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WTI1! trade ideas

Has Crude Found A Bottom? Crude oil has risen over 2% since the beginning of the 2024 trading year, marking it as an outperformer among risk assets. Recent price action has displayed higher lows, and higher highs are soon to be tested. Recent Economic Data: Recent jobs data displayed larger-than-expected wage growth, as reflected by Average Hourly Earnings. Wages grew at 4.1% YoY, more than estimates of 3.9%. This was coupled with strong job creation in the month of December, as reflected by NonFarm Payrolls, and maximum employment (3.7% unemployment). With a tight labor market and growing wages, it would be safe to say that demand will remain strong in the near term. The most recent Michigan Consumer reports also suggested consumers felt better about the economy and near-term inflation expectations. Technicals: We have observed that crude has begun making higher lows as of late. Dec 13th marked the first low, and Jan 3rd marked the second. On Jan 5th, the market closed within a resistance pocket of 73.50-74.75. We will need to see a break and close above this level, where we can then test the 50-day EMA. A break and close above this level will then lead us to the Dec 26th high, where we will need to break and close above 76.30 to confirm a higher high , and the start of a trend reversal. Check out CME Group real-time data plans available on TradingView here: www.tradingview.com Disclaimers: CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
NYMEX:CL1!
by Blue_Line_Futures
WTI Crude oilOur overview: Weak demand balance Middle East tensions bringing to the market a substantial weakness. Resistance @$74.00 showed in the first days of the year to be strong enough to reject the price two times. Our overview in the short period is long with target in area $79/$80. Trends analysis: Primary(purple): upward corrective structure wave C, intermediate(green): upward impulsive structure wave 3, minor(yellow): upward impulsive structure wave 3, intraday(orange): upward impulsive structure wave 1. Our current strategy: Moderately Long looking to follow the trend's wave with first target @$75.00. Our current position's risk profile @$72.80: delta +0.25, gamma +0.21 Hedging point: on breakout $72.50 RSI "D": Neutral Stochastic "D": Positive RSI "H": Neutral Stochastic "H": Negative RSI "5min": Positive Stochastic "5min": Positive
NYMEX:CL1!Long
by DeltaZeroProprietaryTrading
Oil @ $73Oil is used in the running of machines that contribute to mining, manufacturing and transportation -- Oil has many benefits including: a store of energy, and can be used in vehicles such as cars. -- Also oil can be used in the production of electricity. -- The problem with oil is that if not properly regulated can damage the environment for example an oil spill in the middle of the sea. -- This can damage the sea animals that live in the water. -- Looking at this chart you are seeing that the price is very cheap and the indicators are not showing any sign of a buy signal. -- Could this be a good time to buy oil?? -- lets give this reccomendation about 3 months ,also come back after 7 days and press the play button -- To find out if this reccomendation worked. Disclaimer:This is not financial advice please do your own research before you trade. -- Rocket booost this conternt to learn more.
NYMEX:CL1!Long
by lubosi
WTI Crude Oil: An Emerging Trading RangeThis morning’s jobs report came in stronger than expected, and oil prices rallied. The 216k December NFP gain topped the +175k estimate, though revisions to the two previous months were sharply negative – a trend we saw throughout 2023. Average hourly earnings verified hotter than what economists were forecasting. At +4.1% on a year-on-year basis, workers are now earning about a full percentage point above the current inflation rate. Compared to the 6-month annualized Core PCE rate, you could argue that real wages are positive by 2.2% versus December 2022. Amid a strong labor market and ahead of next week’s CPI report, commodity prices are treading water. WTI hovers in the low $70s, and I assert that a new trading range has developed between $68 and $79. Trend-following traders may be frustrated by this sideways price action, but more stable energy costs could be a boon to the corporate world, right as the Q4 reporting season gets underway a week from today. For now, this $11 WTI range will be one to watch as 2024 progresses. A breakout through it would portend an upside measured move price target to about $90, based on the $11 range height. A bearish breakdown could lead to a dip into the FWB:50S per barrel of WTI. With very high domestic oil and gas production and wavering global demand for oil amid a possible slowdown in GDP growth over the first half of the year, there are certainly some bearish supply/demand factors at play. Still, ongoing tensions in the Middle East have led to a surge in shipping container day rates, and further geopolitical escalations is a bullish catalyst to watch over the coming weeks. For now, I see more trendless action taking place in crude oil.
NYMEX:CL1!
by mikezaccardi
The daily chart of Crude Oil seems algorithmically beautiful The last two weeks for NYMEX:CLG2024 were wild. We rallied around +10% due to geopolitical and macroeconomics events and the last three days we saw a retrace around -5%. Now to the technical part of the chart. Oil reacted to the volume imbalance (checkpoint "1") pushing price to go lower . We are currently touching the bullish order-block (checkpoint "2") that should work as a support for the price to make it bounce higher, at least to the volume imbalance (checkpoint "5") or the Buyside liquidity resting to the checkpoint "7". On the other hand, if price does not react to the order-block oil could price lower to the Fair Value Gap (checkpoint "3" )and maybe touch the volume imbalance (checkpoint "4")(*Note that the lower doted line of the checkpoint 4 is also the 50% of the wick of the weekly candle that could also work by itself as a support). If we do not see a displacement higher we should assume that maybe price want to go lower to take the Sell-side Liquidity that is resting bellow the checkpoint "6" before heads for the upside. In my opinion after that pricing ,oil could go to the checkpoint "8" (that is the 50% of the wick of the daily candle) or draw to the the buyside liquidity at checkpoint "9". After all I think oil will price higher but before doing so it has to go to some key points that been stated above.
NYMEX:CLG2024
by GeoKyra
Channel Set-up - Crude OilBased on Elliot Wave counts from another source, I believe the low at 67.71 is in and Wave 1 is completed at 76.18. The bottom of the channel will complete Wave 2 at the same level. Likely will see another low in overnight trading to come to .618 Fib level seen on the chart and then see prices start to move up. Fib levels are not hard and fast and Wave 2 can dip pretty close to the low at 67.71 with count invalidated below that level. Will look to confirm if you will the channel bottom low with prices turning up and seeing higher highs and higher lows.
NYMEX:CL1!
by HedgehogLanding
5