CrudeOil
**CrudeOil:**
The price rised to the zone between 80.83 and 81.86 last week.
The price is expected to rise until the top of the channel, 82.00 / 82.30 zone before a new retracement.
QM1! trade ideas
OIL continue with the Uptrend ☝️On crude oil, it's nice to see a strong buying reaction at the price of 78.5.
There's a significant accumulation of contracts in this area, indicating strong buyer interest. I believe that buyers who entered at this level will defend their long positions. If the price returns to this area, strong buyers will likely push the market up again.
The weekly point of control (POC), uptrend, and high volume cluster are the main reasons for my decision to go long on this trade.
Happy trading
Dale
Crude Oil WTI - Analysis (ICT)Simple analysis on the Monthly timeframes.
There is trendline liquidity residing above, which I believe is the next draw on price.
With that in mind, I noticed price react nicely off of a 5-Month FVG and Orderblock. With that in mind, I'm anticipating price using the current Sibi that it is in to become an iFVG. I would like to see a Monthly candle close above it and then use it or a created Bisi as support to trade higher.
Life is simple, don't complicate it.
- R2F
CL! | Crude Oil | InformativeNYMEX:CL1!
It has formed an Inverse Head and Shoulders pattern on the 4-hour chart. If it breaks above the bullish line around $79, we can expect a rise to $90 very soon. This expectation is supported by the PPI and CPI data, along with China reopening next week, which will likely push oil prices higher.
light crud oil wait for breck*The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
Wyckoff Accumulation Schematic for Oil Futures I personally don't think technical analysis is governing the prices but this textbook example of Wyckoff Accumulation Schematic suggests that oil contracts may be priced at around 185 USD, in like 1120 days :)
Counter argument to no rate cuts, Oil looking goodWe've been expecting #InterestRates to be cut.
Here's the counter argument to that...
Economy not slowing down. Bigs are getting bigger.
Labor market is tight. People are working 2 to 3 jobs.
Expected payroll raises in the near future.
Expected increase in prices by businesses.
Rent and housing prices are still rising, for the most part.
Oil is trending higher. The Middle East conflict adds to this.
WTI. Expecting and Suggestions about it.Good day.
WTI. Last month showed interesting upward and downward movements; in anticipation, everything closed for an upward movement. Due to the instability in the Middle East and lower Africa, and indeed in the world, these factors influence more likely the Growth of Oil, but let's move on to the Technical Picture.
Since the beginning of the year it is trading above 10% growth. The 10% level is the closing price of the year - 71.65 = 78.81. Next we have the expected levels of 15 and 20% growth - 82.39 and 85.98.
Looking at the 1Month Charts, we see a picture of the absorption of December trade into January. Moving on to Weekly - We see that since the week of January 29 it has been trading in this range (Inside Bar itself is a very strong combination) and it is breaking through upwards. That's why she says growth. The support level remains at 78.81, if suddenly there is a false breakout.
Next, we see that Exponential Averages say that the price passes the Annual from bottom to top, and the Quarterly and Monthly are lined up at an Angle in growth. Further, using Donchian, building a corridor of Highs and Lows for the period, and we look at the quarterly range, which breaks through at the Highs level at 79.62. Therefore, the Course for this month is clear. For the most part, 80% expect growth, depending on the Situation.
Thank you all. Goodness and Peace to all
light crude oil for short*The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
CL 15M bullish breakerCL is consolidating in the range. I'm going to buy CL based on 15M bullish breaker after swept Asia low to go to the high of the range, i.e. previous day high. There is a room for 1:2 RR
Short Oil Trade at Top of Range is Crowded -- Take Long InsteadEveryone I knew piled into the short CL at 79.00 this afternoon. However, we traded a late afternoon long fib to the 61.8% level and held there as support. Then, here in the Asian session, we have held that level and briefly dipping in. I am recommending buying CL here at 78.40 level with an expectation that we are going to go through 79.00 and make a push for 80-81 during the European session.
