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Wticrudeoil

USOIL getting positioned for more gains? Yesterday, OPEC and its allies announced plans to extend a voluntary oil production cut of 2.2 million barrels per day through June 2024. Currently, the USOIL trades near $80.20 per barrel, and its structure is undergoing a significant change. Since late November 2023, the USOIL has traded predominantly sideways between $70 and $80 per barrel. However, last week, it broke above the resistance at $79.25 and established a new high in more than three months. By doing so, the USOIL formed an ascending channel, which is a bullish structure. In addition to that, the ADX started to tick slightly higher on the daily chart, suggesting the trend might be gaining bullish momentum. On top of that, technical indicators (on the daily chart), including RSI, MACD, and Stochastic, all turned to the upside, which is yet another bullish sign. Finally, it looks like the USOIL might be awakening and getting positioned for more gains in the short-term and medium-term future. Illustration 1.01 While OPEC and its allies are cutting oil production, the United States is doing the opposite; in fact, the U.S. crude oil production rose approximately 10% in 2023. Technical analysis Daily time frame = Bullish (weak trend) 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILLong
by Tradersweekly
6
WTI OIL Sell opportunity targeting the 1D MA50.Oil (USOIL) is trading within a Channel Up pattern since the December 13 2023 market bottom and currently is on the 3rd Bullish Leg towards the top (Higher Highs trend-line). This indicates that on a R/R basis, there is greater incentive selling with the price being closer to the pattern's top than the bottom (Higher Lows trend-line). As a result we are bearish, targeting the 1D MA50 (blue trend-line) and the bottom of the Channel Up at 76.00, which is also marginally above Support 1. Notice also how symmetrical the Higher Highs and Higher Lows legs have been within the pattern. ------------------------------------------------------------------------------- ** 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
WTI H1 / Opportunity for a Short Trade 💲Hello Traders! I see a good opportunity to execute a short trade on WTI H1. I expect the BOSS at the price of 77.80 to be taken, and in case of retracement, I will look for a short trade entry. Traders, if my proposal resonates with you or if you hold a divergent viewpoint regarding this trade, feel free to share your thoughts in the comments. I welcome the opportunity to hear your perspectives. ____________________________________ Follow, like, and comment to see my content: www.tradingview.com
FPMARKETS:WTIShort
by GoodTradeST
Futures market backwardation suggests a sluggish outlookDefying our expectations, the West Texas Intermediate crude oil rose above $75 and began to form a rectangle pattern between $76.16 and $79.25 (following a breakdown of negotiations between Israel and Hamas). Currently, the USOIL is trading near the lower bound of this range, which also coincides with the 20-day SMA that acts as an alternative support level. On the daily timeframe, the MACD performed a bearish crossover, and RSI with Stochastic reversed to the downside. Simultaneously, the ADX continued lower, indicating a lack of any trend. Yet, despite that, the futures contracts continue to trade backward, which suggests the market’s sluggish outlook for the oil’s future price. Illustration 1.01 Illustration 1.01 shows the USOIL’s daily chart and simple support/resistance levels. Illustration 1.02 The MACD line and signal line performed a bearish crossover. However, they are still within the bullish area above the midpoint. Technical analysis Daily time frame = Neutral 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOIL
by Tradersweekly
WTI crude looks set to bounceMomentum has clearly been in favour of bears over the past week for WTI traders, but given it has fallen over 10% from the January high it could be argued the move is oversold (at least over the near term). A doji formed on Monday to show bears are losing their grip, and the fact it is forming a base above the 2023 open price and $72 handle adds to the case for a technical bounce. Moreover, bears entered around the January highs but volumes declined as prices fell to suggest the move is running out of steam, and RSI (2) was oversold on Friday. The bias is for a bounce towards the weekly and monthly pivot points around 74.50 - 74.80 whilst prices remain above Monday's low.
