Oil Slammed Down To Key Long Zones..Key Price Action, Reversion Of Price almost 5% off the open. Touching into key early MA's.
What's not to like?
Trade in proportion to equity, in case you are wrong.
USOIL.F trade ideas
WTI - Let's Short This!Wow! That was an impressive rally in WTI last week. The oil price rose by almost 16 % due to geopolitical tensions in the Middle East and the start of hurricane season in the USA.
However, WTI has now reached an important resistance area and the RSI is also showing clear bearish divergences.
We are taking advantage of this to open a short position.
Our price target is conservative and lies above the 38.2% retracement of the most recent upward impulse.
SELL USOIL/CRUDEOILOur entru today on Crude Oil is a short one, you can sell with TP and SL as set on the chart.
For more questions, don't hesitate to ask!
Follow for more.
Crude Oil Technical Analysis - October OutlookCrude oil is showing a notable recovery from its recent lows, currently trading around the $72 mark. A few key observations based on the price action and indicators:
Price Pattern and Trend:
The chart shows a classic descending wedge pattern, which signals a potential bullish reversal. The breakout from the wedge is accompanied by a price surge above the 20-day and 50-day moving averages, suggesting a short-term trend change.
Key Support Levels:
Immediate Support : Around $70.64, marked by the breakout level.
Strong Support : At $68.23, where significant buying interest has been observed in the past, reinforced by a bullish consolidation zone.
Resistance Levels:
First Resistance: $72.11, which has been tested, with potential room for the price to move higher if momentum sustains.
Critical Resistance : $77.23, which coincides with a strong historical supply zone. A close above this level would signal further bullish momentum
.
Volume Profile Insight:
A noticeable shift in the volume profile near the $70 mark suggests accumulation by institutional investors, hinting that buyers are stepping in to defend this level.
RSI Indicator
: The Relative Strength Index (RSI) has bounced back from oversold levels and is now showing early signs of positive divergence, supporting the case for an upward move.
Geopolitical Factors:
With rising tensions in the Middle East, as highlighted in the annotation, traders and investors are pricing in potential supply disruptions, contributing to the recent spike in oil prices.
Conclusion:
Oil prices may continue to rise in the short term, with $72.11 being a key level to watch. If sustained above this, the next target would be $77.23. However, if prices fall back below $70, we could see a retest of support at $68.23. Given the geopolitical uncertainty, traders should remain cautious of potential volatility.
USOIL Double Bottom Short-Term Target (Long)An observation of a double bottom pattern on USOIL 1H Time-Frame. Short-term I expect the price to make a small correction before moving upwards to 77.90 - 78.00 level.
WTI OIL 1D MA200 rejection giving the perfect sell.WTI Oil (USOIL) hit our 76.00 Target as presented on our September 24 idea (see chart below):
Today even though the price breached the 1D MA200 (orange trend-line), it has since been forcefully rejected. This is not a surprise as all medium-term rallies coming off a Support level bounce since June 2023, were all rejected on the short-term on the 1D MA200. The July 13 2023 one got rejected back to its 0.382 Fibonacci retracement level, while the January 29 2024 one dived lower to the 0.618 Fib.
The 1D RSI (red circles) indicates that we are currently exactly on such a rejection sequence. As a result, we turn bearish on WTI, expecting at least a 1D MA50 (blue trend-line) breach at 72.50, which is a Target marginally below the 0.382 Fib.
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WTI Oil H4 | Falling to 38.2% Fibonacci supportWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 74.06 which is a pullback support that aligns with the 38.2% Fibonacci retracement level.
Stop loss is at 72.18 which is a level that lies underneath a pullback support and the 50.0% Fibonacci retracement level.
Take profit is at 77.20 which is a multi-swing-high resistance.
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USOIL This setup presents a potential downside move for USOIL. The current market structure suggests a retracement, with price action showing signs of exhaustion. With key levels for Entry, Take Profit, and Stop Loss clearly defined, this trade aims to capitalize on a possible pullback. Keep an eye on how price reacts to these areas as momentum shifts. Stay patient and stick to your risk management strategy for the best results.
US/OIL Resistance Rebound (potential for higher moves)Minor fall in Oil leading to some gains taken.
Requiring larger falls for any re-buys. Sentiment sustaining up move due to middle east tensions.
Levels of note labelled.
USOIL TF 4H 81024wait till price come into the zone and break out with big green/red candles
entry (TF 2h,4h)
SL at previous low/high
TP at Fibonacci
Oil Poised to Rise Further Amid Middle-East CrisisOil Poised to Rise Further Amid Middle-East Crisis
In this video, I provide a detailed analysis of the potential price development of oil from both a fundamental and technical perspective.
