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Wticrudeoil

WTI OIL Long term Channel Down holdingWTI Oil is trading inside a Channel Down since late July, completing 6 months of a structured downtrend. Every technical decline has been following a similar pattern, dropping -22% and -25% respectively. Right now the price is on the last counter trend rise before the final decline starts. Trading Plan: 1. Sell on the spot as every MA100 1D rejection has been bearish. Targets: 1. 65.00 (marginally above a measured -22% decline). Tips: 1. The price is a strong sell every time the RSI 1D approaches the 60.00 level. Successful trade on this pattern: Please like, follow and comment!!
TVC:USOILShort
by TradingBrokersView
12
Oil continues to oscillate within the wide range For some time now, we have been skeptical about the overly bullish narrative in the oil market. Additionally, we have disagreed with calls for a return to triple-digit prices while noting multiple times that oil was likely to be choppy throughout 2023, oscillating within a wide range. In fact, we later presented a similar view from the U.S. Energy Information Administration (EIA), which sees WTI crude oil average $77 per barrel in 2023. Today, we continue to stick to our previous assessment. Indeed, we are inclining toward the notion that oil will likely dip below $70 during the year (which may not be that far). However, we voice a word of caution as the price drop might be shortlived due to the U.S. administration seeking to refill its Strategic Petroleum Reserves (SPR) at the lower end of $70. Illustration 1.01 Illustration 1.01 shows the daily chart of USOIL. If the price breaks below the sloping support, it will bolster the bearish odds in the short term. Technical analysis Daily time frame = Bearish Weekly time frame = Neutral Illustration 1.02 Illustration 1.02 displays the daily chart of USOIL. Additionally, it shows two simple moving averages (SMAs). The yellow arrow indicates the price retracement toward these SMAs. If the price holds above them, it will be bullish. Contrarily, if the price breaks below SMAs, it will be bearish 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
10
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
WTI OIL: Top of Rising Wedge. Trade the rejection or the break.WTI Crude Oil hit the top (HH 1) of the Rising Wedge and got rejected initially but today we see a strong push back to the top. The 1D technicals are bullish (RSI = 61.888, MACD = 1.310, ADX = 33.690) and probably is what's pushing the price back to test the HH 1 again. Until the time the HH 1 breaks, we are staying neutral, but with more bearish bias. Those will be confirmed if the 4H MA50 breaks, which is the bearish trigger. Then we will sell with TP = 77.00 - 76.00, depending on the 4H MA200 as well. Then as long as the Rising Wedge and HL 1 hold, we will buy again with TP = 82.50 (R1). Break below HL1 will be an additional sell with TP = 72.50 (S2). The bullish trigger is the R1 whose top is 83.30. Above it we will buy with TP = 87.00 (R2). Previous analysis: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOIL
by InvestingScope
WTI OIL Limited upside, significant downsideIt is time to update our WTI Oil (USOIL) thesis, which was bullish last week as the Resistance within the Channel Up broke: This time we see one last rise as a possibility since the price is rebounding on the 4H MA50 (blue trend-line) but limited to the 83.40 Resistance. An exception can be made to an overextension to the 85.00 - 86.00 range on the red zone, which is the top (Lower Highs) limit of the 5-month Channel Down (dashed lines). On that point or if the price breaks below the 4H MA50 first, we expect a strong drop, with the downside open to at least the 70.10 Support. A more likely scenario in our opinion. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
3
Consumer savings decline, economy slows down, and EIA's forecastSince December 2022, the price of West Texas Intermediate crude oil has been moving choppily between $70 and $83. Currently, one barrel trades near $77.50. We continue waiting on the sidelines for the market picture to clear. However, we are still unconvinced by bullish scenarios for oil, forecasting a return of $100 and above. That is because we already see a significant slowdown in economic activity around the globe and evaporating savings of consumers in the United States, both of which are likely to weigh on the oil demand in the coming months. Therefore, we would not be surprised to see USOIL break below $70 after some time. However, the U.S. administration might put a temporary floor for oil around that level due to its plans to refill Strategic Petroleum Reserves in the lower range of that price tag. As a result, this makes a compelling case for the continuation of choppy price action