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CRUDEOILM1! trade ideas

Crude Oil: Bottoming or Failed Rally Attempt?Crude Oil (September) Last week’s close: Settled at 77.16, down 1.12 on Friday and 1.48 on the week WTI Crude Oil futures opened higher Sunday night amid Middle East tensions. A deadly rock strike on Israel by Iran-backed Hezbollah has eroded the hopes of a ceasefire between Israel and Hamas. However, a firm tape overnight has dissipated, and Crude Oil futures are testing into the gap open and major three-star support at 76.0r-76.40. This support level is one in which price action tested multiple times last week and a higher low today will help build out an inverse head and shoulders bottoming pattern. Bias: Neutral/Bullish Resistance: 77.69-77.81**, 77.98-78.08**, 78.64-78.92***, 79.22**, 79.81***, 80.70***, 81.30*** Pivot: 77.25 Support: 76.04-76.40****, 75.71-75.87*, 75.08-75.32**, 74.55-74.91*** 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:CLU2024
by Blue_Line_Futures
#202431 - priceactiontds - weekly update - wti crude oil futuresGood Evening and I hope you are well. Quote from last week: comment: Only question right now is, is that minor bear trend line support at 78.6 holding or do we break below? Friday was a big bear bar closing on it’s low and we can expect follow through but we don’t know if we get a lower high first. Not more magic to it. Horrible place to initiate trades, you have to be patient and let the market show you where it wants to go. comment: Bears answered my question on Monday and just broke below and closed below. Whatever macro dude’s who “know” Oil writing, this market wants to go down and it’s going down. Oil found an intermediate bottom exactly at the 50% pb that is on my chart for many months but it’s the same for Gold as we are in a tight bear channel down and as long as it holds, it’s bearish. 74 is the first target the bears will probably hit over the next 2 weeks. current market cycle: trading range (triangle) key levels: 74-83 bull case: Bulls failed on Monday and buying new lows for scalps and they are also quick to exit those longs. Got nothing for them with the current structure. If they manage to break above 80 again, it’s likely that bears give up until we hit 81ish again but that’s a weak argument at best. Another possibility is that bulls will fight for 76, since it’s the middle of the range and where most volume was traded over the last months. Invalidation is below 76. bear case: Bears have all the arguments on their side and the bear channel is the main pattern to be traded here. 74 is my target for the next 2 weeks. Any pullback from the bulls should stay below 79, which is also the daily 20ema. Above that price and bears have failed and might step aside until market reaches 80/81 again. Invalidation is above 79. outlook last week: “short term: Neutral until clear break below 78 with follow through. Not interested in buying.” → Last Sunday we traded 78.64 and now we are at 77.16. Outlook was good since the low was 76.03 and that was a trade for 260 ticks. short term: Bearish for 74. Any stop fro that would be 79.5 medium-long term: We are seeing the big triangle playing out between 72 and 82/84. The high of the triangle got tested until mid of April and we have now tested the lows around 72.5. We are at the bear trend line and odds favor the bears if they stay below 86.27 for trading back down below 76 again. current swing trade: Took most off from my shorts from 82.58, at 77. chart update: Added bear channel and I see this down move as a two legged move inside the big trading range.
NYMEX:MCL1!Short
by priceactiontds
My zone set ups and Entries I decided to post my first video Ever... on how I get my zones on the chart & how I get my entries. Ive been working hard the last 4 years on becoming a full time trader and feel good about this trading style. Ive gone through so many styles on how to trade. This has been amazing for me. I love scalping , in and out of the market, I've learned I don't need to make 100 ticks every day. If this works for you awesome. Again I'm no content creator so have no idea what I'm doing lol.
NYMEX:CL1!
by HighermindsXRP
20
CRUDE OIL: 21 Jul, 2024© Master of Elliott Wave Analysis: Hua (Shane) Cuong, CEWA-M (Master's Designation). Forecast: Bearish Where are we in Elliott wave analysis? The chart on the left shows that we are bearish with the 3rd wave (Labeled wave (iii)-orange). Basically it will continue to push down even lower. (1D Chart) The broader context suggests that wave (ii)-orange seems to have ended at the high of 84.52, and wave (iii)-orange is now unfolding to push lower. It is important that the price consistently remains below the high of 84.52 to maintain this view. (4H Chart): The short-term outlook shows that since the high of 84.52, wave iii-grey is unfolding and subdividing into wave ((3))-navy. The price could continue to push lower, approaching the lows at 77.58 or 72.48. The price must always remain below 83.10 to maintain this view.
