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Wtioil

Bullish opportunity for oil might be on the horizon soonFor some time now, we held the view that the price of West Texas Intermediate crude oil would remain volatile, trapped within a wide range between $70 and $82. Then more recently, we stated that the oil price was likely to break below $70 as the U.S. administration sought to unload more crude oil from its Strategic Petroleum Reserves. Today, we would like to highlight (again) how the United States has continued to play a carefully calculated game in the oil market for the past two years. Between 7th January 2022 and 6th January 2023, the U.S. administration drained its crude oil in Strategic Petroleum Reserves (SPR) by approximately 221,8 million barrels (by 37% in the respected period), selling a significant portion of the stockpile at a relatively high price. By doing so, the administration put pressure on rising energy costs, which, combined with other factors, helped drive the price of WTI crude oil from nearly $130 per barrel on 8th March 2022 toward the $70 price tag in the first half of 2023. With the oil prices being down by approximately 45% from their 2022 highs and SPR being drawn by 39% from 7th January 2022 (up to date), the U.S. government is (unsurprisingly) changing its policy concerning Strategic Petroleum Reserves. Last week, U.S. Energy Secretary Jennifer Granholm notified the public that the Energy Department would begin refilling SPR as soon as next month. We think this process could make a good case for a temporary rebound in the oil price and thus bring an interesting opportunity to go long (though only for a very limited time) if the price falls below $70 again. Until then, however, we will stay on the sidelines and patiently wait. If the price drops below Support 1 at $69.44, we will reassess the situation and (potentially) start looking for attractive entry-level. Technical analysis Daily time frame = Neutral/Slightly bearish Weekly time frame = Neutral/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:USOILLong
by Tradersweekly
8
WTI OIL aiming for an UPSIDE reversal.WTI net buys has been steadily increasing this past few days -- conveying accumulation at the current discounted price range. WTI just touched 1.0 FIB LEVEL -- the most discounted price range you can get. Expect some notable bounce from the present levels. The 70.0 level is a strong solid support which has been tested many times in the last 6 months -- and price keeps bouncing off it. Weekly higher lows has been created signifying that the present price as the last base before the incoming series of ascend. Spotted at 72.0 TAYOR Safeguard capital always.
BLACKBULL:WTILong
by JSAL
WTI OIL Triangle closing decides the trend.WTI Oil (USOIL) has easily hit our short-term target (see chart below) and is now consolidating: This consolidation is being done within a Triangle pattern, which as we saw on Friday it remained valid despite the fact that the price broke marginally above it, as the 4H candle closed eventually back inside it. This suggests that the (currently neutral trend) will change only when we have a 4H candle closing outside of the Triangle. If that is above it, then we will buy and target within the 76.50 Resistance and the 4H MA200 at 75.50. If it closes to the downside, we will sell towards the Support and target 68.00. The fact that the 1D RSI is above its MA line, indicates that the bullish case is slightly favored. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
4
WTI REMAINS IN RANGECrude oil prices consolidate around 68 and 77 dollars per barrel, remaining below the heights of March and April. The risk of downside movement is fueled by the slow recovery of China and their slow demand increase, higher interest rates on demand and uncertainty around US economy. On the other hand, if the prices dip too low, the countries of OPEC+ will be fast to decrease the supply in order to mitigate further down movement. The price will most likely keep ranging between 68 and 77 dollars, but if it breaks the support, it might fall to 64, while if the resistance gets broken, the price might target levels of 83.50. 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
BLACKBULL:WTI
by legacyFXofficial
WTI BEARISH OUTLOOK CONTINUESThe weak trade and inflation data from China further casts doubt on the ability of fast economical recovery of the country after COVID. This puts a rench in OPEC's forecast that China will drive the demand for crude oil to record high. The technical indicators are also confirming the downtrend, with MACD histogram being below 0 and RSI under 50 neutral line. If this scenario continues, the price of the instrument might test levels of 64 and even 62. In the opposite scenario, the price might revert and test 77 point resistance. 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.
