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Wticrudeoil

WTI OIL Death Cross formed Pullback to $76 would be very healthyWTI Oil (USOIL) is forming a Death Cross on the 1D time-frame, the first since December 22 2023. That comes after the former Channel Down had a bullish break-out following a rebound on the 1W MA50 (red trend-line), a series of events that happened also on December 20 2023 and before that on May 17 2023. We already have a 1D MACD Bullish Cross. Circling back to the 1D Death Cross, the one on December 22 2023 formed a short-term top that had the price pull back within the 0.618 - 0.786 Fibonacci retracement Zone. As a result, even though we have confirmed a new long-term uptrend, we technically turn bearish on the short-term, expecting a pull-back towards the 0.618 Fib, targeting $76.00. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
1
Crude oil eyes $80, but resistance loomsWTI is on track for a bullish engulfing week to snap a 3-week losing streak. And as it fell over 17% from the April high, it could pave the way for further gains in the coming weeks. However, there are plenty of resistance levels around the $80 that could spur bears from the side lines. The May VPOC and VAH sit around Wednesday's high, and the monthly R1 and weekly R2 near the May high. So whilst another crack at $80 seems more likely than note, the $80 area could be an interesting area to fade into. Strong support sits around $75.50, making it a viable target for bears and area for bulls to reconsider entering for an anticipated move above $80.
NYMEX:CL1!
by CityIndex
WTI Oil - 4H Sell OpportunityThe WTI Oil chart shows a compelling setup for a short position. The price has rallied into a significant resistance zone around $79, coinciding with a strong downward trend line that has been respected multiple times. This area acts as a confluence of resistance, providing a high-probability entry for selling. Given the persistent bearish trend, this resistance zone is likely to hold, reinforcing the potential for a downward move. The chart indicates that selling WTI Oil at this juncture offers a good risk-to-reward opportunity, aiming for a decline towards lower support levels as shown by the red arrows.
BLACKBULL:WTIShort
by Sober_Trading
1
CRUDE OIL (CL): Weak Momentum Likely to Persist?Assalamualaikum wbt and Good Day to fellow traders! From my rather simplistic view, the overall two-hour time frame (TF2hr) chart seems to indicate that the prices for WTI Light Crude Oil ( NYMEX:CL1! ) could go further south at least for the time being. The further potential weakness is being reinforced by the significant key moving averages (in this case Exponential Moving Averages or EMAs ) - the EMA50 (blue line) and EMA200 (amber line) - in which the Black Gold sits below those lines since April 17, 2024. Despite several rebound attempts, the commodity has continued to slide downwards making some notable Lower Lows and Lower Highs until recently last Friday while trading range-bound in between. In addition, the Moving Average Convergence Divergence (MACD) indicator also flashed a cautious sell signal last Friday following a cross over. On top of that, the obvious rejection at the 76.03-76.30 key level could possibly suggest that the bearish momentum is still in play. However, a bullish reversal may occur should the MACD crossover take place above the 0 line with the help of a significant volume, as well as the two EMAs crossing up. Wallahu a'lam. #cl #crudeoil #wti #blackgold #exponentialmovingaverage #ema #macd
NYMEX:CL1!
