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USO

Are we in V Reversal? All week oil after returning the mid $60's WTI has done nothing - much like the Nasdaq I wrote about. There is overhead resistance. Today we have a little pop but are we in the midst of a V Reversal - with a lot of people thinking we are breaking out to $70 for WTI. Right now shorts are being squeezed (if there are any). There is a VPOC at $63.59 which is exactly at 61.8% retracement. Monthly VWAP is at the 38% retracement. We'll know soon if we're on way to $70 or back to $63 Time will tell but the RSI is looking weak.
NYMEX:CL1!
by Maximilianned
Oil - Possible Wyckoff AccumulationIdea for Oil: - Oil seems to be setting up for an inflationary shock event in the longer timeframes. - Understanding the trend of oil prices can help in market selection and portfolio construction. - Oil has broken out of a falling wedge. - There was a Wyckoff Spring from Hades as price went negative! - However, lower highs, lower lows, and volatile sell-offs are still a sign of weakness. - Oil has shown that its price can go negative, so a relatively low price should not be mistaken as a bottom. - Something to mention is that Biden has shown his international non-interventionist stance with the Israel-Palestine event, and I speculate that he is turning his attention toward domestic population control, from the UFO disclosures. This is a signal for volatility in oil during his term. GLHF - DPT
NYMEX:CL1!
by UnknownUnicorn1043646
Crude Oil signals Inflation, not DemandPreviously warned, there was a blow off top in Crude, and a retracement was expected. It arrived, albeit shallow. And the weekly CL1! chart shows a likely bearish scenario, I think the subtle little weekly tails tell an underlying bull story. Not that it is rubbish, but it is like a crouching bull there despite the bearish leaning technical indicators below. But what we can see is that there is a building up of Non-commercial interest and a stabilization of the Top 8 Traders net short position. The daily chart on the right gives us insightful details where a stack of candlestick sandwich suggest a strong move incoming, and technical indicators are turning bullish as the wide range post- shallow-retracement consolidation pans out. Oddly enough, it kind of feels like a set up for a war or of smaller scale conflict may spark off Gold and Crude Oil rally with S&P500 retracement... this is a long shot, but a nagging intuitive feel is there to connect the charts. Just thinking out loudly for you to read. :)
NYMEX:CL1!
by Auguraltrader
🛢️🧸 Crude oil is set to slump - Great setupHi there is my view near-term on Crude in the nutshell: There are comcerns about global demand due extended lockdowns and vaccine shortage in Europe The Suez canal is free now TVC:DXY marching higher Concerns on rising yields TVC:US10Y "Archegos gate" in focus OPEC meeting this week For me its "perfect storm" for further decline in oil prices So there is my setup on hourly chart: Pretty downtrend and rising wedge pattern On monthly chart NYMEX:CL1! just topping at long term bearish trendline which originated in 2008 here is data for my trade: ------------------------Trade setup --------------------------- Entry: 61.10 Stop Loss: 62.32 Profit target: 57.50 Time stop: 5 days ------------------------------------------------------------------ If you like the idea, do not forget to support with a 👍 like and follow. Leave a comment that is helpful or encouraging. Let's master the markets together. is topping on longterm resistance
NYMEX:CL1!Short
by Tomasgei
1
USOIL/WTI/CL (crude oil) 25% retracement, next bullish explosionFirst of all: Where are we? For having a better idea about the scale and location of my analysis, I added this snapshot of the chart in the weekly timeframe: About the core of my idea: My analysis is based on the weekly AND 13h timeframe. Well, once again, I spotted an interesting downtrend channel in the weekly. And as always, I am waiting for the price to come back down, and retest said channel. This time, I am waiting for it to find support on the middle of the channel. That expectation is fueled by the following: In the 13h timeframe, I found a channel, which has already proven to be reliable, as the green rectangles prove. As always, I won't try to catch every move, but just the ones I patiently wait for to happen - and I will only take the chance if everything works out as planned - or I will replace my analysis with a newer one. I don't desperately chase a trade, and if my scenario