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WTI

WTI CRUDE OIL: Best buy opportunity in more than a year.WTI Crude Oil is almost oversold on its 1D technical outlook (RSI = 36.459, MACD = -2.670, ADX = 29.899) and coupled with the the price breaching inside the S1 Zone, the market is giving the best long term buy opportunity in more than 1 year. The S1 Zone is in place since March 15th 2023. Additionally, the 1D RSI has made a Double Bottom (DB), which has a 100% success record out of 3 times since March 2023. Every rebound to the LH trendline (pattern is a long Descending Triangle) approached the 0.786 Fibonacci level. Our TP = 78.00. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
WTI Oil H4 | Potential bearish reversalWTI oil (USOIL) is rising towards an overlap resistance and could potentially reverse off this level to drop lower. Sell entry is at 68.80 which is an overlap resistance. Stop loss is at 71.65 which is a level that sits above the 50.0% Fibonacci retracement level and an overlap resistance. Take profit is at 65.24 which is a swing-low support. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILShort
by FXCM
7
Is oil signalling a recession? Oil has really started to free fall. The death cross on the daily chart has occurred. this is where the 50 MA intersects with the 200 MA in a downtrend. This often implies more downside to the medium and long term but is often a great short term long signal. Usually when you get this signal the market makers bounce the stock or commodity a bit before taking it lower. We are hitting a massive multi year trend line going back to 2022 that should act as some support. XLE looks ready for 1 more down leg before a swing tradable low is in. Energy does have a tendency to fall precipitously so understanding oil can keep falling if investors fear the worst or a recession.
AMEX:XLE
by Trading-Capital
5
2024-09-10 - priceactiontds - daily update - oilGood Evening and I hope you are well. tl;dr Oil - Bears in full control and the 4h ema is king. Bulls are also making money buying new lows, so we have some two sided trading, despite the bear strength. comment: 4h 20ema. Add that to your wti crude oil chart and trade it. Market is respecting it and there are amazing trades to be made. How long will it continue? No one knows but markets tend to do what they have been doing. Intertia. The bear channel is also looking good for now. Where could be the next bigger support for the bulls? 64.46 was my bigger target for the bears and they already reached it. The 2023-12 low is at 63.21 and the next support below would be 60. For now I think shorts are not favored near the lower bear trend line and I would only look for shorts near the 4h ema. Can you long this? You can but stop would probably be 64.7ish because 65 could easily get tested. current market cycle: bear trend key levels: 63 - 71 bull case: Bulls are content with scalping long at new lows. They are quick to exit once bigger bears come around and that’s why the selling ist mostly done via quick spikes (roughly 1h in length). Since we are at the lows of the bear channel, r:r favors the bulls for 67 or 68. Invalidation is below 64.7. bear case: Bears are in obviously in control. The selling is orderly with pull backs and we are in a decent channel down. Also true is that bears take profits at new lows, hence the pullbacks to the 4h ema. 63 to 67 was an area where the market produced a lot of tails below the bars in December and January. I doubt bears can continue this strong through that price area. Invalidation is above 68.8. short term: Bullish for retest of the upper bear channel and 4h ema. SL is 64.7. medium-long term: Will update after this week. current swing trade: None trade of the day: Once again, a short near the 4h ema.
NYMEX:MCL1!Long
by priceactiontds
WTI continues to be under pressure, notable data this weekTVC:USOIL remains under pressure, after data showed weaker-than-expected US employment data in August, which was mixed with support from OPEC+ oil producers delaying supply increases. US government data showed job growth in August was lower than expected, but the unemployment rate fell to 4.2%, suggesting the Federal Reserve may not need to cut interest rates very significant this month. The U.S. Bureau of Labor Statistics said nonfarm payroll employment increased by 142,000 in August, less than expected to increase by 160,000. (July's increase was revised down to 89,000, the smallest increase since December 2020). As for the geopolitical situation, as the Israeli army battles Hamas-led rebels in the Palestinian Gaza Strip, medics said on Saturday that Israel's military assault on Gaza has killed at least at least 61 people in 48 hours. The warring parties continue to blame each other for the failure of mediators including Qatar, Egypt and the US to broker a ceasefire. The United States is preparing to present a new proposal, but the prospects for a breakthrough appear slim as the differences between the two sides remain wide. In general, there are still no notable new points regarding the geopolitical situation, so it will have less impact on the market than before. This week will release OPEC's monthly crude oil market report, EIA's monthly short-term energy outlook report and IEA's monthly crude oil market report, which are the focus of the US oil market. this week and the market