WTI US OIL Analysis 13July2023the sideways area has been successfully passed, there is a possibility that the price will retrace to the support area and resume the bullish trend again with the nearest target at $77.
Wticrudeoil
WTI CRUDE OIL approaching the MA200 (1d) for the ultimate sellWTI Crude Oil crossed over the MA100 (1d) and is headed for the MA200 (1d) where 3 months ago (April 12th) had the strongest rejection possible.
This is a strong technical sell opportunity, with the price also being near the top of the 1 year Channel Down.
Trading Plan:
1. Sell on the current market price.
Targets:
1. 66.80 (Support 1) and if a (1d) candle closes below, extend selling to 63.65 (Support 2).
Tips:
1. The RSI (1d) is headed for the 70.00 overbought level. Last time that high it was on the April 12th High rejection.
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Notes:
Past trading plan:
WTI CRUDE OIL: First time since April on the 1D MA100WTI Crude Oil reached the 1D MA100 for the first time since April 28th. The 1D technicals turned green (RSI = 59.140, MACD = 0.550, ADX = 29.727) and if the 1D candle closes over the 1D MA100, then an emerging Channel Up will lead it to the 1D MA200 and consequently we will target a HH (TP = 76.50).
We will take the loss if the price crosses under the Channel Up and the 4H MA50, where we will go short and target the S1 (TP = 66.80) on the long term.
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WTI Light Sweet Crude Oil, 7/10/23A two-sided framework continues through summer between 62.14 long-term support, and 81.97 long-term resistance, both regions able to contain seasonal activity.
Downside, a weekly settlement below 62.14 indicates 53.87 within several months, longer term Fibonacci support able to contain selling into later year.
Upside, a weekly settlement above 81.97 indicates 94.67 within several months, able to contain annual highs.
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For Monday, 72.82 can contain selling into later week, above which the 77.34 formation is likely by the end of next week or sooner, able to contain weekly buying pressures when tested, possibly through the balance of July.
A daily settlement above 77.34 indicates the more significant 81.97 long-term resistance level within 1 - 2 more weeks, where the broader market can top out through the balance of the year and a significant upside continuation point into later year.
Downside Monday, closing below 72.82 signals 69.35 within several days, possibly another test of 67.08 by the end of next week, able to contain selling through next week and above which 77.34 is attainable over the next 3 - 5 weeks.
WTI CRUDE OIL Over the 1day MA50. Bullish break out.WTI Crude Oil closed yesterday over the 1day MA50 for the first time since April 28th. The 1day MA50 was a Resistance with 3 clear rejections since.
This is a technical bullish breakout, targeting the 1day MA100 at 73.50.
If rejected there, sell and target the Support Zone at 67.50.
If it closes a candle over the 1day MA100 too, buy again and target the 1day MA200 at 76.50.
The 1day RSI is on a Rising Support, which can be used as a sell target and buy entry.
Previous chart:
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US OIL AnalysisIf this elliot notation is correct, then the oil price may rise in the next few weeks, it could be the beginning of a long bullish trend.
USOIL MAKE VIEW POSITIVE / VKINGOn July 4, 2023, the US Oil (USOIL) commodity was observed on TradingView using a 5-minute time frame. USOIL is a popular instrument for traders and investors to speculate on the price movements of oil. The 5-minute time frame allows for a more granular analysis of price action, enabling traders to capture short-term opportunities and make informed trading decisions.
During the specified time frame, several factors influenced the price of USOIL. It is important to note that oil prices are influenced by a wide range of fundamental, geopolitical, and economic factors. These include supply and demand dynamics, geopolitical tensions, global economic growth, weather events, and government policies, among others.
Analyzing the 5-minute chart, traders would have observed various price patterns and trends. Candlestick patterns, such as doji, hammer, engulfing patterns, and others, can provide insights into potential reversals or continuation of trends. Support and resistance levels are also crucial indicators for traders, helping to identify potential entry and exit points.
In terms of technical indicators, traders may have used various tools to analyze the price action of USOIL. Common indicators include moving averages, relative strength index (RSI), stochastic oscillator, and volume analysis. Moving averages help to identify the direction of the trend, while RSI and stochastic oscillator indicate overbought or oversold conditions.
Furthermore, traders might have monitored news releases and events that could impact the oil market during this specific time frame. Important economic data, such as crude oil inventories, production reports, and geopolitical developments, can cause significant volatility in oil prices. By staying informed about such events, traders can anticipate potential price movements and adjust their trading strategies accordingly.
Risk management is a vital aspect of trading, and it applies to USOIL trading on a 5-minute time frame as well. Traders must establish stop-loss orders to limit potential losses and implement proper position sizing techniques. This helps to protect capital and manage risks effectively.
It is worth mentioning that trading on a 5-minute time frame requires constant monitoring and quick decision-making. The rapid price fluctuations in such short intervals can lead to both opportunities and risks. Traders need to be disciplined, focused, and adaptable to react promptly to changing market conditions.
