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WTI Crude (OIL) / US DollarWTI Crude (OIL) / US DollarWTI Crude (OIL) / US Dollar

WTI Crude (OIL) / US Dollar

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OILUSD trade ideas

Crude Oil - WTI Bearish Trade Ideaunexpected increase in inventories, coupled with concerns around weakening global demand and potential economic slowdowns, is likely to put downward pressure on oil prices. Technical indicators also suggest overextension, with WTI possibly pulling back from recent highs. I'm expecting a move lower as the market corrects and digests the supply surplus, targeting key support levels for potential price action. Keep an eye on upcoming data and geopolitical factors that may influence the outlook further.
BLACKBULL:WTIShort
by trader9224
WTI: Will Iran drag Saudi into conflict? Israeli officials are considering how to respond after an Iranian missile strike on Wednesday, which caused little damage, but definitely had the potential to do so. Their next steps could depend on the U.S. stance. President Joe Biden reaffirmed U.S. support for Israel but made it clear on Wednesday that he would not support Israeli strikes on Iran’s nuclear sites. Oil prices have already jumped 5% after Biden mentioned discussions about possible Israeli strikes on Iran’s oil industry. Iran, the world’s seventh-largest oil producer, exports about half of its oil, mainly to China. If tensions escalate into a broader conflict, Iran it is expected to draw Israel’s regional allies, including Saudi Arabia (an even larger oil producer than Iran) and Jordan, into the confrontation.
BLACKBULL:WTI
by BlackBull_Markets
USOIL Is Going Up! Buy! Take a look at our analysis for USOIL. Time Frame: 1D Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is trading around a solid horizontal structure 72.003. The above observations make me that the market will inevitably achieve 77.673 level. P.S The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce. Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news. Like and subscribe and comment my ideas if you enjoy them!
EASYMARKETS:OILUSDLong
by SignalProvider
1
NEW IDEA FOR WTIFrom a technical point of view, WTI crude oil has broken the resistance range of the ceiling of the descending channel to the top, and therefore, there is a possibility of further price increase. In general, this scenario is reinforced that WTI crude oil can reach the resistance of the previous ceiling in the range of 77.67 provided that no one-hour close candle time is recorded below the important support interval in the range of 70.00-68.71. The dollar will increase in price.
EASYMARKETS:OILUSDLong
by arongroups
Today's crude oil trading strategyCrude oil Today's ’U.S. EIA crude oil inventory for the week to September 27th' data is sharply bearish on crude oil! In addition, OPEC stated: the three countries have confirmed their compliance with the production reduction compensation plan, and the production reduction compensation is equivalent to a slow increase, so it is difficult for the added crude oil to rise! Therefore, crude oil is still mainly shorted! Today's crude oil trading strategy: short the market near 70.6, 71 increase the position operation
TVC:USOILShort
by Falcon-Training-Camp
Potential bullish bounce?WTI oil (XTI/USD) is falling towards the pivot which has been identified as an overlap support and could bounce to the 1st resistance level which acts as a pullback resistance. Pivot: 69.90 1st Support: 67.81 1st Resistance: 73.04 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDLong
by ICmarkets
US Oil Update - Oct 02 2024Looking at US oil chart, it seems the chart is creating a bullish structure at the moment. Price is currently just below the 71.6 - 72.4 resistance zone. A daily close above the resistance will probably activate the higher targets of 76.0 and the 78.3. The apparent bullish behavior of the chart hints that the current geopolitical fights in the Middle-East will probably worsen and situation will get more intense! A strong push through the 78.3 level can potentially lead to the higher target of 82. #USOIL
TVC:USOIL
by AlgoBotTrading
Crude Oil Inventories - Market Upset!The latest U.S. Crude Oil Inventories came in at 3.889M, significantly higher than the forecasted -1.500M. This unexpected build suggests that there is currently a surplus of crude oil supply in the market, which could put downward pressure on oil prices. The higher inventory levels imply weaker demand or overproduction, both of which typically weigh on the market sentiment for crude. Traders will likely watch for further data or geopolitical developments that could impact the supply-demand balance and influence future price movements.
BLACKBULL:WTIShort
by trader9224
USOIL to $84 - Technical and Fundamental Analyst.Disclaimer: This is my personal idea and perspective on USOIL. I am not a financial advisor and hold no certifications in finance. This is purely my personal view. Technical Analysis: US Oil is currently in a bearish trend on the daily time frame. There have been two rejections at the daily support level, indicating potential for a reversal (buying pressure). From a technical standpoint, the market is forming a double bottom pattern, with the neckline at the $72 level. I expect the market to move upward, with the first target being the golden Fibonacci ratio at $77. The second target is $80. I anticipate a correction around this level. Besides being a psychological number, $80 also acts as a strong daily resistance. The third target is at $84. After the correction at $80, I foresee the market continuing its upward movement toward $84. This is the 2.618 Fibonacci ratio and a very strong resistance level. Can the price continue to rise after hitting $84? Yes, it can. However, my main focus is on the levels of $77, $80, and $84. Fundamental Analysis: Geopolitically, tensions in the Middle East are rising, and this will likely have a significant impact on USOIL. The Middle East is home to major oil producers, and key oil distribution routes also pass through the region. If these geopolitical tensions escalate, it will directly affect USOIL prices, according to the basic economic principle of supply and demand. Again, I am just a small trader sharing my analysis on USOIL. I have no vested interest in this; it’s purely an idea coming from my thoughts. The next question is, when will USOIL reach my targets? I predict it will happen within 90 days from now . God bless us. Thanks.
