Oil bearish triangle formedIt might take some kind of headlines but Oil is headed way down IMHOShortby Genesis_331
CRUDE OIL "3 Heads Monster"Could this 3 Heads & Shoulders come to live ? Built in "Close Price Line Chart" (Candle = Same formation) Small (black) H&S Target @ 59.34 Medium (orange) H&S Target @ 44.32 Large (blue) H&S Target @ 10.29Shortby MyMainBox3694
US OIL UP?I'm just imagining various scenarios regarding US crude. Please don't take me seriously. If you can see the two bright yellow horizontal lines, they represent a sloppy double top on the D chart. I've based the bottom on today's low, which also correlates to the Anchored VWAP low (wavey, nearly parallel fine red lines) that I set months ago, stupidly thinking that oil would not descend to that depressingly hideous low in this fearful "possibility of war strife world." Wrong again! OK, I've taken the low yellow line to the imagined double-top. What's the difference? Something like 16 points or so? Then, I extrapolated, based on the actual chart data, to the projected month that it could reach soon, which is approximately March of next year. The top of the pink vertical line is where I'm guessing oil will get in 6 months. It could hit $100. Please keep in mind that this is a thought experiment, nothing more! I would place the odds being 50/50. Yet, the timing makes sense since it's the weekend now, and no one can take more pain from these freaked-out indices! BTW, my charts of the NYSE Indices were screaming PANIC all week long, on daily and weekly chats, based on the indicators I use. Many will rethink the world political strife regarding Israel, Ukraine, Libya, and all the other concerns that involve oil. My study is only a wild guess; I am not a professionally trained anyone. Do your research, and I'd love to see your wild projections!Longby bellakrinkle2
Crude Bullish above 5796Crude is currently positioned at a crucial level with strong support around 5750 - 5800. Can be bought close to those levels with Stop loss of close below those levels in 15 mins time frame.Longby VM92753
Crude Oil Start Bearish MovePrice fail to break last high after FOMC and EIA data yesterday.Shortby THELIQUIDITYSEEKERS0
2024-09-17 - priceactiontds - daily update - oilGood Evening and I hope you are well. tl;dr Oil - Strong second leg up (daily tf) and bulls even tried to break above the bear flag but for now I doubt the breakout will be succesful. We are right in the middle of the broad bear channel and odds are 50/50 for either side. Above 72 odds rise for the bulls and below 69.5 I favor the bears again. comment: In my weekly outlook I wrote that if 65 holds, bulls are favored for 73 or 74. High today was 71.92. I doubt bulls are strong enough to break above the bull channel and make the pullback even steeper. 50% pullback from the selloff since 77 is around 71.5, so we are right in the middle of the broad bear channel. Odds favor the bears to test the lower bull channel around 70.5 again. If bulls fail there and bears can break below, we will likely see a retest of 67 or 66. current market cycle: bear trend key levels: 66 - 74 bull case: Bulls got decent follow through and they want an endless pullback for the bears and keep going until they hit the upper bear trend line around 74.5. They are trading above the 4h 20ema and every touch of it is bought. As long as they keep it above 70, higher prices are expected. Invalidation is below 70. bear case: Bears see this bear flag with 3 pushes up as done and the 50% pb is high enough to try for a continuation of the bear trend. Don’t be among the first to join them. Confirmation would be a 15m bar close below 70 and a break below the bull channel. Invalidation is above 72. short term: Neutral around the 50% pb 71.5. Bearish below 70 and bullish above 72. medium-long term - Update from 2024-09-08: Bears broke below multi month support and want a retest of 64.46 or lower. Right now the selling is a bit too steep to be sustainable. When we get a more complex pullback and form a decent channel, I will write a longer update here. Can this bear trend be the start of a bigger where we see Oil below 50$ again? I have absolutely no idea but the current daily chart can not not lead to that conclusion. current swing trade : None trade of the day: Buying the 4h 20ema is profitable again.by priceactiontds0
CRUDEOIL MCX - OCTOBER SERIES INVERTED HEAD AND SHOULDERCrudeoil is making inverted head and shoulder on 1 hour time frame Weekly time frame is downtrend Crudeoil trading at weekly strong demand zone Target we may see 6072 and above that 6279 This chart is only for educational purpose. Do your own analysis before taking any tradesLong05:54by be_you_akshay1
