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WTI-OIL

Time to wait on Crude Oil by ThinkingAntsOkToday we will analyze a weekly chart after the price reached our expected target. The way we analyze the chart is focused 100% on identifying major support resistance zones and forecast the possible scenarios there, either for a reversal movement or a continuation one. Also, we support our analysis by looking at similar situations in the past and understanding what the price did. Without further ado, here is our view on Crude Oil. a) The price is on a Major support zone. We can see in the past how the price reacted there several times b) Based on the previous scenarios, we can see that before breaking the current level, the price formed a weekly corrective structure of 2 months duration. c) Our Short Scenario will be to wait for a clear corrective structure with a similar duration of the previous one, and then we will aim to develop trades to the next support zone at 27.47 d) Our Long Scenario needs the price to reach the 54.5 zones; there we will wait for a quick reaction on a lower timeframe such as 4HS and, we will aim to develop long setups towards the next resistance zone at 61.95 e) We are Swing traders that means that we are focus on catching trends and not inner movements of corrections. That's the reason we wait for clear setups that present high-quality opportunities. f) Check the link to related ideas if you want to keep learning the way we trade crude oil, Have an amazing week!
NYMEX:CL1!
by ThinkingAntsOk
1
USD/CAD Bullish View by ThinkingAntsOkDAILY CHART EXPLANATION: 🔸 "USD/CAD Breaking the Downtrend" Daily Chart: . . 🔸 Price has been on a Descending Wedge for more than a year. . 🔸 It has broken the Descending Trendline of the Wedge today. . 🔸 We consider it has potential to reach the Resistance Zone at 1.35300, and, if this zone is broken, then the next target is the Resistance Zone at 1.36500. . 🔸 We are waiting for a lower timeframe corrective move to get involved on this pair. WEEKLY CHART ANALYSIS:
Long
by ThinkingAntsOk
2
WTI: impact of coronavirusHi Guys, A nice double bottom at 49.31 and a prolonged divergence with RSI generated a pullback into the descending 100SMA (red). Last Thursday WTI finally reacted to the divergence with RSI as investors focused on the possibility of deeper supply cuts from OPEC. Is the worst over? What are the scenarios? Will price continue to pullback slowly or with a V-Shape recovery? Or will it drop further because of the impact of coronavirus? OPEC meeting is scheduled for March 5. In view of this I'd expect price to move on SMAs as it did back in October (violet circle). Just for info please click & play the following idea on WTI posted on Feb 7 (a week ago): Please add your comments and if you have any questions please do not hesitate to ask. Thank you for your support and for sharing your ideas. Disclaimer: Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities. IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumtances.
FX:USOIL
by cozzamara
WTI Crude Oil: Short term outlook. Bullish divergence on 4H RSI.Oil appears to have found Support following the very aggressive sell-off that started on January 7th after the Iran tensions began to ease. It has so far successfully tested the 49.30 level as a Support twice and is trading sideways within that level and the 52.20 Resistance on the 4H chart (RSI = 57.881, MACD = 0.140, ADX = 33.370, Highs/Lows = 0.4321). Despite being ranged, the RSI is on a bullish divergence on the 4H chart, printing Higher Highs and Higher Lows ever since the January bearish (Lower High) trend line (dashed line on the chart) broke. Since the price also crossed above the 4H MA50 which has been acting as a Resistance since January 8th (and is now holding as Support), there are higher probabilities to make the 52.20 break out. If that happens then the move will attract more buyers and we will most likely see an immediate test of the 4H MA200 (now around 56.00). Notice that this is roughly where the 0.382 Fibonacci retracement level is. This is in line with out longer term perspective as shown below: ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
FX:USOILLong
by InvestingScope
6
Perspective is KEY.Perspective is KEY. The Big Triangle has not been entered since 2009. The Horizontal Line has not been broken 2018. WTI has not been trading higher range of the field since 2019-2014 til it broke down outside "The Big Triangle". Two attempts to break has been made. 2016 we bounced from low on "The Horizontal Line" and we got rejection at triangle for second time. We created "The Bigger Wedge" 2016-2019". We now outside Wedge and bouncing hard to survive with flat rejection at "The Horizontal Line". If we don't get a monthly reversal,WTI will keep going lower for "The Horizontal Support Line" for the "third time" to testing. "The Lowest Trading Range" has not been tested since 1999. (Trade carefully with your risk management)
NYMEX:CL1!Short
by PivotX
Oil: Divergence with RSIHi Guys, here below a clean snapshot of the 4H structure reporting the divergence with RSI. Has the impact of "nCoV2019" on Oil ended? The following chart was posted on Jan 28 when worries over "coronavirus" were high and was titled "Don't try to catch a falling knife". After almost two weeks, has Oil finally found a bottom at 49.31? iI don't know but if you have any questions or comment to add please do not hesitate to post it. Thank you for your support and for sharing your ideas. Disclaimer: Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities. IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumtances.
