USOIL BearishUSOIL is making a series of lower highs and lower lows i.e. bearish trend. There is no sign of divergence which means we can assume that trend will continue its course.
USCRUDEOILCFD trade ideas
USOIL Will Go Lower From Resistance! Short!
Take a look at our analysis for USOIL.
Time Frame: 9h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is trading around a solid horizontal structure 74.743.
The above observations make me that the market will inevitably achieve 72.884 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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Market Analysis: Oil Prices Signal More UpsidesMarket Analysis: Oil Prices Signal More Upsides
Crude oil prices climbed higher above $76.00 before the bears appeared.
Important Takeaways for Oil Prices Analysis Today
- Crude oil prices extended gains above the $76.00 and $77.00 resistance levels.
- There was a break below a key bullish trend line with support at $75.80 on the hourly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a major upward move from $71.35 against the US Dollar. The price gained bullish momentum after it broke the $73.60 resistance.
The bulls pushed the price above the $75.00 and $75.80 resistance levels. The recent high was formed at $77.18 and the price started a downside correction below the 50-hour simple moving average. The RSI dipped below the 50 level and the price broke the 23.6% Fib retracement level of the upward move from the $71.34 swing low to the $77.18 high.
There was also a break below a key bullish trend line with support at $75.80. Immediate support on the downside is near the $75.00 level.
The next major support on the WTI crude oil chart is near the $74.25 zone or the 50% Fib retracement level of the upward move from the $71.34 swing low to the $77.18 high, below which the price could test the $73.60 zone.
If there is a downside break, the price might decline toward $72.70. Any more losses may perhaps open the doors for a move toward the $71.35 support zone.
If the price climbs higher again, it could face resistance near $75.80. The next major resistance is near the $77.20 level. Any more gains might send the price toward the $78.80 level.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
USOIL / UNDER BEARISH PRESSURE - 4H USOIL / 4H TIME FRAME
HELLO TRADERS
Tendency , prices is under downward pressure , until trading below turning level at 77.73 .
Downward Condition : With the price holding steady at the current turning level at 77.73 , it is likely to decline towards the support level of 76.16. If it stabilizes below this level, it could then reach the next target level of 74.77 .
Upward Condition : for an upward , a potential is expected if the price breaks the turning level at 77.73, leading to a rise toward the resistance level (1) at 79.93 . For a sustained increase, the price must breaking the resistance level (1) to reach the next resistance at 82.50 .
TARGET UPWARD ZONE :
RESISTANCE LEVEL (1) : 79.93 .
RESISTANCE LEVEL (2) : 82.50 .
TARGET DOWNWARD ZONE :
SUPPORT LEVEL (1) : 76.16 .
SUPPORT LEVEL (2) : 74.77 .
TURNING LEVEL : 77.73 .
analyse usoilif you want entred now you need smal revision or big revision to entred sell
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Oil Extends Losses for Second SessionOil Extends Losses for Second Session
WTI crude oil futures fell below $75 per barrel on Tuesday, extending a 2.4% decline from the previous session amid concerns over weakening global demand and economic uncertainty.
Technical Outlook: The bearish trend is expected to continue toward the support zone at 72.72. A break below 71.78 would likely lead to further declines toward 69.78. There is a potential for a corrective move up to 75.35, but for a bullish reversal, the price needs to break above 75.35, which could open the way to 76.55 and 77.94.
Key Levels:
Pivot Line: 75.35
Support Levels: 72.72, 71.78, 69.78
Resistance Levels: 76.55, 77.94, 79.49
Today's Expected Range: The price is anticipated to move between support at 71.78 and resistance at 75.35.
Trend: Bearish as long as the price remains below 75.35.
US Crude for CPRCrude is making its way to the CPR of Fri 23rd August.
This price is 73.74.
This will coincide with today's S3 Pivot 73.76.
Oil Dip Buy (Trade Plans)Profit taking on oil has caused a dip back and a drop in price.
This came at key price action areas and as the 3%+ move was priced in (geo tensions/fed ease),
Looking for dip buys back up.
USOIL Downtrend Line Breakout At $75.72 24.08.2024Apply risk management
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Disclaimer
Falling towards 50% Fibonacci support?WTI oil (XTI/USD) is falling towards the pivot which acts as an overlap support and could bounce to the pullback resistance.
