CL-OIL trade ideas
Crude could squeeze furtherIntraday Update: Crude is testing some key resistance which is previous support from June. A break higher would put the descending trend line at $74.20 in play.
USOIL Breakout And Potential RetraceHey Traders, in today's trading session we are monitoring USOIL for a buying opportunity around 70.50 zone, USOIL was trading in a downtrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 70.50 support and resistance area.
Trade safe, Joe.
USOIL on the Verge of Major Drop: Bearish Elliott Wave Setup Elliott Wave Structure:
The chart clearly displays a five-wave structure (labeled as (i), (ii), (iii), (iv), (v)) according to Elliott Wave theory, which implies a potential correction after a completed impulse wave.
Current Position: The chart suggests that the price is completing a corrective structure in a Wave (ii) of a larger degree cycle, with the next anticipated move being the formation of Wave (iii), signaling the beginning of another impulsive leg down.
The larger Elliott Wave cycle has been broken down into smaller waves (labeled as w, x, y), showing internal wave subdivisions, confirming the corrective patterns.
Bearish Order Block:
There is a Bearish Order Block labeled in the upper region of the chart, which marks an area of institutional supply where price is expected to reverse after a retracement.
This area is important because it aligns with the completion of the smaller wave (ii), implying that once price reaches this zone, a rejection could occur leading to a potential downside move into Wave (iii).
Break of Structure (BOS) & Market Structure Shift (MSB):
A BOS/MSB is highlighted on the chart. It represents a key level where the previous bullish structure was broken, signaling a shift in market sentiment from bullish to bearish.
The MSB (Market Structure Break) has occurred after the price broke below the recent swing lows, indicating that a bearish trend is likely to continue.
Fibonacci Extensions:
Fibonacci extension levels (2.618 and 2.786) are drawn to the downside, showing potential price targets for the next leg down (Wave (iii)).
These levels suggest that the price could extend downwards to the $56.05 and $55.03 regions, which correspond to deeper Fibonacci targets, once the corrective Wave (ii) is complete.
Invalidation Point:
An invalidation point is marked in the upper region of the chart, indicating that if the price exceeds this level, the current bearish wave count (and the expectation for a continuation of Wave (iii)) will be invalidated. This serves as a critical level for traders to watch, as price exceeding this level would suggest the current analysis is wrong, and a new outlook may be required.
Current Weak Low of a Range (Legs in Leg 1):
There is a current weak low labeled, highlighting the price range low where price is likely forming its corrective pattern (wave (ii)).
This weak low signifies that while price is hovering in this range, it is likely setting up for the next leg down, which would confirm the start of wave (iii).
Projection for the Future (Late October):
The timeline on the chart projects into late October 2024, indicating the anticipated completion of a downward 5-wave structure. This projection aligns with the potential completion of Wave (iii), (iv), and (v) movements.
The chart suggests that wave (v) might complete by the end of October, with a significant price move occurring by then.
Wave Count Levels:
The labeling of (i), (ii), (iii), (iv), (v) at multiple degrees shows the breakdown of both large and small wave structures, giving a comprehensive view of the current cycle's progression. The internal subdivisions (marked in purple) help in understanding the minor corrective moves happening within the larger wave count.
Market Timing:
A vertical purple line is drawn on the chart, which might represent a key time-based element, possibly indicating a specific date or price action zone where a significant market reaction is expected.
The chart shows critical points in time (e.g., October 3rd), where traders should pay attention to how price behaves as it reaches important structural levels.
Potential Trade Plan:
Short Bias: The analysis suggests a short setup, with price expected to move lower after completing the retracement in Wave (ii).
Entry Point: The optimal entry for shorts would likely be near the Bearish Order Block, where Wave (ii) is expected to terminate.
Targets: The price targets are the Fibonacci extension levels around $56 and $55, which align with the projected completion of Wave (iii) and subsequent waves.
Invalidation: If the price exceeds the invalidation point, traders should reconsider the trade as it would invalidate the current bearish wave structure.
Summary for Traders:
The chart suggests that USOIL is currently in a corrective phase (Wave (ii)), with expectations of a bearish continuation into Wave (iii).
Key Levels to Watch:
Bearish order block for potential short entries.
BOS/MSB level for confirmation of the downtrend continuation.
Fibonacci extension levels ($56.05, $55.03) for potential downside targets.
Invalidation point above to signal when the bearish scenario is invalidated.
Trade Strategy:
Wait for price to retrace into the Bearish Order Block.
