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Wticrudeoil

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
WTI CRUDE OIL - Long Trade Idea - Long Entry PointAt this point it appears that wave ii may be a very small and shallow correction which is indicative of wave iii price action. If this particular count is correct then it indicates specific important levels which can be used as entry and support. The idea is to get into a long position because if this is wave iii then price action won't be coming back to these levels anytime soon once it starts moving higher. Entry: $84.85 Stop: $81.51 Target: TBA As always, any breakdown below the Stop level before we hit the Entry automatically invalidates this idea. Check out the related video linked below which outlines the bigger picture. Remember to use Disciplined Money Management Principles to ensure longevity as a trader. If you don't know the long term pattern shouldn't you be doing your research instead of just following the crowd? Just remember: I am not a financial advisor, I suggest using this only as a guide. Always do your own research.
TVC:USOILLong
by AriasWave
OIL SALES? After reaching the 261% fibbo extension, hitting the guideline of the last two highs on the high side, after 9 consecutive weekly green candles and plus the sum of the first low of the uptrend since 60 is a good time to think about sales. no? This last weekly candle has left us a curious wick and the formation of an MHM, apart from all this we have to bear in mind that the price comes with a lot of upward force due to this we have to watch for false leaks at the maximum. I don't want to waste too much. Greetings and good luck.
TVC:USOILShort
by Dajadtrader2
1
WTICOUSDThe West Texas Intermediate Crude Oil market has fallen rather hard to kick off the trading session on Thursday, but as you can see, we have rallied quite drastically to recapture the $82.50 region. By doing so, we ended up forming a bit of a hammer, which of course is a bullish sign. By doing so, I do think that it is only a matter of time before we continue to go higher. After all, we are in a very strong uptrend and that has not changed, despite the fact that we have pulled back over the last couple of days. Looking at this chart, the $80 level underneath is significant support, as it is a large, round, psychologically significant figure. The $80 level underneath has been important more than once, so therefore I think we will continue to pay close attention to it. At this point, I like the idea of picking up bits and pieces of value on dips, as the crude oil market has been so heavily influenced by the reopening trade and of course the fact that we are looking very likely to continue to see demand pick up due to the fact that there was so little in the way of capital expenditure over the last several months, and of course there has been an increase in burn rate. Furthermore, other forms of energy have failed miserably, and therefore power plants are being forced to burn petroleum as well. With the noisy behavior, I think it is only a matter of time before we see this market go looking towards the $85 level. The $85 level is a large, round, psychologically significant figure, and one that will be a target. If we can break above there, then it is likely that this market takes out to the upside. Underneath, the $80 level should offer quite a bit of psychological and structural support, so that being said it is likely that we will see plenty of buyers in that area. The 50 day EMA currently sits just above the $75 level, and it does suggest a certain amount of resiliency and could be the “floor the market” going forward. Regardless, this is a longer-term uptrend, and we cannot fight it. Energy demand will continue to be very strong going forward, and therefore we should continue towards $90 over the longer term.