BLACKBULL:WTIShort
by legacyFXofficial
WTI CRUDE OIL: Rebound on Higher Lows expected. Target 4H MA200.WTI Crude Oil is trading around the 4H MA50, testing the harmonic HL trendline as on the previous bottom rebound on March 24th. The 4H technicals turned red (RSI = 39.049, MACD = -0.190, ADX = 28.123), which again is consistent with the March pullback. We are adding a new buy here, targeting the 4H MA200 (TP = 76.50). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
4
WTI breaks out ahead of US inflation dataWe suspect volatility may be on the quiet side with a US inflation report looming, but this provides the opportunity for markets to consolidate and traders plan trades. Should we see the pace of inflation to continue slowing, it could strengthen oil prices for two basic reasons. 1 - A weaker US dollar, as traders bring forward rate cut bets / solidifies bets of 5.25% peak rate 2 - Reduces the odds of a recession and increases oil demand expectations The softer inflation is, the stronger the bullish reaction for oil could be expected. - WTI futures closed above trend resistance following a bull-flag breakout, which was accompanied by positive-delta volume during the rally to recent highs. - Prices are now consolidating, but we'd welcome a pullback towards $73 to buy dips in anticipation of a breakout above $74. - Initial target is $76 (near the upper daily ADR band) - A move to (and beyond) $77 could be on the cards if we're treated to a weaker-than-expected inflation report - The bias remains bullish above $72.50
NYMEX:CL1!Long
by CityIndex
WTI OIL We will buy after a CPI pull backWTI Oil crossed over the Falling Resistance today and is establishing the price action over the MA50 (4h). On the previous bullish leg to Resistance (1), the price had one last pull back before extending the rise. Trading Plan: 1. Buy when the RSI (4h) gets 40.00 again. Targets: 1. 76.00 (the MA50 (4h)). Tips: 1. The ultimate long term Resistance is the MA200 (1d), which last time rejected Oil at 83.50. Right now is at 81.00 and declining. Please like, follow and comment!! Notes: Past trading plan:
TVC:USOILLong
by TradingBrokersView
9
USOIL 2/MAY/2023It is anticipated that the Federal Reserve, which is responsible for managing the US's monetary policy, will raise interest rates again. This could potentially cause the US economy to slow down and enter a recession later this year. In recent weeks, concerns about a banking crisis have affected the oil market. The US government took over First Republic Bank, and JPMorgan purchased most of its assets, causing alarm as three other US banks have previously collapsed: Signature Bank, Silvergate Bank, and Silicon Valley Bank. If more banks encounter difficulties, it may lead to a banking crisis that could cause a recession and a decrease in oil demand. Additionally, voluntary production cuts of about 1.16 million barrels per day by OPEC+ countries, including Russia, will take effect in May, impacting oil prices. On a positive note, the US's manufacturing industry is improving, and with rising demand and employment, this has slightly boosted oil prices.
TVC:USOILShort
by DNP-FX
2
WTI OIL Channel Down extended selling to 72.50.Perfect execution of our plan last Monday for WTI Oil (USOIL) as the price initially rebounded to the 4H MA50 (blue trend-line), got rejected and hit our 74.00 target: That is the top of the Pivot Zone that started back in mid-December. We are now expecting a (near) test of the 1D MA50 (red trend-line) as a Resistance to see if we'll get the rejection for bearish continuation as it happened on April 25. Our short-term target in this case is 72.50, the bottom of the Pivot Zone. All this is part of course to our long-term trading plan: ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
WTI OIL Filling the downside gap but short-term rebound.The WTI Oil (USOIL) got, as we expected, heavily rejected on the 1D MA200 (orange trend-line), starting to fill the gap of March: Our next target is 74.00, just above the Pivot Zone, but on the short-term, with the 4H RSI rebounding after getting oversold (has given a 100% buy signal short-term in the past 4 months), we expect a rise towards the 4H MA50 (blue trend-line) for rejection. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
2
WTI OIL Broke below the 4H MA50. Sell confirmed.WTI OIL (USOIL) broke yesterday below its 4H MA50 (blue trend-line) and today upon re-testing it as a Resistance, it is currently being rejected. This is a major sell signal as since December 2022 inside the Resistance Zone, every such break-out was a confirmed sell. All prior 5 cases hit the Support Zone shortly after. Even an oversold 4H RSI doesn't mean a bottom will be formed. As a result we are confident to keep our medium-term sells (opened last week after the price got rejected on the 1D MA200 (red trend-line)) and target 74.00. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYMEX:CL1!Short
by TradingShot
3
WTI OIL on a triple Resistance test! Get ready for a big move.WTI Oil (USOIL) has gone a long way since our buy call a month ago, that not only did it hit its target but smashed through the Jan Lower Highs and the 1D MA100: The critical development of the week is that it hit the 1D MA200 (orange trend-line) for the first time since August 30 2022. Naturally that alone constitutes big news as along with the 83.35 High of December 01 and the top (Lower Highs trend-line) if the 8-month Channel Down, form a Triple Resistance Cluster. In our opinion, as long as the price is inside the Channel Down, we have a huge long-term sell opportunity, with Target 1 being on the 1D MA50 (blue trend-line) at 76.50. If on the other hand breaks above the Channel Down, we will hedge buy on the short-term and target the 1W MA50 (red trend-line) at 88.00, which is untouched since October 10. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
4
WTI falters around $70Oil prices fell to a 15-month low as investors fretted over the potential for a financial meltdown. Whilst that is yet to fully materialise (or if it does at all), investors remain a little on edge - with news of the latest Hindenburg report accusing Block (SQ) of fraudulent activity not likely to quell fears. WTI has manged to lift itself from its 15-month lows, yet volumes declined over this period to suggest the move was corrective. A bearish Pinbar also formed, which not only failed to test the $72.46 breakout level but also closed back below $70 and the December low. Also note that a bullish hammer has formed on the US dollar index (DXY). - We're now waiting for a break of Wednesday's low to assume bearish continuation, with target zones made up of Fibonacci expansions and round numbers residing around $65 and $60 in focus. - The bias remains bearish below $72.46, although yesterday's high can also be used if a tighter approach to risk management is preferred.
