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Oilsignals

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
CAPITALCOM:OIL_CRUDE
by Capitalcom
WTI OIL Bullish break-out on the short-termThe WTI OIL (CL1! used on this analysis), broke today above the Internal Lower Highs trend-line that started on the last Lower High (August 30) of the long-term Channel Down pattern. By doing so, the price turned the 4H MA50 (blue trend-line) into a Support and technically targets the 4H MA200 (orange trend-line) as it did on September 14. At the same time, it invalidated a Bearish Cross on the 4H MACD. A similar pattern has been on August 22, when the price again broke aggressively above the 4H MA50 after having plunged below it. That leg also hit the 4H MA200. However, the rise may be less than expected if it replicates the August 10 break-out, which was contained on the 0.5 Fibonacci level, which is where we are at now. You may consider closing then if we close below the 4H MA50. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYMEX:CL1!Long
by TradingShot
4
WTI OIL Buy Signal on RSI Support bounce------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- The WTI Oil (USOIL) has been trading within a Channel Down pattern since early July. A key characteristic of that formation is that every time the 1D RSI entered its 35.50 - 30.00 Support Zone, the price rallied short-term on an increase ranging from +8.40% to +13.70%. Two days ago the RSI hit the exact 30.00 level and rebounded. A minimum +8.40% increase would made a new (Lower) High at 82.90 while the maximum of +13.70% would print 86.70 and most likely test the 1D MA50 (blue trend-line) as the August 30 Lower High did. ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 👇 👇 👇 👇 👇 👇 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
⚫️USOIL remains bearish. Looking for continuation.⚫️ 📉 Text marks: 🔹 IL = impulse leg. Inside of IL we can usually see inside structure, which is secondary in nature, like a market noise, unless you trade it on LTF, as it’s own IL. 🔹 ph, pl = protected high or low, which holds current structural impulse. 🔹 bos = break of structure . Based on candle body close below/above previous structural impulse. 🔹 rsz, rdz = refined supply and demand zones. Specific areas to look for LTF confirmations. They are manipulative up-moves before real down moves, or vice versa. Strong hands (the Composite Man, as Wyckoff called it) often come back to such zones to close their manipulative orders at breakeven, before pushing prices further. If body closes outside of the zone, in most cases it will mean the cancellation of the setup. 🔹 if ltf confirms = entry only if there's a shift of structure on lower TF inside of rsz or rdz, or any other type of backtested and approved confirmation. 🔹 liq target = liquidity target: next profit taking levels for strong hands, our main targets based on current price action. ☝️Disclaimer: ALL ideas here are for EDUCATIONAL and MARKETING purposes only, not a financial advice, NOT A SIGNAL. I share my view on the market and search for like-minded traders. YOUR TRADES ARE YOUR COMPLETE RESPONSIBILITY. Everything here should be treated as trading in a simulated environment. 👉I believe that "right or wrong" mentality is a fundamental flaw of any beginner. In reality, a trader is right only when he executes the system and follows his rules, and he's wrong only when he's taking random setups. A trader should find a system he's willing to work with long-term, hindsight test, backtest and then execute live, then refine until perfection. 🚀Thanks for your BOOSTS and support🚀 💬Send your comments and questions below, share your ideas and charts, I'll be glad to talk to you💬
TVC:USOILShort
by Yelli_trades
20
WTI OIL at a critical make or break pointThe WTI Crude Oil (USOIL) has been trading within a structured Channel Down pattern since the March 08 market High, following the immense growth after the COVID 2020 demand crisis. We have covered the Higher Lows zones since the November 02 2020 Low (green circle) and the March 23 2021 Low (blue circle) extensively over the past months on the higher time-frames, which is where Oil is trading at the moment. Basically the price is at the bottom of both the Channel Down and the Higher Lows zone since Nov 02 2020 2021. The bearish sentiment got stronger when the price got rejected exactly on the 1D MA50 (blue trend-line) on August 30 and turned even worse on September 02 when the 1D MA50 crossed below the 1D MA200 (orange trend-line) to form the bearish pattern of the Death Cross. This is the first time we see this formation since February 25 2020!! This was a huge bearish sign at the past as it preceded the COVID crash. As long as the Nov 2020 Higher Lows Zone (dotted lines) hold, the Death Cross effect may be postponed for the short-term but only if the 1D MA50 breaks. A first sign towards that bullish break-out may be the Bullish Divergence on the 8H MACD, which is on Higher Lows while Oil has been on Lower Lows since June 22. Also the 8H MACD resembles the July 09 - August 19 2021 fractal, which rebounded on the March 23 2021 zone. Technically the Channel Down should make a new Lower High within 105.00 - 110.00. A break below the Channel Down though, should finally test the March 23 2021 Higher Lows zone (dashed lines) and at this point under the current fundamentals seems like the most likely scenario. Even if we do get that rebound on the short-term, it would be much safer to be positioned systematically with sells on the rallies, as the Death Cross indicates that the long-term trend is gradually turning bearish . -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
15