OANDA:WTICOUSDLong
by SmoothJB
Technical analysis update: WTI oil (26th October 2021)WTI oil continues to rise along with other commodities. Recently, USOIL reached our short-term price target of 82.50 USD and then our medium-term price target of 85 USD. In light of these events we would like to change long-term price target of 90 USD to medium-term price target. In short-term we remain neutral as price of USOIl remains overvalued at the moment. Because of that we would not be surprised to see shortlived correction in WTI oil. Despite that we continue to be bullish on USOIL as rising demand and other fundamental factors support bullish case for it. Technical analysis RSI continues to move sideways in overbought territory. Its current value suggests that price is due to correct which would be very healthy for oil before next climb to 90 USD per barrel. We await reversal in RSI which will be accompanied by selling pressure. However, Stochastic and MACD remain bullish. Though, MACD loses momentum. ADX continues to grow which suggest that bullish trend is very strong and it is possibly nearing its peak. Suport and resistance Short-term support sits at 82.50 USD while short-term resistance sits at recent high of 85.39 USD. Support 1 lies at 80 USD and Support 2 sits at 76.95 USD. while Support 3 appears at 74.21 USD. Then 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:USOILLong
by Tradersweekly
2
WTICOUSDThe West Texas Intermediate Crude Oil market has initially rally during the trading session on Monday, reaching towards the crucial $85 level. The $85 level of course has a certain amount of psychological importance attached to it, so it is worth paying attention to the fact that we have fallen from that level. The market forming a bit of a shooting star suggests that we are ready to pull back just a bit, but I do think there is enough support underneath to keep this market going forward. All things been equal, the market is very bullish, and nothing has changed. I anticipate that there is probably a certain amount of resistance to the $85 level based not only upon psychology, but probably based upon the options market as well. Nonetheless, I do like the idea of pulling back and finding value that we can take advantage of going forward. The $82.50 level attracts a certain amount of attention, and most certainly the $80 level will as well. I think the $80 level is your short-term support level, and therefore I think that is the bottom of the overall range. Keep in mind that there is a major amount of demand for crude oil, and we had also seen a lack of production during the pandemic, so therefore we have a bit of a “perfect storm” for higher pricing as the economies around the world continue to reopen, and of course demand surges for energy. We are not only seen this in the WTI market, but we are seeing it in the Brent market, natural gas markets, and quite frankly even the coal markets. In other words, anything energy related is going to continue to have quite a bit of momentum attached to it. With that in mind, I think this continues to be a “buy on the dips” scenario, and therefore I am not looking for selling opportunities. Longer-term, I do think that we break above the $85 level and go looking towards the $90 level. Looking at this chart, the market has been very bullish, and should continue to be so as we are simply grinding away in a 45° angle, which is a very healthy amount of momentum overall. It is not until we break down below the 50 day EMA that I would consider shorting this market.
OANDA:WTICOUSDLong
by SmoothJB
Technical analysis update: WTI oil (19th October 2021)USOIL keeps climbing higher. However, we are growing little bit worried that price is too high at the moment. In our opinion it would be healthy for price to correct before further rise. We think that correction could take price as low as 76 USD. In medium-term and long-term we remain bullish , however, in short-term we voice our concerns. We would not be surprised to see quick drop with subsequent retracement and resumption of uptrend. Several indicators are flashing warning signals and because of that we would like to change our short-term stance to neutral. Technical analysis RSI is overbought. We will observe it closely and we will look for crossover below 70 points which we expect to be accompanied by selling pressure. Despite that Stochastic and MACD continue to be bullish . DM + and DM- are also bullish . ADX continues to grow which means that trend is strenghtening. Support and resistance Short-term support/resistance sits at 82.15 USD. Support 1 lies at 79.76 USD and Support 2 sits at 76.65 USD. Major resistance sits at 85 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:USOIL
by Tradersweekly
15
OIL Intraday. Aiming 1:10 RRRisk 1% and aiming for 10% on this trade. No indicators used. Pure price action. Like to keep my chart clean. Simply trading structure, nothing else!! All trades closed on the same day. Entries are taken on 1 min chart. Stop loss is moved to cost after structure break. Don't chase the trades, wait for the next opportunity. Also, please view price action on 1 min chart if you're following my entries. It will make sense. Trading view doesn't allow to post entries on charts smaller than 15 minutes. Mostly trade 12-5pm UK time NY session. Sometimes London Session. Don't like the idea of watching charts the whole day.
