USOIL: Crude oil analysis today, continues to fallCrude oil (USOIL/XTIUSD): Yesterday, crude oil entered the market as planned and harvested profits, reaching a perfect position of 72.2, with a profit of 140pips. Today it opened at 72.1, rising by 5 US dollars in the morning and then falling back, similar to the trend of the previous two days. The bulls resisted tenaciously in the morning. Although there is strong support at the low level to resist the decline, the downward trend remains unchanged. The focus is on the 72.9/73.4 position at the top today. With the strength of the shorts, we are firmly bearish on the acceleration of the bottom break!
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Usoilforecast
Usoil:forecast
Oil was supported near 72, has now risen, has broken through the downward trend, and is now in shock
If the oil does not fall below the important support of 72 this week, we can be sure that the oil may have reached a phased bottom.
So this week we need to pay important attention to the support strength of 72. If it falls below, the oil will look for the bottom again, and it may reach the important support of the monthly line near 68, so this week is very critical.
I judge that if it does not fall below 72 this week, oil will sprint to 79.7 again. If it falls below this important support, observe the monthly support of 68-70.
Pay attention to OPEC news, Saudi Arabia and Russia do not want oil prices to fall, if the oil reaches the monthly support point, you can choose to buy
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Usoil:Waiting to choose the direction
OPEC has not taken a real approach to enforce compliance with selective production cuts, and the production cuts are expected to continue until the first quarter of 2024.Since OPEC's meager production cuts of one million barrels per day are unlikely to offset the impact of the decline in global crude oil demand, it is expected that there may be an oversupply of oil in the coming months.
Judging from the chart, oil is still in a downward trend, but the support below 72 is very strong, so we need to observe the support of 72-72.2 and wait for the oil to choose the direction.
So you can try to buy and strictly observe the support point to make a stop loss, because it is a downtrend, you can also wait for the rebound to the resistance point to sell, so that your success rate is greatly increased
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USOIL: 5/12 Today’s Trading StrategyCrude oil (USOIL): Crude oil opened at 73.3 today. It was volatile in the morning and the market was running slowly. Yesterday’s crude oil was long and short in shock, and the range also had an amplitude of 20 US dollars. However, the overall trend was still suppressed by the pressure from above and could not break through. The bulls were not to be outdone. , which has resulted in the current volatile situation, but the general trend is still there, so we can just continue to take advantage of the trend and go short! ! The daily K-continuous negative trend went very smoothly, and new pressure formed yesterday above, so today we will focus on the pressure of 73.6-73.7! !
USOIL SELL:73.6~73.7
SL:74.3
TP1:73
TP2:72.6
TP3:72.2
Since the quotes from brokers are different, please refer to Tradingvew’s quotes.
Usoil:The impact of the OPEC+ meeting
Severe storms in the Black Sea region interrupted Kazakhstan and Russia's oil exports of up to 2 million barrels per day.The Ministry of Energy of Kazakhstan said that the average daily oil production of Kazakhstan's largest oilfield will be reduced by 56%.This has led to the possibility of short-term supply constraints and pushed up crude oil prices.Secondly, a report from the U.S. Energy Information Administration showed that U.S. crude oil and distillate stocks unexpectedly increased last week, indicating weak demand.Although gasoline inventories increased more than expected, these effects were offset by the large consumption of other refined products such as fuel oil.This has also played a certain supporting role in the rise in crude oil prices.
Investors' attention to the results of the upcoming OPEC+ meeting has also pushed up crude oil prices to a certain extent.The OPEC+ Group of Oil Producing Countries will decide on the level of oil production in 2024 at the meeting.So we must pay attention to the final result of the OPEC+ meeting
I also said yesterday that oil is still above the trend line and maintains an upward trend, reaching a maximum of 78.75 today.
So you can still buy at the support point today, or it will be more secure to wait for the meeting before trading.
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WTI Crude oil top-down analysis Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USOIL: Oil prices rose sharply due to a storm in the Black Sea Oil prices soared as storms in the Black Sea region disrupted oil exports from Kazakhstan and Russia, raising concerns about tight supply as investors awaited a major OPEC+ decision.
Severe storms in the Black Sea region have disrupted oil exports of up to 2 million barrels a day from Kazakhstan and Russia, state and port authorities said. The Ministry of Energy announced that Kazakhstan's largest oil field will see a 56% decline in total daily oil production by November 27.
Hiroyuki Kikukawa, president of NS Trading, a division of Nissan Securities, said:
“Investors are locking up short positions ahead of the OPEC+ meeting amid concerns about supply disruptions from Kazakhstan.”
“Attention is focused on OPEC+ policy and demand outlook for the second half of this year, and unless OPEC+ makes significant production adjustments, WTI is expected to remain around $76 in the short term and fluctuate above and below $5. .”
