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WTI Crude Oil Outlook: Eyeing Potential Demand Zone RecoveryWTI crude oil is currently trading around $68.25 as of this Tuesday, following a significant gap-down opening to start the week. The move lower was largely influenced by easing tensions in the Middle East, as recent developments suggested a more contained military approach, which alleviated fears of a broader conflict that could disrupt oil supply. Upcoming U.S. Economic Data: GDP and Nonfarm Payrolls in Focus The U.S. economic calendar this week includes key data releases, beginning with the flash Gross Domestic Product (GDP) report for Q3 on Wednesday, projected to show an annualized growth rate of around 3%. A stronger-than-expected GDP figure could bolster the USD, adding pressure to USD-denominated assets like crude oil, as a stronger dollar makes oil more expensive for holders of other currencies. Following the GDP report, Friday’s Nonfarm Payrolls will provide additional insight into U.S. labor market conditions, which could further influence dollar strength and, subsequently, WTI prices. Technical Analysis: WTI Trading in Demand Zone From a technical perspective, WTI crude is currently positioned within a demand zone, where buyers could be eyeing a recovery of Monday's gap-down. This demand zone represents a critical area where traders are observing whether buying interest will drive prices higher to close the gap. A recovery attempt here, with a tight stop loss, could offer a favorable risk-to-reward setup, particularly if data later in the week doesn’t significantly strengthen the USD. Conclusion The WTI crude oil market remains vulnerable to geopolitical developments and U.S. economic data this week, with a stronger USD potentially capping any recovery attempts. However, should the upcoming data align with current estimates or underperform, there may be room for WTI to rally from its demand zone, attempting to reclaim some of the lost ground from the recent gap-down. Traders may want to monitor these key levels and events closely, as they could provide both direction and confirmation for near-term price movement in WTI crude oil. ✅ Please share your thoughts about WTI in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
BLACKBULL:WTILong
by FOREXN1
6
WTI Dips as Israel Avoids Targeting Iran’s Oil: What’s Next?The West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $70.60 during Thursday's London session. The price edged lower following reports that Israel has assured the United States it will not target Iran’s nuclear or oil facilities in its planned retaliatory attacks. This news, as reported by senior Biden administration officials and the Wall Street Journal, came after the US sought to prevent further escalation in the Middle East to avoid a potential surge in oil prices. Geopolitical Tensions in the Middle East and Oil Prices Oil markets have been on edge due to geopolitical tensions in the Middle East, particularly following the conflict between Israel and Hamas. Any potential retaliation involving Iran has been closely watched, given Iran’s role as a major oil producer in the region. Had Israel planned to target Iran’s oil infrastructure, it could have led to significant supply disruptions, pushing oil prices higher. For now, traders are breathing a sigh of relief with the promise from Israel to avoid targeting these facilities, but geopolitical tensions still remain a key factor that could influence WTI in the near future. Should tensions escalate further, WTI prices could quickly rebound on supply concerns. OPEC and IEA Cut Global Oil Demand Forecasts This week also brought another major development for oil markets as both the Organisation of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) lowered their forecasts for global oil demand growth in 2024. The IEA now estimates global oil demand will grow by 1.2 million barrels per day (bpd), bringing total demand to 104.3 million bpd next year, which is 300,000 bpd below previous estimates. These cuts are being driven by several factors, including the weakening global economic outlook and persistent challenges in key oil-consuming regions. In particular, China’s economic stimulus measures have failed to provide a meaningful boost to oil demand, further weighing on oil prices. This downward revision in demand growth expectations has created additional headwinds for crude oil prices, contributing