Is another oil price collapse approaching?If you would like to be notified whenever I post a new article, just click “FOLLOW” at the top. Also, if you would like to elaborate on a particular topic or need some advice, please comment below the article and I will be happy to help. Is another oil price collapse approaching? Despite a slight recovery in oil prices, prices still remain down 10 percent from last quarter. On Monday, WTI crude oil futures topped $70 a barrel, registering a 1.4 percent increase from the previous week. This was mainly due to oil infrastructure disruptions in the U.S. Gulf and expectations of lower interest rates in the United States. As a result, nearly 20 percent of oil production in the Gulf of Mexico remains offline due to Hurricane Francine. In addition, investors are betting on a Federal Reserve rate cut of 50 percentage points to stimulate the economy and increase demand for oil. However, concerns persist about slowing demand after Chinese data showed the longest phase of industrial decline since 2021, with lower-than-expected investment and doubts about whether China's growth target will be met. In Libya, oil exports declined significantly due to the impasse in UN-led talks on central bank management. The EIA provides valuable data on global oil supply, with some information that may be eluding markets. For example, global crude oil production peaked in November 2018 at 84.6 million barrels per day. In May of this year, world production declined to 81 million barrels per day. This indicates a slowdown in supply, and data on the number of Baker Hughes (BKR) oil rigs suggest that drilling activity in the United States is gradually declining. This may be good news, but the main problem is the declining demand for oil. Slowing economic growth globally has reduced oil demand, as evidenced by OPEC's consumption review. In particular, China-the world's largest consumer of crude oil-has been affected by the crisis in the real estate sector and the transition to cleaner energy sources such as LNG and electric vehicles. At the same time, the United States has seen an increase in oil exports due to its growing production capacity, putting bearish pressure on global prices and offsetting the production cuts decided by OPEC. Using technical analysis, we can assume that the price of crude oil will reach $72, which is a resistance zone, before a possible new downward movement. We anticipate possible weakness in oil prices in the next quarter due to unstable demand around $60. However, a change in OPEC policy could avoid this situation, with a significant cut in production. We will pay attention to the development of news on this issue. We look forward to seeing you in the next article! And remember, for successful trading always rely on TRADINGVIEW: an indispensable tool that can help you avoid serious mistakes during your trades. Translated with DeepL.com (free version)Shortby Antonio_Ferlito1
Managing the stop on Crude OilWe can only take what the market gives us. We can control the market. We can only control our stop loss and manage the risk in our trade. Hopefully, we get the full 5 waves out of this trend. That would be an awesome payout! Link to this strategy in my profile :) Long01:23by thechrisjuliano0
US CRUDE OIL (WATCH FOMC ON SEPT 18th)Based on the support of US Crude Oil, this setup is look to rally upward that could happen this Wednesday of FOMC news. Entry: 70 Take Profit: 72.00-74.00Longby JoeJohnsonIV0
Start to make bearish moveUpdate 1.1 - Price start making move to Sellside Liquidity and already make a market structure shift after hitting m5 OB. Targetting TP1 to take profit. This is also CRT H4 setupShortby THELIQUIDITYSEEKERS0
WTI is expected to make bearish move during Asian SessionPrice raid during US AM killzone yesterday with the support of Natural EIA data. Price is expected to do retracement after bullish movement and hopefully during this asian session we can see a temporary short movement.Shortby THELIQUIDITYSEEKERS0
2024-09-10 - priceactiontds - daily update - oilGood Evening and I hope you are well. tl;dr Oil - Bears in full control and the 4h ema is king. Bulls are also making money buying new lows, so we have some two sided trading, despite the bear strength. comment: 4h 20ema. Add that to your wti crude oil chart and trade it. Market is respecting it and there are amazing trades to be made. How long will it continue? No one knows but markets tend to do what they have been doing. Intertia. The bear channel is also looking good for now. Where could be the next bigger support for the bulls? 64.46 was my bigger target for the bears and they already reached it. The 2023-12 low is at 63.21 and the next support below would be 60. For now I think shorts are not favored near the lower bear trend line and I would only look for shorts near the 4h ema. Can you long this? You can but stop would probably be 64.7ish because 65 could easily get tested. current market cycle: bear trend key levels: 63 - 71 bull case: Bulls are content with scalping long at new lows. They are quick to exit once bigger bears come around and that’s why the selling ist mostly done via quick spikes (roughly 1h in length). Since we are at the lows of the bear channel, r:r favors the bulls for 67 or 68. Invalidation is below 64.7. bear case: Bears are in obviously in control. The selling is orderly with pull backs and we are in a decent channel down. Also true is that bears take profits at new lows, hence the pullbacks to the 4h ema. 63 to 67 was an area where the market produced a lot of tails below the bars in December and January. I doubt bears can continue this strong through that price area. Invalidation is above 68.8. short term: Bullish for retest of the upper bear channel and 4h ema. SL is 64.7. medium-long term: Will update after this week. current swing trade: None trade of the day: Once again, a short near the 4h ema.Longby priceactiontds0