NYMEX:CL1!Short
by ShaneHua
US Oil: Market Structure Shift 🚀 **US Oil: Market Structure Shift & FVG Targeting Buy-Side Liquidity!** 🚀 US Oil has been making waves in the market! 🌊 After a significant move that took out the sell-side liquidity, we've witnessed a powerful market structure shift. This pivotal change has created an exciting fair value gap (FVG) 🎯, setting its sights on the buy-side liquidity. This shift signals a potential bullish momentum 📈, providing traders with lucrative opportunities to capitalize on the market's upward trajectory. As the FVG narrows, the target on buy-side liquidity becomes clearer, making it a critical zone for traders to watch. 👀 Stay tuned and keep your eyes on US Oil as it continues to navigate through this dynamic market landscape! 🌟💹 ---
NYMEX:CL1!Long
by Asif_Brain_Waves
Crude breaks support - againJust when the bulls thought that crude may have found some support, the sellers came out and smashed their hopes. While crude was a touch firmer in early trade, the gains were coming from a lower base. Yesterday, front-month WTI appeared to find some support around $77.50, having sliced below $80 at the end of last week. But it didn’t take too much effort for the sellers to push prices lower again, taking oil down a dollar below support. Could that mark some seller exhaustion? This kind of support break certainly has done recently, with prices seemingly set to continue lower, only to reverse sharply. Certainly, the downside pressure has been fairly relentless over the past three weeks. But as things stand, any upside move from here would look like a correction, at least initially, rather than a flip from the current downward trend. Yet stranger things have happened. While the charts suggest that a retest of the June low is quite likely, it’s difficult to know how much resolve the bears have currently. One thing seems reasonable to state, and that is that the current oil market isn’t forecasting a period of strong global economic growth.
NYMEX:CL1!
by TradeNation
CRUDE BREAKOUT - MCX - JUNE 24Technical Pattern Analysis Pattern: Potential Bullish Breakout from trendline Timeframe: 1 Hour Analysis: Crude oil is showing signs of a potential bullish breakout. A sustained move above 6500 level could signal a bullish trend, with initial targets at 6600-6700. Positive sentiment is supported by a decline in crude inventories and supply disruptions due to wildfires in Canada. Note: This is a short-term analysis based on the given information. It's essential to consider broader market conditions, fundamental factors, and other technical indicators for a comprehensive outlook. Potential Trading Strategy: Buy: Above 6500 with a stop-loss below 6490. Target: 6600-6700 IF YOU LIKE MY ANALYSIS DO LET ME KNOW :) Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Trading involves risk.
MCX:CRUDEOIL1!Long
by Shalvisharma5
1
Oil (CL) Turning Lower in Elliott Wave Impulsive StructureShort Term Elliott Wave View in Oil (CL) suggests that cycle from 4.12.2024 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 4.12.2024 high, wave (1) ended at 72.48 and rally in wave (2) ended at 84.55. The commodity has turned lower in wave (3) with internal subdivision as another impulse in lesser degree. Down from wave (2), wave (i) ended at 83.07 and rally in wave (ii) ended at 83.45. Oil then extended lower in wave (iii) towards 81.25 and wave (iv) ended at 82.16. Final leg wave (v) ended at 80.81 which completed wave ((i)) in higher degree. Wave ((ii)) unfolded in an expanded flat structure where wave (a) ended at 83.74. Wave (b) lower ended at 80.22, and rally in wave (c) ended at 83.82 which completed wave ((ii)). Oil has turned lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 82.04 and rally in wave (ii) ended at 83.52. It then resumed lower in wave (iii) towards 76.40 and rally in wave (iv) ended at 77.51. Expect further downside to complete wave (v) of ((iii)), then it should rally in wave ((iv)) before it resumes lower again. Near term, as far as pivot at 84.55 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
NYMEX:CL1!
