply zone at 70.39, expecting daily supply level to be eliminated. If that happens a new daily demand imbalance will be created. Definitely long term long bias on Light Crude Oil
NYMEX:CL1!Long
by AlfonsoMoreno
2
Counter Trend Scalp For October WTI Crude Oil FuturesFollowing Thursday’s moderate retracement, the sky has been the limit for October WTI crude oil futures. Since the traditional New York pit open at 9:00 AM EST, prices have risen more than $.50. The Trade Counter-trend scalps beneath $70.00 are likely to produce positive price action. Sells from $69.92 with an initial stop at $70.01 produce 5-8 quick ticks. This is a counter-trend play, so the risk profile is a bit greater than usual. The goal of the scalp is immediate and positive price action. Be sure to have the stop loss in the queue at $70.01 before the trade is taken.
NYMEX:CLV2018Short
by FXLeaders
When Oil breaks $62.85 possible long to $64. Sentiment importan When Crude Oil breaks $62.85, it possibly goes long to $64 area. The sentiment on the market is very important before opening this trade! The exact right moment to buy and where you put your stop loss and take profit are very important to be successfull in making money with trading Oil. Oil is still in bullish position. As long as we are not breaking 59 dollar I still believe we are in uptrend and the price can rise to 75 dollar. We have reached a critic point last week, but the week ended positive. The sentiment today (Monday 5th of May 2018) made it a hard day to trade Oil. I prefer not to trade on volatile markets. You will lose your money when you do! Trade on technical-chart analysis! not on news and volatility! One of my other strategies is that trades are the most interesting and ‘safe’ to open when: you can possibly lose 1/3rd of the possible profit. So; when you set the indicators after analysing resistances, and you can lose 100 but win 300, it is worth the try! If you lose, the damage is small, but if you were right, the profit is good. How do I decide to open a position or not? First I analyse: - sentiment on the market > are people in buy mode or short mode - I have some own created indicators, some I show in my charts. - and this own indicators tell me when probably a new long position starts or a new short > these are the positions where I place my orders! - and again other own created indicators tell me how far long or short it probably goes. The take profit and stop loss positions are Other positions than the resistances in the market! And that is Why I win more than I lose. Patience is everything, we’ll wait for the right moment! Thank you for following and Succes with trading ! Richard from Rich.Exclusive.Trading
FX:USOILLong
by Rich_Exclusive_Trading
XLE/ERX - Trend line attackI'm not satisfied with the performance of our XLE and ERX position. Sooner or later the rally will start here also... The more time we spend below the purple trend line the bigger breakout will come. On the 4th of April we broke above the trend line but lost it in a week. On the 4th of May we printed a new low in this decline on very high volume. Most probably that day was the bottom. If stocks are printing a correction during the next 2 weeks - unlikely - we might test back 65.82$... I think when we break above the purple trendline again that will be a valid breakout and the great rally in oil stocks will start finally. I will try to trade some individual stocks also. There will be stocks which will print 4-500% rally in the next 3-4 months. I think ERX also has a good chance of printing a 200-300% rally. All the indicators (MACD, TSI, SlowStoch) are showing a divergence. I'M preparing for 2 scenarios: 1. We are churning around the trendline for a few more days and breaking out 2. we test back the lows at 65.82$ and a monster rally is coming out of the double bottom. Nasdaq, S&P, Dow Jones at all time highs. I see zero chance that oil stocks will miss this rally.
AMEX:XLELong
by chartwatchers
27
Short on USOIL WTI CrudeAfter taking a look at the daily and weekly charts for Crude Oil, I decided to take a small short position, risking 0.50% of my portfolio on it mainly because I am not familiar with crude oil, nor have I traded it before, so I want to tread lightly into uncharted waters. There isn't much of a long analysis on crude oil, this one is purely price action. It fell below crucial support levels on both the daily and weekly charts so I decided to enter on the lows. As always, shoot holes into my thesis. If you see something different in the price action, let me know! All the best, RC
TVC:USOILShort
by BrandonBeylo
2