Crude Testing 50 Period on the 1 Hour CandleA lot of factors in play with geo politics, weather, economic slow down, and technicals. Any successful test and hold above the 50 period could yield a nice 5-10% move to the upside. by andrewtreilly0
Sellers Successfully Broke to the downside on Weekly TF...NYMEX:CL1! "Our patterns make prints that show up on paper." -Trinidad Chris Family as we get ready to start this trading week. Let's make sure we play very close attention to every detail in the market on every TF from the Weekly n Below. Our #1 focus is the Mastery of our System! We are in the business of Managment. Here in this video, I went into gr8 detail as to why I am more so SHORT biased on Crude OIL. However, LONGS are still on the table if the right High Probable Set Up presents itself!! This is going to be a BIG BIG Week for the HOUSE!!! Let's stay on POINT!! Remember when it comes to FRM (Financial Risk Management) our job is to manage the downside costs of printing High side returns of $$$ consistently. Let's Keep Steppn!! Stay Focused & Reach Excellence!! #BHM500K #NewERA #Champions 05:58by TreyHighPwr1
#202437 - priceactiontds - weekly update - wti crude oil futuresGood Evening and I hope you are well. tl;dr wti crude oil: Very strong breakout below previous support around 70 and market is on it’s way to test the 2024 low 64.46. Oil has not traded below 63 for more than a year. Bulls are in pain but some pullback is expected next week. Quote from last week: comment: Not much changed. On the weekly it looks more bearish than it is. Until one side get’s a daily close above or below previous lows/highs, market continues to contract and the breakout is near. Weekly ema is flat as can be. Either scalp to both sides or wait for the breakout. Bears want to get below 70 and bulls want 78 and higher. Odds favor the bulls around 72 to trade back up to at least 76. comment: Bears did surprise me big time on Monday where they closed below the August low but the bigger surprise was the follow through on Tuesday where they closed below 70. That was the lowest close for 8 months and bears just sold it relentlessly on every small rip. We are now 4% away from the January low and given the strong selling on much higher volume, we will likely test below 65$ next week. All pullbacks last week were mostly sideways and every time market got near or touched the 4h 20ema, it sold off big time. Any pullback the bulls get, bears will probably continue and try to keep 70 resistance. Selling 67.67 is probably not a good idea so I what for Monday and if we can get near the 4h ema again and there I’d look for weakness. current market cycle: bear trend key levels: 60-72 bull case: Bulls are really trying if you look at the 1h chart but every rip bigger than 100 ticks is sold heavily by huge bear bars. Right now at 67.67 I don’t think we are at a bigger support level where bulls want to fight this. Could happen on Monday but I think many more bulls wait for 65 to be hit before longing this. First objective for the bulls is to make the market go sideways and then get a 4h bar close above the ema. Anything above 71 would surprise me. Invalidation is below 67. bear case: Bears broke strongly below very big previous support and trying to test the 2024 at 64.46. They are in total control of the market until bulls can close a bull bar above the 4h ema. So we have a clear target with 65 or even 64.46 and a clear invalidation level of the max bearishness with the 4h ema. Invalidation is above 70.32 outlook last week: short term : Bullish above 75, bearish below 73. Bulls want 77 and bears want 72 or lower. → Last Sunday we traded 73.55 and now we are at 67.67. Clear levels given, hope you took shorts below 73. short term: Full bear mode but a pullback is expected. Good r:r shorts are to be found around 69-70. Above 70.32 we will see a more complex pullback and I’d be out of shorts and wait. medium-long term: Bears broke below multi month support and want a retest of 64.46 or lower. Right now the selling is a bit too steep to be sustainable. When we get a more complex pullback and form a decent channel, I will write a longer update here. Can this bear trend be the start of a bigger where we see Oil below 50$ again? I have absolutely no idea but the current daily chart can not not lead to that conclusion. current swing trade : None chart update: Added currently valid bear trend linesShortby priceactiontds0
