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WTI OIL (USOIL) Technical AnalysisUpon examining the WTI (West Texas Intermediate) crude oil chart, we observe a robust bullish trend, accompanied by a retracement to the 78.6% Fibonacci level. This significant pullback warrants attention, as price action appears poised for a deeper correction. In our analysis, we consider historical price swings, taking into account seasonality patterns from previous years at the same time. By doing so, we explore the likelihood that institutional players may be positioning themselves to drive prices lower, targeting liquidity zones below previous support levels. Additionally, an imbalance is evident on the 4-hour timeframe. Disclaimer: This technical analysis serves as an opinion and should not be construed as financial advice. Traders and investors should conduct their due diligence and seek professional counsel before making any trading decisions.
TVC:USOIL
by fxtraderanthony
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 to find buyers at market?WTICOUSD - 24h expiry Previous resistance level of 75.34 broken. Intraday, and we are between bespoke support and resistance 73.51-77.10. The sequence for trading is higher highs and lows. There is scope for mild selling at the open but losses should be limited. The medium term bias remains bullish. We look to Buy at 75.00 (stop at 74.20) Our profit targets will be 77.00 and 77.40 Resistance: 76.14 / 77.10 / 77.75 Support: 74.95 / 73.51 / 72.41 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
OANDA:WTICOUSDLong
by OANDA
WTI Long Trading SignalIsrael-Hamas Conflict Fuels Uncertainty in Crude Market. Oil prices rise amid Israel-Hamas conflict, with risks of surpassing $100 and potential U.S. sanctions on Iran adding to market volatility. 1. The price closed above the Trend Magic Indicator line. Strong long signal. 2. Vortex will cross and indicates strong uptrend signal. SL - below the Trend Magic Indicator line or Vortex indicator change trend direction signal TP- 94.90 Keep It Simple and Always Trade With the Trend! Please, Support Our Work with Like & Comment! Thank You!
OANDA:WTICOUSDLong
by ForexWithTsanev
The Price of WTI Oil Falls to August MinimumAs the chart shows, US Crude Oil fell below USD 78 yesterday for the first time since July 25. This was facilitated by: → fears of a crisis that could follow from the collapse of the Chinese property developer Evergrande; → alarming PMI data from different economies. Japan reported a contraction in manufacturing activity for the third month in a row. Business activity in the euro area also fell more than expected, especially in Germany. Business activity in the US in August approached the point of stagnation, while growth was the weakest since February. Bullish arguments: → The market has been bullish since July. And the current rollback from the top of July is just a correction. → The price of WTI Crude may find support from the lower border of the rising channel, as well as from the level of USD 78.50, from which the price has already formed bullish reversals in August. → The level of USD 74 looks like a reliable support. Bearish arguments: → The USD 83 level has served as strong resistance throughout the year. This may be due to the fact that increasing the price above is not beneficial for governments and central banks that are fighting inflation. → A candle with a long upper shadow on August 21 (followed by 2 more bearish candles) indicates bearish activity. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen
WTI UpdateThe price appears to bounce back as expected, with OPEC+ output curbs finally biting. Russia announced a voluntary decrease of 500 kbd that will remain through the end of August. The technical context entails an acceleration in wave [ 3] of iii. Most ElliottWave traders aim for a third of the third when the price moves a considerable distance with no noticeable pullback. I don't have any alternative options now, but given how difficult it was to pick the bottom, I won't celebrate until the end of the move. The larger picture stays unchanged. Either a triangle as wave Y of (X) that will last until the end of 2023 or a more sharp rally as wave C of (X) (black labels). I'll reiterate that waves wxy of (b) and [ w] [ x] [ y] of wave ii are a little complex, which is typically a bad sign. However, I'm struggling to come up with an immediate bearish scenario.
TVC:USOIL
by Fomenka