Crude oil -Long a few micro contracts from Friday afternoon 4/12If the buyers are panicking, we will see a sizable gap up and continuation. Possible target to be seen this week: $91 to $92.65. Not advice, just some parameters.
TCS1! trade ideas
Forecasting Next Week's Futures MarketsIn this video, I will delve into what to expect in the futures market for the upcoming week. I'll be covering the E-mini S&P, Nasdaq, Russell 2000, Gold, and Crude Oil. Here, you'll get an understanding of the market environment, key levels to watch, and essential indicators to help make informed trading decisions. The indicators used include Bollinger Bands (20,3), the 5-day SMA, the Year to Date AVWAP, and my Beacon Indicator.
Strategic Timing for Investing in Crude OilCrude Oil (CL) Bullish Trend Continues: Surge Driven by Rising Demand and OPEC's Supply Reductions
Since December 2023, CL has been on an upward trajectory bolstered by heightened demand and OPEC's proactive supply cuts. Notably, in February, the market broke through the 209-day Moving Average (MA), a significant technical indicator, and retested it in March, reaching a price peak of $80.
This week, CL has exhibited remarkable strength, surpassing a major resistance level and surging above $85. With this breakout, the next plausible target appears to be $90.
Considering the sustained bullish momentum and the fundamental factors supporting the price surge, the current market conditions favour a bullish stance on CL.
Crude Oil Technical AnalysisCL1! (Crude Oil) is forming a large head and shoulders pattern on 1hour chart. It is current retesting a previous support and holding at a demand area. A clean break below demand, below 84.85 would signal a price continuation down. For now, Jeanius is giving two buy signals which could be the beginning of another deep retracement upward. If we could get a strong bullish candle close above the current resistance, I would drop to a lower timeframe to confirm structural change to the upside to target the 1hour fair value gap and daily levels. Lets wait and see.
Where Does Crude Invite Buyers?Crude Oil (May)
Yesterday’s close: Settled at 86.21, up 0.98
Crude Oil futures slipped early yesterday due to the broader risk-off sentiment and saw further selling on larger builds within the weekly EIA inventory data. However, price action held major three-star support (newly adjusted to 84.55-84.69 and 84.90-85.10) before geopolitical premium brought a fresh bid as news flow called an Iranian strike on Israel imminent.
Price action is again slipping into the onset of U.S. hours and with support well-defined, we will look to a pivot and point of balance at 86.02.
Bias: Bullish/Neutral
Resistance: 85.29**, 86.58-86.71**, 86.91-87.10***, 87.07-87.22**, 88.37-88.64***
Pivot: 86.02
Support: 84.90-85.10***, 84.55-84.69***, 84.04-84.09**, 83.71***, 83.12-83.25***
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.
Wti 90 Strike is On Sale!There is something insightable happening with WTI oil.
90 strike and trade volume are attracting attention.
Check out Monday's trading data below. But to properly interpret it, we need to look at the data in the context of how the price of the asset has moved.
Comparing when the highest option trading activity was at the 90 strike and how the asset moved, the question becomes why the 90 option strike is being handoffed as prices move higher.
It's critical to note that open interest at the 90 strike did not increase, but the option flow from previous owners to new owners did (the amount of open interest did not increase, it actually decreased slightly).
Someone started buying at the 90 strike about 3 weeks ago and is now taking profits by selling their portfolio into the market, taking advantage of the rising price of call options. Our statistics show that such a scenario indicates a strong resistance level around the 90 strike and a likely bounce.
WTI remains on the 'buy the dip' statusMarket positioning data from the COT report shows that asset managers and large speculators are piling into longs, yet shorts remain subdued. The price on the 4-hour chart also shows an established uptrend within a bullish channel.
Prices have not yet completed a 3-wave retracement against the trend, hence the bias for a slightly deeper pullback before its trend resume. Also note that RSI (14) has not yet dipped into the oversold zone (which is now 40 given the strong uptrend).
Any pullbacks towards the internal trendline or $84 will pique our bullish interest for new longs, in anticipation of its next leg higher on route towards $90.
Crude Oil, Bulls in Driver’s Seat?Crude Oil (May)
Yesterday’s close: Settled at 86.43, down 0.48
On Friday, geopolitical premium helped the nearby month in Crude Oil futures traded to the highest level since October 23rd, and the May contract hit the highest since June 2022. Price action gapped lower from the 86.91 settlement on the open Sunday night, but strength into the onset of U.S. hours yesterday hit a high of 87.10. The resilience lends optimism, with the session low (Sunday night) holding that of Thursday’s before headlines lifted to new local highs. This newly established floor is now major three-star support at 84.64-84.93 and we see the bulls in the driver’s seat while above here.
