CL-OIL trade ideas
Oil Predictions And Strategy | Exciting Markets This WeekOil has stuck within a range, slanting to the down side for a considerable period.
This has brought rise to the continuous long(ing) of the same area and consistent gains for many.
Here's my levels going forward/insight on making it as risk averse as possible.
US OILIt appears that US oil has completed its 5th wave, and with the bullish divergence, I anticipate a pullback towards the target indicated on the chart, which will also fill the gap. Please note that this is not financial advice or a trading signal—just sharing my personal analysis and ideas.
USOIL - reached at resistance? holds or not??#USOIL... market just reached near to his resistance area that is yesterday high, keep close that because if market hold it then you can expect drop from here.
that can be swing high if holds.
stay sharp.
good luck
trade wisely
WTI affects the Middle East and storms in the USOil prices were volatile but posted a second straight weekly gain last week as investors weighed potential supply disruptions in the Middle East and the impact of Hurricane Milton on fuel demand in Florida.
The price of West Texas Intermediate (WTI) crude oil for November delivery on the New York Mercantile Exchange decreased to 75.56 USD/barrel.
Although US President Joe Biden has advised against attacking energy facilities in OPEC's third largest producer, the possibility of prolonging the conflict in the Middle East and there are increasing signs of this spreading will make the market nervous.
Unrest in the Middle East has increased price volatility and prompted hedge funds to increase their net long positions.
At the same time, a statement from the US Treasury Department said that in response to Iran launching ballistic missiles towards Israel on October 1, the US is expanding sanctions on the oil and chemical industry. Iranian oil.
Hurricane Milton swept through Florida and into the Atlantic last Thursday, killing at least 10 people and leaving millions without power, putting pressure on prices.
Nearly a quarter of Florida's 7,912 gas stations were without fuel as of last Wednesday morning, as drivers stocked up on gas earlier this past week ahead of the storm.
Florida is the third largest gasoline consuming state in the US, but the state has no refineries and therefore must rely on imports.
On the daily chart, TVC:USOIL slight correction after recovery and limited by the 0.50% Fibonacci retracement level.
Up to now, WTI crude oil still has technical price increasing conditions with the main trend from the price channel, main support from EMA21. The confluence of the lower edge of the price channel and the 0.382% Fibonacci retracement level is the closest current support for WTI crude oil on the daily chart.
If WTI crude oil breaks above the 0.50% Fibonacci level, it will have conditions to continue rising with the target level then being around 79.03USD.
As long as WTI crude oil remains above the EMA21, it remains technically bullish in the short term, and the highlights are listed below.
Support: 73.77 – 72.39USD
Resistance: 76.40 – 76.84USD
Hellena | Oil (4H): Short to support area at 67 (Wave "3").Dear colleagues, I believe that at the moment we have a great opportunity to find an entry into a short position that will bring us many pips.
The fact is that the wave “2” of the middle order is completed, which means that the wave “3” of the higher order continues the downward movement in the wave “3” of the middle order.
I expect the price to rise a bit more to the 78 level, then I expect the price to drop to the 67 level. It will not be a quick drop, but we will be able to go short several times.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
CRUDE OIL (WTI) Classic Gap Opening Trade
I see a nice example of a gap down opening on WTI Crude Oil.
As always, there is a high chance that the gap will be filled.
I already see some sign of strength of the buyers:
a double bottom pattern on 30 minutes time frame.
I think that the price will reach 75.3 level soon.
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oil tradeafter last weeks doji candle we can expect the weekly high to be taken out any pull backs to the 61 fib are a buy its clear price forming a triangle formation we can expect multiple fake outs before the real move looking for sells we have to think we are not interested untill it takes out weekly high we could potentially see another week of a doji candle so we look to sell at the top of the weekly candle or we buy on the pull bk
USOIL 10/14/24 - 10/18/24💡
🔍 5hr time frame: USOIL is currently under the 10/20emas. Price needs time to show conviction above the 10/20emas.
