WTI ANALYSIS after change of charatcter we will see a retracement of the price to fill FVG '' FareValueGAp'' and retest ob ''order block'' after we will see a continuation to wards supply zone
Wtiusd
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.
🚨 WTI HIGH PROBABILITY SELL SETUP SOON 🚨🚨 WTI HIGH PROBABILITY SELL SETUP SOON 🚨
* Here we can see clearly the next potential moves for West Texas Intermediate Crude Oil, in coming days or week.
* Im thinking there might be a Down Trend Move happening FIRST to form the Inverse Head & Shoulder Reversal Pattern before the Huge Bullish Move to Up Trend.
* I've labelled where i can see the Inverse Head & Shoulder that MIGHT happen or not.
* I've got Multiple SELL trades to look at.
* First SELL position is going to be a quick SCALPING move to execute.
* EP(SELL): 70.263
* TP: 69.910
* No SL provided for this trade, use your own discretion.
* Nest EP(SELL) is for the Next potential Big Drop to form the Shoulder.
* EP(SELL): 69.623
* TP: 68.951
* TP2: 68.016.
* No SL provided for this trade, use your own discretion.
* Keep your eye close on your trading positions.
* Happy pip hunting traders.
* FXKILLA *
Target reached! Crude Oil ReviewPrice bounced strongly above the 67.31 support level towards our take profit target - but how did we do it?
Join Desmond in this analysis review where he covers the reason why this setup worked nicely.
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WTI sideways opportunity 12June2023WTI OIL
Is there an opportunity?
looking at the market structure in the last few weeks there has been a sideways with a fairly high distance.
#USOIL #OOTT UpdateI had to delete the previous chart as the price quickly knocked out my previous idea )). Nevertherless, I think wave [ x] just finished (A)(B)(C) flat and the price is ready for rallying again.
WTI Crude Oil Sell TP = 42.67On the weekly chart, the trend started on March 13, 2022 (linear regression channel).
There is a high probability of profit, since the channel is not yet closed. A possible take profit level is 42.67 ( this is the minimum take profit value, but it has a high percentage of payoff ).
But don't forget about SL = 98 .
Using a trailing stop is also a good idea!
Please leave your feedback, your opinion. I am very interested in it. Thank you!
Good luck!
Regards, WeBelieveInTrading
USOIL Short ideaI think oil is going to check sp line again. The last oil analysis went so well and it's still down trend.
wti_analysisBuying oil with a good risk and reward
At the moment, the oil trend is tense and full of risk. Act with caution
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.
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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.
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WTI double bottom touch point on 4H, ascend on queue...OIL just created a double bottom touch point on 4H data -- conveying a strong order block support at the current levels.
It is currently attempting to reverse to the upside, and may retest its previous peak at 80 levels soon.
Accumulation at the current price has started and a 4H higher lows has been created -- suggesting a shifting trend.
Spotted at 74.00
TAYOR.
USOIL Short ideaUSOIL Short idea
- Still down trend
- i think pitchforks sp line and latest support is gonna be resistance
USOil | New perspective for the week | Follow-up detailOil prices did not advance beyond the surge to the $81.20 level, which came on the back of the announcement that the world’s largest oil producers will collude to cut a further 1.7 million barrels from the daily output. The inability of prices to go any higher could not be unconnected to some of the larger economic worries in the market. Hence, throughout the course of last week's trade, we witnessed price action traded within the $81.20 and $79.50 zone. From a technical standpoint, we have no choice but to remain patient for either a breakout or a breakdown of the channel for trading opportunities in the coming week.
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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.
WTI breaks out of consolidation, $90 up next?WTI broke out of consolidation and closed above its 200-day EMA and resistance zone. The OBV (on balance indicator) confirmed the breakout with a move to a new cycle high, and volumes (whilst below average) are turning higher to show buyers stepping back in.
Furthermore, we saw a gap ahead of the consolidation above HKEX:79 , although using classic definitions it doesn't quite fit into 'breakaway' or 'runaway' gap category. Regardless, we've seen a 30% rally from the March low with a gap along the way, OPEC+ cut oil production, and the trend points higher.
With that said, the 200-day MA is capping as resistance, so bulls may want to wait for a break (or daily close) above the level. But overall, the risks appear skewed to the upside.
- The bias remains bullish above 79 and an initial move to 90, then the 93.60 highs
- Wednesday's low could be used for tighter risk management
USOil | New perspective for the week | Follow-up detailThe OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day hereby bringing the total volume of cuts by OPEC+ members to 3.66 million bpd according to Reuters calculations - a whopping 3.7% of the global oil demand. The latest reductions have a strong potential of lifting oil prices to new highs. In this video, we looked out for the possibility of taking advantage of any potential move in either direction.
