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CRUDE OIL (WTI) Your Detailed Trading Plan For This Week🛢 As you remember, traders, we spotted a confirmed bearish breakout of a rising parallel channel on WTI last week. Now, we see its retest. Watch a minor rising trend line on 4H. Its bearish breakout will be your confirmation to short. You need a 4H candle close below that to confirm the breakout. The market will most likely drop to 102.8 / 100.0 levels then. ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
22
USOIL 27th JUNE 2022World crude oil prices tended to be bearish, continuing the correction a week earlier, amid the aggressive United States central bank in raising its benchmark interest rate. Oil prices have been rising since last year and hit a record high this year on March 8, 2022 when Russia invaded Ukraine. The weakening of oil prices is the uncertain demand prospect from China. Although the spike in Covid-19 cases has been contained, it is still unclear how quickly Chinese businesses will be able to recover. USOIL H1 USOIL D1 - JUNE
TVC:USOILShort
by DNP-FX
BEARS ATTACK THE MarketSo now, it is not just oil and oil products that trade way above historical averages, natural gas is way above the norm, too. Meanwhile, oil prices plunged on Friday morning as recession fears soared. White House Considers Export Caps to Tame Fuel Prices. According to Bloomberg, the Biden Administration is looking into capping fuel exports out of the US, with gasoline outflows already rising to 750,000 b/d this year, a topic that is most probably going to be raised at Energy Secretary Granholm’s meeting with oil refiners next week. Nord Stream 1 Goes Down with Throughput Issues. Russia’s gas giant Gazprom (MCX:GAZP) declared it had to cut throughput in the Nord Stream 1 pipeline to Europe, saying delays in Siemens equipment repairs force it to run at just 40% capacity, a claim disputed by the German government as spot prices soar. OPEC+ Admits Huge Underproduction, Again. As reported by Reuters, OPEC+ produced 2.695 million b/d below its production target in May, bringing total levels of deal compliance to 256%, with several African producers stuck in force majeure events and Russia seeing sanctions-driven production declines. US Pressures Iran By Sanctioning Chinese Firms. For the second time in less than a month, the US Treasury has imposed sanctions on Chinese and Emirati companies that helped export Iran’s petrochemicals, stepping up the pressure on Tehran but also squeezing buying possibilities for Asian buyers. Freeport LNG Aims for Full Return by Year-End. The largest US LNG liquefaction facility, Freeport LNG, said that it would remain fully offline until September following a pipeline blaze last week, with only partial operation expected through year-end. Chinese Refining Sees Steepest Fall in a Decade. Chinese refinery runs fell 11% year-on-year, the steepest such change in more than a decade, to average 12.7 million b/d as continuous COVID-19 lockdowns depressed domestic demand and despite weak refining led to inventory builds across the country. ExxonMobil Wants to Drill More in Guyana. US oil major ExxonMobil (NYSE:XOM) sent a development plan to Guyana’s environmental authorities that covers a 12-well drilling campaign in the Canje and Kaieteur blocks, both adjacent to the discovery-prolific Stabroek, despite having found no commercial oil there previously. Houston Refinery Fire Underscores US Refinery Fragility. A blaze that took out the coking unit of LyondellBasell’s 270,000 b/d Houston refinery as become a timely reminder of the capacity losses that US refining has seen over the past decades, with the fire potentially bringing forward the refinery’s end-2023 shutdown. South Africa Wants to Join Russia Buying Spree. Inspired by India’s soaring purchases of Russian crude, South Africa’s energy minister said the country’s refineries should start buying Russian oil to curb rising fuel prices and alleviate the pressure on state coffers as the government ramped up energy subsidies. Australia’s Power Crunch Gets Worse. Australia’s power market operator suspended all spot market trading this week amidst widespread outages and coal-fueled power plants, aggravated by several generating companies curbing output as the government-mandated price cap of A$300 per MWh did not cover their production costs. Saudi Aramco Wants to Take Trading Arm to IPO. Saudi Aramco is planning to merge its two trading units, Aramco Trading and Motiva Trading, before reportedly carrying out an initial public offering of the trading group which mostly trades third-party volumes that are not covered by Aramco. Argentina Signs Pipeline Deal to Move Gas from Key Shale Play. Argentina’s state firm Energia Argentina signed a deal with pipeline company Tenaris (BIT:TEN) to build a 350-mile gas pipeline that would increase by 25% the capacity of gas currently moved from Vaca Muerta towards key consumption hubs in Buenos Aires. Germany Mandates States to Allocate Wind Farm Sites. The German government approved a bill that requires its 16 states to allocate a set minimum of land to onshore wind farms, with the target of hitting at least 2% of land allocated for wind farms by 2032. Saudi Aramco Develops a Liking for Solar. Saudi Arabia’s oil firm Saudi Aramco (TADAWUL:2222) plans to invest in 12 GW of solar and wind capacity, it vowed in its first-ever sustainability report, whilst also pledging to reduce upstream carbon intensity by 15% by 2035 and investing heavily into blue ammonia.
