USOIL LONG OPPORTUNITYUSOIL LONG OPPORTUNITY
The inside bar of USOIL breakthrough upwards
Therefore, buy USOIL when the price pull back
around 70.19
SL: Below 68.45
TP: 73.4
WTI trade ideas
m15 to testing 200ma H4 Biggest TF first testing.m15 to testing 200ma H4 Biggest TF first testing normally
1.5 Ratio that fit to 4H 200 ma that rejected cut loss price.
Bearish drop off pullback resistance?USO/USD is reacting off the resistance level which is a pullback resistance and could drop from this level to our take profit.
Entry: 72.19
Why we like it:
There is a pullback resistance level.
Stop loss: 74.66
Why we like it:
There is an overlap resistance level that is slightly below the 78.6% Fibonacci retracement.
Take profit: 69.80
Why we like it:
There is a pullback support level that lines up with the 38.2% Fibonacci retracement.
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USOIL POSSIBLE SELLThe market is currently testing the current weekly Fib area 0.618. Based on Daily TF, the market seems to be forming a possible reversal chart pattern.
We could see Sellers coming in strong should the current level hold.
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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.
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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.
Oil Post 50 Bp CutLooks like markets reacted positively to this 50 Bp cut... it was expected!
But, let's agree on something.. facts... the fact that the Fed has taken the initiative to cut 50Bps means that they consider themselves late and behind schedule ! Not good news at all.
Markets have played out the "50Bps" without highlighting the "behind schedule" fact... I would say it's either a trap or the sad reality.
I expect oil which have risen till 71.5 as per the chart... to reverse and dive again towards lower prices with "69.6" in focus knowing that its a very important level for oil.
We have reached the top imo, I ll be eyeing for new lower targets starting Friday/next week.
In case oil doesn't respect my trading plan.. and breaks through 71.5 and 71.8, we can expect bulls to enter heavily and take us to 73.8,74.6 and 75.2 in no time.
Recessions lead to lower oil prices.
Trade safe and green.
USOIL - Potential short !!Hello traders!
‼️ This is my perspective on USOIL.
Technical analysis: Here we are in a bearish market structure from daily timeframe perspective, so I look for a short. My point of interest is a rejection from trendline + LZ. As well price forms hidden divergence, so I will look for a regular divergence on LTF.
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CRUDE OIL RESISTANCE AHEAD|SHORT|
✅CRUDE OIL will be retesting a resistance level of 72.72$ soon
From where I am expecting a bearish reaction
With the price going down but we need
To wait for a reversal pattern to form
Before entering the trade, so that we
Get a higher success probability of the trade
SHORT🔥
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Continued growth of WTI. H4 17.09.2024Continued growth of WTI
Oil rebounded from important support in the region of 65
and started to grow, I believe medium-term.
I do not exclude intermediate corrections, but in general
we aim at the area of 73 and there I will be specified.
On the way of growth we have resistance in the area of 71.50
and from there we can bounce down locally. But I believe that
then we will continue the growth to the specified targets.
Set up is working properly. I'm glad to see it is respectedAs you can see the marked level at $70.800 as its major resistance and 70.200 as a support. Still I hold my buy and sell until it breaks the level however on small TF one can plan Scalping as it is respecting the setup in a defined manner.
USOIL Buy limitIn my opinion USOIL will go long, but I prefer to buy it from 65,86 : 66,26
Stop Lose close below 65,24 with 4H Candle
Take profit 1 will be 69,69
Take profit 2 will be 72.42
USOIL BullishUSOIL has formed the bullish rectangle continuation pattern signalling further upside. There is no divergence therefore chances of trend reversal are low.
Crude OilPair : Crude Oil - USOIL
Description :
Completed " 12345 " Impulsive Waves
Break of Structure
RSI - Divergence
Bearish Channel as an Corrective Pattern in Short Time Frame
Support Level
Sell OpportunityInstrument: USOIL
Position: Sell
Entry: 70.40
1st Target: 67.18
2nd Target: 65.23
Stop Loss: 72.10
Rationale:
USOIL is exhibiting signs of a bullish trend, supported by recent price action and fundamental factors.