to the recent decline in WTI. Technical Outlook: Bearish Sentiment But Potential Long Retracement From a technical standpoint, WTI is currently trading within a key demand area, suggesting that some buyers may step in to support prices. While the forecast based on seasonality points toward a bearish trend in the near term, there are some indications that a deeper long retracement could occur. The Commitment of Traders (COT) report shows that institutional investors, also known as "smart money," are maintaining long positions, indicating potential underlying support for oil prices. This dynamic suggests that while prices may experience further pressure in the short term, a retracement to the upside could occur if demand for oil begins to pick up or if geopolitical tensions resurface with greater intensity. Conclusion: WTI Traders Remain Cautious Amid Mixed Signals For now, WTI remains in a delicate position, influenced by a mix of geopolitical risks, lower global demand forecasts, and technical factors. The assurance from Israel that its retaliatory strikes will avoid targeting Iran’s oil infrastructure has alleviated some immediate concerns about a spike in oil prices. However, the ongoing geopolitical situation remains fluid, and any sudden escalation could quickly reverse the current price trajectory. At the same time, the reduced demand growth outlook from both OPEC and the IEA creates a bearish overhang for crude prices. With China’s stimulus measures failing to spark a meaningful recovery in demand, traders will be closely watching for any new developments that could shift the balance of supply and demand in the oil market. In summary, WTI may continue to face downward pressure in the short term, but a potential long retracement remains on the table, especially if market conditions or geopolitical tensions shift in the coming days. For now, traders are likely to stay cautious, awaiting clearer signals before taking decisive positions. ✅ Please share your thoughts about WTI in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
BLACKBULL:WTILong
by FOREXN1
1
WTI Wave Analysis 4 November 2024 - WTI reversed from long-term support level 66.75 - Likely to rise to resistance level 75.00 WTI crude oil recently reversed up from the long-term support level 66.75 (which has been reversing the price from the end of 2021), standing near the lower weekly Bollinger Band. The upward reversal from the support level 66.75 continues the weekly upward impulse wave (3), which also started from the same support level in September. Given the strength of the support level 66.75, WTI crude oil can be expected to rise to the next resistance level 75.00 (former strong resistance from October).
THINKMARKETS:WTILong
by FxProGlobal
OIL at this level to $72MODs have suggested that I provide more detail about the picks I make. Sorry. I'm not as verbose as y'all, and I don't like things to be complicated. My trading plan is very simple. I buy or sell at top & bottom of parallel channels. I confirm when price hits Fibonacci levels. Bonus if a TTM Squeeze in in play. I hold until target is reached or end of year, when I can book a loss. So... Here's why I'm picking this symbol to do the thing. Price near bottom of channels (period 100 52 39 & 26) Stochastic Momentum Index (SMI) at oversold level VBSM is negative Price at near Fibonacci level Will enter small position at $67, again at $66ish and all in at $65 Target is $72 or channel top Stop loss is $64
TVC:USOILLong
by chancethepug
1
Crude turns upCrude prices shot higher overnight following news that OPEC+ has delayed an expected production increase. Both Brent and WTI were up around 3% on the news, even though the announced delay is only for a month. This has taken front-move crude back up to an area of resistance around $71.50-72.00. If it can push above this region convincingly, and then hold it on any pullback, then this starts to improve the immediate outlook as far as the bulls are concerned. The daily MACD has started to turn up a touch, and while it remains in negative territory, this suggests an uptick in upside momentum. There has also been some relief that Iran did not take the opportunity over the weekend to launch an attack on Israel in retaliation for the Israeli attack the week before. Prices had jumped on Thursday evening after Israeli intelligence reported that Iran was planning to attack Isreal from its bases within Iraq.