in oil; interestingly, that coincides with the latest assessment of the EIA. The U.S. Energy Information Administration (EIA) forecasts that global petroleum production will increase by 1% (1.1 million b/d) in 2023. As for U.S. petroleum production, it sees an increase of 5% (1 million barrels per day). In addition to that, it expects OPEC's output to grow by 0.5% (160 000 barrels per day), and, due to Russia’s invasion of Ukraine and war-related sanctions, the EIA expects Russia’s production to drop by more than 12% (from 10.9 million barrels per day in 2022 to only 9.5 million barrels per day) in 2023. The U.S. Energy Information Administration (EIA) anticipates the West Texas Intermediate (WTI) crude oil price to stay relatively flat through the first half of 2023. After that, it expects the price to decline through the end of 2024. As a result, the agency foresees WTI crude oil to average $77 per barrel in 2023 and $72 per barrel in 2024. Illustration 1.01 Illustration 1.01 displays the daily chart of USOIL. It also shows 20-day SMA and 50-day SMA. Yellow arrows indicate retracements toward these levels, which acted as corrections of the downtrend. We will pay close attention to the 50-day SMA and whether it will halt the price rise in the future; if it fails (and the price breaks above it), it will bolster the bullish case for oil in the short term. Technical analysis Daily time frame = Neutral/Slightly bullish Weekly time frame = Neutral Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOIL
by Tradersweekly
7
Recession is poised to weigh on the oil demand and higher pricesSince our previous idea, USOIL broke above 80$ and halted its rise slightly below the 50-day SMA. After that, it faltered to 79$ handle where it currently trades. Meanwhile, we noticed bullish calls emerging all over the place. However, while we allow for the possibility of a further price increase, we do not think it will be as dramatic as many people forecast. At this point, we are very skeptical about the narrative claiming a retest of 100$ and continuation of the rally beyond this price level. That is because economic activity shows a significant decline in 2022. Furthermore, as if it was not enough, economic activity is poised to slump even more in 2023, with signs of a recession on the horizon. As a result, we expect the economic slowdown to weigh heavily on the oil demand. It would not surprise us to see the U.S. administration put more pressure on oil producers, prompting them to pump more oil out of the ground, especially if the prices continue to climb higher. In turn, that could offset some price increases and help to balance the market. Therefore, we are cautious and pay close attention to market developments. Illustration 1.01 Illustration 1.01 shows the daily chart of USOIL and two simple moving averages. The yellow arrow indicates the retracement toward the 50-day SMA, which often coincides with a strong downtrend correction. In this case, the price failed to fully retrace and break above the 50-day SMA, which may hint at signs of exhaustion for the rally. Therefore, we raise our level of cautiousness. Illustration 1.02 Illustration 1.02 displays the daily chart of USOIL and simple support/resistance levels. 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
20
WTI Crude oil : Last chance to buy before new ATH? 18.05Inflation, inflation, inflation. In China, 15/16 districts have zero Covid cases and all restrictions are set to be cancelled by June. Globally, the disease is under control - Pretty much insuring a very busy summer for travel. So fundamentally - Crude oil has plenty of room to rise in the short-term and mid-term. When we look at the technicals we see : 1) Clear breakout and retest above triangle consolidation which led to strong bullish movement and bull trend ongoing now. 2) Clear close above key support/resistance zone of 108-109. 3) Probable immediate term target is resistance zone of 112.90 to 114.80. 4) A break above 114.80 could be strong confirmation for rally back to previous high and above. 5) Range trading between 108 to 114.80 is also very possible. Bottom line - Good chance for strong rally, downside to 108 is possible. A close below 108 would be bearish in the immediate term. ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Thank you so much for reading! If you found my idea useful, please like and follow! It would mean a lot. Don't hesitate to comment/ask me anything - I promise to respond to each and every one. I am not a financial advisor and encourage you to do your own research and be cautious when trading. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
BLACKBULL:WTILong
by Exactus
16
