USOIL DAILYUSOIL DAILY: USOIL seems to have completed wave B of 2 and heading for the C leg. We are expecting the correction to terminate near the fib levels.
OILUSD trade ideas
Crude BullishPrice action is suggesting, we are going to see a trending one way move in crude oil 129 level over next few weeks. Overall set up looks extremely bullish. With a SL of 57.2, one can aim for target of 129 and 143.
USOIL: Local Correction Ahead! Sell!
Welcome to our daily USOIL prediction!
We made our analysis today using SMC and ICT trading theories, which, combined with our trading experience all point to the downside. So we are locally bearish biased and the target for the short trade is 72.94
Wish you good luck in trading to you all!
NEW IDEA FOR WTI War tensions in the Middle East increase oil prices
By examining the trend in the one-hour time frame, WTI oil in the one-hour time frame has a support range in the range of 73.41-72.91, and on the condition of maintaining and not registering any one-hour close candle time under the mentioned support range, the rate of It can have a price increase up to the 300% Fibo resistance in the range of $77.67.
WTI CRUDE OIL: Sets course for $80WTI Crude Oil is bullish on its 1D technical outlook (RSI = 59.800, MACD = -0.360, ADX = 28.602) as it crossed over the LH trendline of the Bearish Megaphone. After a 4H RSI bottom formation, the 4H MA50 and MA200 are about to form a Golden Cross, the first since June 18th that caused a rally continuation to the 0.786 Fibonacci level. That is where the August 12th LH is and that is our target (TP = 80.00).
See how our prior idea has worked out:
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USOIL SENDS CLEAR BEARISH SIGNALS|SHORT
Hello, Friends!
USOIL pair is trading in a local uptrend which we know by looking at the previous 1W candle which is green. On the 3H timeframe the pair is going up too. The pair is overbought because the price is close to the upper band of the BB indicator. So we are looking to sell the pair with the upper BB line acting as resistance. The next target is 71.68 area.
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Got the crude !I got the crude movement with fine move
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Crude Oil Falls to $70.30 as Market Awaits Possible ReversalOil prices have extended their losses for the second consecutive day, with crude trading around $70.30 per barrel on Wednesday. The decline in oil prices has been largely driven by the potential resolution of a political dispute in Libya, which has temporarily halted exports, along with growing concerns over a slowdown in global demand growth.
Adding to the negative market sentiment, data from the Institute for Supply Management (ISM) indicated that US manufacturing continues to struggle. Although there was a slight improvement in August, with the ISM Manufacturing PMI rising to 47.2 from 46.8 in July, it still fell short of market expectations of 47.5. This marks the 21st contraction in US factory activity over the past 22 months, underscoring the persistent weakness in the manufacturing sector.
From a technical standpoint, oil has entered a strong demand area, where seasonality data suggests a potential increase in volume, hinting at the possibility of a reversal. Additionally, the latest Commitment of Traders (COT) report shows that retail traders are heavily short on oil, further supporting the potential for a rebound. However, it's important to note that commercial traders, often seen as the "smart money," continue to hold lower positions, adding a layer of uncertainty to the reversal outlook.
Moreover, oil prices are facing additional pressure due to the Organization of the Petroleum Exporting Countries and their allies (OPEC+) planning to increase production in the upcoming quarter. This move could weigh on prices, making a sustained recovery less certain.
While there are signs of a possible reversal in oil prices, the data remains inconclusive, and traders should exercise caution as market dynamics evolve.
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Crude OilPair : Crude Oil
Description :
Completed " 12345 " Impulsive Waves
Break of Structure and Retracement
RSI - Divergence
Bearish Channel as an Corrective Pattern in Short Time Frame
Exp Fiat
OIL TRADE IDEAhi all
expecting a short term pullback after HH perform.
look for HL before continue make new HH
also there is possibility price make new LL on high time frame
**My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading my skills also for my trade journal**
Thanks a lot for your support
Oil rally continuesCrude oil was firmer again this morning as traders price in the escalation in hostilities across the Middle East. This marks the fourth successive positive session across oil markets as the tit-for-tat exchanges between Lebanon and Israel continue. These were compounded by Iran’s direct involvement through another missile attack on Israel, and comments from US President Biden saying his administration is in discussions with Israel over possible attacks on Iranian oil facilities. Front-month WTI is up around 12% from lows hit on Tuesday morning. Analysts are busy debating if this move fully prices in the danger of supply disruption should there be an attack on Iranian crude hubs. Probably not, as many traders will continue to look ahead and consider an expected drop in demand growth next year. As for the short-term, traders have to calculate the odds of the likelihood, not just of an attack, but also the likely scale, as well as the length of any disruption caused. Should there be an attack, would it be a warning, or would it result in complete destruction of Iran’s facilities? Everything is made more uncertain with the coming weekend.