The EIA will release its Short-Term Energy Outlook at 11:00 am CT, and API’s private weekly inventory survey is due at 3:30 pm CT.
Bias: Bullish/Neutral
Resistance: 86.91-87.10***, 87.07-87.22**, 88.37-88.64***
Pivot: 86.10
Support: 85.39-85.50**, 84.64-84.93***, 84.04-84.09**, 83.71***, 83.12-83.25***
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.
Can the HOUSE CAPITALIZE on the Market Correction SHORT...?NYMEX:CL1!
There may be people who have more talent than you. But there's no excuse for anyone to work harder than you. -Derek Jeter
Last week we tried to catch this move however our stops were hit due to sellers not being ready just yet to commit and Buyers came in to Mitigate the HTF Daily Supply Zone causing us to be stopped out... All good we rii back at it!! This is what I want to see in order to scale SHORT....
1) Price is currently trading inside a 15m Demand ZONE and rii above a Minor Support Level ($86.65)...***I need to see this 15m Demand and the Support level fail and sellers commit to pushing for lowering pricing Per Barrel.
2) I would Like to see sellers at-least wick the 1HR CHoCh level ($86.42) and then give me a re-test of the failed support level ($86.65)... At this point I'm going to apply my risk in Support of Sellers dropping the Market and targeting ($85.50) Per. Barrell in which would be the EQ level of the 4Hr Pivot Demand Zone.... This trade SHORT can give us about +115 Points in favor. We can easily catch a solid +2.5-3R % Gain depending on your given management system!
3) I need to see the 15m Demand Fail along with the Minor Support Level with confirmed candle closures underneath pricing on the 30m TF below... I also want to see the 1Hr CHoCh level wicked!!
***ALSO price needs to be trading underneath the RED V-WAP as a last min. cherry on top confirmation...Its always a Higher Probable Trade when we are in favor the of the Vwap on the 1Hr TF...
REMEMBER NOTHING IN THE MARKET IS SET IN STONE... WE play the long-term of Probability...Lets go to work!!
"Its time to REACH EXCELLENCE" -Management500K
CRUDE OILPreferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas.
With your likes and comments, you give me enough energy to provide the best analysis on an ongoing basis.
And if you needed any analysis that was not on the page, you can ask me with a comment or a personal message..
Enjoy Trading... ;)
Can the HOUSE CAPITALIZE on this Market Correction Short...?NYMEX:CL1!
A wise man once if you're easily offended then you're easily manipulated...
Good Afternoon Family I hope this week has been good to yu all... This will be a short description/narrative on why I believe we may be able to capitalize on this counter trend SHORT on OIL after we Mitigate this Daily Supply Zone a little deeper IMO>>> Vibe w/ me!
1) I want to see buyers continue to push for higher pricing and sweep the Last Current High which is ($87.22) and then fall off a cliff...
2) We have a major indecision candle on the 1Hr TF and the low pricing of that candle is ($86.45) which will cause a 1Hr CHoCh if broken... ***This is the major confirmation I will need to see with a confirmed candle closure under the 1Hr indecision candle on the 30m TF & below... Once we receive this confirmation i'm all in with the risk, covering the high for my stop....
3) On the LTF we have a 15m Demand Zone that I need to see broken by strong sellers and cause the 1Hr CHoCh level to be broken ($86.45).... If we can get this sequence of events to happen then I'll enter SHORT for the HOUSE TO CAPITALIZE ON....***Also price needs to be trading underneath the RED V-Wap as a last min. cherry on the top Confirmation. Its always a higher probable trade when we are in favor of the Vwap...IMO>>>>>
Overall Price has mitigated a HTF Daily Supply Zone & we're looking to CAPITALIZE on the Market Correction SHORT...Which is essentially a Counter Trend SHORT>>> So we need to be highly skilled in our entry price and even more skilled with our Target/Exit to CAPTALIZE on PROFITABILITY!!!
Remember nothing in the market is set in stone. WE play the long-term game of probability!!
Now lets sit back N stalk like the Saltwater CROC!!
Its time to REACH EXCELLENCE!!!
#BHM500K #NewERA #CHAMPIONS
OIL TIME TO SELL 86 peaked Stop 87.7The wave structure in oil is a complex formation within a Triangle pattern . The high of 86.2 came within 50 Cents of perfect MATH the last up leg to 95.1 from 63.7 was near perfect .618 of the last leg up and is my trendline .I AM NOW RATHER BEARISH OIL trade out of OIL or in PUTS now stop is rather simple 88.7 Best trades WAVETIMER
