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Crude Oil Finds Buyers on Dips | WTIWTI crude oil prices remain on the front foot at around $91.45, up 1.30% intraday while consolidating the first weekly loss in nine during Monday’s Asian session. Although fears among the energy bulls could be spotted as the key catalyst for the black gold’s first weekly loss in multiple weeks, geopolitical noise surrounding Russia and Ukraine joins the OPEC+ supply concerns to keep WTI buyers hopeful. It’s worth noting that the Fed’s rate hike chatters and inflation woes add to the upside filters of the energy prices. That said, Ukraine and the West continue to suggest an imminent Russian military attack on Ukraine. However, Moscow rejects the claims. Recently, a Reuters’ witness said, “Explosion was heard in the center of the rebel-held city of Donetsk in eastern Ukraine.” It’s worth noting that a diplomatic meeting between US Secretary of State Antony Blinken and Russian Foreign Minister Sergei Lavrov can provide a ray of hope to witness a de-escalation of the geopolitical fears and hence the WTI bulls take a cautious approach ahead of the key meeting outcome. Elsewhere, the OPEC+, a group of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, struggle to match the output hike promises. Recently, OPEC President Bruno Jean-Richard Itoua mentioned that the oil supply is not now enough and blamed oil companies for not investing enough. "OPEC+ should stick to its current agreement to add 400,000 barrels of oil per day each month to output, ministers of Arab oil-producing countries said on Sunday as they gathered in Saudi Arabia, rejecting calls to pump more to ease pressure on prices," said Reuters. Alternatively, fears of the Fed’s faster rate hikes and inflation woes challenge oil traders at multi-month highs. On the same line is the latest risk-off mood, portrayed by downbeat US Treasury yields and stock futures. WTI crude oil traders will keep their eyes on the Russia-Ukraine developments for fresh impulse ahead of the key US-Russia meeting late in the week. Should the tension de-escalate, the odds of witnessing a sharp pullback in the oil prices can’t be ruled out. Technical analysis: The 21-DMA precedes a monthly support line, respectively around $89.10 and $87.95, to limit WTI pullback. However, firmer RSI and ability to stay beyond key supports, not to forget strong fundamentals, keep oil buyers hopeful to renew 2022 high, currently around $94.00. - WTI bulls keep reins despite snapping an eight-week uptrend. - US highlights possibilities of imminent Russian invasion, Moscow rejects claims. - DXY fails to cheer risk-off mood amid downbeat yields. - Fedspeak, PBOC rate decision may offer immediate catalysts, PMIs, US PCE Inflation will be crucial. - It's important to keep in mind that cryptocurrency markets are extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours or a few days and even harder to give long-term estimates. As such, analysts and online forecasting sites can get their predictions wrong. We recommend that you always do your own research and consider the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decisions. Be patient and look long-term wisely and never invest more than you can afford to lose. Trading & Investing both are masters of RISK. Please comment, like, and follow if it was helpful for you. Thank you for your time. Have a profitable day. | Review and analysis by Samadi.Finance |
OANDA:WTICOUSD
by AliSamadiTR
WTICOUSD 7% correction....WTICOUSD 7% correction........Following a significant rise. My analysis shows a complex wave structure. In this wave structure several regular wave sequences can be identified, these sequences form fractals. We can speak of fractals when there is a shape and size relationship between the initial wave and the subsequent second wave sequence. A shape relationship means that the original and the following wave sequence are similar, and a size relationship means that there is some well-identifiable mathematical relationship between the two wave sequences. For example, in the main trend, the size of the following wave sequence is double the size of the original wave. At the same time, the size of the original corrective wave sequence is half the size of the next corrective wave sequence. These are the basic conditions for mathematical identity between two wave sequences. Let us return to the WTI. The figure shows two purple squares. Within the squares marked A and B, a fractal identity can be seen. Within these fractals are two terminating wave sequences, which are two terminating correction waves. Both indicate the end of a longer wave sequence. The B wave sequence is a double of the A wave, so here we can say that the B wave sequence is fractally related to the A sequence. Why is this important ? Because it can be seen that these closing fractals are where a significant oil rise starts. In other words, in order for oil to rise significantly there is always a major correction beforehand. Let us return to the current time. You can see in the analysis an orange dotted line. This is a D1 wave axis. Its slope is determined by the rise in D1ATR. It can be seen that the upward wave that is currently forming has been moving along this axis. Wave axes are characterised by the symmetry of the wave sequence with respect to the wave axis. In other words, it develops symmetrical amplitudes above and below the axis. Summarizing the above, my hypothesis is that the WTI is about to correct. Its movement could result in a decline of around 7%. This downward wave sequence will be the fractal formed in the red square marked 2, which is twice the size of the previous sequence marked 1. Thereafter, a significant rise is expected. The size of which may be the same as the size of the previous rise. This is indicated by the green square. To summarise. I currently expect a correction in the WTI price with a target price 7% lower at 83.39 usd. After that, another rising wave sequence is expected which could take it well above 100 usd. Its target price could be 114 usd.