Short Crude Oil Another post during my oath of silence on Twitter. This is where oil has to top if my deflation thesis is correct.
USOILThis setup presents a favorable short position on USOIL, reflecting expectations of downward price movement. With Entry, Take Profit, and Stop Loss levels clearly defined, the trade is poised to capitalize on potential weakness in the market. The strategy aims to benefit from declining momentum and broader market conditions, offering a balanced risk-reward ratio. Keep an eye on key support levels as the trade progresses.
Strong Recovery from 65.00 Support with Targets of 78.00-79.00WTI (USOIL) is currently trading at 71. After falling to the strong support level of 65.00 , it has shown consistent upward movement. This recovery from 65.00 indicates strong buying interest at that level, and we believe the bullish momentum is likely to persist. As the price continues to climb, we are projecting a target range between 78.00 and 79.00 . The 65.00 support has demonstrated its resilience, providing a solid foundation for further gains and building confidence in the market for continued upward progress.
USOIL / BREAKOUT THE CHANNEL / 4HUSOIL / 4H TIME FRAME
HELLO TRADERS
The asset has broken out of a channel and is experiencing bullish pressure. This suggests that the asset’s price is moving upwards after a period of consolidation.
The asset is trading above a supply zone around 74.37 to 73.69. A retest of this zone may occur before prices begin to rise again, targeting a higher supply zone between 76.85 and 77.60.
If the price breaks 73.59, it indicates a potential move to a Fair Value Gap (FVG) between 73.07 and 72.15 , his is a zone where price inefficiencies may exist.
If prices stabilize below the FVG zone, it could lead to further declines towards a demand zone between 73.07 and 72.12. This suggests a potential bearish reversal.
Supply Zone : 76.85 and 77.60.
Demand Zone : 73.07 and 72.12.
FVG : 73.07 and 72.15.
US OIL Forecast ... 10.04.2024
US oil prices are rising due to worries about the conflict in the Middle East getting worse.
Tensions are keeping prices up, even though OPEC+ plans to increase oil supply soon.
Oil is currently testing resistance at $75.15, with the next price targets at $77.20 and $78.45.
Support levels for oil are at $74.00 and $71.00.
Crude Oil - LongEntry Reason:
- Broke above multi month downtrend with strong candle
Exit Strategy:
- Stop just under low of bbig breakout candle
- 50% TP at liquidity
- 50% trailing stop
- Trail stop below daily pivots
WTI Crude Surges After Iran’s Missile Attack, Supply Fears BoostWTI crude oil prices edged higher following news that Iran launched missiles at Israel in a direct attack, sparking fears of potential supply disruptions in the oil-rich Middle East region. The escalation of conflict has heightened concerns about stability in the region, with the risk of a broader war possibly threatening oil production and distribution, sending prices upward.
From a technical perspective, the price movement has played out exactly as predicted in our previous forecast, which can be seen in the following link:
In that analysis, we anticipated a rebound from a key demand area, driven by concerns over geopolitical tensions and possible oil supply disruptions from the conflict. As the situation between Israel and its neighboring countries intensifies, the fear of significant interruptions in oil supply is pushing prices higher.
Looking ahead, the bullish momentum in WTI is expected to continue, possibly driving prices above our initial take profit target. Traders should remain alert for further developments in the region, as any escalation could further fuel the upward pressure on oil prices, potentially leading to even more significant gains in the near term.
In conclusion, WTI prices are on an upward trajectory, fueled by the geopolitical risks stemming from the direct attack on Israel. Our technical forecast of a rebound from the demand zone has been validated, and with the ongoing threat of supply disruptions, the bullish outlook remains strong. Further gains could push WTI prices well beyond our take profit levels if the conflict persists.
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Bump and Run ReversalUptrend out break
Bump And Run Pattern
Look for price to go bullish
Long or Buy until 84.87
CRUDE OIL (WTI): Your Trading Plan For Today
WTI Crude Oil is testing a significant falling trend line on a daily.
To short that with a confirmation, pay attention to a descending triangle
pattern on an hourly time frame.
Your signal will be a breakout of its horizontal neckline
- an hourly candle close below 73.46.
Short the market aggressively or on a retest, then.
Targets: 73.07 / 72.85
Alternatively, a bullish violation of a trend line will be a strong bullish signal.
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WTI Oil H4 | Potential bearish reversalWTI oil (USOIL) is rising towards an overlap resistance and could potentially reverse off this level to drop lower.
Sell entry is at 74.07 which is an overlap resistance that aligns with the 127.2% Fibonacci extension level.
Stop loss is at 77.10 which is a level that sits above the 161.8% Fibonacci extension level and a swing-high resistance.
Take profit is at 70.06 which is a pullback support.
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BUY OIL - trade explained in detail Trader Tom, a technical analyst with over 15 years’ experience, explains his trade idea using price action and a top down approach. This is one of many trades so if you would like to see more then please follow us and hit the boost button.
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