SPOTCRUDE trade ideas
Crude oil short - Breaking below structurePlanning to sell with stop above high and trail stop down
Full bodied sell candle
Failed to make higher highs
Lots of pressure from moving averages
Oil Steady on U.S. Crude Decline and Possible OPEC+ Supply Hike Oil Prices Edge Higher on U.S. Crude Stock Decline and Potential OPEC+ Supply Hike Delay
Oil prices firmed on Thursday, recovering slightly from multi-month lows amid speculation of a potential delay in OPEC+ output increases and a decline in U.S. crude inventories. However, lingering demand concerns continued to limit the gains.
Technical Outlook: The bearish trend is likely to persist, targeting 65.85 as long as the price remains below 69.78. A break above 69.78 could pave the way for a move towards 71.78 and 72.72.
Key Levels:
Pivot Point: 69.78
Support Levels: 67.75, 65.85
Resistance Levels: 71.78, 72.72
Expected Trading Range: 69.78 - 65.85
Trend: Bearish while the price remains under 69.78.
WTI OIL📊 #XTIUSD
⏱ TIME: 1w
📝The price has dropped a lot, there is an important range ahead, $63 (blue box), it seems that it can have an upward movement from this range.
⭕️risk: high
📍buyzone: 64.30 - 62.11$
📌TP1: 72 $
📌TP2: 77 $
⛔️: If this range is lost, the analysis will fail and I will update the analysis
XTUUSD Market Structure Analysis on Daily Time FrameDay swing is bullish => Current is pullback.
XTUUSD Market Structure Analysis on Daily Timeframe.
The current price is in the DENAND zone, we can go down to the 15-minute timeframe and wait for the CHOCH signal to look for buying opportunities.
Oil in Free Fall Oil prices broke below key support last week and has now cleared the 2023 consolidation pattern. Broader technical outlook remains weighted to the downside while within this formation.
Initial support hurdles here at the 2020 high at 65.62 and the 2023 swing low at 63.62 - both levels of interest for possible price inflection.
Initial resistance now back at the 2023 low-day close at 68.57 backed by 72.14/93. Bearish invalidation now lowered to the objective monthly open at 72.93.
Michael Boutros
OIL is attractive enough to trigger Volume potentially This is not a financial advice. It is only an idea.
Looking forward to the supply of oil, supply in S2 2024 is not that high which might trigger demand on the short term for a retest for the previous levels.
Keep and eye on OIL
Good luck
USOIL / UNDER UPWARD PRESSURE - 4HUSOIL / 4H TIME FRAME
HELLO TRADERS
USOIL is currently trading above the turning level of 67.09 and remains above the support trendline, indicating upward momentum. There are two potential scenarios:
The First Scenario , USOIL's trading above 67.09 and staying above the support trendline signals strong buying interest, which suggests upward pressure. The target of 69.98 is a logical resistance level, followed by 71.59, which marks the next significant zone. Stabilization above 71.59 and 72.20 would confirm the strength of the uptrend, as breaking these levels would show that demand is outpacing supply, leading to further price gains.
The Second Scenario , If USOIL fails to maintain the 67.09 level and closes below it on a 1-hour or 4-hour chart, it indicates bearish momentum. This would increase the likelihood of a decline toward 65.35 and 63.67, the next significant support levels. A break below 65.35 could trigger a stronger downtrend as it would suggest sellers are gaining control, particularly if the price falls below the descending channel, reinforcing the bearish sentiment.
KEY LEVELS :
Turning Level : 67.09.
Resistance Levels : 69.98 , 71.59.
Support Levels : 65.35 , 63.67.
USOIL NEXT POSSIBLE MOVE | MORE DOWNSIDE MOVE Usoil at its Dec 2023 lowest price.it can go more further down towards 60_62 Dollar mark ✌️
"USOIL is going downward"The weakening labor market has reduced risk appetite in the markets, triggering a drop in crude oil prices toward the 67.50 level. Additionally, OPEC+'s crude oil production in August decreased by 300,000 barrels due to declines in Libya and Kazakhstan. However, ongoing supply concerns continue to pressure the commodity.
Technically, if the 67.50 support level is broken, further declines toward 65.55 and 63.55 are possible. On the upside, if the 70.0 resistance is surpassed, buying momentum could accelerate toward the 72.60 and 74.50 resistance levels.
USOIL Is Going Up! Long!
Here is our detailed technical review for USOIL.
Time Frame: 12h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a key horizontal level 68.519.