TVC:USOILLong
by azk001
1
WTI OIL , channel breakout , time for retest and then pump!hey yall , if you look at WTI Oil's past rn , you'll see we kinda have the same pattern rn . in both of them we have descending channels . in the last pattern , WTI did a retest after breaking above the channel . so I'm guessing after going up a little bit , we will have a retest and then pump is gonna happen . it'll be a huge pump . imo the price will even get to 1000 $ . we'll see though , if we were alive... so the next update will be 3 years later perhaps , this retest will probably take 3 years to happen cause we are on monthly chart . Imma update it if I was alive :D if you liked the idea , give it a like . and if you wanna see more of these , follow , heck of analysis are on the way ! also tell me your opinions on this idea in the comments . GoOOoOd LuUuUUuck
FX:USOILLong
by ArminChiani
WTICOUSDThe West Texas Intermediate Crude Oil market fluctuated on Tuesday as it sits just above the $80 level. When you get a strong move to the upside like we have had, the market will either go sideways to digest its gains or pull back. At this point, it looks like we are going to settle on grinding sideways and digesting the previous move. If we were to turn around and break down from here, there are multiple areas where I would anticipate seeing support, especially at the $75 level. That being said, the market also sees the $77.50 level as a potential buying opportunity as well. Crude oil continues to be very tight as far as supply is concerned, so I have no interest in trying to get too cute and short this market. The market is very likely to go much higher over the longer term, so I think it is simply a matter of waiting for an opportunity to get long of crude oil yet again. In fact, it is likely that we would see plenty of opportunities going forward, and most people believe that crude oil is going to go looking towards the $85 level. The candlestick for the day is very indecisive, and I think that is likely to be how we behave between now and the end of the week. If we broke above the top of the shooting star for Monday, then I think it would open up a move towards the $85 level rather quickly. The market will almost certainly see an increase in momentum at that point, so I believe that it is probably going to be a signal to get somewhat aggressive to the upside. Again, I do not see any situation in which I would be a seller, because the market is tight from a supply standpoint and should continue to be so for the foreseeable future. In fact, when you look at the futures curve, it is not until late next year when you start to see prices drop back down towards the $60. I think this is going to continue to be an issue going forward, so we need to pay close attention to some type of “blow off top”, but we are nowhere near seeing that right now.
OANDA:WTICOUSD
by SmoothJB
Technical analysis update: WTI oil (7th October 2021)In our last idea we pointed out that RSI reached overbought condition and that such occurence is often followed by correction. We also noted that correction would drag price towards 75 USD per barrel. In addition to that we said that we would remain bullish even if correction took place. We continue to maintain that bullish stance. We actually think that current price is very attractive for investors as we expect eventual resumption of uptrend followed by retest of resistance at 79.76 USD. Our short-term price target remains 80 USD, medium-term price target 82 USD and long-term price target 90 USD. Fundamental analysis Recently OPEC decided not to boost prodcution further which is very positive fundamental development for oil worldwide. Several media news outlets reported that it is very likely that OPEC could not increase its production even if it wanted to because it lacks capacity to do so. Demand continues to pick up and we expect this trend to prevail over following 12 months. United Kingdoms continue to report shortages of fuel at its gas stations. Natural gas continues to grind higher altogether with oil while there is increasing talk of strong winter for 2021. Technical analysis RSI reversed from overbought condition and it currently points in bearish direction. We will observe whether it starts to flatten which would suggest that correction ceased. MACD continues to be bullish at the moment, however, it is losing momentum. Stochastic remains bullish. DM+ and DM- suggest that bullish trend is still present. ADX reversed but it continues to have bullish structure. We will observe it closely and we will look whether it manages to resume growth. Support and resistance Closest area of interest is 75 USD while short-term support appears below that at 74.21 USD. We will observe whether these two levels will manage to stop further selling pressure. Another two areas of interest are at 71.46 USD and 65.11 USD. Below that is major support level at 61.76 USD. Short-term resistance sits at 76.95 USD while another resistance above that lies at recent high of 79.76 USD Recent track record Here we did set short-term price target to 77.50 USD which was reached on 4th October 2021. Here we did set short-term price target to 75 USD which was reached on 27th September 2021. Here we did set short-term price target to 72.50 USD which was reached on 15th September 2021. 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:USOILLong
