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WTI BULLISH OUTLOOKUS YoY CPI came above expectations yesterday, which led to expectations of further push of the prices. Although US Oil cushion reserve came above expectations, OPEC reported declined production of the month of January, and the expectations are for further increase of global demand for the crude oil. On the 1H graph the price had broke the resistance of the Flag pattern, suggesting a start of a bullish movement, where, if continues, the price might test levels of 79.63 In the opposite scenario the price might fall to levels of 79.03 Both MACD and RSI indicators are confirming the bullish scenario. Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
BLACKBULL:WTILong
by legacyFXofficial
Oil grows bearish but SPR refill loomsDespite OPEC cutting its output by an estimated 60 000 barrels per day in January 2023, the price of West Texas Intermediate oil dropped more than 10% from its high of $82.60. This price action follows a series of wild swings within the wide range between $70 and $83. We expect high volatility in the oil market to persist in the first quarter of 2023. Indeed, we think there is a high likelihood of USOIL falling below $70. However, with the U.S. administration seeking to refill its SPR, such a price drop is likely to be short-lived. As conclusion, we think oil will remain stuck within the wide range for a while longer. Illustration 1.01 Illustration 1.01 shows the daily chart of USOIL. Since mid-November 2022, the price can be seen trading within the wide range between $70 and $83. Technical analysis Daily time frame = Bearish Weekly time frame = Neutral/Slightly bearish Illustration 1.02 The picture above shows the daily chart of USOIL and two simple moving averages. Yellow arrows indicate two technical developments which contradict each other. The first is a bullish crossover between 20-day and 50-day SMAs; the second is the subsequent price drop below these moving averages. These false and contradictory signals are common for moving averages when the price trends sideways. Illustration 1.03 Illustration 1.03 displays the daily chart of USOIL and simple support/resistance levels. If the price breaks below Support 1, it will bolster the bearish odds in the short term. 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
31
USOIL 13th FEBRUARY 2023Oil prices fell below US$81 after surging more than 8 percent last week. Although Moscow will reduce supply by half a million barrels per day by March 2023 due to tightening flows, investors remain wary that the Federal Reserve needs to continue pushing interest rates higher to tame inflation. The Fed's push has weighed on the appetite for riskier assets including commodities. Global crude oil prices weakened on concerns about a global slowdown, offsetting sentiment of Russia's plan to curb supply in retaliation for Western sanctions.
TVC:USOILShort
by DNP-FX
3
AW WTI Crude Short Trade Opportunity - USOIL to Slip Lower...In this video I highlight what could be the very start of Wave E down in WTI Crude. This could be the very last corrective wave before the start of the next bull market. This would mean that the trading plan for USOIL is going short to book a profit and then prepare for a long position after a bounce. The one thing I won't mention in this video are the insane levels prices could reach in the future. That is a topic for another video. Critical Resistance for this idea is at $82.60. You can either short at the open or wait for a break of support at $70. Remember to use Disciplined Money Management Principles to ensure longevity as a trader. If you don't know the long term pattern shouldn't you be doing your research instead of just following the crowd? Just remember: I am not a financial adviser; I suggest using this only as a guide. Always do your own research. ***AriasWave is not the same as Elliott Wave so your counts may differ to mine if you happen to use it.***
TVC:USOILShort
by AriasWave
1
Oil's long term re-test before upcoming rally? 13.2.2023Simple 1+1 equals 2. There's a couple factors here. 1) Long-term support since March 2023 kept with multiple re-tests. 2) Long-term 8 month wedge consolidation with recent Jan 2023 breakout up together with RETEST of that breakout at 74.80-75.20 as of today. If the week closes above this support, VERY high chance for continuation of breakout up and 80's-90's even 100 to be reached within coming weeks. If the support of 74.80-75.20 breaks down, retest of long-term March 2021 to today support trend-line is possible at 71.40-60. ------------------------------------------------------------------------------------------------------------------- I encourage to do your own research and trade with caution Thank you for reading and would very much appreciate your comments and questions! ------------------------------------------------------------------------------------------------------------------
TVC:USOILLong
by Exactus
7
WTI Crude oil : The retest to rule them all! 10.5Focus up! 100-101.50 is key retest level of support trend-line stretching back all the way to December 2021, with consistent higher lows. At the same time, it's also a retest level of the second higher high breakout stretching back from the peak of 128. China lock down is expected to ease within days, inflation is on the rise, EU oil ban for Russia is likely coming very soon. An unlikely daily close below 100 could signal further downside to 97 though very unlikely with current fundamental/technical combo. Do the math and keep the back noise out the picture, look only at key factors and act with caution and patience. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Thank you so much for reading! If you found my idea useful, it would mean a lot for me if you like and follow! It's a pleasure for me to help as many traders as possible master trading, so please ask me on the comments anything you'd like. ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
BLACKBULL:WTILong
by Exactus
2
GTE The breakdown of the diagonal is likely a HTF Primary W1 into W2 because it's on the monthly. Typically a leading diagonal is a bearish precursor to a reversal. Also leading diagonals most likely form a wave 1 into w2 set ups. The 786% might be too optimistic, as the wave 1 was 5 up which means sub wave A which equals the 5 up diagonal which equals the HTF w1 is a HTF Zig Zag & Zig Zags can bounce off the 50%-618%. But the underlying nature of W2 is to destroy any hope of the wave 3. So rather the 786% is usually a trademark of the wave 2. Basically a lot of conflicting forces at play here as to where the bottom forms. But catching this dip for a LT play seems very smart as W3 is targeting $16-$18 & Wave 5 $200 plus.