Considering the today's price action, probabilities will be high to see a movement to 72.583.
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!
WTI OIL giving a buy signal under this condition.Last week we saw how WTI Oil (USOIL) turned bearish long-term following the 1W Death Cross and the breaking below the 16-month Higher Lows trend-line. Even on the 1D time-frame we got a Death Cross formation with the price seemingly reaching the bottom (Lower Lows trend-line) of a newly formed Channel Down.
As a result we may have a short-term buy signal but only if today's 1D candle closes in green, which together with yesterday will make it a series of green days. As you can see on the chart, every time the 1D RSI posted a Bullish Divergence (rising while Oil was falling), it posted successive 1D green candles to confirm a rebound.
So the key now is to form again a streak (even 2) of green days. If not, the buy potential is invalidated. If successful though, we will target 78.00 (top of the Channel Down, +16.55% rise as the previous Bullish Leg).
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Durian prices fall on concerns over Tropical Storm FrancineUSOIL: Oil prices in today's session have appeared a reversal candlestick pattern on the H4 frame. The $68 area is also a good support area for Oil prices, so you can consider buying USOIL around this price area. The short-term target can be expected to return to the $71 area.
Oil charges persisted to fall on Wednesday on worries that a typhoon anticipated to hit Louisiana on Wednesday will disrupt manufacturing and refining alongside the U.S. Gulf Coast.
In the United States, oil and fueloline manufacturers alongside the Gulf Coast have all started evacuating team of workers and proscribing drilling operations in education for Tropical Storm Francine because it movements throughout the Gulf of Mexico.
The U.S. National Hurricane Center forecasts Francine will give a boost to right into a typhoon on Tuesday earlier than hitting the Louisiana coast. The Gulf Coast bills for approximately 50% of the country`s refining capacity, in step with the U.S. Energy Information Administration (EIA).
"Prices are seeing a moderate recovery... at the caution of a typhoon that would threaten the U.S. Gulf Coast, however the broader dialogue stays centered on call for and what OPEC+ can do," stated John Evans, an analyst at PVM.
OPEC+ consists of the Organization of the Petroleum Exporting Countries (OPEC) and allies together with Russia.
In OPEC member Libya, the country's National Oil Corporation has declared pressure majeure on a few crude oil cargoes being loaded from the port of Es Sider, as oil output is confined via way of means of a political dispute over the significant financial institution and oil revenues.
The OPEC+ organization of oil manufacturers has agreed to put off a deliberate 180,000 bpd manufacturing boom in October for 2 months in reaction to the pointy drop in crude charges.
Analysts stated investor optimism approximately a gentle touchdown state of affairs for americaA economy, wherein inflation is contained with out a recession or sharp upward push in unemployment, additionally helped aid crude charges. The US authorities is scheduled to launch a key inflation document later this week.
"A recession withinside the US isn't inevitable, however the Federal Reserve wishes to begin reducing hobby costs speedy and aggressively to keep away from it," stated James Knightley, leader worldwide economist at ING.
Crude Oil Technical AnalysisWhen the USDWTI daily chart is examined; It is observed that the price movements continue in a downward trend. As long as the Crude Oil price cannot exceed the level of 72.66, it is evaluated that in price movements below the level of 70.44, it can break the level of 66.89 and retreat to the level of 61.36.
OIL for Day Traders | Potential Long | Reversal PetternDear Fellow Traders,
In our ongoing analysis of oil market dynamics, recent charts provide compelling evidence that oil has established a solid base for the current trading week. Here are some key observations and strategies to consider:
Technical Analysis Insights:
Double Bottom Pattern: The chart exhibits a clear double bottom pattern, signaling potential bullish momentum. This pattern often suggests a strong level of support and a possible reversal from recent downtrends.
Testing of Support Levels: We are currently at a critical juncture where oil prices are testing support levels. This could lead to increased volatility in the near term.
Bullish Outlook: Despite the potential volatility, the structural patterns and market dynamics suggest that the probability favors bullish outcomes in the coming sessions.
Trading Strategy for Day Traders:
Entry Point: Look to initiate a long position around the $68 level. This entry point is strategically set just above the recent support level, aiming to capitalize on the bullish momentum predicted by the double bottom pattern.
Take Profit Target: Set an upside target at $71. This target is based on resistance levels observed in previous trading sessions and the expected market movement.
Stop Loss Consideration: If the market trades below $67.55, it would indicate a shift to a bearish bias. Therefore, setting a stop loss just below this level, at around $67.50, would help mitigate risk in case of a downward trend reversal.