In conclusion, analyzing USOIL on TradingView using a 5-minute time frame on July 4, 2023, involved studying various price patterns, technical indicators, and fundamental factors. Traders aimed to capitalize on short-term opportunities by identifying trends, support and resistance levels, and using technical indicators to gauge market sentiment. By closely monitoring news releases and managing risks effectively, traders can increase their chances of success in the fast-paced world of USOIL trading on a 5-minute time frame.
🚨 WTI HIGH PROBABILITY SELL SETUP SOON 🚨🚨 WTI HIGH PROBABILITY SELL SETUP SOON 🚨
* Here we can see clearly the next potential moves for West Texas Intermediate Crude Oil, in coming days or week.
* Im thinking there might be a Down Trend Move happening FIRST to form the Inverse Head & Shoulder Reversal Pattern before the Huge Bullish Move to Up Trend.
* I've labelled where i can see the Inverse Head & Shoulder that MIGHT happen or not.
* I've got Multiple SELL trades to look at.
* First SELL position is going to be a quick SCALPING move to execute.
* EP(SELL): 70.263
* TP: 69.910
* No SL provided for this trade, use your own discretion.
* Nest EP(SELL) is for the Next potential Big Drop to form the Shoulder.
* EP(SELL): 69.623
* TP: 68.951
* TP2: 68.016.
* No SL provided for this trade, use your own discretion.
* Keep your eye close on your trading positions.
* Happy pip hunting traders.
* FXKILLA *
Short Crude Oil on ResistanceIn crude oil trading today, we made good profits in the trading strategy of shorting crude oil in the 70.6-70.8 area twice.
Judging from the current structural trend, crude oil will maintain range shocks in the short term, and fundamentally still maintain a short position. Although the inventory data has declined for two consecutive weeks, the pressure on the demand side is still very weak, and the U.S. dollar index has rebounded.Crude oil as a whole tends to run in a bearish trend. In terms of short-term structure, crude oil is currently facing the resistance of 71-71.2. If this area cannot be effectively broken through, then crude oil may still fall to the 69 position area at any time.
Therefore, before crude oil fails to break through the short-term resistance, it is mainly to short crude oil.
USOIL: @70.8-71 Sell, TP: 70.2
For more trading signals and trading plans, you can follow the bottom of the article to view the details!
WTI CRUDE OIL: Sell opportunity on the LH trendline and 4H MA200WTI Crude Oil hit today the 4H MA200 after more than a week flipping the 1D chart neutral and the 4H bullish (RSI = 61.440, MACD = 0.100, ADX = 44.090). This is however approaching the RSI's R1 Zone, holding since April, while the LH trendline looms right ahead. Also this is where the 0.5 Fibonacci level is. Technically this is the most optimal sell entry for the short term and we will take full advantage of it targeting the S1 (TP = 66.80). On the contrary, a crossing over the LH trendline, will be a buy entry targeting the 1D MA100 and 0.786 Fibonacci level (TP = 73.00).
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🚨 WTI HIGH PROBABILITY BUY SETUP 🚨🚨 WTI HIGH PROBABILITY BUY SETUP 🚨
* Here we can see clearly the next potential move for West Texas Oil in coming trading week.
* It's going to be worth keeping a close eye on this trade, as WTI can generate tremendous profits if it is right trade.
* EP(BUY): 69.701
* TP: 70.747
* TP1: 71.550
* TP2: 72.153
* SL: 68.547
* Keep your eye close on your trading positions.
* Happy pip hunting traders.
* FXKILLA *
WTI rallies form range lows - break of $70 up next?WTI crude posted a strong rally from the $67 support level thanks to another strong drawdown of crude inventories. The fact it rallied over 3% despite the stronger US dollar and hawkish comments from Powell makes us wonder if it could have broken above $70 were the dollar not to dominate FX majors on Wednesday. Still, prices are trading within a range between $67 - $72/73, and whilst prices action remains choppy o the daily chart there are some opportunities to trade the range on lower timeframes.
A triple bottom has formed on the daily along with a 2bar bullish reversal (bullish piercing line). String volumes accompanied the rally from the $67.50 area to show demand around those lows and the OBV (on balance volume) broke above its previous swig high, which hints at a breakout for prices.
Prices are drifting higher at the open, but we’d consider bullish setups above or around the daily pivot point or 10/20 EMAs if prices pullback for a potential swing-trade long to $70.A break above which brings the resistance zones around $71 and $72 into focus.
USOIL Top-down analysisHello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
WTI Light Sweet Crude Oil, 6/22/23For Thursday, the 67.65 - 67.08 region can contain weekly selling pressures, above which 74.29 remains a weekly target, 76.88 attainable within 2 - 3 weeks.
Upside Thursday, 72.36 can contain intraday strength, while pushing/opening above 72.36 allows 74.29 intraday, able to contain session strength.
Closing today above 74.29 signals 76.88 within several more days, where the market can top out through next week, possibly into later July.