OANDA:WTICOUSDShort
by meszaros
3
#Oil - Is shorting this market wise?As the oil market continues to rise, there are clear intentions from a number of market analysts to short the Oil market. Keeping an eye on the current futures expiries for WTI Oil there are strong indications that buyers are easing off, while sellers are coming in strong. While Geopolitical issues could change and of course change the direction of the market, this has not happened. Let's focus on what we know! there is an overall decrease in the open interest across the market, while the price continues to rise. This is indicating that there is divergence in the interest in this trend, and we should be on high alert that the uptrend is aggressively slowing down. But, with all this information we still can't change the overall focus that there is a global increase in oil prices and the market has not indicated a turn. Summary: the current balance area is just below $90, and until we see a new balance area created or a drop below $90 we still need to go with what is obvious. If you want to talk more about trading/analysing the markets check out our Tradingview profile or send a message via the Tradingview chat feature. "Trend is your friend UNTIL IT BENDS" Happy Trading Ionic Capital - Little Big Movement
FX_IDC:USDWTILong
by Little_Big_Movement
1
WTI Crude Oil Forecast: Crude Oil Looking for a PullbackThe West Texas Intermediate Crude Oil market has initially tried to rally during the trading session on Thursday as we have seen a lot of volatility in various markets. That being said, the market has rallied significantly during the course of the trading session, only to turn around and fall towards the $90 level. That being said, we did up forming a bit of a shooting star, and it does suggest that maybe we get a little bit of a pullback. However, the market has seen a hammer from the previous session, so be interesting to see if we just definitely hang about the $90 level, or if we are going to have a little bit deeper pullback. Quite frankly, I would love to see a little bit more of a pullback, but I do not know that we get it. If we break down below the bottom of the candlestick from the Wednesday session, then I will start looking to pick up this market somewhere around the $86.50 level with an eye on the $85 level underneath being massive support. The 50 day EMA is also reaching higher, and therefore it is likely it will kind of combined to add a massive “floor in the trend.” If we do turn around a break above the top of the candlestick for the trading session on Thursday, then it could open up a move towards the highs. Either way, I do not have any interest in shorting this market, due to the massive uptrend that we have seen, but quite frankly this is a market that is probably due for some type of correction. This will be especially true if the US dollar starts to spike going forward, which obviously has a small influence on this market. I think the only thing you can count on at this point is a bit of volatility as we are at a major level, and of course the markets in general are freaking out about the Federal Reserve and the high inflation that we see. If they slam on the brakes by tightening monetary policy, it could drive down demand in the world’s biggest economy, which has a knock on effect in several other economies. Because of this, crude oil will more than likely have to cool off a bit in order to build up momentum to the upside.
OANDA:WTICOUSDLong
by SmoothJB
Technical analysis update: WTI oil (8th February 2022)Recently, WTI oil reached a new high of 93.14 USD per barrel. Simultaneously, all our price targets were reached. Because of that we decided to update our thoughts on USOIL today. We continue to maintain a bullish stance in the medium-term and long-term. However, in the short-term we foresee headwinds for oil due to many technical indicators pointing to an overbought condition. We expect the price of USOIL to drift lower towards Support 2 at 85.39 USD. Because of that we would like to set a short-term price target for USOIL to 87.50 USD per barrel. Technical analysis - daily time frame RSI is bearish as it performed crossover below 70 points. MACD is flattening which suggests that the bullish momentum is decreasing. Stochastic remains in the bullish area, however, it already points to the downside which is bearish. DM+ and DM- show bullish conditions in the market. However, ADX suggests that these conditions are near its peak. Additionally, the price deviated too far from its simple moving averages. Overall, the daily time frame suggests that the price of USOIL is ripe for correction. Technical analysis - weekly time frame RSI shows divergence with price. Additionally, it performed a crossover below 70 points, similarly like on the daily time frame. These developments are bearish. MACD and Stochastic remain bullish. DM+ and DM- are also bullish. Overall, the weekly time frame is mixed. Illustration 1.01 Illustration above shows the weekly chart of USOIL and its RSI. Divergence between the price and RSI is observable. This phenomenon is bearish. Support and resistance Major resistance lies at the recent high of 93.14 USD. Major support sits at 61.76 USD. Support 1 can be found at 87.90 USD and Support 2 at 85.39 USD. Another psychological support below that is at 85 USD. Please feel free to express your own 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 serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