Yesterday Biden commented that they were negotiating with Israel about attacking Iran's oil facilities.
What's Next? Is the OIL Growh supported also by a technical perspective?
You may watch the video for further details!
Thank you and Good Luck!
Oil Prices Surge Amid Middle East TensionsOil Prices Surge Amid Middle East Tensions
Oil prices extended their gains, with Brent crude nearing $80, building on last week’s steepest weekly jump since early 2023. This surge is driven by fears of a wider Middle East conflict and potential disruptions to exports from the major oil-producing region.
Israel has issued several warnings about targeting Iran’s oil tanks, significantly contributing to the rising oil prices. This marks the first time in a long period that oil prices are aligning with fundamental factors, considering OPEC’s previous control over prices despite the ongoing conflicts involving Israel, Hamas, and Lebanon.
The mere news of a possible attack on Iran’s oil tanks has supported the rise in oil prices above $72.50, and further increases are likely.
You can find more details on the chart!
Thank you and Good Luck!
Bullish reversal off overlap support?WTI oil (XTI/USD) is falling towards the pivot which is an overlap support and could reverse to the pullback resistance level.
Pivot: 74.75
1st Support: 73.07
1st Resistance: 78.53
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Sell USOILSPOT FX:USOILSPOT
When the 11 am candlestick closes, we wait for the candle to break H and close at least 10% above it, then we enter a direct sell.
TP 1600 PIP
SL 450 PIP
USOIL confirm buy? USOIL confirm buy? with double bottom daily confirm? and trendline breakout?
Buy 1 : 75.347
Buy 2 : 74.000
SL : 73.311
Disclaimer on.
Another Long on OilBreaking highs from today, took entry off 30min close above resistance. Looking for 40-50c up from here. Oil is bullish since mid east conflicts and worries about shortages.
CRUDE OIL TO HIT ATH OF $160?! ⭕️Wave 3 Impulse Move Complete.
⭕️Wave 4 (3 Sub-Wave) Correction Complete.
⭕️Wave 5 (Wave I & II) Complete. Wave III In Progress.
OIL_CRUDE/LONGThe whole world is waiting for Israel's response, and there is no doubt that they will respond to the attack on them. The main question is whether they will hit Iran's oil fields EXACTLY. Until tensions begin to ease, prices will remain high with an upward trend.
In theory, prices could go up quite a bit and we could even see triple digit oil prices if the oil wells get hit.
USOILUSOIL is in reversal mode.
Bearish divergence also shown in RSI.
We wait for the further confirmation if it will break the last LL.
Then we will execute trade.
CRUDE OIL TO HIT $160?! (UPDATE)Oil prices are up currently up 9% so far from our green, supply zone. Despite that we are still at the START OF THE BULL (BUY) RUN. We are nowhere near the top, so diversify your portfolio & take advantage! Huge buying momentum for the market over the past few weeks, showing you the possibility of which way Oil prices are heading.
Buyers still holding strong. GET INTO LONG TERM OIL POSITIONS NOW!
Pushing higherOil prices were sharply higher this morning, building on last week’s gains. Last week, front-month WTI recorded its strongest week since March last year, tacking on over 9%. In fact, from last Tuesday’s low to this morning’s high, WTI is up 14%. The turnaround has come on the back of escalating hostilities across the Middle East. The biggest concern is that Israel now targets Iran’s oil refineries and other energy infrastructure. This would crimp supply, but also mark a huge step up in hostilities between these two major players. Yet there are still powerful forces weighing on crude prices. Supply remains plentiful, with OPEC+ continuing to hold back production to keep prices elevated. Meanwhile, it’s the US which is now the world’s biggest producer, and not restrained by OPEC+ rules. The demand growth outlook remains uncertain, particularly where China is concerned. The Chinese economy continues to suffer as it deals with the collapse in its property market. Recent stimulus has helped feed the rally in crude. But investors are also considering how alternative energy sources will affect future demand for crude. Not just renewables, but also natural gas, which despite a recent pick-up in prices, remains historically cheap relative to oil.
USOIL - BULLISH DOUBLE BOTTOMHello Traders !
On the daily time frame, The USOIL reached a strong support level (63.61 - 66.67).
The price formed a double bottom pattern.
Currently, The neckline is broken !
So, I expect a bullish move🚀
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TARGET: 75.80🎯
USOIL Short - You're Too BullishMajor HTF Levels awaiting you at the swing high while majority is long. What could go wrong?