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.
WTI DAILYWill we see Crude go back into the $100 only time will tell based on the analytical data it shows that market trends are off by a few dollars but we can only guess that it will have to stabilize once we get our reserves replenished and who knows when that will be...
Banking markets have alot of say when it comes to capex dollars being loaned out by producers.
breakdown analysis petroldear traders petrol in down side deep trend has last week so we should be careful with this market it is not easy to take the chance if you re not eligible to respect the zones it all in my chart the instruction is very clear trade safe traders
good luck
Energy Fundamental + Technical Macroeconomic Update | 3.14.23WTI Crude Futures Rebound, Brent Crude Futures Rise
On Wednesday, Brent crude futures rose above $78 per barrel, rebounding from three-month lows as OPEC raised its forecast for Chinese oil demand growth in 2023 due to the country's exit from the zero-Covid policy. However, the group left its outlook for global demand unchanged, citing potential downside risks for global growth. On the supply side, Saudi Arabia's energy minister confirmed that OPEC+ would continue with production cuts agreed upon in October until the end of the year. Meanwhile, the international oil benchmark remained down by more than 5% this week due to the turmoil in the US banking sector and the prospect of another interest rate hike from the Federal Reserve.
Heating Oil Futures Fall
Heating oil futures extended losses and were priced at around $2.7 per gallon, approaching their lowest point since February 2022. This was due to weak domestic demand and concerns about a recession caused by the Fed. The unusually warm winter season significantly reduced demand and increased supply. According to the latest EIA data, distillate stockpiles, including diesel and heating oil, rose by 0.138 million barrels in the week ending March 3rd, while analysts predicted a decrease of 1.038 million barrels.
Gasoline Futures Dip
Gasoline futures fell below $2.6 per gallon, slipping further from an over one-month high of $2.8 reached last week. This was due to overall weakness in energy markets and persistent concerns about low domestic demand, exacerbated by the failure of SVB and the closure of Signature Bank. Despite this, the upcoming peak demand season for gasoline and increased demand from China could lead to higher gasoline prices in the medium term. OPEC's reluctance to raise production should also keep a floor under the cost. According to the latest EIA report, US gasoline stocks fell by 1.134 million barrels in the week ending March 3rd, 2023.
Gold Prices Unchanged
Gold prices remained steady at around $1908 an ounce on Tuesday, near high levels not seen since early February. Investors are digesting the latest US CPI report and adjusting their monetary tightening expectations. Concerns regarding the collapse of SVB and Signature Bank, and news that Credit Suisse found "material weaknesses" in its reporting, continue to raise fears of contagion to other banks, leading to a risk-off mood. The inflation rate in the US slowed as expected, but the core monthly rate accelerated, indicating that inflationary pressures remain elevated. Most investors now expect a 25bps rate hike from the Fed next week, while the ECB is expected to raise rates by either 25bps or 50bps.
WTI bearish breakout coming soon?We're seeing an ascending support line hold prices just above the 72.72 support level. If price were to break this support level along with the ascending support line, we could see a big drop to major multi-swing low support at 61.97.
It's worth noting that there's a bearish ichimoku cloud that is pushing prices lower too with its bearish momentum.
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USOil | New perspective for the week | Follow-up detailFollowing the reversal of Covid-19 policy — the Chinese manufacturing sector posted its biggest improvement in more than a decade last month, service/activity is climbing and the housing market is stabilizing. Economists speculate that the reopening may see Chinese oil consumption hit a record high this year and It was indeed a positive week for the oil commodity with data showing demand figures hitting a record 101.9 million barrels per day this year. In this video, we highlighted from a technical standpoint trading opportunities for the incoming week.
00:50 Reference to last week's daily commentaries and results
04:25 USOil Technical analysis on Daily chart
07:40 USOil Technical analysis on 4H Timeframe against next week
08:44 Conclusion on next week's expectation for the USOil
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.
Short crude oil when reboundingBecause the market is vigilant about frequent and more substantial interest rate increases by the Federal Reserve, concerns about the global recession have increased, and the global stock market has generally weakened, which has dragged down oil prices.
On the daily chart, oil prices continued to weaken in the short term, and fell back after the rebound in the previous trading day was blocked, suggesting strong selling pressure above.From the technical structure point of view, oil prices have still been in a wide fluctuation trend in recent months, and at the same time, they have also formed a short-term wedge-shaped consolidation trend to make a transitional market before the direction is chosen.The current support and strong support for oil prices are the 74.3 line on the wedge-shaped extension cord and the 72.3 line on the extension cord of the shock box below. The resistance above the short period is at the 76.5 line, and the stronger resistance is at the 77.6 line at the intersection of the short-period moving average and the Bollinger band.
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