Bias: Neutral, waiting on the sidelines till we show conviction.
USOIL LONGIn USOIL today, the price is likely to rise in the quasimodo zone due to the reaction from the doublemaru zone on the H4 timeframe. Seen in the LTF, the quasimodo area is clearly visible. Pay attention to the price reaction when moving towards the zone. If there is a reaction, Buy can be taken
USOIL ShortIn USOIL there has been a reaction in the Daily result of the doublemaru zone in the past. then the zone has also reacted engulfing. When viewed in the lower timeframe, a quasimodo sell pattern is formed and the current price is already running.
#USOIL 4HUSOIL 4H Analysis:
Currently, USOIL is forming a rising wedge pattern on the 4-hour chart. This is a bearish reversal pattern, typically indicating that the bullish momentum is weakening.
Forecast:
-Buy: You can consider buying as long as the price remains within the wedge pattern, riding the upward movement.
-Sell: However, if the price breaks down from the lower trendline of the wedge, this would confirm a bearish breakout. A sell position should be considered after this breakdown, as a significant downside move could follow.
USOIL Massive Short! SELL!
My dear followers,
This is my opinion on the USOIL next move:
The asset is approaching an important pivot point 75.44
Bias - Bearish
Safe Stop Loss - 77.07
Technical Indicators: Supper Trend generates a clear short signal while Pivot Point HL is currently determining the overall Bearish trend of the market.
Goal - 72.67
About Used Indicators:
For more efficient signals, super-trend is used in combination with other indicators like Pivot Points.
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WISH YOU ALL LUCK
Sub $30 oil in the cardsWe are looking at a recession crash in oil right on schedule. Market all time highs, a oil short cover rally, and then new lows throughout the rest of the year and into most of 2025.
The price of crude oil is approaching the ideal High levelNext week, the release of the OPEC report could act as a catalyst for forming a daily high.
The upside potential for crude oil should be very limited, and there are no immediate trading recommendations. The goal for the coming days is to determine when crude oil will complete its high and prepare for the moment to establish short positions. FX:USOIL
USOIL View!!Global stocks rose on Friday, lifted by U.S. bank earnings, and on track for a weekly gain while U.S. Treasury yields were mostly lower after inflation and consumer confidence reports solidified expectations for the path of Federal Reserve rate cuts.
The U.S. producer price index for final demand was unchanged in September, slightly below the forecast of economists polled by Reuters for a gain of 0.1%. It followed an unrevised 0.2% increase in August, indicating inflation continues to cool and giving the Fed leeway to continue cutting interest rates.
In the 12 months through September, the PPI increased 1.8% versus the 1.6% estimate.
Crude Oil gas still expensive On Monday the price will Down to Daily Simple Moving Average 50 but if H1 shifts to bullish side, which means pass Simple Moving Average 5 that the start of journey to price 80
WTI Crude Oil: Navigating Market Waves with Technical PrecisionH ello,
West Texas Intermediate (WTI) Crude Oil is a major benchmark for oil prices in the U.S. It's widely used as a reference price for oil trading and is a key indicator of global oil market trends.
Chart Explanation
Moving Averages
5-day Moving Average: $74.80
20-day Moving Average: $73.50
50-day Moving Average: $72.00
200-day Moving Average: $70.00
The price is currently above the 5-day, 20-day, and 50-day moving averages, indicating a short-term bullish trend.
Technical Indicators
Relative Strength Index (RSI): 65 (Neutral to Bullish)
MACD (Moving Average Convergence Divergence): 2.0 (Bullish)
Stochastic Oscillator: 70 (Overbought)
Chart Patterns
Candlestick Patterns: Recent patterns show a mix of bullish engulfing and doji, suggesting indecision in the market but with a slight bullish bias.