Short positions can be considered with targets towards $56 and $55 based on the completion of Wave (iii).
What will happen given the tensions?USOIL has formed an ascending triangle this means that the price can easily increase as much as the measured price movement( AB=CD )but only after the expected breakout happens.
As tensions rise in the Middle East, Oil and Gold prices will rise.
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⚠️Things can change...
The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
USOIL_LONG IDEAUSOIL shifted its structure toward bullish as it has broken the previous low. if it get above the last higher high it will be good confirmation of continuation of that trend put buy stop order on the mentioned points sl and tps are mentioned in the chart. Do your own analysis before taking the trade.
WTI Oil H4 | Rising into resistanceWTI oil (USOIL) is rising towards a swing-high resistance and could potentially reverse off this level to drop lower.
Sell entry is at 72.15 which is a swing-high resistance that aligns close to the 61.8% Fibonacci retracement.
Stop loss is at 74.58 which is a level that sits above an overlap resistance.
Take profit is at 68.63 which is an overlap support.
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Oil Market Analysis | Key Levels For Entries And ExitsOil has gained momentum on Middle East tensions.
This brings rise to various areas of note.
Wit oilWe may see $80 target tested soon.
Lots happening in the Middle East which can move this market rapidly.
This is just for my own learning purposes
USOIL- at resistance? Holds or not??#USOIL - market just near his resistance area.
Keep close it because if market hold it then again drop expexted.
Don't be lazy here
Good luck
Trade wisely
Middle East Tensions Mount; Oil Prices RiseAccording to Israel, military forces have mounted a ground incursion across local communities around Southern Lebanon, in what it has described as a ‘limited operation’ against Hezbollah.
The Israel Défense Forces (IDF) described the attack as ‘limited, localised, and targeted ground raids based on precise intelligence against Hezbollah terrorist targets and infrastructure in southern Lebanon’. This follows several days of airstrikes to eliminate Hezbollah’s leadership and destroy its weapons stockpiles, which resulted in the assassination of Hezbollah’s leader, Hassan Nasrallah.
Despite reports of the Israeli ground assault, Hezbollah denies Israeli forces have entered Lebanon.
Iran Preparing to Launch Missiles Into Israel?
As per a senior White House official, as well as a Department of Defence official, there are reports that Iran is preparing to mount an attack against Israel, including the launch of a ballistic missile. You will recall that Iran attacked Israel earlier this year in April, launching more than 300 drones and missiles in which the US was actively involved in aiding Israel’s defence. According to sources, the US is anticipated to adopt a similar role in this situation should an attack materialise, supporting defence preparations. As of writing, it remains unclear when (if) an Iranian attack on Israel will occur.
In addition, the US State Department has ordered diplomats and their families in Isreal to ‘shelter in place’, as the condition remains tentative.
Oil Prices Advance
Oil prices caught a sizeable bid in trading today amid escalation in the Middle East.
As of writing, WTI oil is up 4.0% and technically gearing up to complete a daily AB=CD bearish configuration at US$73.58, which happens to share chart space with channel resistance, extended from the high of US$84.49, along with an ascending support-turned-potential resistance level, taken from the low of US$63.61.
In light of the clear downward-facing trend this market has been in since early July this year, a test of the aforementioned resistance could result in investors taking profit and fresh sellers entering the fray.
US OIL - Waiting for breakoutUS OIL - Waiting for breakout if sustain above 72
Charts for Educational purposes only.
Thanks,
V Trade Point
CRUDE OIL Will Hit Resistance Soon! Sell!
Hello,Traders!
CRUDE OIL keeps growing
And the price will soon
Hit a horizontal resistance
Of 72.00$ from where
A local bearish correction
Is to be expected
Sell!
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Check out other forecasts below too!
USOIL SELL SHORTStructure: This chart shows a possible bearish setup following a recent rally that appears to be losing momentum as it approaches a resistance area around the 0.618 Fibonacci retracement level. The price action suggests a possible reversal or correction from this resistance zone.
Trade Setup: The trade setup suggests a short position, targeting a downward move towards the 70.80 USD area (green zone), which represents the next significant support level. The stop loss is placed at 81.40 USD (red area), just above the recent high, to limit losses if the price breaks through the resistance and continues higher.
OIL: Three days short traders in the market Hi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you!
