WTI 4H Hey Guys
I think the downtrend will continue until the target area, any rise to the target area is temporary and on the way down!
I look forward to your questions or comments!
thanks
11/10/2022
DYOR
Wtioil
WTI CRUDE OIL SEEM SELL CORRECTION THEN BUY....
Hello Traders, here is the full analysis for this pair,
let me know in the comment section below if you have any questions,
the entry will be taken only if all rules of the strategies will be
satisfied. I suggest you keep this pair on your watch list and see if
the rules of your strategy are satisfied.
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WTI OIL Near the top of the 4 month Channel Down.The WTI Oil (USOIL) rebounded on its 4H MA200 (orange trend-line) yesterday and is once again near the top (Lower Highs trend-line) of the long-term Channel Down pattern that started at the end of June.
On the short-term, it has been trading within a Channel Up (dashed lines) since the October 18 Low. Naturally, the Higher Lows on the 4H RSI draw comparisons with the August 30 - September 20 fractal, which formed a Channel Down and eventually bottomed around the 1W MA100 (yellow trend-line).
Our trading plan involves break-outs. A 1D closing above the top (Lower Highs trend-line) of the Channel Down, targets the 1D MA100 (red trend-line) on the short-term, also inside the August Resistance Zone. On the longer term, the upper Fibonacci retracement levels can be targeted once the previous breaks.
If the price breaks below the 4H MA200, a short-term Channel Down similar to that of mid September (blue) can be materialized and target the 1W MA100 again.
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USOil | New perspective for the week | Follow-up detailThe OPEC+ production cut from two weeks ago is yet to reflect the anticipated consequence in the market as price action appears to be completing the retracement of the previous impulse leg that started a couple of weeks ago. A breakout of the $86 mark this week will be a signal for me to buy the USOil.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
CRUDE OIL EXPECTED RALLYRising US crude exports, indicator for increased demand, and weakening of the dollar helped for a price surge of WTI, which broke and close above the 12 days formed resistance on the 4H graph.
The technical indicators are also suggesting a bullish movement, with MACD histogram above 0 line and rising and RSI above 50 neutral line.
If this movement continues, the price of the instrument might try to reach levels of 93.8, but in the opposite scenario the price might test its previous support at 82.7
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
WTI OIL Short-term breakout levels and one long-term to considerWTI Oil (USOIL) broke today above its 4H MA50 (blue trend-line) after three consecutive rejections and is going for the 1D MA50 (green trend-line) test where it was rejected on October 20. A break above it would be a short-term bullish break-out signal, targeting the top (Lower Highs trend-line) of the Channel Down pattern that the commodity has been trading in since June 29 (rough estimate 90.00).
Remember that this is the very same Channel Down that helped us take an accurate sell position 2 weeks ago as shown on the chart below:
If however the price breaks below the (dashed) Higher Lows trend-line, we will take it as a break-out sell signal, initially targeting the middle (dotted line) of the Channel Down, which is where the crucial 1W MA100 (yellow trend-line) is and then the September 25 Low (76.20) in extension (but only if the 1W candle closes below the 1W MA100).
Keep in mind that the only level we can buy comfortably on is upon a break above the 1D MA100 (red trend-line), which has been unbroken since July 05. That would target 105.00 initially.
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USOIL - WTI Crude Oil - 1Y Chart ReviewToday you can review the technical analysis idea on a 1Y linear scale chart for WTI Crude Oil (USOIL).
The chart shows the price has been moving in a descending channel with the current year (2022) looking similar to 2008. Using the Fibonacci Retracement tool, I estimated the price reviewing the next 6 years showing similarities to the price from 2008-2014. It's important to keep in mind that MACD possible bullish cross may be coming next year as well as upward momentum in the Stochastic RSI. RSI also has room for growth. Prior to the price moving higher, I believe that the price will come down lower sometime next year before moving higher very quickly. This may fall in line with the "recession" and economic challenges the global economy is facing.
As always, this is a prediction with a great deal of possibilities to come as well as my opinions and knowledge included in the chart. Anything is likely at this point!
