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WTI trade ideas

Bearish drop off pullback resistance?WTI oil (XTI/USD) has reacted off the pivot and could drop to the 38.2% Fibonacci support. Pivot: 72.56 1st Support: 70.33 1st Resistance: 74.76 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:XTIUSDShort
by ICmarkets
WTI Potentially Re-entering SZAs prices respond to the current Supply Zone, the rejection appears less significant compared to previous instances, with smaller candles and no extended range candles (ERCs) forming. I anticipate that prices may retrace back into the Supply Zone and potentially even attempt a breakout towards the next zone, around the 74.500 level. My strategy is to capture a quick upward move without waiting for a full breakout of the current zone. I'll place a Buy Stop order, aiming for a 50-pip gain. If prices break through the zone afterward, I’ll look for another entry opportunity. If prices were to keep falling from this point on, then the trade will be invalidated and cancelled. If triggered and gone lower, SL at 40pips.
OANDA:WTICOUSDLong
by shidiq
China's policies, Middle East developments support oilWest Texas Intermediate TVC:USOIL reached over 72 USD/barrel supported by the Chinese Government's lightning-fast policy support for the economy and the situation in the Middle East is very tense. All of these geopolitical factors are driving oil prices even higher. In addition, natural conditions also threaten supply from the US, the world's largest crude oil producer, pushing oil prices up. China's massive stimulus policy Pan Gongsheng, Governor of the People's Bank of China, announced a series of stimulus measures at a press conference in Beijing today (Tuesday), a clear sign of the broadest effort yet by the Policymakers aim to achieve an annual growth target of around 5% this year. This is the largest stimulus measure since the outbreak of the Covid-19 epidemic. The measures announced today include: boosting bank lending to consumers and businesses and cutting the People's Bank of China's key short-term interest rate, which will support growth and energy demand in the world's largest oil importer. New developments in the Middle East Hezbollah strongholds in Lebanon on Monday, Lebanese authorities said air strikes killed 492 people and forced tens of thousands to flee their homes. Oil prices are supported by geopolitical conflicts because this region (Lebanon) plays an important role in oil production. The attack risks bringing OPEC oil producer Iran, which backs Hezbollah, closer to a conflict with Israel and could trigger a wider war in the Middle East region, which in turn could continues to push for support for crude oil as supply is threatened. In particular, this conflict could completely involve Iran, a major member of OPEC, and could further disrupt crude oil supplies from the Middle East. Technical outlook analysis of TVC:USOIL On the daily chart, WTI crude oil is showing the initial conditions for a bull run with the RSI steeply upward sloping past 50, along with price activity moving upwards. the 21-day moving average which acted as resistance previously. However, WTI crude oil will need to temporarily break the 72.65 USD level to fully confirm the technical conditions for a bullish cycle with a short-term target level of around 74.39 USD. In the short term, the trend of WTI crude oil is more inclined towards price increases with notable positions listed as follows. Support: 70.90 – 70.49 – 69.37USD Resistance: 72.65 – 74.39USD
TVC:USOIL
by Xayah_trading
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OANDA:WTICOUSDEducation
by TC888
LCrude/Brent: Impact of 20k Technology on the Offshore Industry The oil industry is undergoing a significant transformation thanks to technological advances that enable the extraction of crude oil from fields previously considered unattainable, especially those of ultra-high pressure. An outstanding milestone in this context is the Anchor project, developed by Chevron and TotalEnergies in the Gulf of Mexico, where the innovative 20k technology has been implemented. This technology is capable of handling pressures of up to 20,000 PSI, which facilitates the extraction of oil and natural gas from extremely deep, high-temperature reservoirs. With an investment of US$5.7 billion, the Anchor project has started producing oil, representing a significant breakthrough for the Gulf of Mexico, whose production has been below its all-time high in 2019. By 2025, oil production in this region is estimated to reach 1.9 million barrels per day, making a crucial contribution to U.S. energy supply. However, operations in high-pressure fields