by rahman_daros
WTI OIL Oversold. Short-term buy signal.WTI Oil (USOIL) hit the bottom of the 2-month Channel Down and is consolidating since yesterday. This prompts to being a technical Lower Low for the pattern and the buy signal gets even stronger as the 1D RSI broke below the oversold barrier for the first time in 6 months (since December 06 2023). The 4H MA200 (orange trend-line) provided the last rejection (Lower High) on May 29, so that is our Resistance and unless we break above it, the long-term trend remains bearish. But on the short-term we will use this oversold opportunity to buy and target 75.70 (+4.65% rise, which has been the minimum Bullish Leg % within the Channel Down. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
WTI CRUDE OIL: Oversold offers a buy opportunity.WTI Crude Oil has turned oversold on its 1D technical outlook (RSI = 29.383, MACD = -1.620, ADX = 31.641) as the price is approaching the bottom of the 2 month Channel Down. As long as it remains under the 1D MA50, the long term trend will be bearish but the oversold conditions and the 1D MACD, which is replicating the early December 2023 bottom pattern, call for a low risk short term buy opportunity. We are targeting the top of the Channel Down and no higher than the 0.382 Fibonacci level (TP = 76.00). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
NYMEX:CL1!Long
by InvestingScope
WTI CRUDE OIL: Opportunities to profit sideways.WTI Crude Oil turned bearish on its 1D technical outlook (RSI = 39.681, MACD = -1.020, ADX = 30.568) but remains neutral on 1W (RSI = 46.231) as it is approaching again the 1W MA200. That is a critical Support as not only it is untouched since February 5th but is the long term level that Oil has been bouncing aggressively on since March 2023. We look towards a Rectangle consolidation-accumulation as the last two times that the 1W MA200 was tested. We will buy on S1 and target the R1 level (TP = 80.60). Until we close over the 1D MA50, our strategy is to scalp this range. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
OIL (WTI) - 4H Three PushThe WTI Oil 4H chart displays a classic bullish reversal pattern, often referred to as the "three pushes" or "three drives" pattern. This pattern is characterized by three distinct attempts by the market to push lower, each attempt being met with increasing buying interest. The current setup shows that after three downward pushes, the price has started to rebound, indicating a potential shift in momentum from bearish to bullish. The price action has recently broken above the upper boundary of the descending wedge, which suggests a weakening bearish trend and the possibility of a new bullish phase. The target for this bullish movement could be around the $84 level, where previous resistance lies. Traders should watch for continued higher highs and higher lows to confirm the upward trajectory, and consider long positions as the price action aligns with this bullish reversal signal.
BLACKBULL:WTILong
by Sober_Trading
Crude Oil / Brent Oil Robbery Plan in Bullish SideMy Dear Robbers / Traders, This is our master plan to Heist Crude Oil based on Thief Trading style Technical Analysis.. kindly please follow the plan I have mentioned in the chart. Our target is Red Zone that is High risk Dangerous level Police Force is waiting for our arrival, Market is overbought / Consolidation / Trend Reversal at the level Bearish Robbers / Traders gain the strength. Be safe and be careful and Be rich. Note: If you've got a lot of money you can get out right away otherwise you can join with a swing trade robbers and continue the heist plan, Loot and escape on the target 🎯 Swing Traders Plz Book the partial sum of money Use Trailing Stop To Protect Looted Money and wait for next breakout of dynamic level / Order Block, Once it is cleared we can continue our heist plan to next new target it will update after the Breakouts. support our robbery plan we can easily make money & take money 💰💵 Join your hands with US. Loot Everything in this market everyday.
BLACKBULL:BRENTLong
by Thief_Trader
Options Blueprint Series: Pre and Post OPEC+ WTI Options PlaysIntroduction The world of crude oil trading is significantly influenced by the decisions made by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+. These meetings, which often dictate production levels, can lead to substantial market volatility. Traders and investors closely monitor these events, not only for their immediate impact on oil prices but also for the broader economic implications. In this article, we explore two sophisticated options strategies designed to capitalize on the volatility surrounding OPEC+ meetings, specifically focusing on WTI Crude Oil Futures Options. We will delve into the double calendar spread, a strategy to exploit the expected rise in implied volatility (IV) before the meeting, and the transition to a long iron condor, which aims to profit from potential post-meeting volatility adjustments. Understanding the Market Dynamics OPEC+ meetings are pivotal events in the global oil market, with decisions that can significantly influence crude oil prices. These meetings typically revolve around discussions on production quotas, which directly affect the supply side of