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Wticrudeoil

WTI OIL Correction not over yet.WTI Crude Oil (USOIL) is on a strong 3 day correction. Its long-term trend since the December 02 2021 Low is better illustrated if we apply the Fibonacci Channel starting on that Low. As you see the extensions have worked very well in projecting Higher Highs. Right now the pull-back doesn't seem to be over. Either a bounce of the 1D RSI on its Buy Zone is needed or a hit on the price's Internal Higher Lows trend-line. The 1D MA100 (green trend-line) happens to be exactly there, which is a trend-line untouched since December 27 2021. A rebound there can target the 1.5 Fibonacci extension again. On the other hand, a closing below the 0.0 Fib level can see Oil test the -0.5 extension for the first time, with the 1D MA200 (orange trend-line) supporting just below. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
4
WTI: Nearly There!WTI has nearly finished wave B in green in the upper third of the green zone between $111.72 and $126.25 or wave c in pink in the upper half of the pink zone between $122.81 and $126.17, respectively. As soon as it has accomplished this, WTI should turn downwards and head for the support at $102.66. After it has completed wave (A) in white below this mark, a countermovement should set WTI back above $102.66 before it can resume the descent. However, there is a 42% chance that WTI could continue to rise and climb above the resistance at $130.50, which would then lead to further ascent.
NYMEX:CL1!
by MarketIntel
WTI OIL heading to $160 long-termThis is not a new chart I'm sharing with you on WTI Crude Oil today, I've initially posted it 2 months ago, calling for a medium-term consolidation and then bullish break-out when the Resistance breaks, based on the striking similarities with the September 2020 - March 2021 pattern: It is time to update my thesis, as the Resistance broke and the similarities continue to be striking both in candle and RSI terms. The analysis is on the 1W time-frame, with the 1W MA50 (blue trend-line) and the 1W MA200 (orange trend-line) standing out. On the May 31 2021 1W candle, when the price broke and closed the week above the prior High/ Resistance, Oil eventually reached the 1.618 Fibonacci extension level. Currently that Fib level is at 159.00. With the 1W RSI well above its MA, it appears that WTI has enough momentum to break its prior High/ Resistance by July. This is a long-term thesis. I will be making updates on the 1D time-frame for shorter term trades. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
9
WTI Oil - a case for continued upside. Oil has had a massive bullish run since 2020 which was driven by pandemic followed by post pandemic demand in addition to the more recent geopolitical instability between Russia, Ukraine and NATO countries which accelerated the price to over 100$/bbl. Years of negligible reinvestment into new oil plays by the energy sector and ever expanding demand for oil should allow price to continue to the upside to challenge the July 2008 all time highs. Currently the asset is trading within a range between 126.45-92.20 price levels in what I am interpreting as an accumulation for upside objective of 140$/bbl. There is a possibility for price to sweep under the outlined range to trap breakout short sellers before price accelerates upward and puts a squeeze on the bears.