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #millionaireeconomics
WTI: StretchingWTI is done recovering and has finished wave b in blue. Already, it is stretching upwards, striving to work on our primary scenario. We expect the marker crude to climb above the resistance at $97.66 and into the turquoise zone between $99.97 and $113.53, where it should complete wave b in turquoise. After this feat, WTI should relax once more and fall into the green zone between $70.12 and $35.77 to conclude the overarching downwards movement. There is a 35% chance, though, that WTI could tackle this task directly, dropping below the support at $76.25 earlier already.
Oil Short Term Buy IdeaW1 - Price has reached a key support zone and is bouncing higher.
Bullish hidden divergence.
H4 - Currently it looks like a correction is happening.
Bullish divergence.
Until the two strong support zones hold my short term view remains bullish here.
OPEC+ vs. the US: Who will succeed to control Oil Prices ?Technicals:
- Potential Reversal from 4H Order Block to the upside or
- Downtrend continuation to the next 4H Order Block (Price Range: $ 78 - $ 76)
Fundamentals:
- OPEC+ Production cut announcement (5-10-2022) >> Will push price higher if successful
- US-led efforts to ease supply crunch. >> Downtrend to continue to Price Range: $ 78 - $ 76 if successful
OPEC+ vs. the US: Who Controls Oil Prices?
The directional bias of oil prices in the coming weeks will be determined by the fundamental impact of the US vs OPEC+
WTI OIL broke below the 4H MA200. Bearish confirmation.This is an update to our WTI Oil (USOIL) post published last week, as our sell signal was confirmed:
The price broke below both the (dashed) Higher Lows trend-line and the 4H MA200 (orange trend-line) and following the Rejection on the August Resistance Zone and the pricing of the new Lower High on the Channel Down since June, we can now expect at least a test of the previous Low at 76.30. A break above the 4H MA50 (blue trend-line) shouldn't invalidate that.
In our opinion technically only a 1D candle closing above the August Resistance Zone will be a bullish break-out signal (aimed at the 0.786 Fib), which now will be a break above both the 1D MA100 (red trend-line) and the 0.5 Fibonacci retracement level. We can start considering booking the sell and instead open a lower buy position when the 4H RSI breaks into its multi-month Support Zone. As you see, such RSI rebounds have always hit the 4H MA50 at least.
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As the price broke above the downtrend and retested with a HummeAs the price broke above the downtrend and retested with a Hummer candle
WTI OIL Sell Signal and invalidation levelFollowing our break-out buy signal last week, the WTI Oil (USOIL) has entered a Resistance Zone, which since the start of August has rejected the price every time with the temporary exception of 1 day (29-30 Aug):
Eventually the Channel Down turned out to be wider. The price is now pulling back since hitting the August Resistance Zone and the 4H RSI has been emphatically rejected much lower than we'd normally expect. This shows how overbought the price was during that 2 week bullish stretch. Despite the imminent formation of a Bullish Cross (MA50 crossing above the MA200), it is best to wait for a confirmed break-out before entering again.
In our opinion a sell break-out will be when the (dashed) Higher Lows trend-line breaks, which will be a breach of the 4H MA50 (blue trend-line) as well, targeting the September Low.
A buy break-out won't be above the Resistance Zone or the top of the Channel Down but above the 1D MA100 (red trend-line), which has been untouched since July 05 2022, in which case we can target the 0.786 Fibonacci retracement level.
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WTI continues to defy the strong dollarWTI has been one of the few markets to stand up to recent dollar strength, with prices rising over 16% last week alone.
A strong bullish trend has developed on the 1-hour WTI chart. The 20 and 50-bar EMA’s have provided dynamic support throughout the trend and may provide bullish opportunities with a pullback towards them. The 20-bar EMA is near the daily pivot point and the 50-bar is near the $90 handle and daily 1 pivot. The next area for bulls to consider is around $94 or the daily R1 pivot.
WTI Oil Aiming for +99$Hello Traders
This week oil price jumped almost +12.5$ from the opening price on Monday and ended in a big green weekly candle.
2 major factors affected Oil prices:
1- OPEC has reduced its production limit.