AMEX:GTE
by Big_Mike716
3
Crude Oil Swing trading MCL / Crude Oil I'm starting with monthly TF - Naked chart Last months - On January - December can be seen that buyers push price higher and higer but still under $84 on $81,70-82,20 area, we have a support area that was resistence. This area was touched 3 times, first time with an agresive rejection , second time, move some prices there but nothing wow but in the third touch..there was some move We can see that it's possible to see a change of trend in this asset. For stock market traders this is a great oportunity because there are a lot of undervalueated stocks. Higher crude oil, higher prices for stocks but higher prices for everything But for now, all we must to do is to wait to see if price move will confirm my analyse, I will wait to see if we have a breakout over 83, if we have, i m long in this !
NYMEX:MCL1!
by Andrei_C
USOIL 1st FEBRUARY 2023USOIL is expected to be sideways within the ascending triangle area. The price has a possibility to reach the resistance area of the 8th touch. Breakout or rebound scenarios can occur at the touch point of the trendline, but if the price turns out to be a breakout from the support/resistance area. a big trend will likely occur. The existence of horizontal support and resistance is difficult to observe, but it is quite valid with the help of the stochastic 5 3 3 indicator where the area often rebounds.
TVC:USOIL
by DNP-FX
3
USOIL May Target 103 At Some PointUSOIL May Target 103 At Some Point. An M pattern has been completed but because the price jumped sooner than expected from 76.48, this FCP zone is left with less strength. Because of that the market is finding it hard to make a good bullish move and is simply consolidating. Right now it is in a consolidation phase but has started to show a bullish structure. If this structure stays intact, USOIL can start to move higher in time. There is a huge gap left above 100 around 103 level as we have a double top (liquidity area) around 93. USOIL at some point in time can target this leftover gap. Please support this analysis by liking and sharing. 👍🙂 Rules: 1. Never trade too much 2. Never trade without a confirmation 3. Never rely on signals, do your own analysis and research too ✅ If you found this idea useful, hit the like button, subscribe and share it in other trading forums. ✅ Follow me for future ideas, trade set ups and the updates of this analysis ✅ Don't hesitate to share your ideas, comments, opinions and questions. Take care and trade well -Vik ____________________________________________________ 📌 DISCLAIMER The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of education only. Not a financial advice or signal. Please make your own independent investment decisions. ____________________________________________________
TVC:USOILLong
by vikinsa
Be prepared for a hawkish-than-expected Fed this week?Happy New Year of Rabbit! We will have a busy week. In addition to companies keep reporting result (Four of the FANNG companies will report earnings this week), other major events include a decisive Fed meeting, ECB meeting, BOE meeting, US employment data and OPEC+ meeting. Everyone’s focus will be on Fed meeting. Market fully expects a 25bp rise this week, and Fed might bow to market pressure and adapt a slower hiking pace. Having said that, the risk is Fed might signal there will be more interest rate hikes before the rate reach above 5%, rather than Fed Watch pricing in a pause at 4.75%. There is no doubt inflation is slowing down and the decelerating pace is pretty impressive, but there is still a big gap from the 2% target. Although there was some layoff news, they mainly concentrated on the sectors/companies that expanded rapidly during pandemic and now they are just downsizing to pre-covid level. From the initial jobless claims number, we can see the labour market stayed strong that might keep service inflation elevated. On Friday’s employment report, market expects hourly earnings will grow 4.3% yoy in January and unemployment rate inch up to 3.6%, that might force Fed to hike rate more than expected. The reopen of China economy might also pose risk to higher inflation. Cyclical commodity price such as copper and crude oil moved higher, offsetting the demand destruction concern resulted from a potential global recession. NYMEX WTI Crude Oil Futures broke the downtrend, a further breakthrough above USD82.64 might confirm a formation of uptrend, and could test USD93.64(Q4 double top high) and then USD96.97 (50% retracement). Any further expansionary fiscal policy targeting property or infrastructure sector in China, could also push the commodities price higher and thus the inflation. The supply chain diversification will structurally push up inflation. As the world factory, supply chain in China is very mature and cost effective, any shift of production line to other countries likely associated with higher cost. Idle capacity in China, together with new investment on supply chain in different countries, will permanently push the production cost higher. Globalization helped contain inflation, and the reverse will drive it up. There is risk the inflation will hover around 4% and refuse to go down further, that might put Fed in a difficult situation and diminishing any hope there will be an interest cut this year. ECB and BOE are expected to hike rate by 50bp this week. This might prevent Fed from being too dovish. OPEC+ will have meeting this week and no policy change is expected. However, we need to monitor the risk of escalation of geopolitical tension in Ukraine, and how Russia responds to the price cap on refined products imposed by EU and G7 from Feb 5. Be prepared for some market volatility, and a hawkish-than-expected Fed this week. Happy Trading. Disclaimers Above information are for illustration only and there is no guarantee on the accuracy of the information. They should not be treated as investment recommendations or advices. CME Real-time Market Data help identify trade set-ups and express my market views. If you have futures in your trading portfolio, check out on CME Group data plans in TradingView that suit your trading needs www.tradingview.com
NYMEX:CL1!Long
by FOTrading