will pay special attention to them. On the daily chart, TVC:USOIL still in a downtrend with technical conditions leaning towards the possibility of a price decrease. First, the long-term technical trend of WTI crude oil will be noticed by the price channel and the 21-day moving average (EMA21). Although WTI crude oil stopped falling after reaching the 1% trend-following Fibonacci extension that readers noticed in the previous issue, this is not a trending support so once WTI crude oil Breaking below the 66.96USD price point of the 1% Fibonacci will condition the price to continue falling. The next target level of WTI crude oil will be noticed at 64.55 – 63.66USD. As long as WTI crude oil remains in the price channel and below the EMA21, it still has a main bearish trend with notable technical levels listed below. Support: 66.96 – 64.55 – 63.66USD Resistance: 68.84 – 69.77USD
TVC:USOILShort
by Xayah_trading
WTI Oil H4 | Potential bearish reversalWTI oil (USOIL) is rising towards a pullback resistance and could potentially reverse off this level to drop lower. Sell entry is at 70.30 which is a pullback resistance. Stop loss is at 72.56 which is a level that sits above the 50.0% Fibonacci retracement and a pullback resistance. Take profit is at 67.14 which is a swing-low support level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILShort
by FXCM
#202437 - priceactiontds - weekly update - wti crude oil futuresGood Evening and I hope you are well. tl;dr wti crude oil: Very strong breakout below previous support around 70 and market is on it’s way to test the 2024 low 64.46. Oil has not traded below 63 for more than a year. Bulls are in pain but some pullback is expected next week. Quote from last week: comment: Not much changed. On the weekly it looks more bearish than it is. Until one side get’s a daily close above or below previous lows/highs, market continues to contract and the breakout is near. Weekly ema is flat as can be. Either scalp to both sides or wait for the breakout. Bears want to get below 70 and bulls want 78 and higher. Odds favor the bulls around 72 to trade back up to at least 76. comment: Bears did surprise me big time on Monday where they closed below the August low but the bigger surprise was the follow through on Tuesday where they closed below 70. That was the lowest close for 8 months and bears just sold it relentlessly on every small rip. We are now 4% away from the January low and given the strong selling on much higher volume, we will likely test below 65$ next week. All pullbacks last week were mostly sideways and every time market got near or touched the 4h 20ema, it sold off big time. Any pullback the bulls get, bears will probably continue and try to keep 70 resistance. Selling 67.67 is probably not a good idea so I what for Monday and if we can get near the 4h ema again and there I’d look for weakness. current market cycle: bear trend key levels: 60-72 bull case: Bulls are really trying if you look at the 1h chart but every rip bigger than 100 ticks is sold heavily by huge bear bars. Right now at 67.67 I don’t think we are at a bigger support level where bulls want to fight this. Could happen on Monday but I think many more bulls wait for 65 to be hit before longing this. First objective for the bulls is to make the market go sideways and then get a 4h bar close above the ema. Anything above 71 would surprise me. Invalidation is below 67. bear case: Bears broke strongly below very big previous support and trying to test the 2024 at 64.46. They are in total control of the market until bulls can close a bull bar above the 4h ema. So we have a clear target with 65 or even 64.46 and a clear invalidation level of the max bearishness with the 4h ema. Invalidation is above 70.32 outlook last week: short term : Bullish above 75, bearish below 73. Bulls want 77 and bears want 72 or lower. → Last Sunday we traded 73.55 and now we are at 67.67. Clear levels given, hope you took shorts below 73. short term: Full bear mode but a pullback is expected. Good r:r shorts are to be found around 69-70. Above 70.32 we will see a more complex pullback and I’d be out of shorts and wait. medium-long term: Bears broke below multi month support and want a retest of 64.46 or lower. Right now the selling is a bit too steep to be sustainable. When we get a more complex pullback and form a decent channel, I will write a longer update here. Can this bear trend be the start of a bigger where we see Oil below 50$ again? I have absolutely no idea but the current daily chart can not not lead to that conclusion. current swing trade : None chart update: Added currently valid bear trend lines
NYMEX:MCL1!Short
by priceactiontds
WTI Poised for a Rally? Key Support Hold Could Send Prices SkywaThe chart indicates that WTI is approaching a critical support zone between $67.60 and $69.40, a level previously tested and held. After forming a consolidation pattern, the price is likely to break upward, heading toward the next resistance at $72.50 and potentially extending to $76.00 if momentum builds. A bullish move would be supported by the price remaining above the $69.40 area, indicating strong demand at these levels. However, if this support breaks, there could be a further downward move towards $67.60. The target zones to watch on the upside are $72.50 and $76.00, with significant resistance around those levels.