NYMEX:CL2!Long
by DenisRisticFX
WTI OIL 1 month of scalping with 12 successful tradesAs mentioned on my last two ideas (April 19 and May 02), WTI Oil has been neutral on the medium-term where scalping was favored: Today's analysis is on the 4H time-frame where you can see the range more clearly (Resistance at 116.60 and Support at 93.00). On this post I present the golden combination that offered 100% profitable results during this 1 month of scalping. The 4H MA100 (green trend-line) can be used as the Pivot Line. I've also plotted the Bollinger Bands (blue range). As you see, every time the 4H RSI touched either its Resistance (sell signal) or Support Zone (buy signal), it bounced towards at least the 4H MA100 and in most cases even the top/ bottom of the Bollinger Bands before the next signal emerged. So far this approach has given 100% success rate with 12/12 correct signals. We will continue scalping this until either the Resistance or Support level breaks. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
2
USOIL - Russian oil ban = higher oil pricesMore than a week ago, we warned about potential EU's ban on Russian oil and the risk it poses for the higher price of oil. We suggested that this step would lead to higher prices of oil in the short-term. Just two days ago, Germany was reported to back a gradual ban on Russian oil. Because of that we abandon our short-term and medium-term price targets. Although, our long-term price target remains in place. Technical analysis - daily time frame RSI points to the upside which is bullish; however, over the past few days, it shows choppy pattern. MACD oscillates near the midpoint; if it manages to break above it, then we expect it to bolster a bullish case for USOIL. Stochastic is bullish. DM+ and DM- are bearish but due to perform bullish crossover. ADX signals presence of no significant trend. Overall, the daily time frame is bullish for USOIL. Illustration 1.01 The illustration above shows the rectangle pattern - in which most of the choppy price action has been going on lately. Technical analysis - weekly time frame RSI is neutral. MACD is highly elevated and flattening at the same moment, which makes it neutral. Stochastic reversed to the upside. DM+ and DM- show bullish conditions in the market. However, ADX's signals that these conditions deteriorated over the past four weeks. Overall, the weekly time frame is mixed. 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 serve as 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
3
USOIL - A gloomy outlook for WTI oilA few weeks ago, we noted that we believe USOIL peaked and is headed lower. Indeed, we set a long-term price target of 90 USD. Now, we would like to change this price target to medium-term and set a new long-term price target of 80 USD. Additionally, we would also like to set a short-term price target of 95 USD. Illustration 1.01 Yellow arrows indicate the recent bullish breakout (above the trendline) and subsequent loss of momentum. Technical analysis - daily time frame RSI, MACD, and Stochastic are bearish. The same applies to DM+ and DM-, which recently performed the bearish crossover. In addition to that, ADX halted its decline, suggesting the resumption of the bearish trend. Overall, the daily time frame is bearish for WTI oil. Technical analysis - weekly time frame RSI and Stochastic are developing bearish structures. MACD performed the bearish crossover. DM+ and DM- show bullish conditions in the market. However, ADX signals that the bullish trend is losing momentum. Overall, the weekly time frame is 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 serve as 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
10
WTI OIL Neutral short-term buy watch these break-out levels.WTI Oil (USOIL) just broke above the Lower Highs trend-line that started after the brutal March 08 multi-year High. The 4H MA50 (blue trend-line) has turned into a short-term Support while the 4H MA200 (orange trend-line) remains the short-term Resistance. Despite the Lower Highs trend-line, the price action remains rather neutral due to March's wild swings and high volatility, unless either the 93.10 Support or the 117.00 Resistance break. A break below 93.10 should be bearish towards the 1D MA200 (red trend-line) and then the December 20 low, but still it would be best to get a closing below the 85.50 High of 2021 before engaging into long-term selling. A break above 117.00 should be bullish towards the 1.5 Fibonacci extension (152.60) long-term, which is the less likely scenario. The safest strategy on the medium-term is to scalp inside the neutral zone. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
5
USOIL - WTI oil peaked and now it is headed lowerFor the past year, we were predominantly bullish on USOIL. However, this came to a change recently, and we turned neutral to bearish on USOIL. That is due to Strategic Petroleum Reserves being released in vast quantities, production hike talks, and the eventual need to lower energy prices. Therefore, despite the general bullish narrative, we make a contrarian case for the lower cost of oil. Indeed, we would like to set a long-term price for USOIL to 90 USD per barrel. Illustration 1.01 The picture above shows USOIL on the daily time frame. It also shows the resistance at a slope (white line) and the bullish breakout above it (indicated by the yellow arrow). We will look for a potential breakdown in price and invalidation of the bullish breakout. Technical analysis - daily time frame RSI and MACD are neutral. However, MACD needs to be observed for potential bullish crossover above 0 points in the following days. Stochastic oscillates in the bearish area, although it points to the upside. DM+ and DM- show bearish conditions in the market. ADX indicates the trend is weak. Overall, the daily time frame is neutral. Technical analysis - weekly time frame RSI continues to develop a bearish structure. However, for the past three weeks, RSI started to flatten, making it neutral. MACD also started to flatten, making it neutral too. DM+ and DM- are bullish. ADX seems to have peaked; indeed, ADX started to decline, which suggests that the bullish trend of a higher degree is weakening. 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 serve as 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
6