Scaled Water DragoonFirst things first! THIS IS NOT A TRADING SIGNAL! The signal came 8/29/24 at 11:30 from an AI analyst tool that I created to be my automated analysis assistant. It sends me alerts after very specific market ingredients have simmered in a very specific order. This post is just to share my chart art with the world’s biggest hub of retail traders! Without getting into the minute details of my eve, I will tell you an overview of what exactly has to happen before I get one of these alerts as they are rare market occurrences. 1. Lopsided market participation. 2. Institutional pricing level reached. 3. Massive liquidity present. 4 Abnormal Institutional Activty Detected. 5. Price Action Discrepancy, 6. Demand / Supply reached. I have been working on this system for over a year and a half, August was the first month I had my analyst deployed on the market. This was the best play I think I’ve seen anyone AI or human ever call out. I’m excited for the future of testing and watching what happens! I will continue to monitor this trade to see just how far it actually runs, currently sitting at 1:14 RR from the time of the AI trading alert to today.Shortby jefferytheartist0
Looking for Crude bounce from 69$ to 73$ CL!Looking for Crude bounce from 69$ to 73$ CL! Looking for Crude bounce from 69$ to 73$ CL!Longby MGXTRADE1
How to Use Intermarket Analysis? - Crude Oil Potential DirectionAn example of Crude Oil and Palm Oil in my intermarket analysis to demonstrate how I identify potential upcoming trends and why I believe both are about to move. To help narrow down potential opportunities in other markets, you can apply the techniques I am about to share. Micro WTI Crude Oil Futures & Options Ticker: MCL Minimum fluctuation: 0.01 per barrel = $1.00 Disclaimer: • What presented here is not a recommendation, please consult your licensed broker. • Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises. CME Real-time Market Data help identify trading set-ups in real-time 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 Long08:05by konhow5
Elliott Wave View on Light Crude Oil (CL) Favoring More DownsideShort Term Elliott Wave in Oil (CL) suggests the decline from 8.13.2024 high is unfolding as a 5 waves impulse. Down from 8.13.2024 high, wave (i) ended at 76.83 and rally in wave (ii) ended at 78.6. The commodity extended lower in wave (iii) towards 72.89 and rally in wave (iv) ended at 74.16. Final leg wave (v) ended at 71.46 which completed wave ((i)) in higher degree. Oil then turned higher in wave ((ii)) with internal subdivision as a zigzag Elliott Wave structure. Up from wave ((i)), wave (a) ended at 73.52 and wave (b) ended at 72.81. Wave (c) higher ended at 77.58 which completed wave ((ii)) in higher degree. Oil extended lower in wave ((iii)). Down from wave ((ii)), wave i ended at 73.82 and rally in wave ii ended at 76.91. It then extended lower in wave iii towards 69.19 and wave iv rally ended at 71.46. Expect Oil to end wave v soon which should complete wave (i) in higher degree. Afterwards, it should rally in wave (ii) to correct cycle from 8.26.2024 high before it resumes lower. Near term, as far as pivot at 77.58 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.by Elliottwave-Forecast2
Oil Price Clears June LowThe price of oil clears the June low (69.42) as it extends the series of lower highs and lows from last week. Crude Oil Price Outlook The selloff in the price of oil may persist as it trades to a fresh weekly low ($68.95), with a break/close below $68.50 (78.6% Fibonacci retracement) opening up the February low ($66.60). Next area of interest comes in around $65.30 (78.6% Fibonacci retracement) but the price of oil may continue to hold above the January low ($64.37) if it struggles to break/close below $68.50 (78.6% Fibonacci retracement). Need a move back above $71.70 (61.8% Fibonacci retracement) to negate the bearish price action in crude, with a move above $74.00 (50% Fibonacci retracement) raising the scope for a move towards the $75.30 (61.8% Fibonacci retracement) to $76.30 (38.2% Fibonacci retracement) region. --- Written by David Song, Strategist at FOREX.com by FOREXcom2
Crude Breaking Down From An Elliott Wave Triangle Crude oil turned down this summer, from the upper triangle resistance trendline, as shown on our daily count, so it looks like more weakness can be coming still this year as drop from 81 unfolded in five waves while pullback to 80.00 can possibly be already completed after recent drop below $70, and now also out of a triangle. So we think that bears are in progress now and that more weakness can be coming within impulsive sell-off. Any near-term bounce can possibly stop at $72.00, a new resistance. Rise above 74 will suggest that break down failed. by ew-forecast3
Sell Opportunity on Light Crude Oil toward 63.7$Hello, We've identified a huge current opportunity to sell Light Crude Oil with a high probability in the Daily chart. Our target is $63.7 within a few days (Swing trade). IbrouriShortby Abdessamadibrouri0