Long trade
Buyside trade
Pair WTICOUSDT
Tokyo to LND Session PM
Mon 16th Sept 24
2.00 pm (NY time)
Entry 70.289
Profit level 74.563 (6.08%)
Stop level 67.951 (0.95%)
RR 6.43
Will the rising tension in the Middle East boost Oil prices?Macro theme:
- WTI hovered around 72.50 dollars per barrel on Thu, attempting to recover from previous losses as markets considered potential supply risks due to rising tensions in the Middle East.
- The Fed also implemented a larger-than-expected 0.5% cut, which could stimulate economic activity and boost oil demand.
- However, worries over China’s slowing economy and an expected supply increase from OPEC+ continue to pressure prices in the medium term.
Technical theme:
- From the 4-hour chart, USOIL is recovering and trading within its ascending channel. The price was retraced to retest both EMAs and bounced up to close above the key resistance at around 70.20.
- If the price can maintain above 70.20, it may continue to rise to 71.50. In the medium term, 73.00-73.80 is the potential area for USOIL to reach upon breaking 71.50, as it is the technical confluence area.
- Meanwhile, the price may retest the broken level 70.20 before resuming its upward short-term movement.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
USOIL Is Going Down! Sell!
Here is our detailed technical review for USOIL.
Time Frame: 9h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a key horizontal level 71.72.
Considering the today's price action, probabilities will be high to see a movement to 68.16.
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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USOIL BEARS ARE GAINING STRENGTH|SHORT
Hello, Friends!
We are targeting the 65.61 level area with our short trade on USOIL which is based on the fact that the pair is overbought on the BB band scale and is also approaching a resistance line above thus going us a good entry option.
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USOIL may continue to riseOn the daily chart, USOIL stabilized and moved upward, and short-term bulls have the upper hand. At present, attention can be paid to the resistance near 70.6. If it breaks through, it will continue to move upward. The upper resistance is the previous supply area of 72.4-73.8. If the price falls below the support near 68.5, a downward trend will begin.
Bearish reversal?WTI oil (XTI/USD) is rising towards the pivot and could reverse to thee 61.8% Fibonacci support.
Pivot: 72.56
1st Support: 68.16
1st Resistance: 75.18
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Short set up to sell side liquidity near C legIt's been awhile since I charted and traded oil. I'm noticing a similar bullish set up that the 20yr treasury yield had. If my wave count is correct, oil is showing a bearish 5th wave down. There is a set up for a desc. Triangle pattern which has a stealth ABC wave pattern. I have C wave near the sell liquidity around the 1st of October. Short term I'm bearish on oil particularly the 1hr/2hr time frame.. oil can invalidate this set up, by closing above the .50 fib level..
Not trading or financial advise. No position currently... will update chart once a trade is active or closed.
WTI Crude Oil (4h) Technical AnalysisWTI Crude Oil continues to trade within a descending channel, reflecting a broader downtrend that has been in place since early August. The price is currently hovering around the $69.93 level, attempting to break through a significant resistance zone near $70.64. This resistance zone aligns with the upper boundary of the channel, adding further strength to the resistance.
Key levels to watch include:
Immediate resistance: $70.64
Support: $68.23, which has acted as a solid level over the past few sessions.
If the price manages to break above $70.64 with sustained volume, it could indicate a potential trend reversal. However, failure to break this zone could result in a continuation of the downtrend, with the next key support levels at $68.23 and $65.01.
The volume profile suggests strong resistance between the $69.50 and $72.00 range, with a notable drop-off below $68.50, indicating low demand in that region.
A break below $68.23 could drive prices toward the lower boundary of the channel near $65.00.
Outlook: Bearish within the descending channel unless a breakout above $70.64 occurs with strong momentum.
