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Wticrudeoil

WTI OIL Still in the long-term Buy Zone.WTI Oil (USOIL) hit our 73.50 short-term Target that we called on December 07 (see chart below) but remains within the 2 -month Channel Down: On the wider 1D time-frame, we can clearly see that the price is still inside the 9-month Buy Zone. The tendency is that when the 1D MA50 (blue trend-line) breaks after dipping within the zone, the price approaches the 0.618 Fibonacci retracement level. The 1D RSI is on a Triple Bottom, i.e. confirmed Low and buy opportunity while the 1D MACD is on a Double Bullish Cross. As a result, we are waiting either for another pull-back to 68.00 - 69.00 or the 1D MA50 to break (and close a 1D candle above) and target 82.50 for the medium-term. ------------------------------------------------------------------------------- ** 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 Buy the pull back.WTI Crude Oil continues to trade inside the Channel Down that started after the September 27th High. The MA50 (4h) recently supported the price and provided today's rebound. Based on the prior bullish leg, one last pull back remains in order to test the top of the Channel Down. Trading Plan: 1. Buy on the MA50 (4h). Targets: 1. 75.00 (MA200 (4h) and top of the Channel Down). Tips: 1. The RSI (4h) sequences among the two bullish legs are identical, confirming the bullish sentiment after a pull back. Please like, follow and comment!! Notes: Past trading plan:
TVC:USOILLong
by TradingBrokersView
WTI / OIL H4 Possible LONG Trade. 📈 ✅Hello Traders! This is my view related to WTI / OIL H4. As you can see, OIL is in a very interesting phase, It took liquidity, set a new daily high, react from the OB (D1), and I expect a bullish movement until the level of 78.000. 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
A rebound in USOIL might not be done yetLast week, West Texas Intermediate crude oil reached our price target of $70 and slid as low as $68.83 per barrel. After this route, USOIL has slightly rebounded and currently trades near the $71.50 price tag. In the very short term, we acknowledge a potential for the price to continue higher. Indeed, this would be consistent with a natural occurrence of the price retracing toward its moving average, particularly the 20-day SMA. Yet, if the price breaks above this level and starts to consolidate there for a certain period, it might foreshadow even higher price tags; we will reassess our view if we get there. Beyond this short-term speculation about the prospects of further rise in USOIL, we stay bearish. Accordingly, our price target of $65 per barrel for the next year remains valid. Illustration 1.01 The image above shows the daily chart of CL1!. Red arrows highlight the decreasing price accompanied by falling volume (suggesting the selling pressure might be decreasing as well). Illustration 1.02 Illustration 1.02 displays the daily graph of USOIL and simple support/resistance levels derived from particular troughs. Technical analysis Daily time frame = Bearish 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 or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILLong
by Tradersweekly
5
WTI CRUDE OIL: Below the 1W MA200. Critical Support to hold.WTI Crude Oil crossed today under the 1W MA200, which is a level that, even though it broke on occassions this year, hasn't closed a 1D candle under it since February 1st 2021. Those occasions are marked by circles on your chart and as you see despite breaking under it, the price rose intraday closing the candles over the 1W MA200 at the end of those sessions, essentially holding it as long term Support. It is now critical therefore for buyers to hold the 1W MA200 and push the candle above it before the closing bell today. The 1D technical outlook is strongly bearish (RSI = 31.049, MACD = -2.590, ADX = 35.758), which is normal considering that the commodity has been trading inside a Channel Down since the September 28th High. However having touched the 30.000 oversold level on the 1D RSI, it makes the case for a rebound stronger, since every time it gold oversold during this (almost) 2 year span, an aggressive rebound followed. Consequently, as long as the 1D candles close over the 1W MA200, we will be buying and aming for the top of the Channel Down (TP = 76.50) and potentially the 1D MA50. If however the candle closes under it, we will aim for the 1.786 Fibonacci extension (TP = 66.50) as the November 8th Lower Low did. See how our prior idea has worked: ## 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 Crude oilOur overview: Weakness and negativity prevail waiting the API report tonight. In the overnight session price steady at the support area @$73.00. Technical signals: RSI negative and Stochastic negative. Trends analysis: Primary(purple): downward impulsive structure wave 5, intermediate(green): corrective structure wave B, minor(yellow): impulsive structure wave 3. Our current strategy: Long, looking for a technical rebound. Our current position's risk profile @$73.23: delta 0.51, gamma 0.124 Hedging point: on breakout $72.90 Targets $76.50 $75.00 $74.20 $73.00 $72.40 $71.80
NYMEX:CL1!Long
by DeltaZeroProprietaryTrading
WTI Crude oil - last updateOur overview: Definitely OPEC+ policy disappoint the market. The Cot report released Friday, referring to data until the previous Tuesday, then few day before the OPEC+ meeting, highlighted that the commercial barely increased(1%) their net long positions in options, reverting the trend of the previous report. Furthermore, a news from 'businessinsider.com' say "Saudi Arabia could 'flush' the oil market with a flood of supply to regain control over prices in the face of rising US production. All this might push the market toward more weakness and negativity. In the overnight session price retraced getting closer to the support area @$73.00. Technical signals: RSI negative and Stochastic negative in oversold area. Trends analysis: Primary(purple): downward impulsive structure wave 5, intermediate(green): corrective structure wave A, minor(yellow): corrective structure wave C. Our current strategy: Strictly Neutral, following the market. Our current position's risk profile @$73.38: delta 0.052, gamma 0.216 Hedging point: not set Targets $76.50 $75.00 $74.20 $73.00 $72.40 $71.80
NYMEX:CL1!
