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WTI Cash (or Spot) ContractWTI Cash (or Spot) ContractWTI Cash (or Spot) Contract

WTI Cash (or Spot) Contract

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Decision time for crude oilCrude oil was little-changed in early trade this morning, with a slight downside bias. This follows on from Tuesday’s sell-off which saw front-month WTI continue to pull back from Monday’s peak, just above $78 per barrel. This marked a near two-month high for WTI and represented the top of an 18% rally from the lows seen less than a week previously. Just one month before that, front-month WTI had briefly broken below $65 per barrel to mark its lowest level since May 2023. This was also notable for oil being more oversold than in nearly a year, according to the daily MACD. The rally since then has been sharp. While the escalation in hostilities across the Middle East can be viewed as a trigger, crude was already in a very precarious position, with a large number of short sellers weighing on prices. Ultimately, many have been forced to cover, thereby giving additional energy to the rally. Now the market will show us whether it is about to recommence its downside trend, or if the current move is a small pullback before there’s more of a rally. Yesterday the US Energy Information Administration (EIA) announced a downward revision to its outlook for global oil demand, citing weaker manufacturing growth and industrial production from both the US and China. Add in the fact that China is switching away from oil and towards natural gas as an energy source, and it would suggest that crude prices may remain under pressure.
TRADENATIONSB:WTI
by TradeNation
USOIL Will Go Up! Buy! Take a look at our analysis for USOIL. Time Frame: 9h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a significant support area 74.20. The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 77.51 level. P.S Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all. Like and subscribe and comment my ideas if you enjoy them!
ICMARKETS:XTIUSDLong
by SignalProvider
1
Falling towards 50% Fibonacci support?WTI oil (XTI/USD) is falling towards the pivot and could reverse to the 1st resistance which has been identified as pullback resistance. Pivot: 73.01 1st Support: 70.37 1st Resistance: 77.51 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
USOUSD Short - 1h - October 8th 2024Based on the weekly chart, price is expected to push lower after jumping higher at the opening. Looking at the short term PF, price should pull back up to the 0.5 parallel to retest which is now a resistance after the harsh daily rejection. After that, we expect it to continue lower and fully form the bottom wick of the weekly candle. We can see we have some confluence between the 50 EMA cloud and the ceiling mentioned above which makes a good entry for sells.
VANTAGE:USOUSDShort
by MisterPitchfork
WTI - Let's Short This!Wow! That was an impressive rally in WTI last week. The oil price rose by almost 16 % due to geopolitical tensions in the Middle East and the start of hurricane season in the USA. However, WTI has now reached an important resistance area and the RSI is also showing clear bearish divergences. We are taking advantage of this to open a short position. Our price target is conservative and lies above the 38.2% retracement of the most recent upward impulse.
BLACKBULL:WTIShort
by Ochlokrat
Crude Oil Technical Analysis - October OutlookCrude oil is showing a notable recovery from its recent lows, currently trading around the $72 mark. A few key observations based on the price action and indicators: Price Pattern and Trend: The chart shows a classic descending wedge pattern, which signals a potential bullish reversal. The breakout from the wedge is accompanied by a price surge above the 20-day and 50-day moving averages, suggesting a short-term trend change. Key Support Levels: Immediate Support : Around $70.64, marked by the breakout level. Strong Support : At $68.23, where significant buying interest has been observed in the past, reinforced by a bullish consolidation zone. Resistance Levels: First Resistance: $72.11, which has been tested, with potential room for the price to move higher if momentum sustains. Critical Resistance : $77.23, which coincides with a strong historical supply zone. A close above this level would signal further bullish momentum . Volume Profile Insight: A noticeable shift in the volume profile near the $70 mark suggests accumulation by institutional investors, hinting that buyers are stepping in to defend this level. RSI Indicator : The Relative Strength Index (RSI) has bounced back from oversold levels and is now showing early signs of positive divergence, supporting the case for an upward move. Geopolitical Factors: With rising tensions in the Middle East, as highlighted in the annotation, traders and investors are pricing in potential supply disruptions, contributing to the recent spike in oil prices. Conclusion: Oil prices may continue to rise in the short term, with $72.11 being a key level to watch. If sustained above this, the next target would be $77.23. However, if prices fall back below $70, we could see a retest of support at $68.23. Given the geopolitical uncertainty, traders should remain cautious of potential volatility.
TVC:USOILLong
by AngshumanSaikia
WTI OIL 1D MA200 rejection giving the perfect sell.WTI Oil (USOIL) hit our 76.00 Target as presented on our September 24 idea (see chart below): Today even though the price breached the 1D MA200 (orange trend-line), it has since been forcefully rejected. This is not a surprise as all medium-term rallies coming off a Support level bounce since June 2023, were all rejected on the short-term on the 1D MA200. The July 13 2023 one got rejected back to its 0.382 Fibonacci retracement level, while the January 29 2024 one dived lower to the 0.618 Fib. The 1D RSI (red circles) indicates that we are currently exactly on such a rejection sequence. As a result, we turn bearish on WTI, expecting at least a 1D MA50 (blue trend-line) breach at 72.50, which is a Target marginally below the 0.382 Fib. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
WTI Oil H4 | Falling to 38.2% Fibonacci supportWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher. Buy entry is at 74.06 which is a pullback support that aligns with the 38.2% Fibonacci retracement level. Stop loss is at 72.18 which is a level that lies underneath a pullback support and the 50.0% Fibonacci retracement level. Take profit is at 77.20 which is a multi-swing-high resistance. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILLong
by FXCM
1