NYMEX:CL1!Short
by CityIndex
WTI CRUDE OIL: Best Sell inside the 4 month Resistance ZoneWTI Crude Oil reached the R1 Zone following OPEC, while getting very close to the top of the multimonth Channel Down. The technicals on the 4H time frame got overbought but have dropped below the barrier since (RSI = 68.376, MACD = 20.40, ADX = 40.224) indicating the first signs of sell bias. The Sell trigger perhaps can be given when the RSI crosses under the HL trend line. The previous crosses over the LH trend lines, were trend reversals. Also we just formed a 4H Golden Cross and for the past year, that formation has emerged near market peaks. As a result we now turn bearish on WTI and target the 0.786 Fibonacci (TP = 69.00). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILShort
by InvestingScope
1
WTI OIL Near a long-term ResistanceWTI Oil (USOIL) hit our medium-term target last week but following OPEC's cuts, it opened with a big gap up on Monday: In order to more effectively understand the market dynamics after this move, it is best to view Oil on the 1W time-frame where we see all key characteristics of this move. First the rebound 2 weeks ago started after the price tested the 1W MA200 (orange trend-line) for the first time since February 01 2021. The price closed back above it and the rebound landed us to where we are now. This is just shy off Resistance Zone 1, which is holding since November 2022. This calls for the most optimal sell opportunity on a quarterly basis, targeting again the 1W MA200 and the 2 year Support Zone at 63.00. However with the 1W RSI on Higher Lows i.e. a Bullish Divergence against the candles' Lower Lows, we have to consider the probability of a potential bullish break-out. Since the 1W MA50 was a long-term Support turned into Resistance that hasn't allowed a 1W candle close above its since November 2022, we are willing to buy only if we close above it. The target on that occasion will be 93.00 (Resistance 2). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
1
USOUSD (Crude Oil) Daily: 02/04/2023: Bull or Bear?! As you can see, after the downward movement, the price started correction around 64$. Well now, the crude oil price is on an important level. It is daily resistance, the price is near 0.705 Fibo. level (Optimal trading level) and some other reason that can pull the price down. On the other side, The momentum of this correction was high that it may cause the price to reach higher levels and then fall. I must point out that the demand zone specified in the chart is strong and can temporarily keep the price above this range, and if not much selling power enters the market, the price may break the supply zone. Overall, I see this chart as bearish and believe that the price will fall from here or from the supply zone. 💡Wait for the update! 🗓️02/04/2023 🔎 DYOR 💌It is my honor to share your comments with me💌
FX:USOILSPOTShort
by VahidTradingCR
1
WTI CRUDE OIL Target hit. Now prepare for the top.WTI Crude Oil hit the MA200 (4h) today for the first time since March 9th. We got our target hit from buying at the bottom (chart in the end of analysis) and now we are switching to selling as the price is closer to the top of the 3-month Channel Down pattern. Trading Plan: 1. Sell on the current market price as the price completed a +16% rise, matching the strongest rally so far this year. Targets: 1. 67.00 (Support 1). Tips: 1. The RSI (4h) is forming the very same peak pattern as all previous tops since December. Similar to the bottom formation when we started buying. Please like, follow and comment!! Notes: This is a continuation of this trading plan:
TVC:USOILShort
by TradingBrokersView
15
WTI CRUDE OIL: One High left before new selling pressure.The WTI Crude Oil is being currently rejected on the 4H MA200 but with 4H technicals naturally bullish still (RSI = 61.154, MACD = 1.320, ADX = 61.771). This is due to the strong 9 day rally since the price made a bottom on the LL trendline of the Channel Down of December. The 4H RSI also got rejected on the 70.000 overbought level and 5 times out of 6 within this Channel Down, this was an indication that we are either at the top or the last High before the top (LH trendline of the Channel Down). The last three tops were priced on the 1D MA100. We give slightly higher probabilities of this happening again. Sell this and TP = 67.00 (S1). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILShort
by InvestingScope
1