by DeltaZeroProprietaryTrading
WTI Crude oil - last updateOur overview: Definitely OPEC+ policy doesn't convince the market. Massive selloff with more tha 500K contract traded, push the price to re-test the trend/neck line. Market could enter in latera trading range. Technical signals: RSI negative, and Stochastic negative. Trends analysis: Primary(purple): downward impulsive structure wave 5, intermediate(green): corrective structure wave A, minor(yellow): corrective structure wave A. Our current strategy: Neutral, following the market. Our current position's risk profile @$75.70: delta 0.018, gamma 0.192 Hedging point: not set Targets $78.70 $77.80 $76.30 $74.00 $73.30 $72.50
NYMEX:CL1!
by DeltaZeroProprietaryTrading
WTI Crude oil - front expirationOur overview: Strong GDP in US, and hope on the OPEC+ meeting, offset the build in crude stockpile. A bigger then expected production cut would push for a Christmas rally. Today is mandatory stay neutral at least till is gonna be clear the OPEC+ policy. Technical signals: RSI and Stochastic positive. Trends analysis: We maintain an overall positive overview with a potential extension till $81.50/$82.00 if OPEC+ will confirm a robust production's cut. Primary(purple): downward impulsive structure wave 4 with target @$80.00/$82.00, intermediate(green): corrective structure wave C, minor(yellow): upward impulsive structure wave 3. Our current position @$78.78(in scale to a basic number of contracts : current delta: 0.137 current gamma: 0.198 Targets $81.00 $79.75 $78.70 $77.00 $76.40 $75.80 Follow the live trading session streamed every days from our desk. Find out more and the broadcast timeline on our Web & Channels
NYMEX:CL1!Long
by DeltaZeroProprietaryTrading
WTI Crude oil - last updateOverview: After several tentative, finally the trend line has been broken. Yesterday's CoT report (Commitment of Traders) highlighting that commercial and not commercial are reducing their net long positions in options. This could be a signal that area $73/$75) is an accumulation's area, at least for the current conjuncture, confirming our strategy. Eye on API crude oil stock tonight. Technical signals: RSI and Stochastic in positive area. Trends analysis: After the movement of the last days we redraw the technical analysis and the trends perspective. A clear head & shoulder closed with the today's breakout of the neck line, and potential extension till $81.50/$82.00. So this is the updated reading: primary(purple): downward impulsive structure wave 4 with target @$80.00/$82.00, intermediate(green): corrective structure wave C, minor(yellow): upward impulsive structure wave 2. Strategy: Neutral delta, following a potential technical pull back till $75.70! Then positive looking for the upward trend extension till area $79/$80/$82. Stop: not set. ----->>Today's session corrections: @$76.97 from +0.69 to -0.03 Our current delta: @$76.46: -0.12
NYMEX:CL1!Long
by DeltaZeroProprietaryTrading
WTI Crude oil front expiration - last updateOverview: Weekness due to the OPEC+ meeting uncertainty. Strategy: Positive Delta looking for a technical rebound and waiting for the CoT report which is gonna be released today. We hold moderate positive position. Our current delta: @$74.20: +0.20 Technical signals: RSI negative, Stochastic in oversold area. Trends analysis: primary(purple): corrective structure wave A, intermediate(green): corrective structure wave C, minor(yellow): impulsive structure wave 2. On breakout of $73.90 the intermediate(green) trend will go back to wave B asymmetrical structure. ----->>Today's session corrections: @$74.80 from -0.36 to 0.30
NYMEX:CL1!Long
by DeltaZeroProprietaryTrading
WTI Crude oil front expirationOverview: The price just approach the first important resistance area, a downwards trend line. This dynamic resistance has already rejected prices 3 times since its formation. Lateral trading waiting Wall Street's short session. Strategy: we hold delta neutral position waiting for a breakout. In this case, we will go long with a stop level @$76.30. Our current delta: @$76.65: 0.06 Technical signals: RSI still in neutral area, Stochastic positive. Trends analysis: primary(purple): corrective structure wave A intermediate(green): corrective structure wave C minor(yellow): impulsive structure wave 3 Mandatory rebalance level: not set Today's session corrections: ----->> @$76.65 from 0.48 to 0.06.
