WTI Oil H4 | Falling to 78.6% Fibonacci retracement supportWTI oil (USOIL) is falling towards a swing-low support and could potentially bounce off this level to climb higher.
Buy entry is at 67.14 which is a swing-low support that aligns with the 78.6% Fibonacci retracement level.
Stop loss is at 65.00 which is a level that lies underneath a swing-low support.
Take profit is at 72.15 which is a multi-swing-high resistance that aligns close to the 61.8% Fibonacci retracement level.
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CL-OIL trade ideas
Crude Oil continues the downtrendOn Crude Oil , it's nice to see a strong sell-off from the price of 69.660. It's also encouraging to observe a strong volume area where a lot of contracts are accumulated.
I believe that sellers from this area will defend their short positions. When the price returns to this area, strong sellers will push the market down again.
The S/R zone from the past and high volume cluster are the main reasons for my decision to go long on this trade.
Happy trading,
Dale
Bearish reversal off overlap resistance?USOUSD is rising towards the resistance level which is an overlap resistance that aligns with the 50% Fibonacci retracement and could reverse from this level to our take profit.
Entry: 70.48
Why we like it:
There is an overlap resistance level which aligns with the 50% Fibonacci retracement.
Stop loss: 72.55
Why we like it:
There is an overlap resistance level.
Take profit: 67.99
Why we like it:
There is a pullback support level.
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Potential Buy Idea on Us OilPrice came into bearish engulfing + institutional trap candle on 4hr time frame. Once CTL breaks on 30min - 1hr we're clear for an entry.
61.69% Probability for Bullish USOIL TP!Key Fundamentals Supporting a Bullish Outlook:
- OPEC+ Production Cuts: OPEC+ has implemented production cuts to stabilize oil prices, which can lead to a tighter supply and potentially higher prices for crude oil.
- Geopolitical Tensions: Ongoing geopolitical issues, particularly in oil-producing regions, can disrupt supply chains, leading to increased prices as markets react to potential shortages.
- Economic Recovery Signals: As global economies continue to recover from the pandemic, demand for oil is expected to rise, further supporting bullish sentiment in the market.
By combining a bullish bias with a probabilistic approach to trading, I aim to position myself advantageously in the market while managing risks effectively.
Feel free to share your thoughts in the comments below!
2W:
2H:
Crude Oil 1D 29.09.2024After hitting ATH in March 2022 crude oil tested the level of $65 many times creating it a support level. Within the years the level of 65 was respected and either the price was above or below it for a longer time period.
The price is testing this level again while the tension in the Middle East escalates.
In the meantime, the price bounced back from the sharpest orange downtrend line.
There is also a green downward trend line which has 3 touchpoints and already last for the year.
I am discarding the dashed downwards trendline as the top of it was during the start of the pandemic and prices were escalated.
Long entry:
When the trade will cross the orange trend line and close on the daily timeline above while at the same time being above $65 I will enter to the trade.
TP: TP will set on the 100% or the purple Fibonacci retracement or if it will reach the green downtrend line
SL: Will observe the trade of it is dropping below $65 if it will drop $62 I will close the trade OR if the weekly candle will close below $65 I will close the trade immediately.
Short entry:
If the weekly price will drop under the level of the $65 then I will open short position and analyse it further.
USOIL Trading IdeaBased on Simple Technical Analysis ( Trendline + Support & Resistance )
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Please be advised that I am not telling anyone how to spend or invest their money. Take all of my analysis as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this page, and they are for educational purposes only. Any action you take on the information in these analysis is strictly at your own risk. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Good luck :-)
CRUDE OIL PULLBACK AHEAD|SHORT|
✅CRUDE OIL surged again to retest the resistance of 69.00$
But it is a strong key level
So I think that there is a high chance
That we will see a bearish pullback and a move down
SHORT🔥
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USOIL Will Explode! BUY!
My dear followers,
I analysed this chart on USOIL and concluded the following:
The market is trading on 68.57 pivot level.
Bias - Bullish
Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bullish continuation.
Target - 69.75
Safe Stop Loss - 67.83
About Used Indicators:
A super-trend indicator is plotted on either above or below the closing price to signal a buy or sell. The indicator changes color, based on whether or not you should be buying. If the super-trend indicator moves below the closing price, the indicator turns green, and it signals an entry point or points to buy.
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WISH YOU ALL LUCK
WTI Crude Oil at major support levelWill it break?Although market concerns over economic and oil demand growth, particularly in China, have increased, causing oil prices to fall, OPEC+ production cuts mean less oil is being produced globally than is being consumed.