are inherently dangerous, as evidenced by the Macondo disaster in 2010. Nevertheless, recent technological advances have greatly improved the safety of drilling and extraction in these extreme conditions. This improved safety will not only benefit the Gulf of Mexico, but will also open up opportunities for fields in Brazil, Angola and Nigeria, further expanding global production capacity. In the broader picture, crude oil prices are recovering, driven by geopolitical tensions and new stimulus measures in China. Despite some recent declines, Brent and WTI futures are showing signs of upward momentum, with technical levels suggesting continued growth. Three key catalysts could support this trend: 1. Geopolitical concerns: Rising tensions in the Middle East are raising supply concerns, which could drive oil prices higher. 2. Stimulus from China: The recent interest rate cut by the People's Bank of China, combined with an increase in oil product export quotas, is creating a favorable environment for crude oil prices. 3. Weather conditions: A hurricane is expected to impact production in the Gulf of Mexico and, together with low inventory levels, could support higher prices. Brent and WTI futures are in a recovery phase. With key support levels that, if maintained, could lead to a further increase in prices, the outlook for the oil industry looks promising as they adapt to the challenges and opportunities of the global market. Ion Jauregui – ActivTrades Analyst ******************************************************************************************* The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication. All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
ACTIVTRADES:LCRUDELong
by ActivTrades
USOIL Technical Outlook - 4-Hour Chart AnalysisKey Analysis and Components: Wyckoff Accumulation Phase: The current price action suggests that USOIL is in Phase B of a Wyckoff Accumulation. After a preliminary supply (PSY) and a buying climax (BC), the market experienced a secondary test (ST) and a shakeout (SOW in Phase B), confirming the accumulation phase. The upthrust (UT) in Phase B could suggest a false breakout, which typically results in a test of lower levels, marking the transition into Phase C. Elliott Wave Count: The market completed a potential five-wave structure (v) as part of the larger cycle, which topped near 73.25. The corrective wave structure is unfolding, marked by waves a-b-c, which suggests further downside before completing the correction. The anticipated wave C retracement could potentially bring the price towards key Fibonacci support levels, likely around the 50% (69.43) and 0.618 (68.54) retracement levels. Key Support and Resistance Levels: Resistance levels are marked by the LPSY (Last Point of Supply) zones near 73.85 and 71.64. These levels serve as potential turning points for any future upward attempts. Support levels are defined around the POC (Point of Control) at 69.42 and the Fibonacci retracement levels. The 68.54 level acts as a critical invalidation point for the overall bullish scenario. Point of Control and Volume Profile: The POC (69.42) highlights the price area with the highest traded volume, indicating strong market interest and likely support. The chart further emphasizes equilibrium at the 0.5 (69.43) level, a midpoint that balances the market between premium and discount pricing zones. Potential Bearish Scenario: The red projected path indicates a possible continuation of bearish movement. This aligns with the corrective structure expected in Phase C of Wyckoff, which could see the market testing lower levels before accumulation concludes. Should prices break below the 68.54 invalidation level, a deeper correction may follow, targeting the 65.23 zone, marked as the premium area on the chart. Market Conclusion (W Close): The W Close (Weekly Close) is marked on September 29, 2024, and could play a pivotal role in determining the market's direction. The transition from Phase B to Phase C would likely unfold over the next week, giving traders insight into whether the accumulation phase is nearing completion or if further downside is likely. Conclusion: The USOIL market is currently in an accumulation phase, with a possible downtrend in the short term as prices work through the corrective structure in Phase B. Key levels to watch include 69.43 for potential support and 73.85 for resistance. Invalidation of this bullish accumulation occurs if prices drop below 68.54. The expected conclusion of the corrective wave could lead to renewed bullish momentum once the market tests lower accumulation levels. Traders should remain vigilant as the market transitions through these phases.