the oil market. The anticipation and outcomes of these meetings create a fertile ground for volatility, especially in the days leading up to and immediately following the announcements. Implied Volatility (IV) Dynamics Pre-Meeting Volatility: In the days leading up to an OPEC+ meeting, implied volatility (IV) often rises. This increase is driven by market uncertainty and the potential for significant price moves based on the meeting's outcome. Traders buy options to hedge against or speculate on the potential price movements, thereby increasing the demand for options and pushing up IV. Post-Meeting Volatility: After the meeting, IV can either spike or drop sharply, depending on whether the outcome aligns with market expectations. An unexpected decision can cause a significant IV spike due to the new uncertainty introduced, while a decision in line with expectations can lead to a sharp drop as the uncertainty dissipates. Strategy 1: Double Calendar Spread The double calendar spread is a sophisticated options strategy that can potentially take advantage of rising implied volatility (IV) leading up to significant market events, such as the OPEC+ meeting. This strategy involves establishing positions in options with different expiration dates but the same strike price, allowing traders to profit from the increase in IV while managing risk effectively. Structure Long Legs: Buy longer-term call and put options. Short Legs: Sell shorter-term call and put options. The strategy typically involves setting up two calendar spreads at different strike prices (one higher and one lower), thus the term "double calendar." Rationale The rationale behind this strategy is that the longer-term options will experience a greater increase in IV as the event approaches, inflating their premiums more than the shorter-term options. As the short-term options expire, traders can realize a profit from the difference in premiums, assuming IV rises as expected. Strategy 2: Transition to Long Iron Condor As the OPEC+ meeting date approaches and the double calendar spread positions reach their peak profitability due to the elevated implied volatility (IV), it becomes strategic to transition into a long iron condor. This shift aims to capitalize on potential volatility changes and capture profits from the expected IV drop. Structure Closing the Double Calendar: Close the short-term call and put options from the double calendar spread. Setting Up the Long Iron Condor: Sell new OTM call and put options with the same expiration date as the long legs of the double calendar spread. The result is a position where the trader holds long options closer to the money and short options further out, creating a long condor structure. Rationale The rationale for transitioning to a long iron condor is to capture profits from a potential decrease in IV after the OPEC+ meeting. Practical Example To illustrate the application of the double calendar spread and the transition to a long iron condor, let's walk through a detailed example using hypothetical WTI Crude Oil Futures prices. Double Calendar Spread Setup 1. Initial Conditions: Current price of WTI Crude Oil Futures: $77.72 per barrel. Date: One week before the OPEC+ meeting. 2. Long Legs: Buy a call option with a strike price of $81, expiring on Jun-7 2024 @ 0.32. Buy a put option with a strike price of $74, expiring on Jun-7 2024 @ 0.38. 3. Short Legs: Sell a call option with a strike price of $81, expiring on May-31 2024 @ 0.05. Sell a put option with a strike price of $74, expiring on May-31 2024 @ 0.09. Note: We are using the CME Group Options Calculator in order to generate fair value prices and Greeks for any options on futures contracts. Transition to Long Iron Condor 1. Closing the Double Calendar: Close the short-term call and put options just before they expire @ 0.01 (assuming they are OTM on Friday May-31, before the market closes for the weekend). 2. Setting Up the Iron Condor: Sell a call option with a strike price of $82, expiring on Jun-7 2024 @ 0.13. Sell a put option with a strike price of $73, expiring on Jun-7 2024 @ 0.18. 0.11 and 0.17 are estimated values assuming WTI Crude Oil Futures remains fairly centered around 77.50 and that IV has risen into the OPEC+ meeting weekend. Transitioning from the Double Calendar to the Long Iron Condor would be done on Friday May-31. 3. Resulting Position: You now hold a long call at $81, a long put at $74, a short call at $82, and a short put at $73, forming a long iron condor. The risk of the trade has been reduced by half (assuming the real fills coincide with the estimated values above) from 0.56 to 0.27 = $270 with a potential for reward of up to 0.73 (1 – 0.27) = $730. This practical example demonstrates how to effectively implement and transition between the double calendar spread and the long iron condor to navigate the volatility surrounding an OPEC+ meeting. Importance of Risk Management Effective risk management is crucial when implementing options strategies, particularly around significant market events like the OPEC+ meeting. The volatility and potential for sharp market moves require traders to have robust risk management practices to protect their capital and ensure long-term success. Avoiding Undefined