Mixed view on the oil market In our previous article, we said that we would like to abstain from setting any price outlook for USOIL after it stopped 0.10$ above our 70$ price target. Unfortunately, that continues to be the case also today, and we do not wish to set any new price targets. However, we would like to update at least some thoughts on the asset. On 8th December 2022, we floated the idea of the price deviating too far from its moving averages. Interestingly, the next day the price halted its decline and started going up. Since then, the price has broken above 20-day SMA. As a result, USOIL currently trades near the 78.90$ price tag. At the moment, we will pay close attention to the price action. If the price breaks above 80$ and holds there, it will bolster the bullish case for USOIL in the short term. In such a scenario, it could be possible that USOIL will attempt to fully retrace toward its 50-day SMA. That would mark a significant downtrend correction and perhaps even foreshadow a bigger move up. However, our current thoughts about the oil market are mixed. There are several factors responsible for that. First, economic activity is slowing down rapidly, weighing on oil demand in the coming months. Second, National Oceanic and Atmospheric Administration reported that the Earth experienced the coolest November since 2014, which can contrarily boost demand over the winter. Third, the U.S. might consider slowing down or halting releases of Strategic Petroleum Reserves (SPR) as their levels are reaching 1983 lows. In addition to that, there are rumors of Germany and Poland demanding oil from the Russian company Transneft, which opens a debate about whether some of the Russian crude oil can be allowed back into the European market. With that said, we would like to wait longer on the sidelines until we see a clearer picture of the market. Illustration 1.01 Illustration 1.01 displays the daily chart of USOIL and simple support/resistance levels. If the price holds above the short-term support, it will be bullish 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
17
WTI or USOIL (XTIUSD): BUY analysisWe can see WTI price jumped up as our prognosis here: Now, what will be happen? Price tested upper level on the chart and it will not stop here or it will continue its nonstop movement. Hereby, WTI confirms own strenght. This is very gratifying occasion for us, because we love WTI trading. So, today WTI broke up trend channel to upward. You will see on the chart. We need draw new channel for further explanation. OIL was moving between blue-green channel and it is entering to red trend channel. I marked these channels on the chart. It tries to create a new channel by choosing the correct entry point. What is next level? I think that, WTI will continue own movement until it reachs to 82.35. Because, this point is keypoint and strong level also. On the technical side, this is non-breaking level. But we think that this barrier can be broken, taking into account the volatility of the oil price (of course, if there is no strong fundamental or strategic news). You can open a BUY operation by setting a stop loss. It is possible to set 82.30-82.35 as a target. Let's trade and see what will happen in the coming days.
TVC:USOILLong
by Forexcues
WTI (CRUDE OIL) shortterm forecastHi dear traders. WTI (Crude OIL) created nice trend channel started from 73.37. Upper border of the channel is 75.60. Although, oil prices is moving between these prices from 16 December, as soon as it will jump to 77.55 level. This is my private opinion and this is good opportunity for buyers. Signal characteristics: WTI will move down firstly, then possibly impulse here. Small impulse will reach to 76.29. Then will come retracement. It will retest 75.80-76.00 secondly. As a resut, second impulse will take us to target. Of course, we need entry, take profit and stop loss levesl for signal: ENTRY: 75.62 TP 77.50 SL 74.25 Signal can reach our target during this week. Do not forget to put Stop Loss because trading without SL is gambling only. This will be non-professionalism. Good luck and follow us ))
TVC:USOILLong
by Forexcues
WTI OIL: Great success on last week's reversalOur short-term 75.82 target got easily hit following the lower than expected U.S. CPI yesterday, as WTI reached (and broke marginally above) the 4H MA50 (now at 75.09). Since it closed a candle above it (4H MA50) that means it turned it into a Support and keeps the trend bullish. Careful handling is needed as despite 4H turning bullish since yesterday, the 1D remains bearish (RSI = 42.814, MACD = -2.890, ADX = 24.695) and above all the Fed announce the new Rate Decision today. For now, my new target is 79.00. A break above the 4H MA200 (81.97), we can target the 1D MA50 (83.55 and falling), which is the ultimate Resistance. If the RSI hits its Resistance Zone earlier, book profit and sell again. The long term trend is bearish. Previous WTI chart:
TVC:USOILLong
