Get started

Crude Oil Brent

WTI Crude Oil, Weekly (log), The 2008 AnalogyThe actual USOIL weekly chart is confusingly similar to the 2008 daily chart. By analogy, the oil price should go south even to twenty-something dollars. The current economic situation confirms it, as the leading economic indicator (LEI) announces a recession in the near future. Also, moving average analysis confirms it. I matched the closest smoothing moving average (53), which was support after by candle closes (two taps) a year ago. And now, the same moving average was a strong resistance also with two taps by candle closes/opens.
TVC:USOILShort
by MichaelFX_ICT
USOIL - Deteriorating outlook On 7th November 2022, USOIL broke above the short-term resistance at 93.61$ and peaked at 93.73$. However, a few hours later, the breakout became invalidated, and the price started to drift lower. For the subsequent ten trading sessions, the price kept declining approximately 16% to a low of 77.24$ on the last Friday; before closing at 80.14$ that same day. In April 2021, we stated the oil market peaked, and the price was headed to 90$ in the long term, which was hit four months later. In addition to that, we provided several more short-term and medium-term price targets until the volatility started to pick up in late summer. Because of this elevated volatility, we announced that we would abstain from setting more price targets, except for a long-term one at 70$. Now, with the recession in full progress and the deteriorating outlook for the oil market, we are starting to reconsider the timestamp on our price target. We are considering updating the price target to medium-term (and potentially short-term after a while) depending on more oil market developments. With that being said, we will pay close attention to the rhetoric of the U.S. administration and the possibility of more SPR releases, which would lead to lower oil prices. Additionally, we will monitor the narrative of OPEC and other energy institutions for more oil market data that could suggest lesser oil demand and oil demand growth going forward. Technical analysis - daily time frame MACD broke below 0 points, which is very bearish. RSI and Stochastic are also bearish. DM+ and DM- performed a bearish crossover. Overall, the daily time frame is bearish. Although the trend remains weak, Illustration 1.01 The picture above shows the daily chart of USOIL and simple support/resistance levels. Technical analysis - weekly time frame RSI is bearish. Stochastic and MACD are neutral. DM+ and DM- are bearish. Overall, the weekly time frame is neutral. 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:USOILShort
by Tradersweekly
7
Crude Oil Volatility Analysis 21-25 Nov 2022Crude Oil Volatility Analysis 21-25 Nov 2022 We can see that currently the implied volatility for this week is around 5.83%, down from 6.3% last week according to OVX data (OIL Volatility Index ) With this in mind, currently from ATR point of view we are located in the 80th percentile, while according to OVX, we are on 77h percentile. Based on this, we can expect that the current weekly candles ( from open to close ) are going to between: Bullish: 4.75% movement Bearish: 5.1% movement At the same time, with this data, we can make a top/bot channel which is going to contain inside the movement of this asset, meaning that there is a 29.1% that our close of the weekly candle of this asset is going to be either above/below the next channel: TOP: 85.3 BOT: 75.2 Taking into consideration the previous weekly high/low, currently for this candle there is : 65% probability we are going to touch previous low of 77.5 31% probability we are going to touch previous high of 90.1 Lastly, from the technical analysis point of view, currently 66% of the weekly moving averages are in a bearish trend, and a combination of moving averages and oscillators are in 30% bearish stance
NYMEX:CL1!
by exlux
OIL, What's next?As the CPI numbers and the inflation numbers starts to slow and decrease, and banks are saying that 2023 inflation will drop even more. The oil is facing more down moves. The Saudi Arabia, needs a $75 per barrel to cover the government budget. but what if the decrease production to keep prices high, will be enough to cover the budget ?! In this chart, we are seeing too possible buys, with two possible scenarios. the first buy at $75.00 per barrel and the second one at $50.00 Always manage your risk in trading be for you enter the market. Regards.
TVC:UKOILShort
by ghattas360
WTI oil - Global oil demand is set to fall with deeper recessionIn the recent past, we abstained from setting price targets for the short and medium term. Meanwhile, we became focused on the long-term price target of 70$, which stays in place as we continue to be bearish on USOIL. Our view is based on the deepening recession and falling oil demand. Yesterday, the IEA Executive Director, Faith Birol, said in his interview with Bloomberg during the COP27 summit, "The recent decision of OPEC+ to cut the production by two million barrels a day was definitely not helpful." Additionally, he said that this move by the cartel was fueling inflation in developing countries and may require a "rethink". If his words come true, the world could see temporary stabilization of USOIL prices between 80$ and 90$. However, all depends also on Joe Biden, who currently does not support more drilling activity. Since the stance of the U.S. administration might quickly change (with an even deeper recession and end of midterms) and send prices much lower, we pay close attention to the energy dispute between the U.S. and OPEC. Technical analysis - daily time frame RSI, Stochastic, and MACD show signs of exhaustion. DM+ and DM- are bullish but due to cross each other. Overall, the daily time frame is neutral. Illustration 1.01 The image above shows the hourly chart of USOIL and simple sloping support/resistance levels. Interestingly, the immediate sloping support was broken to the downside, which is bearish. Technical analysis - weekly time frame RSI and MACD are neutral. Stochastic is bullish. DM+ and DM- are bullish. Overall, the weekly time frame is neutral. 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:USOILShort
by Tradersweekly
14
CRUDEHello and welcome to this analysis UKOIL formed a Bullish Harmonic Gartley near $83.50 in weekly time frame and reversed from there. In the last few weeks after its 1st round of reversal from the Gartley PRZ it has formed a Cup pattern (rounding bottom) in daily time frame indicating a breakout above $98.50 for $106. While CRUDE OIL at MCX has formed an Inverse Head & Shoulder pattern in daily time frame indicating a breakout above 7700 for 8200 and 8800. The movement in MCX Crude will largely be impacted by US$-INR also, keep in mind that factor also.
TVC:UKOILLong
by Dinesh_C_Nagpal
MarketBreakdown | WTI OIL, NZDUSD, US100, EURJPY Here is a brief technical outlook for 4 instruments in my watch list. 1️⃣ WTI Crude Oil 🛢️ After a long-lasting bullish accumulation within an ascending triangle, the market broke its resistance on Friday. It looks like the market will keep growing. 2️⃣ NZDUSD 🇺🇸🇳🇿 The pair is very bullish since the middle of October. The price is currently approaching a local high. If the market breaks and closes above that, a bullish continuation will be expected to 0.6 level. 3️⃣ US100 (NASDAQ) Index 📈 After a three-weeks-long consolidation within a horizontal range, the market broke its support to the downside and closed below that. Now the market is retesting that. I believe that a bearish move will initiate soon. 4️⃣ EURJPY 🇪🇺🇯🇵 The pair is very close to a recently broken major rising trend line. With a high probability, we will see a bearish reaction from that, Pay close attention! Do you agree with my market breakdown? ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
TVC:USOILLong
by VasilyTrader
12