Pivot: 75.31
1st Support: 73.99
1st Resistance: 77.28
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:
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OIL Short - Wouldn't it be funny?I mean... expect the unexpected right? Monday seems to have topped out the whole move while wednesday could be a potential conitnuation. Where would be the biggest pain point for longs?
PS: Prepare yourself to work with broader SL here, $78 is as well in play. But I like this current situation since I know that the majority is obviously long cause of our daily world drama and it just doesn't make sense to anybody that Oil could suddenly drop again?!
West _ Texas _ Oil (WTI) _ Week _ 4 _ (Early Sep) _ DistributionWest _ Texas _ Oil (WTI) _ Week _ 4 _ (Early Sep) _ Distribution _ Prices _ Under _ Trading _ Venue _ OANDA.
Retest = $75.631 range. It may even go as low as $74.929
Then Expecting the following Distribution prices:
__________________
Next Distribution price =
$80.252
$80.412
$80.661
$81.863
$82.869
____________
Short break!
WTI OIL SELLDue to weak oil demand and decent supply, it continues to decline in price.
This is my idea for a short setup.
WTI OIL holding the multi-year Support Zone.As mentioned on our last analysis, it is critical for WTI Crude Oil (USOIL) to hold the 1M MA50 (red trend-line) and close the monthly candle (1M) above it. So far it has been holding, the current one is a 1W time-frame chart and as you see even on a weekly basis, all 4 last candles have held the 1M MA50.
At the same time though, the 1W MA200 (orange trend-line) is applying selling pressure for the same time period as a Resistance. If this Zone holds, we still expect a strong rally to start and peak above the 1.5 Fibonacci extension. Our Target Zone is intact at 91.50 - 92.00.
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USOIL:Long, TP 78-82
After achieving our long position target, we initiated short trades and have already secured a good profit. Orders are now being closed in batches.
From a trend perspective, there's a short-term need for a rebound, though it likely won't be strong. There's still some downside potential, mainly considering the need to fill the gap around 74.9. In the medium term, I believe the likelihood of an upward move is higher, with a target around 79- 82.
USOIL: BUY@73-70 TP 75-78
Oil prices have fallen sharply recently and have touched the support level near the previous low. There may be a range of fluctuations here, but the final breakthrough must be upward, so my trading direction is very clear, buying around the 73-70 area, with a target of 75-78.
USOIL, DailyUSOIL surged above 76.25 after opening the week above both EMAs, which are nearing a golden cross. The price has confirmed its uptrend.
If USOIL closes above 77.50, the price may retest the next resistance at around 78.75.
Conversely, if USOIL remains below 77.50, the price may consolidate within the 76.25-77.50 range.
USOIL: Price review for the week ahead.
This preview of weekly data looks at USOIL where economic data coming up later this week are the main market drivers for the near short-term outlook.
The most important economic data for this week are: Preliminary German inflation, US GDP, EU Flash inflation, US PCE index, NBS manufacturing PMI
Thursday:
Preliminary German inflation rate at 12:00 PM GMT. The market consensus for the month of August is for a decline on the figure of around 0.2% reaching 2.1%. If this is broadly accurate then it could most probably influence the European inflation figure on the following day.
US GDP Growth Rate QoQ 2nd Estimate for the second quarter is expected to reach 2.8% against the previous reading of 1.4%. If this optimistic expectation is met then it might boost the Dollar while hurting many of its instruments traded against it.
Friday:
Flash European inflation rate at 09:00 AM GMT. The rate for the month of August is expected to decrease to 2.3% down from the previous reading of 2.6%. This could affect negatively the Euro against its pairs at least in the short term.
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 unexpected surprise is seen at the time of publication would most probably create volatility in the majority of the dollar pairs.
Saturday:
NBS manufacturing PMI at 01:30 AM GMT where the expectations are for a slight decrease reaching 49.2 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 worse but have yet to reach the 50 point level indicating that the manufacturing sector of the NBS survey might still be shrinking and probably might have some effect on production related products like oil, natural gas, silver etc.
USOIL, daily
Oil prices rose after an Israeli strike on Hezbollah targets in Lebanon heightened Middle East tensions, with Brent approaching $80 a barrel and West Texas Intermediate surpassing $75.