TVC:USOILShort
by Tradersweekly
2
USOIL 90.17 +0.03% SHORT IDEA * REVERSAL & PRICE ACTIONHELLO EVERYONE HOPE EVERYONE IS DOING GOOD HAVING A GOOD ONE. LOOKING AT THE USOIL * The ENERGY is currently RANGE BOUND , testing the base & ROOF this structure. - Short term the pair has currently at the supply zone of this range. - Looking at this range as a possible continuation or reversal structure but for now the range is still in play. - Looking for SHORT entries on the THE CRUDE this week should all the rules of the formation be met. ******* CRUDE OIL INVENTORIES JUST SPIKED AND REJECTED, the increase in the oil is actually MORE than expected @ -4.756 M which implies LESSER demand and the energy could react BEARISH . lets see how it goes IF THIS IDEA ASSISTS IN ANY OR IF YOU LIKE THIS ONE SMASH THAT LIKE BUTTON & LEAVE A COMMENT. ALWAYS APPRECIATED ____________________________________________________________________________________________________________________ * Kindly follow your entry rules on entries & stops. |* Some of The idea's may be predictive yet are not financial advice or signals. | *Trading plans can change at anytime reactive to the market. | * Many stars must align with the plan before executing the trade, kindly follow your rules & RISK MANAGEMENT. _____________________________________________________________________________________________________________________ | * ENTRY & SL -KINDLY FOLLOW YOUR RULES | * RISK-MANAGEMENT | *PERIOD - SWING TRADE
TVC:USOILShort
by PULEMokhothu
3
$WTI Light crude oil short term overbought?Short term we are at the upper end of the the resistance trendline and at the same place where RSI-14 peaked at approximately the 77 reading on the previous two swing highs. From a time cycle perspective of the previous peaks, we have had approximately 70-80 bears between each peak -with the current peak 73 days from the last. No guarantee this plays out again but if history repeats and rhymes then watch for a short term pullback in the oil price from these levels.
TVC:USOILShort
by MarcoOlevano
Technical analysis update: WTI oil (19th January 2022)Today WTI oil reached 87.90 USD per barrel which coincides with a new high in price that has not been seen since 2014 and which confirms the continuation of the uptrend. We continue to maintain a bullish outlook on WTI oil in the medium-term and long-term. However, in the short term we are becoming very cautious as some technical indicators reached an overbought condition which suggests that the price of USOIL might be ripe for correction before continuing higher. We will watch the support level at 85.39 USD (previous high from 25th October 2021) and its ability to hold selling pressure in case it occurs. Our long-term price target remains 90 USD per barrel. Technical analysis - daily time frame MACD and Stochastic remain bullish. RSI reached overbought territory which suggests that USOIL might retrace lower before continuing higher. DM+ and DM- continue to show bullish conditions. Additionally, ADX increases which suggests that the bullish trend is gaining momentum. Overall, the daily time frame remains bullish while it signals possible correction in price. Technical analysis - weekly time frame RSI, MACD and Stochastic are all bullish. DM+ and DM- performed the bullish crossover recently. ADX undergoes reset. Overall, the weekly time frame is bullish. Support and resistance Immediate resistance sits at 87.90 USD. Support 1 is at 85.39 USD while Support 2 lies at 80.81 USD. 61.76 USD. Support 3 is then at 78.28 USD while major support is at 61.76 USD. Please feel free to express your own 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 serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
Technical analysis update: WTI oil (17th January 2022)WTI oil continues to march higher and we continue to maintain a bullish outlook on oil. Our view is supported by a combination of bullish technical and fundamental factors. Currently, we will observe whether USOIL will manage to break above the major resistance at 85.39 USD which will further bolster the bullish case for WTI oil. We would like to set a new short-term price target for USOIL to 85 USD per barrel. Our long-term price target is 90 USD per barrel. Technical analysis - daily time frame RSI is very bullish and due to perform crossover above 70 points (into overbought zone). We expect such a phenomenon to be accompanied by further rise in price. However, after completion of crossover we think it is likely that price will retrace lower before continuing towards a price tag of 90 USD per barrel. MACD and Stochastic are also bullish. DM+ and DM- signal bullish trend. Additionally, ADX exhibits growth which suggests that the prevailing bullish trend is gaining strength. Overall, the daily time frame is bullish. Technical analysis - weekly time frame RSI is bullish. Same applies to MACD and Stochastic. DM+ and DM- performed bullish crossover recently. ADX undergoes reset as it declines. Overall, the weekly time frame is bullish. Support and resistance Major resistance sits at 85.39 USD while major support lies at 61.76 USD. Support 1 sits at 80.81 USD and Support 2 at 78.28 USD. Please feel free to express your own 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 serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
6