Crude Oil upward Correction Oil is moving in down trend channel seeking to correct and rebound from the channel line to the supply zone & the trend line
CRUDE OIL Risky Short! Sell!
Hello,Traders!
CRUDE OIL is making a
Bullish correction but
Will soon hit a horizontal
Resistance level of 69.00$
From where we will be
Expecting a local
Bearish move down
Sell!
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Check out other forecasts below too!
USOIL: Move Down Expected! Sell!
Welcome to our daily USOIL prediction!
We made our analysis today using SMC and ICT trading theories, which, combined with our trading experience all point to the downside. So we are locally bearish biased and the target for the short trade is 67.88
Wish you good luck in trading to you all!
USOil liquidity sweep expected below 60.00 level**Monthly Chart (Bearish)**
USOil August 2024 monthly candle closed bearish. Sept monthly candle is also closing lower and suggesting a move lower to at least test 61.00 to 60.00 levels.
**Weekly Chart (Bearish)**
Last week's candle closed bearish indicating a continuation of the bearish move at least to take the liquidity below 64.00 level.
**Daily Chart (Bearish)**
Crude Oil (US Oil) looks bearish after testing 72.00 level for the second time last week which created a double top on the daily chart at the test of the liquidity pool before moving lower. This week, we will be looking at a slight fullback at least to 69.00 before resuming the move lower to target the 64.00 level and then below the 62.00 level.
US CRUDE OIL (WTI): Important Bearish Breakout US Crude Oil rebounded from a crucial price level, where a horizontal resistance line and a falling trend line converge.
Following a strong bearish candlestick formation yesterday, the price dropped below a key support level, which now serves as resistance.
This downward momentum suggests further decline. Key downside target for sellers is $65.79.
OIL CRASH!as you can see on the medium to long term USOIL is going to 50 and then 25 based on chart pattern
WTI CrudeWe can see that so far Oil is forming a symmetrical triangle, breaking downwards could make a bearish pennant - in that case price could well drop to 67$,if it would break upwards - we could see a recovery. So far Crude on 4h.TF staying above ema20 what indicates a strong trend. I have shared few possible scenarios.
65.00 Is still ValidWe have buystops resting right at 68.60. Could be a possible false breakout to the upside and a reversal next week to take out This Weeks' Low
USOIL Will Go Higher! Long!
Take a look at our analysis for USOIL.
Time Frame: 12h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 67.55.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 71.74 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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sell the .382 see chart as i outlined my thoughts ... short in my bias but long till the .382 maybe 618 but she will go down that's a given
USOILThis setup focuses on a long opportunity in USOIL , where conditions suggest a potential upward move. Entry, Take Profit, and Stop Loss levels are clearly marked on the chart. The strategy is based on expecting continued bullish momentum, with favorable conditions lining up for further gains. Monitoring closely for price to hold key levels before entering the trade. Always manage risk, as oil markets can be highly reactive to economic shifts.
CRUDE OIL (WTI): Potential to Drop Lower
WTI Crude Oil broke and closed below a key daily horizontal support.
The broken structure and a falling trend line compose a contracting
supply zone now.
With a high probability, the price will drop from that zone all the way down
to 66.3 level - the closest historic support.
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Market Analysis: Oil Price Dips FurtherMarket Analysis: Oil Price Dips Further
Crude oil is showing bearish signs and might decline below $66.80.
Important Takeaways for Oil Price Analysis Today
- Crude oil prices failed to clear the $72.20 region and started a fresh decline.
- There is a connecting bearish trend line forming with resistance at $68.10 on the hourly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to clear the $72.20 resistance zone against the US Dollar. The price started a fresh decline below the $70.00 support.
The price even dipped below the $68.00 level and the 50-hour simple moving average. The bulls are now active near the $66.80 level. A low was formed at $66.82 and the price is now consolidating losses. If there is a fresh increase, it could face resistance near the 23.6% Fib retracement level of the downward move from the $72.19 swing high to the $66.82 low.
There is also a connecting bearish trend line forming with resistance at $68.10. The first major resistance is near the $69.50 level or the 50% Fib retracement level of the downward move from the $72.19 swing high to the $66.82 low.
Any more gains might send the price toward the $70.90 level. Any more gains might call for a test of $72.20. Conversely, the price might continue to move down and revisit the $66.80 support. The next major support on the WTI crude oil chart is $66.00.
If there is a downside break, the price might decline toward $65.00. Any more losses may perhaps open the doors for a move toward the $62.50 support zone.
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.
