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WTI starting to recover from inflation driven plungeHello everyone, as we all know the market action discounts everything :) _________________________________Make sure to Like and Follow if you like the idea_________________________________ Oil prices surged above $83 per barrel in volatile trading on Thursday, recovering from significant drops caused by concerns about rising US inflation, as OPEC reduced its 2021 oil demand prediction owing to high energy prices. In a monthly report, the Organization of Petroleum Exporting Countries (OPEC) stated that it expected oil consumption to average 99.49 million barrels per day (bpd) in the fourth quarter of 2021, a 330,000 bpd decrease from last month's prediction. Possible Scenario for the market : The market is currently trading at $81.26 and looks like it going to the support line located at $80.17 where a battle will happen between the Bears and the Bulls over control, the outcome will probably be in favor of the bulls which will cause the market to increase in value reaching the first resistance at $84.08. in case the demand for oil increases even more then we will most likely see a further push that could reach the $88.00 level by the end of the week. Technical Analysis show : 1) The market is below the 5 10 20 MA and EMA indicating a Bearish Short-term movement, but still above the 50 100 and 200 MA and EMA indicating a Bullish Long-term trend 2) The RSI is at 51.61 showing good strength in the market with a small Bullish divergence that could be a sign of a Bearish short-term trend. 3) The MACD is above the 0 line still indicating a Bullish market, but it has a Negative crossover between the MACD line and the Signal line indicating a small Bearish movement. Support & Resistance points : support Resistance 1) 80.17 1) 84.08 2) 78.63 2) 86.45 3) 76.26 3) 87.99 Fundamental point of view : OPEC expects global consumption to hit 100 million bpd in the third quarter of 2022, three months later than predicted last month. On Wednesday, data indicated that inflation in the United States surged by 6.2 percent, the quickest rate in 30 years, owing primarily to increasing energy prices, which pushed the dollar higher while sending Brent and WTI oil down by 2.5 % and 3.3 %, respectively. A surge in US oil supplies following the government's release of some critical reserves pushed up prices even further. In reaction to rising inflation, US President Joe Biden stated he directed the National Economic Council to concentrate on lowering energy costs and the Federal Trade Commission to crack down on market manipulation in the energy industry in order to reverse inflation. This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice. If you have any questions please ask and have a great day !! Thank you for reading.
TVC:USOILLong
by GabiDahduh
2
OIL SHORT PLANBefore we go into this analysis, please go ahead and like/follow for more free Professional trading tips/plans I post daily :) Here we have an updated chart for our Crude oil. We previously were short and now we are shorting again. Oil has been driven up high over the past few weeks and had its move down, we have since bounced back up to these highs. This is why we are short again. The previous levels we fell from form new resistance and a high price. Our target is noted back down at the labelled support + MA's, likely where price will bounce again and we can go long if we need to.
TVC:USOILShort
by WillSebastian
WTI Cude (OIL) SELL TRADE IDEA 💹WTI Crude Oil ⏬ SELL @ 80.99 ✅TP-1# 80.09 ✅TP-2# 79.10 ✅TP-3# 78.10 ⛔️SL 82.00 N.B- If have small balance to trade. Plz avoid OIL trade now. Because market highly volatile. AronnoFX will not accept any liability for loss or damage as a result of reliance on the information contained within this channel including data, quotes, charts and buy/sell signals If you like this idea, do not forget to support with a like and follow. Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad.
TVC:USOILShort
by AronnoFx
WTICOUSD continues to rise.....WTICOUSD continues to rise..........But not for long. The analysis shows that, like many instruments, WTI is poised for one last rise. In the short to medium term, further rises could stall. The top of the rising wave sequence that is now forming could be the resistance level of the upper ATR axis. This level is : 87.844 usd . The second part of the corrective fractal shown in the two orange squares is trapped in a narrowing ATR axis wedge. From this, the direction of the breakout could be 50%, so it is advisable to take profit at these levels. Taking a long position is recommended intraday. It is advisable to take an additional LONG position in case the wedge formation formed by the ATR axes is broken from above and retested by the price movement. Currently intraday trade target price : 87.844 usd.
OANDA:WTICOUSDLong
by meszaros
2
Technical analysis update: WTI oil (28th October 2021)On 25th October 2021 USOIL reached our price target of 85 USD per barrel. After that we announced that we would not be surprised to see shortlived correction since USOIL reached overbought condition in the short-term. Now it is clear that price retraced from high of 85.39 USD to as low as 80.62 USD today. It is likely that correction will continue little longer since indicators point to more downside. In short-term we are bearish and we will observe whether support at 80 USD will manage to stop selling pressure. However, in long-term we remain bullish and we think that current price drop presents good opportunity for long position (re)entry. Our long-term price target remains 90 USD. Technical analysis RSI penetrated 70 points to downside. It is bearish. MACD and Stochastic also turned bearish. DM+ and DM- are due to perform bearish crossover. ADX started to decrease from recent peak. Price retraced towards 20-day SMA. We will observe whether price manages to hold above 20-day SMA which would be bullish sign. Overall technical analysis is very bearish for WTI oil. 1-day RSI: Support and resistance Short-term resistance sits at 82.60 USD while major resistance sits at 85.39 USD. Support 1 appears at 80 USD and Support 2 sits at 76.95 USD. Support 3 lies at 74.21 USD. Major support sits at 61.58 USD. Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILShort
by Tradersweekly
66