USOIL: Crude oil analysis and operation
With Opec + pledging to curb oil supply until the end of the year and Asia's economic recovery expected to expand again, we expect global oil inventories to fall by 70 million barrels over the next three months. As a result, we now see Brent averaging $91 / BBL in the second half, up from $81 / BBL previously. Still, our forecast for 2024 remains at $90 per barrel, thanks to an increase of 1.2 million BPD in non-OPEC supply from Guyana, Canada, U.S. shale, and Brazil. In addition, if sanctions on Venezuela and Iran are further eased, supply will increase by 450,000 BPD in 2024. As Opec + politics and global geopolitics allow, the increased supply will help restrain further price increases. Oil prices surged 3.50 per cent yesterday, with intraday highs above $95. After the opening of the morning, oil prices surged on the inertia, the high point entered the $95 mark, and the current pressure is below 94, and the momentum of turning the gun is still strong. In operation, it is still a reasonable choice to short the rally. Short-term strategy reference: High probability scenario: bearish below 95.0, target 93.0-92.0; Low probability scenario: Bullish above 92.0, target 95.0-96.2.
Usoildaily
USOIL: Today's operation plan
Crude oil on Wednesday morning: At present, crude oil is the daily low of 89.8 line, whether the bears begin to force or a false shot to see today to verify, so first maintain the range of 89.3-91.8.
Today's operation suggestion:
Rally to 90.6-91 short;
Retracting to 89.3 Try a long light position.
USOIL: Crude oil analysis and layout
Crude oil last week unilateral strong pull up, is currently in high volatility, this wave is still not over, is still a callback to do more, four-hour chart, last week fell back to the mid-track quickly pull up, back just to prepare for the rise, this week is still open at a high level, the current volatility around 91.3, intra-day focus on important support level 89.5/90.3, This position is also the support point of the rail in the four-hour chart, and the position of the tail plate can be more!
Specific layout:
USOIL:BUY@89.5-90.3 TP 92.0
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Crude oil: operation strategy, high and low
Oil prices continued to rebound at the opening and performed first. Overall, Fed officials believe that there may be no need to raise interest rates. The decline in European diesel inventories boosts oil prices, but demand concerns still limit oil price gains. During the day, we will pay attention to the speech of the chairman of the Federal Reserve at the annual meeting of global central banks. If the speech is dovish, the oil price is expected to return to above US$80/barrel. If it is hawkish, the oil price may drop sharply, pointing to US$75/barrel; market uncertainty risks increase, and trading needs to be cautious.
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The trend of crude oil bottomed out twice in a row and closed up. There is a certain signal of bottoming out in the short term. There may be a continuation of the rebound in the market outlook, but the upper side needs to pay attention to the resistance of the middle rail line. Under pressure, there is a risk of going lower again. At the top, focus on the resistance around $80.40/barrel, and the operation is mainly short-selling
Crude oil: continue to maintain decline
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WTI crude oil October futures closed at US$78.89/barrel, falling below US$80/barrel for the first time in a week, down 0.9% on the day. The EIA report released earlier today was mixed. Crude inventories fell by 6.1 million barrels, but investors also took a bearish look at the report, which showed U.S. crude production rose to a three-year high of 12.8 million barrels per day. Also, implied gasoline demand was below 9 mb/d for the sixth of the past seven weeks, a weak sign for gasoline demand in what should be the peak summer driving season
Go short around 79.20 on the rebound, stop loss: 79.80, target at 77.00
Crude oil: peaking again
Crude oil should have mentioned that it will rebound, and the rebound trend is not small. It has already come out this time. From the indicators, the high point of this rebound is around 82. If the peak trend remains unchanged, this Nearby is more difficult to break.
Moreover, crude oil is negatively correlated with the U.S. dollar in a certain trend. The sharp rise of the U.S. dollar will also affect the price of crude oil. Gold is in a weak position, but crude oil is due to factors such as production cuts and expectations of interest rate hikes. The price of crude oil continues to soar, but still the same sentence, the reduction in interest rate hike expectations has been large enough. As long as there is something that is not conducive to the suspension of interest rate hikes, the interest rate hike expectations will still rise, and crude oil will be under pressure.
Strategy: 81.7 buy up 83.4 buy down
The demand for crude oil is expected to increase, but crude oil is not the same as gold after all. Crude oil has no currency attribute after all. Although it also has a hedging attribute, it is still not as strong as gold, and the aspects that can be affected are not as extensive as gold, so the demand for crude oil The expected increase in volume is also a matter of this year, but the price will not be too inclined.
Crude Oil: Trend Analysis Strategies
U.S. oil first fluctuated within a very narrow range, and U.S. oil rose again wildly during the European session, and the pressure was measured above 84. Although U.S. oil is strong again, this trend is extremely abnormal, and technically does not support this extreme upward state. Instead, we should pay attention to whether the follow-up bulls can continue to provide this extreme upward momentum.