BLACKBULL:WTILong
by TopGBanks
WTI Oil H4 | Overhead pressures remainWTI oil (USOIL) is rising towards a pullback resistance and could potentially reverse off this level to drop lower. Sell entry is at 71.65 which is a pullback resistance. Stop loss is at 72.60 which is a level that sits above an overlap resistance. Take profit is at 68.19 which is a swing-low support. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILShort
by FXCM
WTI Rises Above $84.50 Amid Summer Demand ExpectationsWith the peak of the summer travel season, marked by the Independence Day holiday this week, US oil demand is expected to surge. The American Automobile Association (AAA) projects travel during this period to be 5.2% higher than in 2023, with car travel alone increasing by 4.8% compared to the previous year, according to Reuters. Crude oil markets are further supported by ongoing geopolitical tensions in the Middle East. The Israel-Palestinian Hamas conflict continues to create volatility in energy markets. Investors are concerned that a potential cross-border spillover could involve direct action from Iran, a Hamas supporter, threatening crude oil supplies and logistical stability in the region. The American Petroleum Institute (API) reported the steepest week-on-week decline in US Weekly Crude Oil Stocks in nearly two years. API data showed a significant weekly decrease of -9.163 million barrels, far exceeding the forecasted -150K drawdown and following the previous week’s -3 million barrel decline. Given our forecast, we are currently considering a short position in the supply area. Typically, crude oil production for summer demand occurs in the preceding months, leading to higher oil prices before the summer season. Our seasonality analysis indicates that crude oil prices generally decline in trading from the end of July through September. Therefore, we are now looking for a short position. ✅ Please share your thoughts about WTI in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
BLACKBULL:WTIShort
by FOREXN1
1
USOIL - Retest at 76.55 Before Bullish Momentum Aims for 79.49 Market Update: Retest and Bullish Continuation Expected The price has already reached the resistance zone at 77.95, as noted in our previous analysis. Now, the price is expected to retest the 76.55 level before resuming its bullish trend towards 79.49. Bullish Scenario: For the bullish trend to continue, the price should stabilize above 77.94, targeting 79.49, with further potential to reach 80.73. Bearish Scenario: If the price stabilizes below 77.94, it could support a decline toward 76.55 and possibly down to 73.35. Key Levels: - Pivot Line: 77.94 - Support Levels: 76.55, 75.35, 72.72 - Resistance Levels: 79.49, 80.73, 82.20 Today's Expected Range: The price is anticipated to move between the support at 75.35 and the resistance at 82.20.
TVC:USOIL
by SroshMayi
WTI OIL formed 1st 1W Death Cross in 4.5 years!The last long-term signal (July 09, see chart below) on WTI Oil (USOIL) was a rejection (sell) at the top of the former Triangle (Lower Highs trend-line): The price not only broke below both the 1W MA50 (blue trend-line) and the 1W MA200 (orange trend-line) but also the bottom of the Triangle. The result this week is the formation of a 1W Death Cross, the first one since the COVID crash back in March 2020! Naturally this is a strong bearish signal, which will be confirmed if the price breaks below the Higher Lows trend-line. If it does we may see a fatal market collapse, as this is a cyclical signal (observe the Sine Waves). In May 2009, it was invalid as the Housing Crisis preceded it, in November 2014 it was halfway through the sell-off of the Oil Crisis and Chinese economic slowdown and in March 2020 it came earlier relative to the previous two but still after the price broke below the Higher Lows trend-line. As a result, this trend-line is of the utmost importance currently and only if broken (and close a 1M candle below it) can we consider a similar collapse. If it does, we expect at least $45.00, on the way to the Symmetrical Support Zone test. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
USOIL : Weekly Technical AnalysisHi Traders! Crude oil prices declined on Tuesday due to demand concerns driven by weak economic growth in China, the world's biggest crude importer. Brent crude fell 1% to US$76.77 per barrel and West Texas Intermediate crude lost 0.1% to US$73.50/b at last look early Tuesday. Demand concerns offset impacts of the production and export halt at Libya due to a political dispute, Reuters said in a Tuesday report. China's purchasing managers' index hit a six-month low in August and new home prices grew in the month at their weakest pace this year. Meanwhile, Libya's National Oil Corp declared force majeure at its El Feel oil field from Sept. 2. Total production in the country had dropped to just over 591,000 barrels per day (b/d) as of Aug. 28 from nearly 959,000 b/d on Aug. 26, Reuters reported, citing NOC. However, the Organization of the Petroleum Exporting Countries is reportedly set to proceed with its planned output boost in October regardless of demand concerns, Reuters reported, citing unnamed industry sources. From a technical point of view, the break of the support (left wing) should confirm our bearish harmonic structure and subsequently push the price around $55. If OPEC confirms an increase in production, this element could support our idea. What do you think?
FX:USOILShort
by TheAnonymousBanker
7