OANDA:WTICOUSDShort
by DaveBrascoFX
1
WTI Crude Oil Short Setup on Daily Time FrameWe can see the price breaks below a major trend line after finding a resistance. We can wait for a pullback and see if it will go above the trendline. If trendline became a resistance, it is safe to say we have a short opportunity to short if goes below the latest low on the daily timeframe. The DMI also looks good and trending upward going above 25 level. If the -DI remains above the ADX, it will be a strong indicator to short.
TVC:USOILShort
by UnknownUnicorn13326052
2
WTI Oil - New Highs to Come?It is incredibly difficult to analyse this commodity fundamentally so let's see what technical analysis may suggest? Technical Analysis (Elliott Waves): Since the sharp fall of March 2020 it is likely that we are observing the development of a global zig-zag ABC Five waves of the first impulse A completed in July 2021 Wave B took shape of a complex Running Correction WXY finishing in November 2021 And since then we can see formation of another impulse in wave C Waves 1 to 3 of this impulse culminating in March 2022 are quite clear which have been followed by a flat correction in the shape of Double Threes WXY The crux of the analysis is developing right now when the price started moving in a very choppy way The previous scenario still stands and it is very likely that we are observing development of an Ending Diagonal in wave 5 (see educational post below about the structure of this wave) Waves 1-3 have formed and we can expect correction of wave 4 to last at least until end of June / fist week of July to the level of $103, followed by the last zigzag to top the high of $129 This is quite complex scenario so it needs to be monitored against all the rules of Ending Diagonal. What do you think about WTI Oil and its short term prospects? Also let me know if you would like to see other stocks, indices, Forex or Crypto analysed using Elliott Waves. Thanks Educational post on Ending Diagonal
TVC:USOILLong
by vitalalyt
1
crude oil ShortHi Traders, Interesting price action on crude oil. On Friday we saw a massive sell forcing price back below the support of 114.46. Price created a very strong bearish engulfing candle and I would like to see price now retrace before looking for shorts. We have seen the price of oil rise heavily over the last few months due to the shortage of supply as well as the war between Ukraine and Russia, although these fundamental factors heavily influence the market, Price always tends to follow the technicals, could this perhaps be a sign that war may be coming to an end? I will wait for the retest and then find potential shorting opportunities. My target is 94.9 which means this will be a trade I hold for a while if price does not hit my stops. As always, the week is young and patient traders are always head of the game. Renaldo Philander.
TVC:USOILShort
by Tradebudz
USOIL 20th JUNE 2022Before July, USOIL was seen moving in the consolidation channel area which tends to be bullish . in July, USOIL sentiment will tend to be bearish . The Organization of the Petroleum Exporting Countries (OPEC) member states announced plans to adjust oil production upward in July by 0.648 million barrels per day. In my view Oil prices are bearish but still not stable. Moderate bearish confirmation has not occurred, because the price has not yet breakout below the support area. So I will place a buy limit near the support area, with the target not exceeding the weekly resistance which is drawn in the red area. stop loss as well as sellstop below the support area.
TVC:USOIL
by DNP-FX
2
Crude Oil testing 2008 and 2014 key areasvolume profile from 2008 and 2014. 2008 looks like some of its key aspects (volume area and point of control) influenced market 6+ years later. 2014 looks to be key influencer now. Both 2008 and 2014 CL vol POC aligned in the 103 to 102.50 area so I think this line price will now move toward. Time will tell if support for higher prices or not. The red dashed lines are the vol POCs while the deep purple dashed lines in the pink volume areas are 50% lines of the area. 109 to 102.50 is the key area to hold for higher prices. From 2011 to 2014 this area proved to be the area that price tested but couldn't break. Now that price has broken through decisively, holding as support could indicate considerable higher oil prices.
NYMEX:CL1!
by mxb1961
OIL Switching Uptrend to DowntrendWe had a massive downtrend on Friday due to recession fears. Chances are we can see some pullback to the 115 or 116 areas which could be a great shorting opportunity. There are also opportunities of scalping quick longs but do not long at the smoothed moving averages or LR Channel tops (Linear Regression) as they can be rejected from there. My trading strategy for opening would be quick longs and then reshorting at higher levels region as there still are recession fears. The higher levels would be at 5min, 15 min, 1hr, 2hr, 4hr LR Channel tops where I would short. I do not expect a 119 area to be reached in the next week (maximum 117).
EIGHTCAP:USOUSD
by pennyclaimer
Crude Oil Uptrend Faces Key Test at Trendline SupportWTI crude oil prices weakened 8.5% last week in the worst 5-day performance since March. That has brought oil to a key rising trendline from December after falling back under the 113.72 - 116.61 inflection zone. In the week ahead, traders will be watching if this trendline will be taken out. Such an outcome could spell more trouble for WTI, exposing the 38.2% Fibonacci retracement at 103.83. Further losses would then place the focus on the 92.95 - 95.11 support zone. TVC:USOIL
TVC:USOIL
by QM_Dubrovsky
1