144m Crude oil chart is tired lookingPossible it goes up first from up here, but down would make more sense, imo. If it goes, up I will short scalp and try to leave a runner.
a daily price action after hour update - oilGood evening and i hope you are well.
Quote from my weekly outlook:
short term: slight favor for the bulls to reverse Friday and trade above 79, there could still be resistance if bulls won’t push above with some force. bears win below 75 for at least 74 or lower
That outlook was good for 300 pips. Hope you made some.
bull case: Bulls got exactly what i have laid out. 79.62 was the high before many took profits and bears shorted aggressively. Bulls bought the bull trend line right under the 1h 20ema and to me that’s bullish because bears could not get lower lows. I expect bulls to trade back up, as long as it stays above 78. Target is still 80.
bear case: Bears sold the highs and reversed the big breakout but until they break below the bull channel under 78, they have to cover and wait for higher prices again.
short term: sideways to up for 80 and invalid below 78.
medium-long term: same as last weeks. sideways inside the big triangle, above 80 odds favor bulls to get to the upper bear trend line around 82-84
trade of the day: buy 78 and sell 49 when the big bars were forming or buy/sell at the bull channel lines
Does oil break out?Oil futures have an inverted H&S or cup and handle formation, if oil breaks out we'll see rebound inflation next month.
Something to watch out for. Resistance is at $80. Might cycle back down if there's a truce in Gaza next week, but I think Biden is full of crap, lol.
CRUDE OIL Pair : Crude Oil
Description :
Bullish Channel as an Corrective Pattern in Short Time Frame and Rejection from Daily Resistance
RSI - Divergence
Break of Structure
Symmetrical Triangle as an Correction in Short Time Frame with the Breakout of Upper Trend Line
WTI Crude Oil - ShortOil had a very strong daily close on Tuesday, and appears to be heading for the highs of the weekly range.
My Draw on Liquidity is Tuesday's high, as well as 79.09 and 79.36. I am hunting a long setup.
I would like to see H4 candles closing with rejection wicks into the H4 bullish FVG's. A close of this nature will authorize me to hunt m15 long entries.
Crude Oil Approaches Major Resistance! Crude oil futures are currently facing a confluence of factors that could significantly impact their trajectory in the coming months. One of the most significant developments is the potential extension of voluntary oil output cuts by OPEC+ into the second quarter, with the possibility of extending them until year-end.
Fundamentals:
On the monetary policy front, Fed funds futures have shifted their expectations for interest rate cuts from March to June and July. This change reflects the Federal Reserve's cautious approach to monetary policy amid signs of economic strength.
Speaking of economic strength, the latest reading from the Atlanta Fed GDPNow model suggests a robust growth rate of 3.2%, surpassing the expected 2.9%. A stronger economy typically supports higher oil prices, as it indicates increased demand for energy.
Technicals:
Crude oil futures are currently facing major overhead resistance in the range of 79-79.95. A break and close above this resistance level range could signal a bullish trend for oil prices.
In summary, the potential extension of OPEC+ oil output cuts, coupled with major overhead resistance and a stronger economy, could serve as supporting catalysts for crude oil futures in the near term. Investors and traders should closely monitor these developments for potential trading opportunities.
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.
CL1! (Crude Oil) - 4 months HEAD & SHOULDERS══════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
After a careful consideration I came to the conclusion that:
- it is crucial to be quick in alerting you with all the opportunities I spot and often I don't post a good pattern because I don't have the opportunity to write down a proper didactical comment;
- since my parameters to identify a Classical Pattern and its scenario are very well defined, many of my comments were and would be redundant;
- the information that I think is important is very simple and can easily be understood just by looking at charts;
For these reasons and hoping to give you a better help, I decided to write comments only when something very specific or interesting shows up, otherwise all the information is shown on the chart.
Thank you all for your support
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
Crude oil:- Time paradoxCrude currently in a rangebound continues with its range which is 6100-6600.
Last few days crude following exact same pattern. Now crude on a verge of selling here, as it appears to be on top of the pattern. A shoot above 6600 might trigger buying which can float to 6800-7000-7300.