by InvestingScope
70$ nearly hit, reconsideration of thoughts, and retracementFor several months, we provided price rankings for USOIL, most of which were fulfilled already. The only price target we kept was 70$ per barrel, which was nearly hit last Friday when the price stopped at 70.10$ (just 0.13% away from the price target). With the price level nearly hit, it is time for us to step away from the market and reconsider the situation. In our previous idea, we outlined how the price deviated too far from its moving averages (20-day SMA and 50-day SMA) and might be setting itself for the price retracement to the upside. After hitting a new low, that became the case for USOIL, with the price rising to 74.30$. At the moment, we do not expect a primary trend reversal from bearish to bullish. However, we want to stay on the sidelines and avoid setting new price targets until the picture gets clearer. Until then, we will maintain a neutral position. Illustration 1.01 Illustration 1.01 shows the daily chart of USOIL. Yellow arrows indicate a new low at 70.10$ and retracement toward 20-day SMA in progress. Technical analysis Daily time frame = Bearish (but showing signs of exhaustion) Weekly time frame = Bearish 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
7
Crude Oil Weekly Volatility Analysis 12-16 Dec 2022 We cCrude Oil Weekly Volatility Analysis 12-16 Dec 2022 We can see that currently the implied volatility for this week is around 6.51%, up from 6.33% from last week according to OVX data With this in mind, currently from ATR point of view we are located in the 83th percentile, while according to OVX, we are on 77th percentile. Based on this, we can expect that the current weekly candles ( from open to close ) are going to between: Bullish: 4.62% movement Bearish: 5.6% movement At the same time, with this data, we can make a top/bot channel which is going to contain inside the movement of this asset, meaning that there is a 21.3% that our close of the weekly candle of this asset is going to be either above/below the next channel: TOP: 76.33 BOT: 67.24 Taking into consideration the previous weekly high/low, currently for this candle there is : 30% probability we are going to touch previous high 76.2 67% probability we are going to touch previous low 70.1 Lastly, from the technical analysis point of view, currently from Weekly timeframe indicates -66% BEARISH trend from the moving averages index Daily timeframe indicates -80% BEARISH trend from the moving averages index 4H timeframe indicates -53% BEARISH trend from the moving averages index
NYMEX:CL1!
by exlux
New lows, volatility about to continue, and a potential bounceIn the past few days, USOIL constituted a new low below 73$, marking a 43% decline from its peak a few months earlier. This move came amid our bearish expectations for oil and forecast for lower prices. We continue to stick to this call altogether with our price target at 70$, which was updated recently to a short-term price target (from medium-term). Our views are based on technical and fundamental factors described below and in previous articles. Illustration 1.01 The daily chart of USOIL shows the price decline between 8th March 2022 and today. The yellow arrow indicates a bearish breakout below the previous low and subsequent bullish retracement. To further support our bearish thesis, we would like to see the price break again below 73.62$ and hold there. Technical analysis Daily time frame = Bearish Weekly time frame = Bearish Illustration 1.02 Illustration 1.02 displays the daily chart of USOIL and simple support/resistance levels + two simple moving averages. At the moment, the price deviated too far from its 20-day and 50-day SMAs, which is often followed by the price retracement toward a mean; currently, these SMAs act as important resistance levels. 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:USOILShort
by Tradersweekly
27
WTI OIL: Support broken, targeting 70.00The price eventually dived back to the 74.00 Support as the previous Low was compromised. The 4H MA50 is near oversold territory (RSI = 34.019, MACD = -2.320, ADX = 29.655) and since November 10th that has always caused a +5.50% rebound at least but since 73.00 broke, that means more heavy selling to 70.00. Notice the Inverse Head and Shoulders pattern that is being repeated inside the Channel Down since June. The past two time after the Head/ Support broke, the price made a Lower Low on the 1.236 Fibonacci, with the 1D RSI hitting also a Lower Lows Support. Every rebound to the 4H MA50 (blue), is a sell opportunity until 70.00 gets hit. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ## ## Also DONATIONS through TradingView coins help our cause of increasing the daily ideas put here for free and reach out more traders like you. ##
TVC:USOILShort
by InvestingScope
1