TVC:USOILLong
by calvinvlntt
2
USOIL on the Verge of Major Drop: Bearish Elliott Wave Setup Elliott Wave Structure: The chart clearly displays a five-wave structure (labeled as (i), (ii), (iii), (iv), (v)) according to Elliott Wave theory, which implies a potential correction after a completed impulse wave. Current Position: The chart suggests that the price is completing a corrective structure in a Wave (ii) of a larger degree cycle, with the next anticipated move being the formation of Wave (iii), signaling the beginning of another impulsive leg down. The larger Elliott Wave cycle has been broken down into smaller waves (labeled as w, x, y), showing internal wave subdivisions, confirming the corrective patterns. Bearish Order Block: There is a Bearish Order Block labeled in the upper region of the chart, which marks an area of institutional supply where price is expected to reverse after a retracement. This area is important because it aligns with the completion of the smaller wave (ii), implying that once price reaches this zone, a rejection could occur leading to a potential downside move into Wave (iii). Break of Structure (BOS) & Market Structure Shift (MSB): A BOS/MSB is highlighted on the chart. It represents a key level where the previous bullish structure was broken, signaling a shift in market sentiment from bullish to bearish. The MSB (Market Structure Break) has occurred after the price broke below the recent swing lows, indicating that a bearish trend is likely to continue. Fibonacci Extensions: Fibonacci extension levels (2.618 and 2.786) are drawn to the downside, showing potential price targets for the next leg down (Wave (iii)). These levels suggest that the price could extend downwards to the $56.05 and $55.03 regions, which correspond to deeper Fibonacci targets, once the corrective Wave (ii) is complete. Invalidation Point: An invalidation point is marked in the upper region of the chart, indicating that if the price exceeds this level, the current bearish wave count (and the expectation for a continuation of Wave (iii)) will be invalidated. This serves as a critical level for traders to watch, as price exceeding this level would suggest the current analysis is wrong, and a new outlook may be required. Current Weak Low of a Range (Legs in Leg 1): There is a current weak low labeled, highlighting the price range low where price is likely forming its corrective pattern (wave (ii)). This weak low signifies that while price is hovering in this range, it is likely setting up for the next leg down, which would confirm the start of wave (iii). Projection for the Future (Late October): The timeline on the chart projects into late October 2024, indicating the anticipated completion of a downward 5-wave structure. This projection aligns with the potential completion of Wave (iii), (iv), and (v) movements. The chart suggests that wave (v) might complete by the end of October, with a significant price move occurring by then. Wave Count Levels: The labeling of (i), (ii), (iii), (iv), (v) at multiple degrees shows the breakdown of both large and small wave structures, giving a comprehensive view of the current cycle's progression. The internal subdivisions (marked in purple) help in understanding the minor corrective moves happening within the larger wave count. Market Timing: A vertical purple line is drawn on the chart, which might represent a key time-based element, possibly indicating a specific date or price action zone where a significant market reaction is expected. The chart shows critical points in time (e.g., October 3rd), where traders should pay attention to how price behaves as it reaches important structural levels. Potential Trade Plan: Short Bias: The analysis suggests a short setup, with price expected to move lower after completing the retracement in Wave (ii). Entry Point: The optimal entry for shorts would likely be near the Bearish Order Block, where Wave (ii) is expected to terminate. Targets: The price targets are the Fibonacci extension levels around $56 and $55, which align with the projected completion of Wave (iii) and subsequent waves. Invalidation: If the price exceeds the invalidation point, traders should reconsider the trade as it would invalidate the current bearish wave structure. Summary for Traders: The chart suggests that USOIL is currently in a corrective phase (Wave (ii)), with expectations of a bearish continuation into Wave (iii). Key Levels to Watch: Bearish order block for potential short entries. BOS/MSB level for confirmation of the downtrend continuation. Fibonacci extension levels ($56.05, $55.03) for potential downside targets. Invalidation point above to signal when the bearish scenario is invalidated. Trade Strategy: Wait for price to retrace into the Bearish Order Block. Short positions can be considered with targets towards $56 and $55 based on the completion of Wave (iii).
TVC:USOILShort
by spacedevil
8
What will happen given the tensions?USOIL has formed an ascending triangle this means that the price can easily increase as much as the measured price movement( AB=CD )but only after the expected breakout happens. As tensions rise in the Middle East, Oil and Gold prices will rise. ✨We spend hours finding potential opportunities and writing useful ideas, we would be happy if you support us. Best regards CobraVanguard .💚 _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟! ⚠️Things can change... The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
TVC:USOILLong
by CobraVanguard