The belt continues to open upwards, and the trend of long prices has not reversed. The decline is just a normal callback. Only when it falls can it rise higher. The small Yang line with a long lower shadow line is closed. It is expected that the lower support will be strong. Short-term prices have Possibility of going higher. 4 hours, with signs of opening, the price formed a high-level shock after recovering the lost ground. It is expected that the short-term pullback will not be very strong. The lower middle track line is supported by the 81.9-82.1 area. After the price rebounds and confirms stabilization, you can place multiple orders field.
Operation strategy: callback 84.6-area short, target 84.9-85.1
81.90 and 80.90 are long respectively, with a stop loss of 70 points and a stop profit of 200 points.
Crude oil: high correction consolidation, short-term continued b
Crude oil prices retreated slightly. On the one hand, the suspended Druzhba oil pipeline in central Poland is expected to ease supply constraints; However, OPEC+'s production cuts continue to support the rise in crude oil prices. At the same time, the overall sentiment in the crude oil market is bullish, and there is potential for further rises after a slight retracement and stabilization of prices.
The overall upward trend is volatile. It is normal for the market to have a callback during the rising market. In the short-term, it is expected that there will be a wave of callback first, but the callback will not be too strong. Wait for the price to stabilize after the callback can be placed. The 4-hour belt closed and went flat, and the price formed a sideways oscillating trend at a high level, and the retracement was also held above the support of the middle rail. In the short term, continue to pay attention to the support of this position, which is the 81.3-81.5 area. If you hold this position, the price will be The possibility of breaking out of new highs again.
Operation strategy: call back the 80.9-81.1 area to do more, and target 82.9-83.5 to be empty
Crude Oil: Unchanged
Crude oil prices continued to fall at the opening, and basically returned to the support level around 80.9 as expected to stabilize. Multiple orders have entered the market. Friends who have followed the article's ideas and operations are already making profits. The short-term goal is to look at the high point around 81.7. The price will break through. Continue to look at target 82.6.
Continually updated
Crude oil: we continue to pay attention to 80
The short-term goal of crude oil price is to stand above the 80 mark, and the price reached the target as scheduled last week. But even if it reaches 80, at present, the crude oil price does not show a short-selling signal
Seen from the daily line, the market continued to open, and the price maintained a fluctuating upward trend along the upward channel. Although there was a process of callback and rest in the middle, the overall callback range was not very large. Basically, they stepped out of new highs and stepped back to confirm the rise again, so it was big The direction is still dominated by callbacks. In 4 hours, the price encountered resistance near the upper rail and retreated. The price basically moved between the upper rail and the middle rail. The lower middle rail 80 area is supported.
Pay more attention to above 80
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Crude oil: test the 80 level again
It seems that the given 79 first-line long order has successfully reached the target position. Although the price fell back after a short-term surge, it does not mean that this wave of bulls is over. The U.S. economy performed strongly in the second quarter, and the economic growth outlook is bullish again. Coupled with optimistic demand expectations, crude oil prices may continue to maintain a strong trend in the short term. However, it should be noted that the recent extreme weather in the U.S. will limit the increase .
From a morphological point of view, the short-term price will form a oscillating trend around 80. In the short-term, we need to pay attention to the first-line support of 78.8-79 below. The callback stabilizes, and more orders can enter the market.
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USOIL: Crude oil view and operation
In the afternoon, there is eai crude oil inventory data, which is expected to be more crude oil, so it is safer to choose to withdraw before this, in addition, it can be manipulated after the data is released, and the current resistance level of crude oil is 77-80, and the support level is 74-72.
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USOIL: Looking for short-selling opportunities within the dayAfter finishing the high range at the beginning of this week, the price peaked one hour after the price fell below 70.8 yesterday, and the short-term direction changed from long to short!
Before a new bottom pattern appears in one hour, taking advantage of the trend and high altitude is the only trading idea. After the intraday price rebound, you can pay attention to the short trend at 71.8
Analysis of today's crude oil trading
After the opening of today's market, the trend of the market is basically the same as yesterday's market. After the opening of the market, it began to rise after a small decline.
In terms of crude oil operation ideas, it is recommended to be short-selling. The upper short-term focus is on the first-line resistance of 71.7-72.2, and the lower short-term focus is on the first-line support of 69.4-68.9.
Continue to wait for suitable trading opportunities for crude oil.
Trading strategy:
USOIL:sell@71.7-72.2 tp69.7-69.4
Next, I will continue to provide more trading signals, and the weekly profit can reach more than 5K-10Kusd. I need signals to join me as soon as possible!
views in dcb for USOILTVC:USOIL broke down a major support zone and now that support zone acting as a major resistance zone. upcoming strong support zone 62.45-60-65. upcoming trend will be sideways to downtrend.
Disclaimer - This chart analysis is only for educational purpose. Do proper research before trade/investment or consult with your financial advisor. This expressed opinion/view/analysis isn't a trade/investment advice/recommendation. SEBI unregistered independent trader/analyst.
USOIL Price action SHORT DAILY/WEEKLY USOIL comes to the strong resistance area which is around 63-65$.
Based on the price action techniques, the signal for turning the trend to SHORT could be followed.
This should be followed by using the price action technique and momentum is so critical here.
After this signal has been shown, SHORT could be tried in the following days and the target will be around 54$.