NYMEX:CL1!Long
by CityIndex
1
WTI CRUDE OIL: Still bullish medium term to 83.50.WTI Crude Oil is on a healthy bullish 1D technical outlook (RSI = 61.125, MACD = 0.800, ADX = 42.762), crossing today over the 1D MA200 for the first time in February. 79.75 (R1) is the first Resistance level but once the 1D MA50 broke (as we stated on our prior idea), the target is at least 83.50 (TP), which is what WTI delivered on the August 10th 2023 and April 12 2023 rallies. It is interesting to point out how strong of a Support the 1W MA200 has been acting those past few years and was the level that initiated February's (current) rebound. See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
WTI M15 / Retracement from the FVG H1 / Long Entry ✅Hello Traders! This is My idea related to WTI M15. I see a retracement from the FVG H1. I see this as a good opportunity to execute a long entry. My target is OB at the price of 76.300. Traders, if you liked my idea or if you have a different vision related to this trade, write in the comments. I will be glad to see your perspective. ____________________________________ Follow, like, and comment to see my content: www.tradingview.com
BLACKBULL:WTILong
by GoodTradeST
2
Hopes for higher oil price are getting shatteredThe hopes for higher oil prices were shattered last week with the announcement of a potential Hamas-Israel ceasefire deal, which led to a quick selloff in the oil market. Following the invalidation of a bullish breakout above $76.14, the price of oil kept sliding lower, finally hitting a low of $71.43 yesterday. Currently, the WTI crude oil trades close to $72.80 per barrel, and we pay attention to RSI, MACD, and Stochastic on the daily chart. All of these indicators began to reverse to the downside after the news hit the market, with RSI and Stochastic building bearish structures and MACD attempting to retrace back below the midpoint. If the MACD succeeds, it will bolster a bearish case in the short term. The same will apply to RSI and Stochastic continuing to develop bearish structures. However, as the ADX remains relatively low on the daily time frame, it is suggestive that there is a lack of any trend whatsoever. With this assessment, it is likely that WTI oil will continue to trade within the range between $68 and $75 in the foreseeable future. Illustration 1.01 The image above portrays the daily chart of the USOIL’s MACD. A breakout below the midpoint will bolster a bearish case in the short term and elevate the odds of a breakdown below $70 per barrel. Technical analysis Daily time frame = Bearish Weekly time frame = Slightly 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
2
Geopolitical tensions are starting to weigh on oil pricesThe United States’ decision to conduct airstrikes earlier this week against targets in Somalia and Yemen provoked more aggression from Houthi rebels, who engaged in multiple new attacks against commercial vessels in the Red Sea and the Gulf of Aden. Following that, Yemen’s rebels claimed a successful hit to the U.S. military ship, which the United States quickly denied. Despite months of ongoing attacks on ships passing through the strait, there have not been any reports of casualties. However, the odds of a fatal tragedy are growing together with the increasing intensity of Houthi’s attacks. Such an event would likely elevate tensions to a new level and put significant pressure on the United States government to act. In the scope of this worsening crisis, the odds of higher oil prices are climbing. On the technical side, some developments suggest oil might be prime for a run higher as well; the MACD crossed into bullish territory on the daily graph, and RSI and Stochastic continue to build bullish structures. Nonetheless, one thing to note is that the ADX is still relatively low, hinting the trend is very weak. Therefore, it might be proper to wait and see whether the USOIL manages to close above $76.14 for at least two consecutive days before committing to a bullish outlook. Illustration 1.01 The image above shows the MACD breaking above the midpoint on the daily time frame. Illustration 1.02 Illustration 1.02 displays the daily chart of the USOIL and simple support/resistance levels derived from peaks and troughs. An important level to watch is support at $76.14. If the USOIL manages to make another two consecutive closes above this level, it will bolster the bullish odds. Technical analysis Daily time frame = 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILLong
by Tradersweekly
2
WTI H1 / POTENTIAL LONG ENTRY / OIL IS GOING BULLISH 🛢Hello Traders! This is my forecast for WTI H1. I see another retracement from the bullish channel, considering this an opportunity to execute a long entry until the resistance level and above the Previous Day's High. If confirmed, I will execute a long entry. Traders, if you liked my idea or if you have a different vision related to this trade, write in the comments. I will be glad to see your perspective. ____________________________________ Follow, like, and comment to see my content: www.tradingview.com
BLACKBULL:WTILong
by GoodTradeST
