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WTI-OIL

WTI Crude: Potential 40$ Oil Next YearOPEC recently met this week to discuss whether or not to decrease crude oil production in October after initially deciding to increase production for September, increasing supply. Last month OPEC agreed to increase production in September by 100,000 barrels per day during their last meeting in August as the US strained to fight inflation and high energy prices. OPEC stated that the production increase was only meant for September, coming into agreement that in October they will cut production by 100,000 barrels per day. Demand for crude oil has been falling and supply has been increasing OPEC stated, OPEC warned that a global economic slowdown is coming, and demand for crude oil has fallen 300,000 barrels per day in 2022, and will also fall by the same amount in 2023. OPEC further sees a possible increase in crude supply if Iran is able to agree on a new nuclear deal with the United States and Europe, which would ease sanctions on its exports From a technical perspective USOIL has been trading below the 200 day simple moving average since July 14, crossing back above a few times in the summer in August, but recently this week has seen a sharp decline below the 200 day sma indicating strong selling pressure. Banks and investors will be gearing towards staying short oil. The default monthly 12 26 9 period MACD has recently shown strong bearishness as the fast line has fallen below the slow line, the last time this happened was September 2018, 4 years ago. The 1 month default RSI currently sits at a value of 52.28, above neutral with lots of room to become oversold and fall below 30. Crude could potentially see 40 dollars a barrel in 2023 until any change in bullish momentum is shown, momentum stands strongly bearish right now as the bears have taken control. Tomorrow the US IEA will release WTI crude inventory count numbers, and Kushing Oklahoma inventory numbers, (Crude Oil Inventories Forecasted: -0.250M Previous -3.326M), and have forecasted an increase in supply from the previous week's count. $WTI Crude Oil $Brent Crude Oil Ilyas Khan Top1 Markets
FXOPEN:XTIUSDShort
by Seafair-Capital-Management
WTI oil - An indecisive moment in the oil marketWe warned about the possibility of a downtrend correction in the middle of August 2022. Indeed, we said that the breakout above the sloping support/resistance would lead to such action. Then shortly after that, USOIL rose from its lows and broke above the resistance, halting its rise at 97.65 USD per barrel. Since then, the price fell back below the 90 USD price tag. However, the drop stopped slightly above the sloping support, which is bullish. Accordingly, we are bullish on oil for as long as the price stays above the support. However, an alternative position can be taken (with a tight stop-loss) on the breakout below the support. In the short-term future, we will pay close attention to OPEC's rhetoric and any potential talks about more production cuts. In our opinion, cutting production risks higher prices for oil in the short term. Although with the prospect of global recession unraveling, we think production cuts will only have a temporary effect if any. Illustration 1.01 The picture above shows the daily chart of USOIL. Yellow arrows indicate a bullish breakout above the sloping support/resistance and subsequent failure of the price to retrace below it. As long as the price stays above the sloping support/resistance, it stays in the bullish area. Technical analysis - daily time frame RSI and MACD are neutral. Stochastic is bearish. Overall, the daily time frame is neutral/slightly bearish. Illustration 1.02 Illustration 1.02 shows the daily chart of USOIL and two simple moving averages, which still reflect a bearish constellation. Technical analysis - weekly time frame RSI is neutral. Stochastic and MACD are bearish. DM+ and DM- are bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOIL
by Tradersweekly
26
Resistance is located at 92.00 and should cap gains on WTICOUSWTI - Intraday - We look to Sell at 91.78 (stop at 95.24) The medium term bias remains bearish. A firmer opening is expected to challenge bearish resolve. Resistance is located at 92.00 and should cap gains to this area. We look to sell rallies. Our profit targets will be 84.10 and 82.00 Resistance: 92.00 / 100.00 / 112.00 Support: 84.00 / 68.00 / 50.00 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.'