TVC:USOILLong
by spacedevil
1
WTI OIL Still bullish, targeting the 1D MA200.WTI Oil (USOIL) eventually gave us the 2 green day streak we wanted in order to turn bullish, as per our suggestion 2 weeks ago (September 10, see chart below): Event though it marginally broke below April's Channel Down, the buying pressure it has build is similar to all 3 major Bullish Legs since June 2023. Notice how the 1D RSI forms the same Bullish Divergence (Channel Up). However due to the lower bottom than the one we expected, we have to change our Target to 76.00, which represents a +16.60% rise from the bottom, similar to the smaller Bullish Leg of the three that started on the June 04 2024 Low. ------------------------------------------------------------------------------- ** 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:USOILLong
by TradingShot
1
USOIL / TRADING BELOW TURNING LEVEL - 4HUSOIL / 4H TIME FRAME HELLO TRADERS July Decline: The significant drop of 15.34% indicates a bearish trend, which could be attributed to various factors such as market corrections, economic conditions, or changes in consumer behavior. August Recovery: The rise of 11.74% suggests a potential recovery or rebound, possibly driven by positive news, increased demand, or market adjustments. However, this increase was followed by another decline within the same month. Second August Decline: The 18.23% drop following the initial recovery may indicate market volatility or the market's inability to sustain upward momentum. This could also signal investor uncertainty or reactions to external factors. September Projection: The forecasted decline of 4.66% in September suggests that the overall trend remains negative. This could imply a continuing lack of confidence in the market, or it may reflect seasonal trends affecting prices. Technical analysis: The level at 71.51 serves as a key resistance. If the price remains below this level, a decline towards 68.80 is expected. If this level is breached, the next support could be around 67.19. Conversely, if the price breaks above 71.51, it may indicate bullish momentum, with targets at 73.99 and then 76.10. UPWARD TARGET : 73.99 , 76.10 . DOWNWARD TARGET : 68.80 , 67.19.
TVC:USOILShort
by ArinaKarayi
2
WTI CRUDE OIL: Last short term buy.WTI Crude Oil is neutral on the 4H technical outlook (RSI = 51.729, MACD = 0.500, ADX = 25.961) as it pulled back to the 4H MA50 intra day. The fact that it held, suggests that it remains the short term support of this uptrend that is targeting the 4H MA200 (TP = 72.50) where so far we have had three straight rejections since August. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
1
Highlights this week: RBA interest rate, US GDP, US PCE, ChinesTuesday: RBA interest rate decision at 04:30 AM GMT where the market is expecting that the interest rates will remain stable at 4.35%. In the event however that we have a surprise cut by the Reserve bank then it might create minor losses for the Aussie Dollar in the short term. Thursday: US GDP growth at 12:30 PM GMT for the second quarter is expected to double and reach 3%. If this rather optimistic expectations are met then it might boost the Dollar while hurting many of its instruments traded against it. Friday: U.S core PCE at 12:30 PM GMT. The market is expecting this figure to remain stable at 0.2% month over month but if any surprise is seen at the time of publication would most probably create volatility in the majority of the dollar pairs. Monday: NBS manufacturing PMI at 01:30 AM GMT where the expectations are for an increase reaching 50 points. The NBS is larger than the Caixin and is focusing more on larger state-owned firms. If the expectations are correct then it would mean that the state-owned firms might be performing better, given the actual figure is above the 50-point level indicating that the manufacturing sector of the NBS survey might still be expanding and probably might have some effect on production-related products like oil, natural gas, silver, etc. Caixin Manufacturing PMI at 01:45 AM GMT. The figure for the month of September is expected to increase by 0.6 points reaching 51. Caixin PMI is more focused on the export sector and small and midsize enterprises (SMEs) and a reading of anything below the 50 point mark would indicate that these companies have yet to recover fully which could result in affecting the prices of various manufacturing related instruments.
TVC:USOIL
by Exness_Official