The Red Sea tensions - all you need to knowThe West Texas Intermediate crude oil has trended mostly sideways for over a month, moving between $68 and $75 per barrel. Yet, while the situation in the Middle East and the Red Sea continues to deteriorate, the oil market keeps growing increasingly ignorant of the dangers of a broader war in the region that could further disrupt the transit of goods and oil through (other) important shipping chokepoints and impact the oil supply (remember, the Middle East region accounts for about one-third of global oil supply). To put into perspective how bad the situation in the Red Sea has become (following the start of the Israel-Hamas War), here are a few numbers: the number of cargo ships and oil tankers transiting through the Bab el-Mandev Strait fell by approximately 50%, and the volume of the cargo (measured in metric tons) dropped by about 67% between 7th October 2023 and last Friday (with most of the decline starting in mid-December 2023 after major shipping like companies halted transit through the Red Sea). In addition to that, since the start of the year (until last Friday), the United Kingdom Maritime Trade Operation reported thirty-five instances of either attack, hijacking, incident, or suspicious approach in the area. Furthermore, about a week and a half ago, the United States and the United Kingdom finally decided to take more aggressive steps against Houthi’s harassment, launching airstrikes on their positions in Yemen. In response to that, the rebels vowed to continue fighting the United States and Israel (and their allies), executing multiple new attacks on commercial and military vessels in the regional waters (the terrorist group also announced a safe passage for Russian and Chinese ships). In essence, Houthi’s attacks against the United States Navy equal a declaration of war, something the United States is trying to deny as it attempts to avoid an all-out war with Houthis and other proxies of Iran (and potentially Iran itself; do not forget this is a highly political question for the United States as it would mean higher prices of oil and a likely return of rising inflation). Nevertheless, with Israel’s administration being opposed to stopping its campaign against Hamas in Gaza, it is improbable there will be any relief from Houthi’s attacks anytime soon. In fact, a lack of diplomatic efforts to end the Israel-Hamas War and to resolve the Red Sea crisis keeps increasing the risk of new parties entering the conflict and letting the war spiral out of control. As this has tremendous implications for the oil market (with the broader war being a highly bullish catalyst for the oil price), monitoring the situation in the Red Sea remains a high priority. However, as this scenario still remains only a speculation, our price target of $65 per barrel remains unaffected (at least for now); in the short term, though, we expect the USOIL to continue oscillating between $68 and $75 (and perhaps even breaking temporarily above this range). Illustration 1.01 Illustration 1.01 displays the daily chart of the USOIL. Yellow arrows indicate significant events in the Middle East. It can be observed that oil rose only slightly in response to the eruption of the Israel-Hamas War on 7th October 2023, and then quickly reversed the direction. Once Houthi rebels began to ramp up their attacks on commercial and military ships in November 2023, oil ticked higher only a bit and then resumed a decline (it is important to note that Houthis were causing problems in the region already before the war). Then, in mid-December 2023, major shipping companies started to halt the transit of their ships through the region. Since then, the USOIL has trended mostly sideways (despite tensions continuing to rise). Technical analysis Daily time frame = Neutral 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
2
USOIL H1 / POSSIBLE BEARISH MARKET STRUCTURE 🛢💲Hello Traders! This is my idea related to USOIL H1. I see that WTI set a new WH and I expect a bearish move to close the FVG H1. If confirmed, it's a good opportunity to execute a Short Trade. Traders, if you liked my idea or if you have a different vision related to this trade, write in the comments. I will be glad to see your perspective. ____________________________________ Follow, like, and comment to see my content: www.tradingview.com
BLACKBULL:WTIShort
by GoodTradeST
2
WTI Crude oil - last update. Our overview: Jitter due to the Red Sea tension persist. CoT released Friday "net long positions" report, showing an increasing long positions in futures and decreasing in options by the "non commercial". This could suggest that the market could be close to an upward movement of the price. Waiting for market mover data and news. Trends analysis: Primary(purple): upward corrective structure wave C, intermediate(green): upward impulsive structure wave 3, minor(yellow): upward impulsive structure wave 3. Our current strategy: Moderately Long following wave3 of the minor trend(yellow). Our current position's risk profile @$72.58: delta +0.35, gamma +0.28 Hedging point: on breakout $72.30. or @area $74.00
NYMEX:CL1!Long
by DeltaZeroProprietaryTrading
WTI OIL is a strong long-term buy opportunity.WTI Oil (USOIL) has hit today the 1D MA50 (blue trend-line) for the first time since October 24 2023. Today's analysis is on the 1W time-frame but we have explained the reasoning behind a long-term buy once the 1D MA50 would break, a month ago (December 19, see idea below): That Buy Zone offers a low risk action ground for longs and as you can see on today's chart, it is also supported by the 1W MA200 (orange trend-line), which hasn't allowed a 1W candle to close below it for almost 3 years (since January 25 2021). At the same time the 3-year Support Zone has had 7 times that was hit and held, with the most recent being on December 11 2023. As a result, if Oil closes a 1D candle above the 1D MA50, there are high chances of a strong medium-term rally on the 1W scale. So far the 1W MA50 (blue trend-line) is the Resistance. All 3-year Support Zone rallies rose very aggressively and the two most recent hit at least the 82.50 level, which will be our Target. This is just below the 0.618 Fibonacci retracement level, a line that has been approached 4 times already since November 28 2022. Practically the market has been ranging within a 16-month Rectangle after the 2022 High. ------------------------------------------------------------------------------- ** 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
1