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US Crude Oil CFD

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beyond50
USOIL *Last Call for the Sunday Session:
I see a Ping Pong setup on the Hourly chart.

A new S&R Zone formed. You can see that price action is now within a channel, made from 4 levels of Resistance Areas above (with a Gap Down; S&R Zone; and two trendlines (in green and red dotted lines) AND 3 levels of Support Areas below (with a Swing Low at 65.30; tall S&R Zone; and Swing Low of 64.65).

The candles can keep bouncing back-and-forth between these multi-layered areas of Support and Resistance until a breakout happens.
Snapshot
beyond50
USOIL On the Hourly, a Double Inside Day showed up, which means a BIG move is coming.

*Side Note: Many have wondered why I don't write if the big move will be to the upside or downside. It's hard to tell because it can happen anytime between soon to 24-hours from now. Market structure can change, and more than once, making it difficult to tell the direction at this time.
Snapshot
beyond50
USOIL Very Tricky!
Look at the Hourly chart that is in Bearish (directional) Market Bias.

The bearish candle still forming broke out of the low of the Inside Day (shown as an orange line). If this is a false breakout, we'll see a lower wick fill of the Pinbar Hammer, then a bullish candle that can retest that low of the Inside Day at 66.1 and go up more. The Gap Down is in the way, acting as a strong form of a Resistance Area. There's another S&R Zone above that and Bullish Trendline (in green dotted line), so triple areas of Resistance if going up.

The bulls may be blocked from rallying, only to drop back down again towards the Swing Low at 65.30.

*Alternate Scenario:
The bears can do a proper breakout from the Inside Day pattern's low (shown as an orange line) and head for the Swing Low of 65.30 to breach, but there's a tall S&R Zone below in the way. If the bears don't drop below that Zone, then we may see Ping-Pong moves between the S&R Zone and the Gap Down.
Snapshot
Darkyboy
USOIL ofcourse for once retail was very right this time , markets did open negative !
beyond50
USOIL Crude Oil and USD/CAD are inversely correlated and the currency pair starts an hour before Crude Oil's Sunday market opens.

Here's what USD/CAD looks like if you want an idea:
tradingview.com/x/EAyjfHtZ/
Snapshot
Darkyboy
USOILSPOT everyone is so bearish over this weekend oil , I hope that majority is right , of my experience in the markets , markets tend to do opposite to what everyone expects it to do . Will wait for the markets to be open in less that 19 hours from now !
IBGSCALPER
USOIL OPECS news is subjective to market conditions and most of the time it’s already priced in according to structure,they are monitoring the markets like hawks and currently undervalued if the whales want to take the price up or down they will regardless please read the news accordingly.

Key areas

60 Support
70 resistance ( mini resistance at 68 )

I am more bullish on oil and will sell if I have to.
We are sitting on top of the neckline Premium fib levels
Darkyboy
$#Opec+ eight member states with additional voluntary production cuts (V8) said to have agreed to raise the production cap by 548kbpd for the month of August #oott
Darkyboy
USOIL if OPEC decides to increase output by more than what’s been in news over last few days , market would open lower than the closing price on Friday.