NYMEX:CL1!Long
by DeltaZeroProprietaryTrading
WTI OIL Excellent buy opportunity.WTI OIL (USOIL) has been trading within a long-term Rectangle since the August 30 High. This is most accurately displayed by the use of the Fibonacci retracement levels where we can see that the majority of the price action has been within the 0.236 - 0.618 Fibonacci range. We call that the "High Volatility Zone". On November 16 the price almost hit the bottom of that Zone and since the 1W MA200 (red trend-line) is just below and has been the long-term Support (hasn't closed a 1D candle below it since January 29 2021!), we consider the commodity to have significant upside potential. On top of that, the 1D RSI has Double Bottomed on the oversold barrier of 30.00 (where it always gave strong rallies on May 04 2023, March 17 2023, December 09 2022 and September 26 2022) while the 1D MACD formed a Bullish Cross (with all such crosses below the 0.00 mark being a buy signal). We are bullish at least for the short-term, targeting the 0.5 Fibonacci level at 80.50, expecting also a potential contact with the 1D MA50 (blue trend-line). ------------------------------------------------------------------------------- ** 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
2
WTI Crude oil front expiration - last updateOverview: EIA data and OPEC+ meeting postponed, make tumble the market. My dear volatility!!! Strategy: Neutral. Follow the market. Our current position's Delta @$76.39: 0.03 This are all the corrections we made today 5)rebalance: @$76.39 (from 0.23 to 0.03) 4)rebalance: @$75.70 (from 0.62 to 0.03) 3)rebalance: @$73.90 (from -21 to 0.30) 2)rebalance: @$74.50 (from -0.30 to 0.05) 1)rebalance: @$76.10 (from +0.28 to +0.03) rebalance: @$75.45 (from -0.58 to +0.06) Technical signals: RSI positive signal just if cross in positive area Stochastic still in negative area. Trends analysis: primary(purple): corrective structure wave A intermediate(green): corrective structure wave B minor(yellow): corrective structure wave C close Bullish targets: first@ $77.00 second@ $78.70 Mandatory rebalance level /Stop loss: not set Bearish targets: first@ $75.00 second@ $73.90
NYMEX:CL1!
by DeltaZeroProprietaryTrading
WTI Crude oil front expiration - last updateOverview: Another massive build on API crude oil stocks, conflicting with a big distillate inventory draw, and next Sunday OPEC+ meeting are the main factors driving the market to a stall awaiting the official EIA data scheduled today. Strategy: Neutral following the market. Our current position's Delta: -0.09 barely negative Last rebalance: at $77.87 from +0.19. Technical signals: RSI still in neutral area. Trends analysis: primary(purple): corrective structure wave A intermediate(green): corrective structure wave B minor(yellow): corrective structure wave B Bullish targets: first@ $79.00 second@ $79.80/$80.00 Mandatory rebalance level /Stop loss: as we are neutral our system doesn't set any level. Bearish targets: first@ $76.00/$75.40 second@ $74.70/ $73.90
NYMEX:CL1!