OPEC+ is scheduled to hold an online ministerial meeting on Thursday to discuss production targets for 2024, after postponing its Nov. 26 meeting. Four OPEC+ officials said negotiations would be difficult and there was a possibility of an extension of the previous agreement rather than deeper production cuts. A weak dollar and a decline in US crude oil inventories also supported crude oil prices. The dollar fell near a three-month low as market expectations grew that the Federal Reserve could start cutting interest rates early next year. Meanwhile, U.S. crude oil inventories fell by 817,000 barrels last week, market sources said, citing data from the American Petroleum Institute. On average, eight analysts polled by Reuters expected oil inventories to fall by about 900,000 barrels in the week ending Nov. 24. The US government's weekly oil inventory statistics will be released this evening.
Usoil:Will it continue to break through?
Yesterday I said that oil has broken through the downward trend, and now it is blocked from falling in the middle of the trend line.
If it continues to fall, we need to observe the support strength of 76-76.3
So you can buy gradually in this range, because the OPEC meeting is still uncertain, if it falls below the range, you need to strictly set the stop loss
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Usoil:Will it continue to fall?
The OPEC meeting originally scheduled for November 26th will be postponed to November 30th, and OPEC will change to an online meeting on November 30th, which will affect the trend of oil.
Oil has always been weak, volatile and falling
Observe the support strength of the support range 73.7-74.1 of the last rebound
If it falls below this support range, oil may reach near 72 again
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OPEC Close to Agreeing Product Cut as African Countries I wanted to draw your attention to recent developments within the Organization of the Petroleum Exporting Countries (OPEC) that could potentially impact the oil market significantly. It appears that OPEC is inching closer to reaching an agreement on production cuts, as several African countries have now joined forces.
Over the past few weeks, discussions within OPEC have intensified, with member countries grappling with the ongoing challenges posed by the COVID-19 pandemic and its impact on global oil demand. The recent addition of African nations, including Nigeria, Angola, and Gabon, to the group's production cut efforts, has injected a new sense of optimism into the market. This collective action aims to stabilize oil prices and reduce the global supply glut that has been weighing heavily on the industry.
However, it is important to approach this development with caution. While the prospect of OPEC reaching an agreement is encouraging, we must acknowledge the inherent uncertainties that still loom over the market. The success of any production cut deal relies on the commitment and adherence of all participating countries, which historically has been a challenge.
Moreover, the global economic recovery remains fragile, and the resurgence of COVID-19 cases in several countries poses a significant threat to oil demand. Any setbacks in the containment of the virus could further dampen the prospects of a sustained oil price recovery.
Considering these factors, it would be prudent to exercise caution when considering investment decisions. As always, thorough analysis and risk management should guide your trading strategies. While the potential for shorting oil may seem compelling given the current situation, it is essential to carefully evaluate the associated risks and consult with your financial advisor.
In conclusion, the news of OPEC's progress towards a production cut agreement, coupled with the involvement of African countries, certainly warrants attention. However, the volatile nature of the oil market demands a cautious approach. As traders, it is crucial to stay informed, adapt to evolving circumstances, and make well-informed decisions based on comprehensive analysis.
Please feel free to reach out if you have any questions or require further insights. Wishing you successful trading ahead!
Usoil:Fluctuation is too small
On the news side, OPEC+ officially announced that the meeting to be held on November 30th will be changed to an online meeting.Regarding the rumors of discord within OPEC, the representative of Nigeria said that he did not know that there were differences within OPEC+, and he was satisfied with the survey results on Nigeria's production plan. Angola stated that it does not intend to withdraw from OPEC+.
OPEC+ is approaching a compromise with African oil-producing countries on production levels in 2024.There are various signs that a new round of production cuts may be coming.
As can be seen from the chart, oil rose again after falling yesterday, and today it also fluctuated narrowly, indicating that oil is still waiting to choose the direction, but recently it is unwilling to fall.
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USOIL (CRUDE OIL ) SELL ON REJECTION HELLO TRADERS !!!
As i can see CRUDE OIL 🛢️
The anticipated OPEC+ meeting set for this weekend to a postponement to Nov 30th. The delay stemmed from challenging discussion between Saudi's and fellow members regarding oil production levels....
Saudi Arabia currently implements an additional 1 Million barrel per day output cut since July engaged in talks without specifying the cause for the delay....
Recently weeks have seen oil prices fluctuate amir signs of expending supply.....