Below 6550-6600, crude is selling & might touch 6300-6200-6140.
Hope this chart help you all to find a way to understand market moment. Best wishes.
Crude OilRectangle marked where price has been rejected number of times.
Now price has again hovering around the same zone. It is above 200 EMA.
In theory if price keeps testing one level it slowly loses strength and eventually breaks out/down.
If it breaks through with volume another 200 points move expected.
This is just a analysis and no recommendation.
A Renko Trading Strategy - A Look at a ChartThis is a current view of CL and some details on the consolidation that is showing up on the 50 and 25 tick charts. February resistance levels are getting tested again. The 10-tick short-term chart has shown some strength but now showing divergence as price hits the larger blocks resistance levels.
10-tick chart
25-tick chart
50-tick chart
A Renko Trading Strategy - Part 7Part 7: Some Examples of Analysis with Indicators
First, let’s look at some of the key indicators that are included in the charts. Regardless of the brick size (10,25, or 50), all charts will have the same configuration.
DEMA (12-period and 20-period) : These moving averages are designed to react more quickly to price changes than a traditional simple moving average (SMA). The 12-period DEMA is black, and the 20-period DEMA is red. We would look for the 12-period DEMA to cross above the 20-period as a potential bullish signal and below as a bearish signal. As you examine the charts going forward, pay close attention to these two when comparing them to the dynamics of the brick patterns.
SMA (20-period) with Blue Dots : This moving average is plotted with blue dots and provides a visual indication of the longer-term trend. It's smoother and slower to react to price changes compared to the DEMA.
WMA (9-period) on the 20-period SMA (Purple Line) : The WMA is used to confirm trends and reversals. When the WMA is above the SMA, it may indicate an uptrend, and vice versa for a downtrend.
In terms of support and resistance, Renko bricks make it easier to spot these levels as they smooth out minor price fluctuations. Support and resistance would be identified by areas where the price has repeatedly reversed direction.
When comparing the 12 and 20-period DEMA to the Renko bricks, look for areas where the DEMAs act as dynamic support or resistance to the price action indicated by the bricks. Similarly, the 20-period SMA and the 9-period WMA would be assessed for their interaction with the Renko bricks.
For breakout patterns, we would look for a consolidation of Renko bricks, indicated by a tight clustering of bricks without clear direction, followed by a breakout above or below this consolidation with a corresponding move in the moving averages.
Let’s identify any notable patterns or signals on the chart. We will look for:
Crossovers between the DEMAs
The relationship between the DEMAs and the Renko bricks
Potential support and resistance levels
Any consolidation patterns that might indicate breakout points
The Average Directional Index (ADX) is used to determine the strength of a trend. The value of 35 that is used is higher than the standard 20 or 25, which implies the reduced noise in Renko charts.
Here’s how you might interpret the ADX in conjunction with the DI lines:
Consolidation : If the ADX is dropping and has crossed below the 35 level, it may indicate that the trend strength is weakening, suggesting a period of consolidation or range-bound market.
ADX Below DI Lines : When the ADX drops below both the +DI (positive directional indicator) and -DI (negative directional indicator), it further suggests that neither buyers nor sellers are in control, reinforcing the consolidation signal.
Watching for a Trend Change : If after dropping, the ADX starts to turn upward while below the DI lines, it could be an early sign that a new trend is starting to form. The direction of the trend would be indicated by which DI line the ADX crosses. If it crosses the +DI, it may signal the start of an uptrend; if it crosses the -DI, a downtrend might be beginning.
To apply this to your Renko chart, you would look for periods where the ADX dips below 35 and pay attention to its direction relative to the DI lines. You'd also consider the brick color change on the Renko chart for confirmation of trend direction if the ADX starts to rise after the dip.
Keep in mind that technical indicators should not be used in isolation; they are more effective when used in conjunction with other analysis tools and techniques. Renko charts themselves filter out smaller price movements, so the ADX on a Renko chart might not react the same way as it would on a traditional candlestick chart.