by DeltaZeroProprietaryTrading
WTI Crude oil front expiration - Last updateOverview: Awaiting the FOMC minutes and API crude oil stocks Strategy: Our current position's Delta: +0.10 (rebalanced at $77.18 from -0.73). Follow the market. Technical signals: Stochastic crossed the signal but still in negative territory, RSI in neutral area. Trends analysis: primary(purple): corrective structure wave A intermediate(green): corrective structure wave B minor(yellow): corrective structure wave A Bullish targets: first@ $78.80/$79.00 second@ $79.70/$80.00 Mandatory rebalance level /Stop loss: as we are neutral is not set Bearish targets: first@ $76.80 second@ $75.80/$75.60
NYMEX:CL1!
by DeltaZeroProprietaryTrading
Oil continues to slide within the channelThe price of WTI crude oil continues to rise ahead of the OPEC+ meeting scheduled for Sunday, during which cartel members will discuss policy regarding production. The group will likely decide to lower the output in response to more than a 20% decline in the oil price since September 2023 highs (now, closer to an 18% decline). While a drop in supply is normally bullish for oil, it is important to note that some of it will get offset by the United States trying to ramp up its domestic production. Furthermore, the prices are already rising in anticipation of the cartel’s decision. Nonetheless, our outlook stays unchanged, with a price target of $70 per barrel for 2024. Illustration 1.01 Illustration 1.01 displays the daily chart of USOIL and simple support/resistance levels derived from peaks and troughs. 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. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
1
WTI Crude oil first expirationOverview: Bullish pressure starting in the overnight session, push higher the close of waveA (minor trend) at important resistance level. First target to $78.50 has been reached. Strategy: We hold negative delta since $77.60 Our current position's Delta: -0.50 negative, (increased from -0.23)looking for the first bearish target Technical signals: Stochastic and RSI in overbought Trends analysis: primary(purple): corrective structure wave A intermediate(green): corrective structure wave A minor(yellow): corrective structure wave A closed Bullish targets: first@ $79.80/$80.00 second@ $80.50 Mandatory rebalance level /Stop loss: on breakout of $78.70 Bearish targets: first@ $76.80 second@ $75.8
NYMEX:CL1!Short
by DeltaZeroProprietaryTrading
WTI Crude Oil front expiration: Navigating Correction and TargetThe WTI crude oil market experienced a robust response, essentially reversing the downward trend observed on Thursday's session. Currently, the market is exhibiting a corrective structure, and we are monitoring whether it follows a pattern of 3 waves (ABC) or 5 waves (ABCDE). As of our current position, the delta stands at -0.03, indicating a neutral stance. The bullish outlook has seen success with the attainment of the target at $76.00 indicated in the previous report, if the upward pressure would persist, the next targets are located on $77.50 as first and at $78.50 as second. It's essential to note that, as our position is currently neutral, our trading system doesn't set any rebalancing level or stop loss. On the bearish side, the initial target is set at $75.00, followed by the second target at $73.90. In simpler terms, the market initially faced a downturn but has since shown signs of correction. Our position is currently delta neutral, with specific target levels for both bullish and bearish scenarios.
NYMEX:CL1!
by DeltaZeroProprietaryTrading
WTI Crude oil front expirationOverview: With the yesterday's sell off, the stochastic in oversold territory and in divergence as well as the RSI, we consider closed the corrective structure(ABC) on daily time frame. A technical rebound is likely, to bring the market in a trading range area between $74 and $80. Only a breakout of yesterday's low ($72.40) will change the daily's structure from a corrective ABC to a bearish impulsive 5 waves. Our strategy: Our current position' delta: +0.43 Bullish first target: $75.00 Bullish second target: $76.50 Mandatory rebalancing level / Stop loss: on breakout of $73.00 Bearish first target: $70.00/$69.80 Bearish second target: $67.00 See you all next update!
NYMEX:CL1!Long
by DeltaZeroProprietaryTrading
WTI bears eye a move down to $80Last week's swing trade to $90 worked out well, yet momentum ha since shifted lower. I noted in the recent COT report that managed funds and large speculators have been trimming long exposure in recent weeks, and that managed funds increased short exposure last week despite the slew of negative headlines surrounding the Middle East conflict. This also coincided with the two small bullish weekly candles, which appeared to be corrective on the weekly chart - and therfore suggests lower prices. A lower high has formed below $90 and momentum turned lower. As support has been found around the Jan/April highs, we suspect a bounce is due. And this could allow bears to fade into favourable prices below $87 - $87.50 on the assumption a breakdown is pending ahead of its move to $80. Should this be part of a larger decline, note that $75 and $70 are near the 100% and 138.2% Fibonacci projection levels on the daily chart.
NYMEX:CL1!Short
by CityIndex