Support Levels: $72.00, $70.00
Resistance Levels: $78.00, $80.00
Analysis of Sentiments
At present, sentiment on WTI Crude Oil is rather neutral. The sentiment from the technical indicators is ‘buy’, but there is a little bit of energy demand concern as US consumer sentiment has fallen in recent weeks. This calls for a mixed sentiment in which there is hope of price rises but also provides for fears of drop in demand.
News Sentiment
Information from the latest news has been provoking nervy WTI Crude Oil sentiments. The volatility and the love-hate relationship with the Iran issue have fueled wild price speculations and tensions in the Middle East. Commentators are careful in their assessments arguing in these present price levels that there are wear and tear global political forces, however, all expect a way out that will either break prices up into summits or down into bottoms.
Conclusion
In the current prices of WTI Crude Oil, one is able to note that there is a steep bullish movement in the short run. Supported by the key indicators, an uptrend of the market is forecasted. Nonetheless, the stock has neared its peak levels and therefore caution should be taken in regard to possible corrections. The price areas close given as $72.00 and $70.00 can present purchasing chances, if any, while selling pressures, if any, at the price boundaries given as $78.00 and $80.00 will be significant to watch.
Regards,
Ely
USOIL: Bearish Continuation & Short Trade
USOIL
- Classic bearish setup
- Our team expects bearish continuation
SUGGESTED TRADE:
Swing Trade
Short USOIL
Entry Point - 75.44
Stop Loss - 77.07
Take Profit - 72.31
Our Risk - 1%
Start protection of your profits from lower levels
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USOIL (WTI) → bullish setuphello guys.
Trendline Break: The price has broken through a downward-sloping trendline, which is a potential signal for a trend reversal or continuation of the upward move.
Order Block Area: There is a highlighted horizontal zone (yellow) around the 70.30 level, which may act as a significant resistance or supply area. Traders are likely watching for a test or break of this zone.
QML Pattern (Quasimodo): The yellow circle highlights a QML pattern where the price reverses from a prior support level, suggesting a potentially bullish setup.
Upward Target: The projected arrow suggests that if the price can sustain above the broken trendline, it may attempt to reach the 70.30 resistance level, representing a potential price target.
Volume Consideration: While not displayed, monitoring volume increases as the price moves toward the target zone could validate the strength of the upward move.
Support Zone: A key support area appears around the 67.50 level, as shown by the horizontal blue line. If the price reverses, it could test this level again.
Overall, a bullish setup appears in place with key resistance around 70.30, but any failure to break that zone could result in a pullback to support around 67.50.
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USOIL Will Grow! Buy!
Take a look at our analysis for USOIL.
Time Frame: 9h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 7,527.3.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 7,913.5. level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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USOIL BEARS ARE STRONG HERE|SHORT
Hello, Friends!
It makes sense for us to go short on USOIL right now from the resistance line above with the target of 71.99 because of the confluence of the two strong factors which are the general downtrend on the previous 1W candle and the overbought situation on the lower TF determined by it’s proximity to the upper BB band.
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WTI breaks outOil prices have been edging higher from their earlier lows. Understandably, traders do not want to be caught holding short bets on oil heading into the long weekend. The potential for Israel to strike Iran could see oil prices gap higher at the Asian open next week. There’s also the potential that China’s finance minister will announce substantive fiscal support for the ailing economy. This could ease demand concerns.
Meanwhile, oil traders will also look forward to the release of the monthly OPEC and IEA reports on Monday and Tuesday. Bearish oil speculators will be watching for further signs of weakness in oil demand, while the bulls will probably jump on anything constructive for oil prices. Let’s see what these groups will post, but with the focus being mainly on the Middle East situation, I don’t expect to see prices move very much on the back of these monthly oil reports.
WTI has just broken its bearish trend line observed on 1 hour time frame. The new short-term support now is this trend line at around $75.30. From here, WTI could rise to take out liquidity resting above recent highs of $78.30, and possibly even reach $80.00. Let's see if it will be able to hold the breakout now.
By Fawad Razaqzada, market analyst for FOREX.com