Risk Exposure Undefined risk exposure occurs when traders have no clear limit on their potential losses. This can happen with certain options strategies that involve selling naked options. To avoid this, traders should always define their risk by using strategies that have built-in risk limits, such as spreads and condors. Precise Entries and Exits Making precise entries and exits is critical in options trading. This involves: Entering trades at optimal times to maximize potential profits. Exiting trades at predetermined levels to lock in gains or limit losses. Adjusting trades based on market conditions and new information. Additional Risk Management Practices Diversification: Spread risk across different assets and strategies. Position Sizing: Allocate only a small percentage of capital to each trade to avoid significant losses from a single position. Continuous Monitoring: Regularly review and adjust positions as market conditions evolve. By adhering to these risk management principles, traders can navigate the complexities of the options market and mitigate the risks associated with volatile events like OPEC+ meetings. Conclusion Navigating the volatility surrounding significant market events like the OPEC+ meeting requires strategic planning and effective risk management. By implementing the double calendar spread before the meeting, traders can capitalize on the anticipated rise in implied volatility (IV). Transitioning to a long iron condor after the meeting allows traders to benefit from potential post-meeting volatility adjustments or price stabilization. These strategies, when executed correctly, offer a structured approach to managing market uncertainties and capturing profits from both pre- and post-event volatility. The key lies in precise timing, appropriate strike selection, and diligent risk management practices to protect against adverse market movements. By understanding and applying these sophisticated options strategies, traders can enhance their ability to navigate the complexities of the crude oil market and leverage the opportunities presented by OPEC+ meetings. When charting futures, the data provided could be delayed. Traders working with the ticker symbols discussed in this idea may prefer to use CME Group real-time data plan on TradingView: www.tradingview.com This consideration is particularly important for shorter-term traders, whereas it may be less critical for those focused on longer-term trading strategies. General Disclaimer: The trade ideas presented herein are solely for illustrative purposes forming a part of a case study intended to demonstrate key principles in risk management within the context of the specific market scenarios discussed. These ideas are not to be interpreted as investment recommendations or financial advice. They do not endorse or promote any specific trading strategies, financial products, or services. The information provided is based on data believed to be reliable; however, its accuracy or completeness cannot be guaranteed. Trading in financial markets involves risks, including the potential loss of principal. Each individual should conduct their own research and consult with professional financial advisors before making any investment decisions. The author or publisher of this content bears no responsibility for any actions taken based on the information provided or for any resultant financial or other losses.
NYMEX:CL1!Education
by traddictiv
WTI CRUDE OIL: Neutral on 4H but at the top of the Channel Down.WTI Crude Oil is neutral on its 4H technical outlook (RSI = 44.657, MACD = -0.100, ADX = 42.834) as it has been trading sideways since the start of the month. Nonetheless, it got rejected yesterday at the top of the Channel Down and the 4H MA100, was where it got rejected last time on April 26th. We are short, aiming a the 1.5 Fibonacci extension (TP = 73.20). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILShort
by InvestingScope
OIL (WTI) - 4H Sell SetupIn the past hours, OIL (WTI) experienced a sharp rise driven by news of Iran's president's death, which significantly impacted market sentiment. This surge allowed OIL to break above the bearish channel and catch the liquidity over the resistance zone, as illustrated on the chart. However, despite this upward spike, the price action suggests that OIL may continue its downward trajectory within the descending channel. Traders should monitor this closely as the price looks set to resume its fall, adhering to the prevailing bearish trend. The liquidity hunting above the resistance zone indicates potential for further declines as the market reverts to its established downward path.
BLACKBULL:WTIShort
by Sober_Trading
Crude Oil | BULLS MAY DOMINATE THE NEXT DAYSMay is not always a good month for crude oil. When you look at the last 40 years, there is a positive change rate of less than 50%. However, Crude oil is moving to the support resistance point, and its performance in the last 8 election years, from the beginning of the may to the 21-22 of May during the election years, is 7 years positive and an average return of 12%. That's why I'm very BULLISH on Crude oil, which is below last year's opening level and at a significant support-resistance flip point.
