WTICOU Play's So ive been watching this Pair for a while now, There could be a great opportunity here if this continues to change direction & switch to bullish. Its forming a bottom structure
SPOTCRUDE trade ideas
Oil To Continue To Lows?Post Election we have seen a waning demand for oil, with the last Administration keeping it at sustained lower prices.
Despite a turnaround somewhat in sentiment on the day, there has been no enormous follow through of oil inflows so far.
Momentum comes into today to the upside, but not willing to short until there is something significant to the upside.
USOIL BULLISH BIAS RIGHT NOW| LONG
Hello, Friends!
USOIL pair is trading in a local uptrend which know by looking at the previous 1W candle which is green. On the 1H timeframe the pair is going down. The pair is oversold because the price is close to the lower band of the BB indicator. So we are looking to buy the pair with the lower BB line acting as support. The next target is 68.98 area.
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WTI oil making its way to lowest point of this year?The commodity is near a key are of support right now, so let's see if today's US economic data can continue boosting the US dollar. If so, WTI oil may end up traveling further south.
EASYMARKETS:OILUSD TVC:USOIL
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Potential bearish drop?USO/USD has reacted off the resistance level which is an overlap resistance that lines up with the 38.2% Fibonacci retracement and could drop from this level to our take profit.
Entry: 69.05
Why we like it:
There is an overlap resistance level that aligns with the 38.2% Fibonacci retracement.
Stop loss: 70.48
Why we like it:
There is a pullback resistance level that is slightly below the 61.8% Fibonacci retracement.
Take profit: 66.91
Why we like it:
There is a pullback support level.
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USOILUS Oil is another name for West Texas Intermediary (WTI) Crude Oil. WTI is the benchmark for Atlantic basin crude oils because of its location in the Gulf coast and central US. The US oil is traded on the New York Mercantile Exchange (NYMEX).
WTI set for breakdown amid supply, demand concernsAlthough oil prices were trading higher at the time of this writing, it is becoming increasingly difficult to foresee a big rally at this stage, without any supply-side shocks.
WTI's price action has been quite heavy as it continues to make lower lows and lower highs. While it has held its own around the December 2023 levels of around $67.00 to $68.00 area, this could prove to be a temporary respite before we potentially see a bigger breakdown. Not only has oil broken the key $69.30 to $70.00 support range, which is now holding as resistance, sentiment towards oil is increasingly turning bearish amid growing signs of excess surplus from non-OPEC.
Indeed, the oil market is heading for a surplus next year, according to the IEA. The agency is forecasting an excess of over a million barrels per day, mainly due to faltering demand from China. Once the driver of global oil consumption, China has seen demand shrink for six consecutive months, largely as its economy pivots to electric vehicles and high-speed rail.
Growing supplies from the US, Brazil, Canada, and Guyana keep the market well-supplied, says IEA. Demand growth this year and next will stay subdued due to slower economic growth and clean energy transitions.
OPEC+ plans to cautiously restart production, with a 180,000-barrel-per-day increase set for January, though they’ll reassess in December. With supply growth outpacing demand, the market is likely to stay comfortably stocked well into 2025.
Against this backdrop, crude oil looks set for a sharp drop after drifting lower in recent weeks.
By Fawad Razaqzada, market analyst with FOREX.com
WTI Bottomed! - 68 close / targets!11.14.24 WTI / USOIL / CL Plan
69.40 and 70.35 levels are targets for this next move off 68.00. Note that 70.35 level is backed by intraday (4H) 200 ema resistance.
For in depth, check bio!! (Voila's Oil Trading - Substack)
wtiCurrently, WTI, considering its interaction with daily and weekly support levels and having a long candle, can target 72 first, then 74, and finally 78.
OIL Completes Inverse Head and Shoulders PatternOIL Completes Inverse Head and Shoulders Pattern
OIL recently completed an inverse head and shoulders pattern. The bottom of the pattern was reached yesterday at 66.9 during the release of the US CPI data, followed by an aggressive growth.
Today, OIL confirmed this new bullish pattern, indicating increased bullish momentum. If the bulls manage to hold the price above 68.8, we could see oil rising further, as shown on the chart. Target zones include 69.9, 71.4, and 72.0.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
BUY USOIL | CL Another trade today on CL you can take with the same entry, TP and SL. Place your orders and wait for the market to come fill it!
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USOIL Will Grow! Buy!
Take a look at our analysis for USOIL.
Time Frame: 6h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 68.870.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 70.475 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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WTI, Inverted Head and Shoulder with Bullish DivergenceInverted Head and Shoulder Pattern
Bullish Divergence
Right Shoulder in Completion
Buy at Breakout
Buy with Buy Stop
Sl Below Right Shoulder
WTI Crude Oil (USOIL), DailyUSOIL consolidated within 67.00 - 69.00 while sustaining the trend.
The bearish EMAs indicate the potential downtrend extension.
If USOIL breaks above 69.00, coinciding with EMA21 and the 38.2% Fibonacci Retracement, the price could rise to 72.00.
Conversely, a break below 67.00 could prompt a decline toward the channel's lower bound and its support near 65.00.
