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WTI1! trade ideas

Crude oil trades around this rangeCrude oil fell last week, the weekly cross small Yang K line to stop falling and start to stabilize, after a continuous decline, a slight short-term rebound. A strong rally held the 67.70 low and established support in the previous low area. A small wave of sun line initially recovered the last big Yin K line and recovered the apex of the big Yin line. The short-term weakness will be turned into a shock, and then with the recovery of space, it will become a rebound upward, and the local formation of a long-short switch. The 4-hour chart relies on the middle rail as a bullish support to rebound, and quickly recovered the lost ground after a brief step back on Friday, while recovering the 72.0 mark, and the step fell the second high point, breaking the weak fall. Top focus on 74.7-74.5 line resistance, Focus on 71.8-71.5 first-line support below.
NYMEX:CL1!Long
by the_Hand_of_God
USOIL, Crude Oil a wedge in a Trading Range. USOIL / 1D Hello traders, welcome back to another market breakdown. Crude Oil traded lower earlier in the week after a small pullback bear trend. The bears got 3 pushes down, forming a wedge pattern. They want a retest of the June or May lows, followed by a breakout below. The bulls see the current move down simply as a bear leg within a trading range. They want a reversal from a wedge bull flag (Oct 6, Nov 16, and Dec 13) and a higher low major trend reversal. They hope to get a retest of the September high. They will need to create consecutive bull bars closing near their highs, trading far above the the trend line to increase the odds of higher prices. Crude Oil remains in a 71-week trading range. Traders will Buy Low, Sell High in trading ranges until there is a breakout with sustained follow-through buying/selling. At the moment, the market is trading near the lower third of the trading range which is the buy zone. For now, the selloff since September has lasted a long time. A minor pullback can begin at any moment. If a pullback begins, traders will see the strength of the pullback. If it remains weak and sideways, the odds of another strong leg down will increase. Trade safely, Trader Leo
NYMEX:CL1!Long
by Leo-btm
5
Crude Oil Is Looking For A RecoveryCrude oil is coming down now making five subwaves down from 80.00 so there can be some support not far away as higher degree corrective decline from October highs can come to an end soon. There is also a potential leading diagonal, which is a bearish structure, but still suggests that the market can stabilize a bit. RSI divergence also suggests that bears are losing strength. However, any short-term low is not confirmed, unless we see an impulsive move back above 72.60. But if you look at the current price move, we can already see price turning sharply today, which can be an indication for a higher rally.
NYMEX:CLG2024Long
by ew-forecast
What is fueling $CL to more upside?The recent test of sub-$70 oil prices appears to have been met with significant buying interest, potentially setting the stage for a reversal back above the $77 mark. The presence of a long wick followed by an inside bar could signal further upward momentum. Bull Case: There's strong evidence of support, particularly from the buying activity observed a few days ago. Although we remain in a bearish stance, having not closed above $77.58, breaching this level could set us on a direct path towards retesting the $95 level. Bear Case: However, it's critical to consider the inability of oil prices to break through the monthly or weekly downtrend angles. The notion of retesting $95 seems overly optimistic at this stage. It's more realistic to anticipate a rebalance at the bearish candle, tempering expectations. The $77.58 mark could act as a formidable barrier, potentially driving prices back down to around $67. Conclusion: The market is currently exhibiting a wedging pattern, which is generally unfavorable for long-term positions. Should we witness an opening and closing above this bearish order block, it may pave the way for a retest of the $80 levels.
NYMEX:CL1!
by JDTheGreat
Oil long.12.8.23 There was an opening price long trade on oil yesterday near the end of that trading day. There was also another chance with an opening price to go along today but at a slightly higher level. that trade would have been an easy trade if you recognized that it had a support it had an extension which was the 1.272.... and then you have a small stop. The market very well could have gone lower but there was enough evidence to take a chance to go along with a small stop because you had a very easy chance of the market moving up a couple thousand dollars or more. on the other hand, as the market moves higher we may find that sellers will step in and it is possible that the market could make a new low. However, It was worth taking a long position if you could do this with a small stop and a nice reward.
NYMEX:CL1!
by ScottBogatin