NYMEX:CL1!Long
by XU3Trades
WTI OIL Will it continue to drop?WTI Oil (USOIL) gave us an excellent sell signal last week (April 29, see chart below) following the first 4H Death Cross since October 10 2023, which easily hit our Target: We now need to look at the longer-term time-frames for clues on the direction as short-term it turned bearish. Looking at the 1D time-frame though, we can clearly see that WTI is on a strong Support Cluster consisting of the 1W MA50 (red trend-line) and 1D MA100 (green trend-line). The Higher Lows trend-line that started on the December 13 2023 bottom, is just below. With the 1D RSI hitting its 30.00 oversold level and rebounded, we are bullish short-term, targeting 84.00 (the Lower Highs trend-line). If however we close a 1D candle below the Higher Lows, we will take the loss and turn bearish instead, targeting 71.00 (the 0.236 Fibonacci and just above the 3-year Higher Lows Zone. The risk is low on this strategy. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
Oil setting itself up for a rebound after six days of sellingAmid a quick change in the market sentiment in mid-April 2024 and subsequent weakness in stocks, West Texas Intermediate crude oil (USOIL) retreated from its highs to $78 per barrel. In the process, USOIL broke below the lower bound of the ascending channel, and the daily time frame turned bearish, with MACD crossing below the midpoint, Stochastic falling into the lower area, and RSI approaching 30 points. The weekly time frame also turned slightly bearish, with MACD, Stochastic, and RSI reversing; nevertheless, it must be noted that MACD remains in the bullish zone, and ADX contains a relatively low value, hinting at a neutral or very weak trend on the medium time frame. As for the monthly time frame, technicals indicate a sideways-moving market as well. From a bigger perspective, USOIL appears in the range that has been under development since early 2023, defined by roughly $83 on the top and $70 on the bottom. In the smaller picture, USOIL experienced a decline of approximately 11% just within the past six trading sessions, potentially setting it up for a rebound; should it occur, close attention will be paid to the resistance level at $79.72, which has acted as a barrier on multiple occasions throughout the past half year. In the event of a failure, the attention will be shifted to the support at $76.82 and $75.56, where buying interest might emerge. Illustration 1.01 The image above shows USOIL’s daily chart. The yellow arrow indicates a breakout below the lower bound of the channel. Illustration 1.02 The illustration above depicts the daily graph of MACD. The yellow arrow highlights a crossover through the midpoint, normally a bearish development. Technical conditions Daily time frame = Bearish Weekly time frame = Slightly bearish (weak trend) Monthly time frame = Neutral OPEC’s workshop As a result of the directives of the OPEC’s meeting held on 3rd April 2024, member countries with outstanding overproduced volumes were required to submit detailed compensation plans by 30th April 2024. In accordance with that, OPEC held a workshop on 3rd May 2024 to share compensation plans for Iraq and Kazakhstan for their outstanding overproduced volumes for the months of January, February, and March 2024, which totaled about 602,000 barrels per day for Iraq and 389,000 barrels per day for Kazakhstan. Houthi’s aggression Yemen's Houthi attacks on commercial shipping are escalating and spreading beyond the confines of the Red Sea. After the targeting of the MSC Orion on 26th April 2024, positioned 600 kilometers (375 miles) off Yemen's coast, another assault occurred merely two days later, on 29th April 2024, hitting the ship Cyclades near Mokha, Yemen. This increasing aggression highlights the region's growing instability, compounded by the United States and its allies' failure to curb the situation through airstrikes on Yemeni targets earlier this year. Hamas-Israel negotiations After months of stalled negotiations, Hamas representatives arrived in Cairo, Egypt, over the weekend for another round of ceasefire talks with Israel. Major media outlets reported that a truce is closer than ever before. Nonetheless, significant hurdles remain beneath the surface as both sides hesitate to make concessions. Hamas is adamant about the withdrawal of Israeli forces from Gaza and obtaining a guarantee from the United States that Israel will not launch a ground invasion of Rafah. Meanwhile, Israel maintains its stance that it will proceed with the invasion regardless. In addition to that, Israel’s hawks are vocal that even if a ceasefire deal is reached, it will not mark the end of the war. 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILLong
by Tradersweekly
2