“Trade setups, not movements”
1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion)
Monday DAY 1 Opening Range
Tuesday DAY 2 Initial Balance ✅
Wednesday DAY 3 (reset DAY 1) Mid Point Week
Thursday DAY 2
Friday DAY 3 Closing Range
2. SIGNAL DAY
First Red Day
First Green Day
3 Days Long Breakout
3 Days Short Breakout ✅
Inside Day
3. WEEKLY TEMPLATE
Pump&Dump ✅
Dump&Pump
Frontside
Backside ✅
4. THESIS:
Long: secondary, although I'm not looking for any long setup at the moment, the market can still retest the current LOD (placed in London session), consolidate and reverse for a scalp eventually back inside the opening range.
Short: primary, the market is currently breaking down, placing a lower low during London session and pumped back up into the previous LOD. If the market will retest that level (high of session as well), I will be willing to take a short trade back into the current LOD and don't forget that on the bigger picture it can also perform a 4 weeks pump and dump.
Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni
USOIL Potential DownsidesHey Traders, in today's trading session we are monitoring USOIL for a selling opportunity around 68.80 zone, USOIL is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 68.80 support and resistance area.
Trade safe, Joe.
WTI OIL Channel Down prevailed. Lower Low expected.WTI Oil (USOIL) eventually failed to recover the 1D MA50 (blue trend-line), which has been the Resistance since August 13, and reversed the short-term rebound. The 3-month Channel Down appears to have prevailed and technically is now looking for its third Lower Low.
The previous two declined by -18.47% and -15.18% respectively, so roughly we same % drop. As the 1D MACD formed a Bearish Cross today, we can claim that we have the necessary confirmation for a Bearish Leg that at best, we are half-way on it.
Assuming the minimum drop of -15.18%, we expect to see at least $62.00 before this Leg prices the Lower Low.
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[OIL] On the floorTVC:USOIL is still weak and now dropping towards the floor. A bounce is possible, at least to release the downward pressure a little bit. I see the MACD as the clue, already showing a bit of life.
Still bearish, but possible bounce for scalp trades.
Crude Oil Prices Are Falling.When the USDWTI 4-hour chart is examined; It is observed that the price movements continue with the head and shoulders formation on the trend line. As long as the Crude Oil price cannot pass the 70.28 level, it is evaluated that the price movements below the 68.68 level may break the 66.97 level and retreat to the 62.18 level.
Weekly Outlook Sep 30 - Oct 4 $USOILDespite escalating tensions in the middle east, TVC:USOIL keeps declining. The market seems more focused on global economic growth beyond other factors. Now that the US is the largest oil producer, Geo-political tensions have less of an effect on global energy prices.
WTI Is Sending Bullish SignsThis is a long setup based on a divergence in the Positive Volume Index and the Negative Volume Index. We see that the PVI is showing a hidden bullish divergence while the negative volume is declining. We select the open POC of the downward movement at around 72.05 dollars as the price target for the long trade.
USOIL / UNDER BULLISH PRESSURE - 4HUSOIL / 4H TIME FRAME
HELLO TRADERS
Recent Decline , Prices began to drop at the end of September by 7.12%. This indicates a noticeable downtrend, which could be driven by various market factors.
Support Level at 67.22 , Currently, prices are trading slightly above this key support level. If the price breaks below 67.22, it may trigger a further decline of 9.80%.
Potential for Rebound , If the support level holds, a potential rise could occur. Two potential rise targets are a 3.48% increase and a 6.27% increase, depending on how strong the support level is and whether positive momentum returns.
Technical Analysis:
Current Support Level , The price of USOIL is currently above 67.22. This level serves as a critical support point; if prices remain above this, it suggests bullish sentiment.
Target Range (FVG) , If prices hold above 67.22, the analysis predicts an upward movement toward a Fair Value Gap (FVG) area between 68.73 and 69.48. This implies potential buying interest or liquidity in that range.
Further Resistance , If the price breaks through the FVG area, it could rise further to reach a resistance level at 71.74. This indicates a bullish outlook if the upward momentum continues.
Conversely, if the price drops below 67.22, it suggests a bearish trend, potentially declining to 65.24. This indicates a shift in sentiment from bullish to bearish.
CRUDE OIL (WTI): Intraday Bearish Confirmation
Update for WTI Crude Oil.
Earlier, I share a very bearish setup on a daily.
Analyzing the intraday time frames today, I spotted
a strong bearish confirmation on an hourly.
Retesting a recently broken horizontal resistance,
the price dropped and violated a support line of a rising wedge pattern.
It is an important sign of strength of the sellers.
With a high probability, the price will drop at least to 67.15 level.
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