Market Sentiment:
The current market setup, combined with the double bottom formation, suggests a favorable environment for bullish trades. However, it is crucial to remain vigilant and responsive to any signs of unexpected market movements that contradict our current analysis.
Note: As always, ensure that your trading decisions align with your risk tolerance and investment strategy. Market conditions are inherently unpredictable, and it is vital to manage risks prudently.
Happy trading, and let's keep an eye on how these patterns evolve to adjust our strategies accordingly!
USOIL -bias long Bullish indications:
Double bottom formation.
Resistance broken at 68.752
Inverted head and shoulder pattern from the base in 15 min time frame.
Bullish engulfer candle from the support.
Major support respected at 67.26
Bearish indications:
Trend line resistance yet to break .
LLLH
Trade plan bias long @68.68
SL:67.78
TP1:69.71
TP2:70.47
USOIL Potential DownsidesHey Traders, in today's trading session we are monitoring USOIL for a selling opportunity around 69.50 zone, USOIL is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 69.50 support and resistance area.
Trade safe, Joe.
CRUDE OIL WTI AND BRENT OIL LONGCRUDE OIL
LONG
PLEASE DON’T BE GREEDY
ENTRY POINT : yellow point
TP : blue lines
SL :
below red line for LONG POSITION
above red Line for SHORT POSITION
INSTRUCTIONS:
FOR risk and money management:
5% of your wallet for LEV X ≤20
And
3% of your wallet for LEV X ≥ 20
like, boost, be followers
PLEASE DON’T BE GREEDY
OIL Possible short term BUYThe market is currently testing the current weekly major structure. Based on Daily TF, there is BOS to the downside, 4HR TF is showing a possible reversal chart pattern.
We could see buyers coming in strong should the current level hold.
Disclaimer:
Please be advised that the information presented on TradingView is solely intended for educational and informational purposes only.The analysis provided is based on my own view of the market. Please be reminded that you are solely responsible for the trading decisions on your account.
High-Risk Warning
Trading in foreign exchange on margin entails high risk and is not suitable for all investors. Past performance does not guarantee future results. In this case, the high degree of leverage can act both against you and in your favor.
STRONG BULLISH RALLY IN OIL | LONG OILCurrent Market Analysis:
Oil has recently reached an 18-month low, now priced at $66.8 per barrel. Historically, oil remains a highly valuable market asset. Given the consistent increase in global energy demand over time and the current pricing, there's a strong indication that oil may have reached its lowest point for the foreseeable future.
Investment Thesis:
Short-Term Outlook: With the onset of winter, energy demands are expected to rise across several continents, potentially driving up oil prices. From a technical analysis standpoint, the market appears oversold, suggesting an impending price correction.
Long-Term Potential: Over the longer term, structural increases in global energy consumption could push oil prices to surpass the $100 mark.
Investment Strategy:
Entry Point: Consider entering a long position at around $68 per barrel.
Stop Loss: Set a stop loss at $66.5 to limit potential downside.
Take Profit Levels: Aim for progressive take profit targets at $74, $80, $90, $100, and $110, aligning with key resistance levels observed historically.
Risk Management:
This investment involves substantial risk. It's crucial to conduct your own research or consult with a financial advisor. The outlined strategy does not guarantee profit and I assume no responsibility for any losses incurred from following this strategy.
Note for Traders: This strategy is designed for investors looking to hold positions over an extended period. Those practicing scalping or looking for short-term gains may find the volatility and entry points less favorable.
Crude Oil Down to SPR Refill Level SupportThe politically motivated push to depress oil prices and drain the Strategic Petroleum Reserve created a PRICE LEVEL in the crude oil market which has proven twice to have strong overhead resistance.
The FLIP-SIDE of that SPR DRAIN LEVEL is that SPR-REFILL LEVEL and we are down low enough where it makes sense to strategically refill our lost petroleum reserves.
I strongly advise putting KEY NEWS levels on your charts for future reference so you can use these levels to your advantage.
How much risk do you take on this entry long here?
A good way to assess risk is to use 3 average true ranges (over 11-days or more) to make sure you have a wide-enough stop in any market. If your stop gets hit, you can re-assess and decide to re-enter.
Tim
September 9, 2024 10:25AM EST
US OIL Markets Falling To Key Long Areas..Weak pushes out of the current price action (Demand) zone on oil is causing concern for some long side holders.
We may see further dips into such area(s). Still holding long bias for ultimate rallies.