by Elliottwave-Forecast
Oil Price on Track to Test Monthly LowThe price of oil appears to be on track to test the monthly low ($80.81) as it continues to pull back from last week’s high ($83.74). Crude Oil Price Outlook The recent rally in the price of oil seems to have stalled ahead of the April high ($87.67) as the Relative Strength Index (RSI) reverses ahead of overbought territory, with a breach below $80.70 (38.2% Fibonacci retracement) raising the scope for a move towards the $78.50 (50% Fibonacci retracement) to $79.00 (50% Fibonacci retracement) region. Next area of interest comes in around $76.30 (61.8% Fibonacci retracement) but the price of oil may face range bound conditions should it track the flattening slope in the 50-Day SMA ($79.40). Failure to test the monthly low ($80.81) may push the price oil back towards $83.30 (23.6% Fibonacci retracement), with the next region of interest coming in around the monthly high ($84.52). --- Written by David Song, Strategist at FOREX.com
NYMEX:CL1!
by FOREXcom
Crude Oil hit Major Resistance, 10% Down until early AugustIn my latest analysis of the Crude Oil Futures ( NYMEX:CL1! ) market, I've identified key medium-term resistance and support levels. The resistance at $84.30 was ideal for a short position, with a trailing-stop set at $83.80 to manage risk. My target for this short position is $74.50, suggesting a significant profit potential of over 10%. Considering that most significant downtrends in oil take about 20 days, I expect the price to reach $74.50 around the end of July or early August. I also noticed consolidation zones between $82.00 and $77.00, which may cause temporary price consolidation. The medium-term support at $74.50 is crucial for considering a long position, indicating a possible upward reversal. My strategy is to short at $84.30 (already done) with a stop-loss at $83.80 (to minimize losses) and aim for a profit at $74.50, while closely monitoring the consolidation zones for any signs of price stalling or reversal. If all goes according my plan, I also might consider a long position at around $74. What is your take on OIL for the next month?
NYMEX:CL1!Short
by BTFD_
3
Crude oil retesting lower supportOn Friday morning the oil price looked finely balanced. Front-month WTI had managed to hold support around $80. But it had failed to put sufficient clear water between this level and its first major upside target of $82 per barrel. That proved to be fatal for traders looking for an immediate resumption of the bull run from early June. Crude fell back sharply on Friday afternoon, breaking support cleanly. It is weaker again this morning. This is despite the unexpected rate cut from China, together with the country’s fresh plans for reviving its economy, formally announced over the weekend. The next significant support area stretches down to $77.70 or thereabouts. If this fails to hold then a retest of the June lows around $73 increases in likelihood. That’s good news for consumers of course, and, should it then consolidate down here for a month or so, would help put more downside pressure on headline inflation. But that’s getting carried away with an imaginary narrative. For now, the daily MACD suggests that there’s a touch more downside momentum, and a retest of an area of support which held in May and June is now in progress.
ICEEUR:WBS1!
by TradeNation
Crude Oil May Face ResistanceCrude oil futures rallied in June, but some traders may see downside risk. The first pattern on today’s chart is the falling trendline along the peaks of September, April and early July. These lower quarterly highs may be viewed as resistance. Second is the level around 80.65. CL1! stalled there in early March and bounced at the same area in late March. It was a top again in late May that became support a month later. Prices have tested it this week. Is a breakdown possible? Third, MACD has turned negative, which anticipated drops in October and late April. (See the arrows on the lower study.) Fourth, the 21-day exponential moving average is starting to turn negative. Like MACD, this event also preceded downturns. Finally, there could be catalysts with OPEC+ holding a ministerial meeting on August 1. TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at www.TradeStation.com . Before trading any asset class, customers must read the relevant risk disclosure statements on www.TradeStation.com . System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors. Security futures are not suitable for all investors. To obtain a copy of the security futures risk disclosure statement visit www.TradeStation.com . Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges. TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit www.TradeStation.com for further important information explaining what this means.
NYMEX:CL1!
by TradeStation