WTI OIL 1st Death Cross since February 2020! Huge sell ahead??The WTI Crude Oil ( USOIL ) has been trading within a structured Channel Down pattern since the March 08 market High, following the immense growth after the COVID 2020 demand crisis. We have covered the Higher Lows zones since the November 02 2020 Low (green circle) and the March 23 2021 Low (blue circle) extensively over the past months on the higher time-frames, which is where Oil is trading at the moment. Basically the price is at the bottom of both the Channel Down and the Higher Lows zone since Nov 02 2020 2021. The bearish sentiment got stronger when the price got rejected exactly on the 1D MA50 (blue trend-line) on August 30 and turned even worse on September 02 when the 1D MA50 crossed below the 1D MA200 (orange trend-line) to form the bearish pattern of the Death Cross. This is the first time we see this formation since February 25 2020!! This was a huge bearish sign at the past as it preceded the COVID crash. With the Nov 2020 Higher Lows Zone (dotted lines) holding for now, the Death Cross effect may be postponed for the short-term but only if the 1D MA50 breaks, since we have the 1D RSI forming the same bullish break-out pattern as with April 2022, which was the Lower Low formation within the Channel Down that initiated the rebound to the Lower Highs trend-line. A Bullish Divergence can be also seen on the 8H MACD with it being on Higher Lows while Oil has been on Lower Lows since June 22. However it is about to break lower, which will invalidate all the above. Technically the Channel Down should make a new Lower High within 110.00 - 115.00. A break below it though, should finally test the March 23 2021 Higher Lows zone (dashed lines). Even if we do get that rebound on the short-term, it would be much safer to be positioned systematically with sells on the rallies, as the Death Cross indicates that the long-term trend is gradually turning bearish. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
1
BRENT CRUDE OIL BEARISH PREDICTIONSPrices of petroleum are declining due to increased output by OPEC and United States and weakening demand by the Chinese economy. RSI index of the Daily graph of BRENT is below the neutral line of 50, and MACD histogram, although still above 0 line, is declining. If the price keeps falling, it might test its previous support at 91.50 and if it breaks it, it might target levels of 84. Alternatively, it might try to reach levels of 105.5 Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
BLACKBULL:BRENTShort
by legacyFXofficial
WTI BULLISH OUTLOOKWTI rose in value in response of potential OPEC+ cuts and conflict in Libya. This possibility of supply cuts was enough to offset the effect of the strong US dollar. WTI broke the resistance line of the ascending triangle pattern, a bullish outlook, supported as well by the RSI and MACD indicators. The instrument might test its previous support level at 99.70, but if the break turns out to be false, the instrument might test its previous support at 94.70 Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
BLACKBULL:WTILong
by legacyFXofficial
WTI OIL Bullish divergence could give one last pumpThe WTI Crude Oil (USOIL) has been trading within a structured Channel Down pattern since the March 08 market High, following the immense growth after the COVID 2020 demand crisis. We have covered the Higher Lows zones since the November 02 2020 Low (green circle) and the March 23 2021 Low (blue circle) extensively over the past months on the higher time-frames, but this time we will focus on the Bullish Divergences forming on the lower time-frames (t-f). The chart is on the 1D t-f, as well as the RSI with the MACD on the 8H t-f. As you see, the price is currently testing the August 11 High, which is its short-term Resistance and happens to be also on the 1D MA200 (orange trend-line), which rejected Oil on that particular High. A break above it would be on its own a strong bullish break-out signal on the short-term. The 1D MA50 (blue trend-line) is just above the MA200. On the flipside this means that it will form a Death Cross pattern, which is technically a bearish formation, for the first time since the Feb 25 2020 Death Cross, which preceded the COVID crash. With the Nov 2020 Higher Lows Zone (dotted lines) though right below, the Death Cross effect may be postponed for the short-term. Especially by having the 1D RSI forming the same bullish break-out pattern as with April 2022, which was the Lower Low formation that initiated the rebound to the Lower Highs trend-line of the Channel Down. The Bullish Divergence is more evident on the 8H MACD with them being on Higher Lows while Oil has been on Lower Lows since June 22. Technically the Channel Down should make a new Lower High within 110.00 - 115.00. A break below it though, should finally test the March 23 2021 Higher Lows zone (dashed lines). -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
5
WTI OIL 3rd week below the 1W MA50. Critical Support below.The WTI Crude Oil (USOIL) opened the week yesterday on the 3rd straight 1W candle below the 1W MA50 (blue trend-line). Last time that such streak took place was in early November 2020! It is therefore easy to understand that if this level is not recovered, Oil may enter a new Bear Cycle. On the short-term we ideally want to see a candle closing above the 1D MA200 (red trend-line), in order to trigger a buy signal, targeting the Lower Highs of the March Top. Until then, the short-term price action calls for further selling towards the November 2020 Higher Lows trend-line. A closing below should be enough to trigger a bearish extension to the March 2021 Higher Lows. The 1W RSI has been trading within a Channel Down since March 2021 and is close to its bottom. That is an indicator showing that if it starts reversing, we may see a rebound (at least on the medium-term) on the November 2020 Higher Lows. We will follow with many updates until then. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
WTI OIL Rejection on the 1D MA200.The WTI CRUDE OIL (USOIL) is trading within a Channel Down since June 29, following quite closely the outlook we presented 1 month ago, as it hit the 1D MA300 (red trend-line) target: As you see, it has been below the 1D MA50 (blue trend-line) all this time and the longer it does, the more likely it is to print a Lower Low within the Channel Down on the dotted long-term Higher Lows trend-line around 82.00. This is further enhanced by today's rejection on the 1D MA200 (orange trend-line). If however it breaks above the 1D MA50, look for a reversal towards the Lower Highs of March 08. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
3
WTI OIL heavily bearish eyeing a level untouched since Dec 2021!WTI CRUDE OIL (USOIL) eventually followed the rough projection we made three weeks ago and made a Lower Low as it failed to break above the 1D MA50 (blue trend-line) again: This has created a new Channel Down on the medium-term, which after closing below the 1D MA200 (orange trend-line), it is now eyeing the 1D MA300 (red trend-line) for the first time since December 02 2021! As we outlined in our previous analysis though, the downtrend is unlikely to stop there and most likely will hit the November 2020 Higher Lows trend-line around 82.00 - 83.00 before giving a relief (at least) rally. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
1