Here's some ideas on how to analyze and correlate the given indicators to price action:
Renko Bricks : Renko charts focus on price changes that meet a minimum amount and filter out minor price movements, thus highlighting the trend over time. A 50-tick Renko chart will only print a new brick when the price moves by 50 ticks, thereby smoothing out minor fluctuations and making trends easier to spot. The 1-hour timeframe means that each brick represents an hour's worth of price movement.
Linear Regression Channel (1st and 2nd degree) : This tool is used to identify potential support and resistance levels and the overall trend direction. The 1st degree (linear) regression trendlines show the mean price movement, while the 2nd degree could show a parabolic trend which accounts for acceleration in price movement. The price often oscillates around the mean trendline, and deviations can be used to identify overbought or oversold conditions.
Double Exponential Moving Average (DEMA) 12 and 20 : The DEMA is a faster-moving average that reduces lag time compared to traditional moving averages. In your setup, the DEMA 12 would be more reactive to price changes, potentially serving as a short-term trend indicator, while the DEMA 20 could be used to confirm medium-term trends.
Simple Moving Average (SMA) 20 with 9 period Weighted Moving Average (WMA) : The SMA 20 is a common indicator for medium-term trend direction. When combined with the 9-period WMA, which gives more weight to recent prices, you could use crossovers between the two as potential buy/sell signals.
Stochastic Oscillators (5,3,3 and 50,3,3) : Stochastic oscillators compare the closing price of a commodity to its price range over a certain period. The 5,3,3 stochastic is a fast indicator that can signal short-term overbought or oversold conditions. The 50,3,3 stochastic, being much slower, could be used to assess the longer-term momentum of the market.
Average Directional Index (ADX) with the Directional Movement Index (DMI) : The ADX is used to measure the strength of a trend, whether up or down. The DMI includes both the Positive Directional Indicator (+DI) and Negative Directional Indicator (-DI), which help determine the trend direction. A rising ADX indicates a strong trend, while a falling ADX suggests a weakening trend.
When analyzing the chart, consider the following correlations and insights:
Renko and Regression Channel : Look for periods when the Renko bricks consistently stay on one side of the mean regression line. This could indicate a strong trend. If the price breaks through the regression channel, it might signal a potential reversal or a breakout.
DEMA, SMA, and WMA : Watch for crossovers between these moving averages. A crossover of the DEMA 12 above the SMA 20 and WMA might indicate a bullish short-term momentum, while a crossover below could signal bearish momentum.
Stochastic Oscillators : Look for divergence between the price and the stochastic oscillators. If the price makes new highs/lows but the stochastic does not confirm (known as a divergence), it could indicate a weakening trend.
ADX and DMI : If the ADX is rising and the +DI is above the -DI, the uptrend is strong; if the -DI is above the +DI, the downtrend is strong. If the ADX is falling, the trend is considered weak or the market may be ranging.
For trade setups, you might consider the following:
Long Entry : A new Renko brick in the direction of the trend, a bullish crossover in moving averages, the stochastic coming out of oversold territory, and a rising ADX with +DI above -DI.
Short Entry : A new Renko brick opposite the trend direction, a bearish crossover in moving averages, the stochastic coming out of overbought territory, and a rising ADX with -DI above +DI.
It's crucial to back test these indicators and their correlations with historical price data to validate their predictive power. Additionally, always manage risk appropriately, as indicators are not foolproof and should be used in conjunction with other forms of analysis and sound trading principles.
Part 8: Working Through Some Examples
to-follow
CLJH24 - Bias BuyRed Sea Crisis and OPEC+ Cuts Support Oil Prices
Prices for North Sea and West African crude grades have increased this month.
The Red Sea shipping crisis and OPEC+ output cuts have tightened oil markets.
U.S. benchmark oil prices are also supported by higher demand for American crude in Europe due to the Red Sea disruption to flows.
Reduce in supply directly impacted the price getting higher.