TRADENATION:WTI
by TradeNation
USOIL Trading IdeaBased on Simple Technical Analysis ( Trendline + Support & Resistance ) Risk Disclaimer: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my analysis as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this page, and they are for educational purposes only. Any action you take on the information in this analysis is strictly at your own risk. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Good luck :-)
FX:USOILLong
by ShahedZare
Oil spikes on escalation fearsCrude oil continues to push up off the lows hit on Tuesday when front-month WTI broke below $67 per barrel for the first time since the beginning of October. Since then, oil has managed to build some upside momentum, although it’s far too early to tell if there’s a definitive change in direction. Nevertheless, things are looking better for the bulls, in some respects. The daily MACD has begun to turn higher, although it still remains in negative territory. Yesterday evening, prices suddenly surged higher in a move which took front-month WTI from $69 to $70.50 in less than an hour. The jump came after Israeli intelligence reported that Iran was planning to attack Isreal from its bases within Iraq. This should keep markets off balance as the weekend approaches. Traders will be on alert over the weekend. And beyond, in the absence of an attack. But it also means that yesterday’s rally is likely to unwind completely should any attack prove ineffectual. Despite this, it is potentially another step up in the escalation of hostilities which is starting to normalise direct military contact between Israel and Iran, rather than with Iran’s proxies.
TRADENATION:WTI
by TradeNation
WTI CRUDE OIL Final Resistance test before $77.50WTI Crude Oil hit today the 7 day Falling Resistance. A break above it will be bullish as that has been the case on 2 similar patterns previously. We are ahead of a Golden Cross (1h), which on the 2 previous patterns, has confirmed the uptrend. Trading Plan: 1. Buy if the Falling Resistance breaks. Targets: 1. 77.50 (Resistance 1). Tips: 1. The RSI (1h) is printing a pattern similar to the September run. Please like, follow and comment!!
TVC:USOILLong
by TradingBrokersView
2
Crude oil extends gainsCrude oil bottomed out today, stabilizing around $67.9 and peaking around $69.3. According to the daily trend chart of crude oil, the oil price fell down to the lower edge of the wide range again, and rebounded to the lower edge of the range to test 66.9. The objective trend has not gotten rid of the range, which belongs to the lower edge of the range. It is expected that the medium-term trend is still dominated by fluctuations within the range. Oil prices down test 67.00 line, to obtain strong support, the formation of alternating rhythm, bullish momentum suddenly stronger. While the oil price is still suppressed by the 55-day average, the formation of a small puncture, strict judgment of short-term objective downward trend changes. From the subjective trend, the main alternating rhythm forms a small wave of upward trend direction. Watch for the strength of the rebound in oil prices. Based on the above analysis, I believe that: crude oil bottled out, but the upper resistance is still, consider the high-low multi-strategy in the future operation, pay attention to the resistance of 69.6-70.5 US dollars above, pay attention to the support of 68.5-67.9 US dollars below.
TVC:USOILLong
by iyi1iyi1
As the war drew to a close, crude oil plungedInternational crude oil rebounded on short covering, but gains were capped by a strong dollar. WTI crude reversed a V-shape earlier in the session and eventually settled up 0.1% at $67.91 a barrel; Brent crude settled up 0.21% at $71.76 a barrel. Fed-mussallem: 2% inflation Target should not be raised; Don't think the dollar's status is being challenged by currencies; Logan: More rate cuts are likely, but they need to be cautious. Middle East - Israeli officials say Iran has withdrawn its decision to respond to Israeli attacks; Israel is said to be offering President Trump a diplomatic gift for a ceasefire in Lebanon. The latest trend of crude oil -- The crude oil market opened yesterday at $68.02 / BBL, and then the market directly rose, the daily high hit $68.95 / BBL, and then the market quickly fell, the daily low to $66.97 / BBL, and the daily final close at $68.13 / BBL, and the market closed with a long leg cross shape with a lower shadow slightly longer than the upper shadow. And such a form after the end, crude oil in the low shock. Four hours on the level of view, crude oil bears did not change, but the price also down to the bottom line, the market can further break uncertain, but yesterday closed the cross, for today, the following line for defense, continue to try to test the above resistance level. Based on the above analysis, Zhang Yifu believes that: after the bottom of crude oil, the test of the above resistance level, the above does not break it is difficult to change the fate of falling back, today's operation still considers the high-low multi-strategy, the above attention 68.7-69.6 dollars resistance, below attention 67.5-66.5 dollars support.
TVC:USOIL
by Lisainblue