Get started

WTI-OIL

WTI UpdateThe price appears to bounce back as expected, with OPEC+ output curbs finally biting. Russia announced a voluntary decrease of 500 kbd that will remain through the end of August. The technical context entails an acceleration in wave [ 3] of iii. Most ElliottWave traders aim for a third of the third when the price moves a considerable distance with no noticeable pullback. I don't have any alternative options now, but given how difficult it was to pick the bottom, I won't celebrate until the end of the move. The larger picture stays unchanged. Either a triangle as wave Y of (X) that will last until the end of 2023 or a more sharp rally as wave C of (X) (black labels). I'll reiterate that waves wxy of (b) and [ w] [ x] [ y] of wave ii are a little complex, which is typically a bad sign. However, I'm struggling to come up with an immediate bearish scenario.
TVC:USOIL
by Fomenka
Long WTIUSD (OIL)This is a quick short-term bet on the bottoming of the oil price-action based on a price action behaviour. It is possible that the price has bottomed as it has been consolidating and creating a triangle shape in the lower time-frames (see 1H chart). The RR ratio is looking very positive (above 3) for a trade, assuming price will rebound from this level and not break triangle resistance. It is a trade that requires active monitoring and management, with adjustment of SL to break-even if price runs bullish and breaks the tirangle resistance to avoid any news related major counter moves, which in this market is always a major possibility.
FOREXCOM:USOILLong
by Taguspt
1
WTI CRUDE OIL: Short term buy as the 4H MA50 held.WTI Crude Oil rebounded yesterday upon hitting the 4H MA50 and as the 4H technicals turned bullish (RSI = 55.674, MACD = 0.250, ADX = 26.371), this is a buy opportunity on the short term. We are targeting the 1D MA100 (TP = 73.50), where we will place the first medium term short (TP = 68.00). The maximum technical extension for this year has been the 1D MA200, so if the 1D MA100 breaks, we will place our second short at 77.00 for an even higher return trade (again TP = 68.00). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
15
WTI CRUDE OIL: Pivot level separates sell from buy trade.WTI Crude Oil got rejected today exactly on the 0.5 Fibonacci retracement level, which is the pivot level we have identified that determines the short term trade. The medium term pattern is a Megaphone and with both the 1D and 4H timeframes neutral (RSI = 52.099, MACD = -0.100, ADX = 28.689), we can easily realize that the price is exactly in the middle of the pattern, hence the Pivot. We will buy if a 4H candle closes over the Pivot (71.05) and target the 1D MA100 (TP = 74.00). Similarly we will be selling as long as the candle closes under the Pivot and target S2 (TP = 64.00). The RSI is trading inside a Triangle, whose top and bottom can help you take profit earlier if needed. Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOIL
by InvestingScope
14
WTI CRUDE OIL hit the MA50 (4h). Ready for a break out?WTI Crude Oil is on the MA50 (4h) again after a week. The Falling Resistance since the June 4th High is the critical level that will determine our trading plan. Trading Plan: 1. Buy if the price crosses and closes a candle over the Falling Resistance. 2. Sell for as long as it remains under it. Targets: 1. 74.00 (expected contact with the MA100 1d). 2. 67.00 (Support 1). Tips: 1. The RSI (4h) rebounded after getting oversold under 30.00, same as with the May 3rd and May 31st lows. Both hit the Rising Resistance. Please like, follow and comment!! Notes: Past trading plan:
TVC:USOIL
by TradingBrokersView
11
#OIL #OOTT UpdateI think I just decoded the oil chart. I have been contemplating a rise to $90+ because I expected ABC flat where I now see WXY combination of zigzag, zigzag and triangle. The chart now perfectly aligns with Brent where wave [ B] did make lowest low presumably shaping a symmetrical triangle whereas WTI is working on a running triangle. That means that we have only strong push left upwards from current low which should come either as a straight impulse or an expanding diagonal which will be extremely annoying.
TVC:USOIL
by Fomenka
Trading the range on WTI (CL1!)Oil prices are trading quite erratically on the daily chart, making it a much less appealing market to trade on that timeframe. But that doesn't mean we cannot find potential inflection points at the intraday level. Monday's opening gap has been filled, and earlier losses on Tuesday were fully recouped to print a bullish pinbar on the daily chart which found support just above $70. We're not looking for a huge move, but we see the potential for prices to have another crack at the $73, and the 3-wave retracement towards $71 looks appealing for a swing trade long. Take note of the HVN (high volume node) around $72.64 which could act as a magnet should momentum eventually turn higher. We're not sure the actual swing low is in yet, so we're looking for higher volumes accompanied by one or more bullish reversal candles on the hourly timeframe or lower, to hint at a swing low. And if it can form above or around the $71 support zone it could provide an adequate reward to risk ratio for a cheeky long.
NYMEX:CL1!Long
by CityIndex
1
USOIL Medium Term UpdateI promised in the previous post that I would discuss medium-term charts. I've been calling for an abrupt rise in ABC flat for a while now. However, price movements develop much more slowly than the human brain expects. I believe I read about this bias in books by R. Prechter on the fundamentals of Elliott Wave analysis. This time, there is another layer of uncertainty because Brent did not follow WTI in the flash crash on May 4, which marked the local bottom (wave B low) for WTI but not for Brent. While my expectation of the impending impulse wave C matches the WTI chart perfectly, it is not the same for Brent, where I anticipate an ending diagonal to complete the correction. This weekend is the much-awaited OPEC+ meeting. However, as I mentioned in my previous post, I suspect limited progress in production-cut talks or a tepid market reaction to any agreed cuts. OPEC core members are grumbling about the cuts as Russia's seaborne exports hit all-time highs to markets that OPEC countries consider their fiefdom, forcing them to redirect volumes to the EU, missing out on shipping. Therefore I doubt OPEC+ can come up with a decision that will drive oil prices sharply higher in June-July and keep them elevated by the end of the summer. OPEC+ decisions usually lag the market developments and tend to cause short-lived fluctuations at best (though painful when unexpected). Instead, war drums and EU discussions about the 11th sanctions package could be the catalysts. The EU is considering prohibiting EU entities from purchasing refined products made of Russian oil. Read - India can no longer buy cheap Russian crude to produce diesel and ship to the EU. I have some ideas about what it could mean for energy markets in the long run, which I will elaborate on in a website article.
TVC:USOIL
by Fomenka
WTI CRUDE OIL: Triangle breakout revealing the trend.WTI Crude Oil is failing on the 4H MA50 and maintains a dangerous Triangle on the 4H timeframe on neutral technicals (RSI = 44.789, MACD = -0.040, ADX = 23.667) which can breakout either way. So far it is supported by an HL trendline like the March pattern but if this breaks, which would mean downward breakout for the Triangle, we will sell, after the 4H MA50 gets rejected as a Resistance, and target the S1 (TP = 64.00). If the Triangle breaks upwards, we will buy and target the 4H MA200 (TP = 76.00). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOIL
by InvestingScope
6