doesn't happen out as expected, I decide to miss out on the trade. Remeber, there are plenty more opportunities to make money in the market - on a daily basis. So, I'd recommend to quickly move on if something doesn't work out properly, and look for a better, more reliable opportunity. Even if that means to miss out on a 60%, or 178% move. Be patient, and have a strict trading plan about WHEN to execute a trade, and WHETHER to execute it, or better skip it. So, what is the core of my idea? I am waiting for oil to continue its correction until it enters my buy area (50.10 USD). When it comes to "timing", I am expecting the price to ideally find support when both channels meet each other, and when it hit my buy zone of 50.10 USD. From there, my trade setup will look like this: I am using a very tight stop loss in this trade, because there is a chance, price just pierces through this support area, and re-visits the lower areas of both channels. Due to that, it wouldn't make any sense to extend the stop loss, but instead, try again later, when it finds support in the lower areas of said channels. The initial RRR (Risk/Reward-Ratio) is approx. 47, if it keeps soaring, the RRR may later increase towards 124-ish. I received some PMs about the white "construction" and what it is. Unfortunately, I am not allowed/willing to share what this is about, due to disclosure-issues; All I can say is, that it has proven to be very reliable, and I will always include this "censored" and simplified version of it in my ideas, as it's part of the whole core-idea. It's basically points of reversal, future support and resistance, so basically: I use these white lines for closing trades, or taking profits. Conclusion: I am very confident that we will see prices as high as 80, or even 135-ish in oil at some point, and I don't want to ignore this possibility. On the other hand, I will try to find a RELIABLE entry, and will skip on it, in case it doesn't work out as planned. targets with price-tags: Take care everyone, and thank you for reading. ;) As always, feel free to download this analysis for better understanding or scaling!
NYMEX:CL1!Long
by AlphaTradingGermany
3
🛢️📉 Crude Oil top reversal: CL1! - back to H&S neclineformed a bear flag by wave (c) in massive weekly supply zone. Now iam expecting fall back to H&S pattern couple days back to test for demand in red area at $62.My sweet spot to short entry is in blue area which will be tested for supply between 64.34 - 64.87 here is data for my trade: ------------------------Trade setup --------------------------- Entry: 64.51 Stop Loss: 65.27 Profit target: 62.01 Time stop: 2 days ------------------------------------------------------------------ If you like the idea, do not forget to support with a 👍 like and follow. Leave a comment that is helpful or encouraging. Let's master the markets together.
NYMEX:CL1!Short
by Tomasgei
2
Crude Oil burnt out Seldom post about Crude Oil but this is too obvious to miss and a very good learning point... You see, Crude (and Energy) has recently been on fire (almost literally) with the rise of Crude oil due to many factors in recent months. The thing is, warning signs appear to tell of a retracement pullback, or even end of bull run. The Weekly chart kindly heads up with long upper tails above 61.50. The RPM clearly warns of a pull back too. Net interest from Non-Commercials are not increasing as it was in early Nov, and the Top 8 Traders appear to be going more Net short. Perhaps the daily chart (right panel) shows it clearer... with a marubozu-doji-reversed marubozu top pattern, and technicals to boot where RPM has crossed down, and MACD cross down after a bearish divergence flatline. Something is clearly about to change... the party is almost done.
NYMEX:CL1!Short
by Auguraltrader
2
Dead wrong on Oil, but what now?Obviously my previous predictions on Oil were wrong, however, it is hard to forecast a vicious virus from the far East. Now, the doomsdayers are back, touting their long bond positions with gold, saying "I told you so." Those positions have worked, and oil has tanked. To be clear, I don't dislike bonds or gold here, but Oil is ripe for a rebound. We are deeply oversold, indeed, I believe this sell-off is far overdone. From a pure technical perspective, the RSI is now turning, and MACD looks to be bottoming out. We should retest the ~60 level again, as this was the previous range bound channel crude was trading in. If 50 is broken, this thesis is invalidated and I am dead wrong. We will see.
NYMEX:CL1!Long
by MT-Macro