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WTI OIL 15-19 MAY 2023 TAFrom my point of view, WTI OIL is currently in a downtrend since the Death Cross occurred on September 8, 2022. The bearish movement may continue if the bulls do not respond. If you plan on buying, the 68.00 level would present an excellent opportunity, but it's advisable not to hold your position for too long. As long as there is no clear indication of an upcoming golden cross, the trend will remain the same, and a reversal may occur at the end of this month or the next. At present, it is recommended to trade based on the price action.
TVC:USOIL
by arnvon1213
WTI CRUDE OIL: Rebound on Higher Lows expected. Target 4H MA200.WTI Crude Oil is trading around the 4H MA50, testing the harmonic HL trendline as on the previous bottom rebound on March 24th. The 4H technicals turned red (RSI = 39.049, MACD = -0.190, ADX = 28.123), which again is consistent with the March pullback. We are adding a new buy here, targeting the 4H MA200 (TP = 76.50). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
4
WTI breaks out ahead of US inflation dataWe suspect volatility may be on the quiet side with a US inflation report looming, but this provides the opportunity for markets to consolidate and traders plan trades. Should we see the pace of inflation to continue slowing, it could strengthen oil prices for two basic reasons. 1 - A weaker US dollar, as traders bring forward rate cut bets / solidifies bets of 5.25% peak rate 2 - Reduces the odds of a recession and increases oil demand expectations The softer inflation is, the stronger the bullish reaction for oil could be expected. - WTI futures closed above trend resistance following a bull-flag breakout, which was accompanied by positive-delta volume during the rally to recent highs. - Prices are now consolidating, but we'd welcome a pullback towards $73 to buy dips in anticipation of a breakout above $74. - Initial target is $76 (near the upper daily ADR band) - A move to (and beyond) $77 could be on the cards if we're treated to a weaker-than-expected inflation report - The bias remains bullish above $72.50
NYMEX:CL1!Long
by CityIndex
WTI CRUDE OIL: Any pull back is a bargain to buy.WTI Crude Oil delivered what was expected, it hit our long term TP = 66.00 and is rebounding after a new Lower Low at 63.65 (S1). The 1D RSI is still very low (35.546) while the 4H technicals just got out of their yesterday's remarkably oversold condition (RSI = 36.200, MACD = -1.970, ADX = 63.277). Our short term target is the 0.382 Fibonacci (TP = 71.25) and medium term the 0.618 Fibonacci (TP = 75.50). We don't rule out one last pull back and if it happens it will be another bargain to buy low, as it was on March 20th. Regardless of that, the 4H MA50 is always a candidate for rebounds and it can match the 71.25 short term target ideally. Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
2
Crude oil is about to return to the upward pathAt present, oil continues to fluctuate in the 70-83 region. Last month, OPEC suddenly announced a production cut and opened higher. After a month of fluctuation, the gap was finally filled last week. Then the top-bottom conversion to the 75.7-75 region has become an important support in the short term. As for crude oil short orders, there is no rush to participate for the time being, and the technical outlook is rising; News that lower oil inventories are also a factor in the rise in crude oil; in addition, Saudi Arabia and Iraq will reduce production at any time to protect oil prices and revenue, and the probability of a sharp decline is very small, so today's crude oil trading is mainly based on low-level long positions. So our trading strategy and signals are very clear. I have published the detailed trading signals in my channel. You can enter to receive them.
TVC:USOILLong
by Short-term-king
Brent Crude Oil Swing TradeThe price of Brent Crude Oil has fallen and tested the previous support level (Blue Line) outlined in the previous newsletter. Currently, we could see a potential swing back upwards. If the price breaks the support level, we could see a fall in price. However, I see the former as the more likely scenario, as the 0.5 Fibonacci level (Green Line) is also below the trendline - providing further support. This support is further backed by the Stochastic RSI and MACD indicator coming to show potential buy signals. To see why I chose these support and Resistance Levels see my linked idea below.
OANDA:BCOUSDLong
by BlackbearTrader
Oil prices are falling | Trade idea Worries about a potential increase in US Fed interest rates, which could slow economic growth and reduce energy consumption, outweighed strong economic data from China and a decline in US fuel stocks, causing the asset to move negatively. A report published yesterday by the American Petroleum Institute (API) recorded a reduction of 2.675M barrels, more than the projected decrease of 2.464M barrels. Today, investors expect similar statistics from the Energy Information Administration of the US Department of Energy (EIA): according to forecasts, oil reserves may be corrected by –1.088M barrels, providing support to the prices.
TVC:USOILLong
by DCFX-TA
WTI CRUDE OIL: Forming a Head and ShouldersWTI Crude Oil is in the process of forming the Right Shoulder part of the Head and Shoulders pattern on a neutral 4H technical outlook (RSI = 48.188, MACD = 0.000, ADX = 33.202). A long as the price keeps getting rejected on the 4H MA50, the trend remains bearish but it will be confirmed if the price crosses under the HL trendline (sell trigger). If that happens, we will target the middle of the S1 Zone (TP = 73.00), which is where the 4 prior H&S patterns aimed at. Note that for more than 1 year, the Head and Shoulders pattern has always been the market peak and started strong declines. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
NYMEX:CL1!Short
by InvestingScope
4
Weekly Price Projection for Brent Crude Oil W/C 17th April 2023Price Range Projection: Weekly High: ~ $86.58 Weekly Low: ~ $82.818 In the chart above, you can see the price on the 3-hour timescale, along with a fixed range volume profile. Weekly High Projection The fixed range volume profile (the horizontal histogram) is an indicator that can be used to show resistance and support levels. The red horizontal line in the close-up chart above indicates the point of control, which is the price level that had the most volume. As you can see, the price stalled around this point. This is where I see the weekly high. Weekly Low Projection I have placed the weekly low at a previous support level, which was formed from a chart pattern that had a breakout more than a month ago. This is shown with the two blue trendlines.
OANDA:BCOUSD
by BlackbearTrader
Can crude oil continue to rise?On the news side, the IEA monthly report on Friday was released. The International Energy Agency said in its monthly report on Friday that world oil demand will grow to 2 million barrels per day in 2023; on the supply side, OPEC+ production cuts may lead to supply shortages in the second half of the year, which also restricts the decline in oil prices to a certain extent.In addition, the current entry of daylight saving time, more travel demand itself has reached the peak season of oil, and oil prices will be boosted by demand from many aspects and will usher in a new wave of increases. Judging from the recent trend of crude oil, crude oil stepped back to 81.6 twice on Friday and was steadily caught by the bulls, indicating that the support below is strong and the rise will continue, so for the short term, continue to maintain the bullish thinking.Moreover, under the current pressure on oil prices, the strength of the pullback is limited, and oil prices have been fluctuating below 83.5 for the past five months. Once the resistance in this area is broken, it is expected to accelerate the rise and enter a new trading range. I will share specific transactions and operations in real time on my channel based on intraday details.In order to facilitate everyone to continue to follow up on my analysis and sharing, you can like and follow me; in addition, I will share the daily real-time strategy in the channel. If you can't follow up in real time, you may make operational errors.You can use the following methods to enter my channel for free to follow the latest news and follow up on market trends in real time.
TVC:USOILLong
by Short-term-king