by Tradersweekly
8
Technical analysis update: WTI oil (4th October 2021)Today USOIL reached our short-term price target of 77.50 USD. Because of that we would like to update our thoughts on WTI oil. We continue to be bullish and we expect price to continue its rise. We would like to change medium-term price target of 80 USD to short-term price target. We would also like to set new medium-term price target to 82 USD. Our long-term price target remains 90 USD per barrel. Technical analysis MACD, Stochastic and RSI are all bullish. However, RSI penetrated 70 points to the upside and reached overbought condition. This development is normally followed with correction. Because of that we would not be surprised to see little correction in price towards 75 USD. ADX contains low value but continues to grow which suggests that trend is building up momentum. Overall we are bullish in long run on USOIL and we expect much higher price from here. Support and resistance Short-term support sits at 76.95 USD currently while closest resistance appears at 80 USD. Track record over past month Our previous thought from 27th September 2021. Here we did set short-term price target to 77.50 USD which was reached today. Our previous thought from 15th September 2021. Here we did set short-term price target to 75 USD which was reached on 27th September 2021. Our previous thought from 3rd September 2021. Here we did set short-term price target to 72.50 USD which was reached on 15th September 2021. 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:USOILLong
by Tradersweekly
6
USOIL rises to highest since 2014, What's next !Hello everyone, as we all know the market action discounts everything :) _________________________________Make sure to Like and Follow if you like the idea_________________________________ Oil prices rose for a fifth day on Wednesday to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas, and coal markets. WTI earlier rose to $79.47 a barrel this started from $73.62 5 days ago, almost an 8% increase in value. Possible Scenarios for the market : Scenario 1 : The market is trading at 78.91 at the time of this post, Bears has been quiet for the last 5 days which leads us to believe that any time soon they will be ready to step in and drop the price, most likely they will have 2 goals for the next period of time. The first one will be the support line at 77.95 and the main goal for the week will be the 73.86 support zone. Scenario 2 : The bulls are trying to keep this upper momentum as much as they can but today's candle is red at the time of the post, Which shows the ongoing battle between the Bulls and Bears. The Bulls will try to push the price above the first resistance located at the $80.00 level so they can set up a support base and from there they will try to push the market more in hope of reaching the $82.00 by the end of the week Technical indicators show : 1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish sign) 2) The MACD is above the 0 line indicating that the market is in a Bullish state, With a positive crossover between the MACD line and the Signal line. 3) The ADX is at 22.20 showing that the market is trending with a positive crossover between the DI+ and DI- Daily Support & Resistance points : support Resistance 1) 77.95 1) 79.95 2) 76.78 2) 80.78 3) 75.95 3) 81.95 Fundamental point of view : OPEC+ agreed to adhere to its July pact to boost output by 400,000 barrels per day (bpd) each month until at least April 2022, phasing out 5.8 million bpd of existing production cuts. Late last month, the OPEC+ Joint Technical Committee (JTC) said it expected a 1.1 million bpd supply deficit this year, which could turn into a 1.4 million bpd surplus next year. Oil prices have surged more than 50% this year, adding to inflationary pressures that crude-consuming nations such as the United States and India are concerned will derail recovery from the COVID-19 pandemic. Despite pressure to ramp up output, OPEC+ was concerned that a fourth global wave of COVID-19 infections could hit the demand recovery, a source told Reuters a little before Monday's talks. However, inventory data from the United States, the world's biggest oil consumer, showed some signs of slowing fuel demand. The American Petroleum Institute reported U.S. oil inventories rose by 951,000 barrels in the week to Oct 1. According to Reuters 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 !!
TVC:USOIL
by GabiDahduh
3
WTI OIL turning Parabolic Towards $82.50.Since WTI Oil broke the former two Resistance levels (74.15 and 77.00), the price turned parabolic outside the Channel Up that dominated most of the price action in September. There seems to be a Buy/ Support Zone consisting of the 4H MA50 (blue trend-line) and the 4H MA100 (green trend-line) and a Resistance Zone on the RSI Higher Highs trend-line. Technically those two pressure levels should provide the next dip buy and target. I've applied the Fibonacci Channel to assist in finding the target and as you see every Fib extension prices a Higher High (1.0, 1.5, 2.0). Naturally the 2.5 Fib extension is next, I project a Higher High around $82.50. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Vergnes --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
5