2- Cold seasons started in Europe and demand for energies such as oil has soared.
Technically:
1- Price has broken a falling wedge pattern.
2- Price has made a big green weekly candle.
3- Also the price has made a local higher high indicating a reversal in trend.
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Thanks For Reading
Team Fortuna
-RC
(Disclaimer: Published ideas and other Contents on this page are for educational purposes and do not include a financial recommendation. Trading is Risky, so before any action do your research.)
OIL oil has been on a tear despite dollar strength right now theres some things going on with opec and siding with russia that may be pushing it up since they rasied the prices on usa
either way this bad boy not stopping if we get a close above this level we pushing towards that 96$ handle soon
WTI OIL Bullish break-out on the short-termThe WTI OIL (CL1! used on this analysis), broke today above the Internal Lower Highs trend-line that started on the last Lower High (August 30) of the long-term Channel Down pattern. By doing so, the price turned the 4H MA50 (blue trend-line) into a Support and technically targets the 4H MA200 (orange trend-line) as it did on September 14.
At the same time, it invalidated a Bearish Cross on the 4H MACD. A similar pattern has been on August 22, when the price again broke aggressively above the 4H MA50 after having plunged below it. That leg also hit the 4H MA200. However, the rise may be less than expected if it replicates the August 10 break-out, which was contained on the 0.5 Fibonacci level, which is where we are at now. You may consider closing then if we close below the 4H MA50.
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WTI USOil Technical Analysis and Trade IdeaTaking a look at WTI USOil at the moment. In the video we discussed key levels of support and resistance, the trend, and potential trade opportunity. As always everything explain in the video, not financial advice.
USOIL 3rd OCTOBER 2022 - COMBINATION STRATEGYUSOIL Combination strategy with a Trendline, Unfilled Order (UFO) and Psychological level.
Trend is a movement that shows where the market is moving. The term "trend" in everyday life is often used to express a situation, where something is in vogue or is gaining public attention.
As you know, a trendline is a tool that can be used to recognize the direction of a trend. Therefore, a trendline can serve as both Support (in an uptrend) and Resistance (in a downtrend). Trend line, Its function as a technical tool does not need to be doubted. Besides being able to help identify trends, this tool can also be used to find entry points. In looking for entry points, you can use bounce and breakout opportunities. remember "the trend is your friend". Believe it or not, in forex trading, the trendline is one of the friends that can help you to follow the direction where the market is moving.
This trend movement forms a series of sequential waves with the following levels:
Peak (High/H),
Higher peak (Higher High / HH)
Lower peak (Lower High / LH )
Valley (Low/L)
higher valley (Higher Low / HL )
Lower valley (Lower Low / LL)
By knowing the support and resistance levels, a trader can minimize risks and maximize profits. During a downtrend, a trendline can serve as resistance. But conversely, during an uptrend, the trendline can function as support. In finance market, a psychological level, is a price level in technical analysis that significantly influences the price of the underlying security, commodity or derivative. Usually, the number is something "easy to remember," like a number that is rounded up.
Meanwhile, Unfilled order is a shipment of orders that have not been fulfilled and inventory reported by domestic manufacturing companies. historically it can be seen that the balance between buyers and sellers is broken due to high volatility.
for example in the case of US30 23rd AUGUST 2022
WTI SHORT TERM RECOVERYWTI recovered some of its loses yesterday after expectations of supply slow-down due to the hurricane in the Gulf of Mexico. But the continuous straightening of the US dollar and the expectations of continuing slow-down of Chinese economy might decrease the demand of crude oil. This will probably put further pressure on the crude oil price. Bearish traders might take advantage of this scenario by waiting a bit for WTI to reach more favorable levels and enter into positions.
Although technical indicators on the 1H graph show "Buy" signals, on the 4H and the daily graph the indicators are still bearish, with MACD histogram below 0 line and RSI below 50 neutral line. This might indicate that the recovery is temporary and the bearish move has not finished, but just slowed down.
If bearish trend continues the price might test levels of 72 USD, but if the trend makes a more permanent reverse, it might test its previous high at 86 USD.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