Downside Thursday, breaking/opening below 69.67 allows 67.65 - 67.08 intraday, able to contain selling through next week and the area to settle below for indicating 62.14 longer-term support as a 1 - 2 week target
WTI CRUDE OIL: Short term buy as the 4H MA50 held.WTI Crude Oil rebounded yesterday upon hitting the 4H MA50 and as the 4H technicals turned bullish (RSI = 55.674, MACD = 0.250, ADX = 26.371), this is a buy opportunity on the short term. We are targeting the 1D MA100 (TP = 73.50), where we will place the first medium term short (TP = 68.00). The maximum technical extension for this year has been the 1D MA200, so if the 1D MA100 breaks, we will place our second short at 77.00 for an even higher return trade (again TP = 68.00).
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WTI CRUDE OIL aiming at the 1day MA100 for rejectionWTI Crude Oil / USOIL is rising inside the short term Channel Up after a Double Bottom.
The long term trend remains bearish inside a multimonth Channel Down.
The 1day RSI is showing the same bullish divergence (Channel Up) as in December- January that led to a Lower High rejection.
Buy on the short term and target the 1day MA100 at 74.00 and then sell and target the Rising Support at 67.50.
Previous chart:
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WTI CRUDE OIL: Pivot level separates sell from buy trade.WTI Crude Oil got rejected today exactly on the 0.5 Fibonacci retracement level, which is the pivot level we have identified that determines the short term trade. The medium term pattern is a Megaphone and with both the 1D and 4H timeframes neutral (RSI = 52.099, MACD = -0.100, ADX = 28.689), we can easily realize that the price is exactly in the middle of the pattern, hence the Pivot.
We will buy if a 4H candle closes over the Pivot (71.05) and target the 1D MA100 (TP = 74.00). Similarly we will be selling as long as the candle closes under the Pivot and target S2 (TP = 64.00).
The RSI is trading inside a Triangle, whose top and bottom can help you take profit earlier if needed.
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WTI CRUDE OIL hit the MA50 (4h). Ready for a break out?WTI Crude Oil is on the MA50 (4h) again after a week.
The Falling Resistance since the June 4th High is the critical level that will determine our trading plan.
Trading Plan:
1. Buy if the price crosses and closes a candle over the Falling Resistance.
2. Sell for as long as it remains under it.
Targets:
1. 74.00 (expected contact with the MA100 1d).
2. 67.00 (Support 1).
Tips:
1. The RSI (4h) rebounded after getting oversold under 30.00, same as with the May 3rd and May 31st lows. Both hit the Rising Resistance.
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Notes:
Past trading plan:
WTI Light Sweet Crude Oil, 6/14/23For Wednesday, 69.95 can contain buying through the balance of the week, possibly resulting and 62.14 over the next several weeks.
On that score, a settlement today below 67.16 what a firm 62.14 as a 1 - 2 week target able to contain broader market selling into later summer.
Upside Wednesday, pushing/opening above 69.95 allows 71.73, while closing today above 69.95 allows 76.48 over the next 2 - 3 weeks, able to contain weekly buying pressures when tested and the region to settle above for signaling 81.85 long-term resistance within several more weeks.
WTI CRUDE OIL rising for a 1day MA100 rejection.WTI Crude Oil was rejected last time on the 1day MA50.
The current rise is aiming at the 1day MA100. Be ready to open a sell there. Target the Rising Support at 67.50.
The 1day RSI Sell Cross/ Buy Cross alternation draws similarities with January where a 1day MA100 rejection also took place after.
Previous chart:
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WTI CRUDE OIL: Solid buy opportunity, targeting the 1D MA100.WTI Crude Oil has a sudden sell-of on the current 4H candle that touched the 69.00 price level and was quickly bought back. The 4H timeframe remained neutral despite this (RSI = 48.787, MACD = 0.110, ADX = 18.840), providing the ideal buy opportunity for the final leg upwards and test of the 1D MA100.
As you can see, the 4H RSI is fairly similar to the the first 2 weeks of may where the Channel Down started the bullish leg to the HH trendline. We are bullish already with TP = 74.50.
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WTI OIL Sell on the MA100 (1d).WTI Crude Oil reversed upwards today as the RSI (1d) managed to stay over its MA.
With the exception of April 3rd, every contact with the MA100 (1d) has been a sell signal since it first broke downwards on July 5th 2022.
The long term trend remains bearish inside a Channel Down, so we will keep selling until it breaks.
Trading Plan:
1. Sell on either the MA50 or MA100 (1d).
Targets:
1. 67.15 (Support 1).
Tips:
1. The RSI (1d) is at a level symmetric to January 13th when again it was approaching the MA100 (1d) for rejection. That created a Neutral Zone inside the 0.5 and 0.1 Fibonacci levels that lasted for 3 months. We see similar lavels now. Use that to your advantage for buying low and selling high in the next weeks for as long as it lasts.
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Notes:
Past trading plan:
WTI Crude Oil Sell TP = 42.67On the weekly chart, the trend started on March 13, 2022 (linear regression channel).
There is a high probability of profit, since the channel is not yet closed. A possible take profit level is 42.67 ( this is the minimum take profit value, but it has a high percentage of payoff ).
But don't forget about SL = 98 .
Using a trailing stop is also a good idea!
Please leave your feedback, your opinion. I am very interested in it. Thank you!
Good luck!
Regards, WeBelieveInTrading