CRUDE OIL 🛢️ INVENTORIES ROSE 8.70 MILLION BARREL
while this presents another bearish factor 🔥
and technically it is showing us a rejection here on a fake breakout of trend line so we planing for these design TP and expected more fall in USOil its just an trade idea do a proper analysis before trade on ur real account share ur trade idea with us it will help alote the trader community
USOIL: Today's analysis
Oil prices rebounded sharply on Friday, largely erasing a nearly 4% loss from the previous session as investors wavered over whether Opec would deepen its decision to cut production. Today's strong breakthrough of the first pressure level, the follow-up focus on the breakthrough of the second pressure level!
Currently there are orders do not know how to operate friends, you can pay attention to me, I will answer for you!
Usoil:The prediction is correct
This is my forecast in the morning. Now that the oil has risen to the middle edge of the trend line, observe the resistance of 78.4.
Judging from the news, the OPEC+ meeting is discussing further production cuts, which may intensify tensions with the United States. At the same time, the market is focusing on whether Saudi Arabia and Russia will extend voluntary production cuts to 2024.Based on the comprehensive assessment of the core member states such as Saudi Arabia and Russia, based on their own interests, they are expected to do their best to maintain the stability of the crude oil market, and there is still some room for short-term prices to rebound.
I also reminded last week that oil is rebounding
From the chart, you can see that the oil has broken through the trend line, and now you need to observe the resistance above.
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BUY USOIL !!! TIME TO RETRACE hello traders as i can see its a great entry point for oil to caught some easy pips oil had created a good support zone on last daily low in shorter TF its seems more upside to test broken support zone Saudi and Russian are stick on their cut policy and war is also creating more demands
trade with ur on risk its just and trade idea if ur like our prediction we appreciate ur support it help our trader community stay tuned for more updates
US Crude OIL 4H : DESCENDING CHANNEL US Crude Oil
New forecast
The price of oil continued the upward push to reach the top of the descending channel and test the resistance of the descending channel at 77.20. We expect the price to continue to decline as long as it trades within the descending channel to visit the 74.41 level as a negative target and extend towards the 72.90 level again.
Therefore the downward scenario will be remain as long as price trade at the bearish channel and moving average 50 still support the price to decline , taking into account that stabilized above 78.83 will force the price to get out of the descending channel and will start a positive trades .
The expected trading range for today is between support 74.41 and resistance 78.83 .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 74.41 , 72.90
resistance line : 78.00 , 78.83
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Usoil:Where is the bottom?
The EIA report shows that the inventory of Cushing crude oil in the key hub of the United States has increased, rising to the highest level since August last year.In addition, the monthly report of the American Petroleum Institute (API) showed that oil shipments in October increased by 4.6% year-on-year to 31 million barrels per day.Oil supply increased by 3.2% in October to 28.8 million barrels per day.Oil production increased by 6.1% in October to 13.1 million barrels per day, a record high, an increase of 53,000 barrels per day sequentially.U.S. oil companies are taking advantage of high oil prices to sell oil quickly, and they may also smell some less optimistic news in the future.
However, it should be noted that the OPEC+ meeting is about to be held on November 26th. The decline in oil prices has increased the pressure on Saudi Arabia, Russia and other OPEC+ members. They may continue to maintain their production reduction plans and even ask other countries besides Saudi Arabia and Russia to join the reduction team.
Oil is now on a downward trend, because of the rapid decline yesterday, it is now rebounding
From a technical point of view, oil prices have returned to near the low point in early July. If they fall again, it will test the low point of the year, but I think the weekly level of 67-70 is not so easy to be broken.
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📈🛢️US Oil Daily prediction 🛢️📉TVC:USOIL
FX:USOILSPOT
Before we predict the next week, let's take a look at the trend of the oil chart.
The price continues to move in a downward trend. Due to the support area, we can expect a rise in oil price to the previous high level.
If this uptrend fails, the price will reach lower targets below 77$.
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US Crude Oil 4H :Under sell pressureUS OIL
New forecast
Oil trading was confined to the top of the descending channel after touching the resistance of the descending channel at 78.83, to hold below the pivotal resistance of 78.00, waiting for the price to be stimulated to resume the expected downward wave in the immediate term, whose next target reaches 77.21 and 75.70.
Therefore, the downward trend scenario will remain valid and effective for the coming period, keeping in mind that breaking 78.83 and holding above it will pressure the price to the upward corrective path again.
The expected trading range for today is between support 77.21 and resistance 78.83 until breaching one of them .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
Additionally ,Today News will affect the market .
support line : 77.21 , 75.70
resistance line : 78.83 , 80.56
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usoil: accurate signal
Crude oil's downtrend continues, testing support at $72. Anticipate another decline after reaching around $74. If you have long positions in crude oil, consider closing near $74 and following the trend by shorting. Personally, I expect crude oil to reach $70 in the near term before resuming an upward trend.
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