OANDA:WTICOUSDShort
by OANDA
1
WTI OIL heavily bearish eyeing a level untouched since Dec 2021!WTI CRUDE OIL (USOIL) eventually followed the rough projection we made three weeks ago and made a Lower Low as it failed to break above the 1D MA50 (blue trend-line) again: This has created a new Channel Down on the medium-term, which after closing below the 1D MA200 (orange trend-line), it is now eyeing the 1D MA300 (red trend-line) for the first time since December 02 2021! As we outlined in our previous analysis though, the downtrend is unlikely to stop there and most likely will hit the November 2020 Higher Lows trend-line around 82.00 - 83.00 before giving a relief (at least) rally. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
1
WTI crude oil (US Oil): Bearish channel testing key supportIt seems like only yesterday when oil prices were surging on Russia’s invasion of Ukraine, and analysts were predicting that the commodity could rise to $200 in short order. Since those fearful days in March however, supply has incrementally come into the market and demand has slackened, due in no small part to the high prices themselves. Looking at the chart of WTI (US Oil), prices have definitively broken below the bullish trend line the characterized the entire uptrend through the first half of the year and indeed formed a new bearish channel since the start of June. The commodity is now testing a critical support level at 94.00; a close below this area would mark the lowest since February and pave the way for a deeper retracement toward the 61.8% Fibonacci retracement near $88 next. Meanwhile, bulls would need to see prices bounce from support at $94 and break out of the current bearish channel to grow more optimistic on oil remaining sustainably in the triple digits as we head into August. One way or another, crude oil should get a clear technical break in the coming days!
TVC:USOIL
by FOREXcom
1
WTI OIL hit its 1D MA200 first time in 2022! Bottom can be lowerWTI Crude Oil (USOIL) touched today the 1D MA200 (orange trend-line) for the first time in 2022, more specifically since December 21 2021! This strong selling on the market has come after successive Lower Highs since June 14 and a rejection on the 1D MA50 (blue trend-line). Since the March 08 market High, this may look as the start of a multi-year Bear Cycle but the fall isn't that dramatic yet, as excluding the June 14 High, the market has been ranging sideways (high volatility nonetheless) within a Rectangle pattern since the March drop. This is a make or break moment for the pattern. A break below the Support and naturally the 1D MA200, should seek the 1D MA300 (red trend-line) which priced the markets last Low on December 02 2021, before the mega rally started. A rebound on the Support should test the 1D MA50 on the short-term at least as a Resistance. The most important indicator on this chart though is the RSI, which is displayed on the 1W time-frame. As you see, there is a Channel Down pattern involved, which (with the exception of the March war extreme) has price all of WTI's Highs and Lows since the March 08 2021 High! The best long-term buy on the market can be taken exactly on the Channel's Lower Lows (bottom) trend-line, whether that's on the 1D MA300 or one of the lower Higher Lows trend-lines involved. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
3
WTI -5/7/2022-• April-June period prices were contained inside an ascending channel • After peaking in June, prices broke the channel support and started trading inside a bearish descending trend line • Long term support trend line holding since Dec 2021 still intact • As the worldwide economic picture is worsening, outlook is slowly turning negative for the oil's demand • Bears are targeting trend line support, today at 104 • Below 104, next target is 100 psychological figure
BLACKBULL:WTIShort
by RamziAbouAbdallah-CMT
WTI -2/6/2022-• After rallying for more than a week, bulls failed to break above 116 resistance level • Oil prices have been trading lower for the past 2 sessions but still within an ascending bullish channel • Next target to the downside comes at a level between 110-111 (trend line support) • A break of the bullish channel signals fading bullish power and targets 103, 100 and 92.6 respectively • Longs recommended while still inside the channel with stops below 110 • Shorts to be executed on a successful breakdown from the channel with stops just above the lower trend line and targets listed above Good luck
BLACKBULL:WTI
by RamziAbouAbdallah-CMT
#WTI expected to pop again#WTI crude oil looks like it wants to bust above the channel again. It did just that recently but got shot back down. MACD histogram on its way to green, lines curling up for a bullish MACD cross. and RSI has already tested 50 and appears to be holding, signifying strength. I'm long oil, but it will be volatile with all these wacky headlines every day that drag it every which way. Fundamental side: EU is considering banning Russian oil and now has a deal with Qatar. Russia's energy dominance is ending. Still an imbalance between excess demand and not enough supply. Bullish for crude oil. The lack of new drills and exploration will fuel the imbalance. Disclaimer: This is not financial advice. Do your own DD. But for the record Tiger is basically a pro when it comes to oil and the vix.
FX:USOILLong
by EBITDAtiger