FX:USOIL
by cozzamara
Shorting BRENT / Retest of resistance and bearish contractionToday is the day Oil ( Brent and WTI ) continue to take further losses. An article helped the OIL market yesterday but that article was a cry for funding and in reality, cannot solve the current Coronavirus problem... the WHO downplayed the "breakthrough" and sentimental are back on selling BRENT and WTI and the technicals agree. The RR is very solid here and we expect strong losses throughout today based on what the charts are showing us. We will look to move our SL into BE/SP (break-even / Small profit) once a breakout is established (candle closes) below the contraction or out of it on the 4H.
TVC:UKOILShort
by PrimedGroup
Oil (brent/light-crude) Fundamental Update 13:32:16 (UTC) The president of OPEC mentioning a February meeting with the Russian oil Minister. An emerging meeting could be held as early as this coming week. The question is, what is the real impact of price of a barrel of sweet crude with so many moving parts across a trillion-dollar global supply chain. The president of OPEC mentioning a February meeting with the Russian oil Minister. An emerging meeting could be held as early as this coming week. The question is, what is the real impact of price of a barrel of sweet crude with so many moving parts across a trillion-dollar global supply chain. Fundamental headwinds include the impact on jet fuel demand and tensions in the middle east (Libya). What's to come: OPEC and the Saudi Oil minister wants to prove to the public right now that they are reacting proactively and display an earner willingness to react. Output will be slashed. This was seen as the company went public back in December. As mentioned, Libya has just shut down an 800,000 barrel/day pipeline. This compensates easily for the demand impact stemmed from the virus outbreak that the markets ignored; which is the issues on the supply side of Oil . Sentiment is so negative, that the market is fixated on the demand headlines and ignore issues on the supply side. Libyan production being offline for the last 2 weeks, has kept over 2 million barrels off of the market. When Libya went offline, it was assumed this was political. I think this shows something much worse, which is a theatre of war and thus a destruction to infrastructure. Jet fuel prices in Asia are crashing. The question forward is, what’s the timeframe for the Coronavirus? The U.S. rig count is at multi year lows, since last summer. At the current rig count level, the industry can’t grow. It would be at best a flatline, and probably a decline. A catalyst needs to come desperately, and this catalyst would be a spike in oil prices. Unless oil prices recover from current levels, there will be a structural shortage of WTI for years to come. Bias is now long for both fundamentals and technical for WTI going forward this Q1 13:32:16 (UTC) Mon Feb 3, 2020
TVC:USOILLong
by TayFx
3
Oil: “Don’t try to catch a falling knife”Hi Guys, January did not start bad with prices rising and peaking with Operation Martyr Soleimani. Despite this, all gains made in 45 days were lost quickly in 20 days thanks to coronavirus and worries over economic growth and oil demand. Since my last idea on WTI posted on Oct.7, black gold moved from $52 to $65 in approx. 45 days. The peak at $65 was reached when tensions between US and Iran escalated following the killing of the Iranian General Soleimani on Jan.3 and Iran hitting back with "Operation Martyr Soleimani". Tensions between US and Iran de-escalated since and now we are back again at same level of 1-2-3 which provided support at $52 thanks also to spreading of coronavirus. Will this level of previous support at 1-2-3 ($52) hold the pressure of this new virus? We don't know. All we know is that next OPEC meeting is scheduled for March 5 but they are trying already to stop the bleeding as this article from Reuters shows. www.reuters.com “Don’t try to catch a falling knife” is sage advice for investors trying to identify the trough in a market like oil following a sharp selloff. The following idea "The Cone" was posted on May 1 and it was structured on a Monthly chart. For additional infos about WTI please refer to the related ideas linked at the end of this post. If you have any questions or comment to add please do not hesitate to post it. Thank you for your support and for sharing your ideas. Disclaimer: Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities. IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumtances.
FX:USOIL
by cozzamara
1
WTI Crude Oil: When to BuyThe price broke the uptrend line and gave us a solid bearish signal. The market continues the downward movement, and for us, it will be better not to join this movement, but wait for a reversal and try to catch a pullback. The 1st support zone will be at 55.00 level. If the price reverses from this zone in the daily or hourly timeframes, it will be possible to buy with stop-loss orders below the local swing low and 55.00 support. If the price breaks 55.00 support, the 2nd zone will be at 51.00 level. The same reversal signals from the daily and hourly timeframes will be good to open long positions. Of course, we will do it in line with the proper risk and money management. Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
FX_IDC:USDWTI
by DLavrov