SPOTCRUDE trade ideas
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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Heading into 78.6% Fibonacci resistance?USO/USD is rising towards the resistance level that is an overlap resistance that aligns with the 78.6% Fibonacci retracement and could reverse from this level to our take profit.
Entry: 74.82
Why we like it:
There is an overlap resistance level that aligns with the 78.6% Fibonacci retracement.
Stop loss: 77.44
Why we like it:
There is a pullback resistance level.
Take profit: 72.56
Why we like it:
There is an overlap support level which lines up with the 23.6% Fibonacci retracement.
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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.
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.
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.
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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.
USOIL BEARS WILL DOMINATE THE MARKET|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 1D 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 64.95 area.
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Oil Market Shift: Double Bottom Pattern Points to Higher PricesWTI oil has moved beyond its previous support level of $72 to $73, established a new base at approximately $65.6.
Subsequently, the price has entered a consolidation phase and formed a Double Bottom pattern, indicating a possible reversal in trend.
To initiate a swift upward movement, the price must overcome the immediate resistance located between $72.6 and $73.4.
USOIL TF 4H 31024wait till price come into the zone and break out with big green/red candles
entry (TF 2h,4h)
SL at previous low/high
TP at Fibonacci
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
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
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[OIL] Long term viewSome commodities are surging...how about TVC:USOIL ? as war narrative usually bullish for this asset.
Looking at the weekly chart, looks like it still bouncing around the triangle it made since 2022 with now close to support. There's a breakout on MACD but negated again, back to where we are now. Long term bullish play need to see a breakout above the triangle diagonal line.
When that happens, massive target are ahead. Till then, I'll say neutral for this one.
Crude is at bottom, Right time to buy ??Crude is at bottom and look like it is forming triangle pattern, all comments are mentioned in the chart please reach each of them carefully
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
Usoil buy analysis Usoil im looking for buy side
1:2 RR
FOLLOWING MM AND RM
stay safe geopolitical news there