Despite the escalation, oil fundamentals remained relatively stable, with volatility staying below earlier peaks and options skewing toward puts, indicating a bias toward lower prices. Expectations of U.S. interest rate cuts have also boosted market sentiment, however, caution remains regarding OPEC's plans to increase output, which could limit further price increases. Overall, the outlook for oil prices is bullish due to geopolitical risks and technical support, but caution is advised due to potential market volatility from OPEC actions and the situation in Gaza.
On the technical side, the price has found sufficient support on the lower band of the Bollinger bands around the $72 area and has since rebounded to the upside. The Stochastic oscillator is not near the overbought level hinting that the recent minor bullish trend has still the potential to extend in the short term with the area of $78 being the major resistance level for now consisting of the 50% of the daily Fibonacci retracement level, the upper band of the Bollinger bands as well as the 50 and 100-day moving averages.
Oil in high timeframe Hello traders,
I 've identified a potential buying opportunity based on the daily timeframe. Here's a summary of my insights:
* **Inducement Zone:** Oil has reached the inducement zone around $72.50 on the daily timeframe.
* **Liquidity Sweep:** The price has swept the liquidity below the trendline, suggesting a potential shift in momentum.
* **Strong Buy Signals:** The price action is showing strong signals to move higher, indicating a good opportunity for a low-risk buy.
* **Critical Zones:** I 've identified key resistance levels at $74, $80, and $84, which can help guide my targets and risk management.
Here are some additional points to consider:
* **Confirmation:** Look for confirmation from other technical indicators, such as volume, momentum, or candlestick patterns, to reinforce your analysis.
* **Risk Management:** Implement appropriate risk management strategies, including stop-loss orders, to protect your capital.
* **Market Dynamics:** Stay updated on any news or events that could impact the price of oil, such as geopolitical tensions, changes in supply and demand, or economic data releases.
Remember, trading always involves risk. Conduct thorough research, make informed decisions, and adapt your strategies as needed.
Good luck with your trades!
Will there be a false breakdown WTI ? H4 20.08.2024Will there be a false breakdown WTI ? H4 20.08.2024
Oil is in an interesting situation right now. Initially I was waiting for repositioning to buy, however the price went lower. As a result, I closed my purchases on be and now the question is whether or not there will be a false breakdown of the support zone 71.30-72.40. The poured volume in the margin at 73.50 did not give a buyback reaction, but oil moves very insidiously. It could do a false breakdown and then come back on volumes and form a delayed culmination. In any case, the rebound is somewhere near, so watch carefully.
Possible correction WTI. H4 27.08.2024Possible correction WTI
Oil has now approached the marginal resistance zone 77.41-77.97,
as shown in the previous analysis.
Large point volumes have appeared in the zone and may mean
fixation of purchases and the beginning of accumulation
of corrective sales.
The question is whether the pullback will be
and how deep it will be.
In general, I expect an approach around 1/2 of the margin
and then up again from there. That's why yesterday at 77.40
I closed 50% of buys and I'm still in the waiting mode.
Oil after filling volumes likes to make
gains and then go into a reversal.
USOil WTI Technical Analysis and Trade IdeaThe current USOil chart exhibits clear signs of price overextension, with the asset pushing into a critical resistance zone. Given this technical setup, a retracement appears probable. My strategy involves seeking a long entry, but only if the price experiences a pullback to the key Fibonacci retracement levels, specifically targeting the 50% to 61.8% zone.
It's crucial to contextualize this analysis within the broader macroeconomic landscape. The recent Bank of Japan rate hike has injected significant volatility into global markets. We must anticipate and account for potential continuation of these heightened volatility conditions, as they could materially impact price action and risk management parameters.
This technical and fundamental confluence presents a compelling setup, but as always, proper risk management is paramount. Traders should conduct their own due diligence and consider their individual risk tolerance before executing any positions.
Disclaimer: This analysis is provided for educational and informational purposes only. It does not constitute financial advice or a recommendation to enter any specific trade.
Crude Oil Prices Rising.When the USDWTI Weekly chart is examined; It is observed that price movements continue within the triangle formation. It is evaluated that the Crude Oil price can target the level of 105.52 by passing the 82.00 level upwards in price movements above the level of 78.26, unless the 71.17 level is broken down.
