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CFDs on WTI Crude Oil

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USOIL trade ideas

USOIL Technical Outlook - 4-Hour Chart AnalysisKey Analysis and Components: Wyckoff Accumulation Phase: The current price action suggests that USOIL is in Phase B of a Wyckoff Accumulation. After a preliminary supply (PSY) and a buying climax (BC), the market experienced a secondary test (ST) and a shakeout (SOW in Phase B), confirming the accumulation phase. The upthrust (UT) in Phase B could suggest a false breakout, which typically results in a test of lower levels, marking the transition into Phase C. Elliott Wave Count: The market completed a potential five-wave structure (v) as part of the larger cycle, which topped near 73.25. The corrective wave structure is unfolding, marked by waves a-b-c, which suggests further downside before completing the correction. The anticipated wave C retracement could potentially bring the price towards key Fibonacci support levels, likely around the 50% (69.43) and 0.618 (68.54) retracement levels. Key Support and Resistance Levels: Resistance levels are marked by the LPSY (Last Point of Supply) zones near 73.85 and 71.64. These levels serve as potential turning points for any future upward attempts. Support levels are defined around the POC (Point of Control) at 69.42 and the Fibonacci retracement levels. The 68.54 level acts as a critical invalidation point for the overall bullish scenario. Point of Control and Volume Profile: The POC (69.42) highlights the price area with the highest traded volume, indicating strong market interest and likely support. The chart further emphasizes equilibrium at the 0.5 (69.43) level, a midpoint that balances the market between premium and discount pricing zones. Potential Bearish Scenario: The red projected path indicates a possible continuation of bearish movement. This aligns with the corrective structure expected in Phase C of Wyckoff, which could see the market testing lower levels before accumulation concludes. Should prices break below the 68.54 invalidation level, a deeper correction may follow, targeting the 65.23 zone, marked as the premium area on the chart. Market Conclusion (W Close): The W Close (Weekly Close) is marked on September 29, 2024, and could play a pivotal role in determining the market's direction. The transition from Phase B to Phase C would likely unfold over the next week, giving traders insight into whether the accumulation phase is nearing completion or if further downside is likely. Conclusion: The USOIL market is currently in an accumulation phase, with a possible downtrend in the short term as prices work through the corrective structure in Phase B. Key levels to watch include 69.43 for potential support and 73.85 for resistance. Invalidation of this bullish accumulation occurs if prices drop below 68.54. The expected conclusion of the corrective wave could lead to renewed bullish momentum once the market tests lower accumulation levels. Traders should remain vigilant as the market transitions through these phases.
TVC:USOILLong
by spacedevil
1
WTI OIL Still bullish, targeting the 1D MA200.WTI Oil (USOIL) eventually gave us the 2 green day streak we wanted in order to turn bullish, as per our suggestion 2 weeks ago (September 10, see chart below): Event though it marginally broke below April's Channel Down, the buying pressure it has build is similar to all 3 major Bullish Legs since June 2023. Notice how the 1D RSI forms the same Bullish Divergence (Channel Up). However due to the lower bottom than the one we expected, we have to change our Target to 76.00, which represents a +16.60% rise from the bottom, similar to the smaller Bullish Leg of the three that started on the June 04 2024 Low. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
1
USOIL / TRADING BELOW TURNING LEVEL - 4HUSOIL / 4H TIME FRAME HELLO TRADERS July Decline: The significant drop of 15.34% indicates a bearish trend, which could be attributed to various factors such as market corrections, economic conditions, or changes in consumer behavior. August Recovery: The rise of 11.74% suggests a potential recovery or rebound, possibly driven by positive news, increased demand, or market adjustments. However, this increase was followed by another decline within the same month. Second August Decline: The 18.23% drop following the initial recovery may indicate market volatility or the market's inability to sustain upward momentum. This could also signal investor uncertainty or reactions to external factors. September Projection: The forecasted decline of 4.66% in September suggests that the overall trend remains negative. This could imply a continuing lack of confidence in the market, or it may reflect seasonal trends affecting prices. Technical analysis: The level at 71.51 serves as a key resistance. If the price remains below this level, a decline towards 68.80 is expected. If this level is breached, the next support could be around 67.19. Conversely, if the price breaks above 71.51, it may indicate bullish momentum, with targets at 73.99 and then 76.10. UPWARD TARGET : 73.99 , 76.10 . DOWNWARD TARGET : 68.80 , 67.19.
TVC:USOILShort
by ArinaKarayi
2
WTI CRUDE OIL: Last short term buy.WTI Crude Oil is neutral on the 4H technical outlook (RSI = 51.729, MACD = 0.500, ADX = 25.961) as it pulled back to the 4H MA50 intra day. The fact that it held, suggests that it remains the short term support of this uptrend that is targeting the 4H MA200 (TP = 72.50) where so far we have had three straight rejections since August. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
1
Highlights this week: RBA interest rate, US GDP, US PCE, ChinesTuesday: RBA interest rate decision at 04:30 AM GMT where the market is expecting that the interest rates will remain stable at 4.35%. In the event however that we have a surprise cut by the Reserve bank then it might create minor losses for the Aussie Dollar in the short term. Thursday: US GDP growth at 12:30 PM GMT for the second quarter is expected to double and reach 3%. If this rather optimistic expectations are met then it might boost the Dollar while hurting many of its instruments traded against it. Friday: 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 surprise is seen at the time of publication would most probably create volatility in the majority of the dollar pairs. Monday: NBS manufacturing PMI at 01:30 AM GMT where the expectations are for an increase reaching 50 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 better, given the actual figure is above the 50-point level indicating that the manufacturing sector of the NBS survey might still be expanding and probably might have some effect on production-related products like oil, natural gas, silver, etc. Caixin Manufacturing PMI at 01:45 AM GMT. The figure for the month of September is expected to increase by 0.6 points reaching 51. Caixin PMI is more focused on the export sector and small and midsize enterprises (SMEs) and a reading of anything below the 50 point mark would indicate that these companies have yet to recover fully which could result in affecting the prices of various manufacturing related instruments.
TVC:USOIL
by Exness_Official
USOIL, daily Oil prices steadied after posting their largest weekly gain this year on a weaker dollar and concerns of rising tension between Israel and Hezbollah would engulf the whole region in war. Israel was attacked by Hezbollah, sparking fears of possible oil supply disruptions from the region which pumps a third of the world's oil. Moves to stimulate economic growth in China, where short-term interest rates were lowered, sent buyers into US stocks. A large chunk of a recent 9% rally in Brent was fuelled by expectations of U.S. interest rate cuts. But surging diesel and U.S.-China trade fears have capped gains. Oil prices may trade in a range before breaking lower with focus on demand worries that predate supply crisis. On the technical side, the price has made an aggressive pullback to around $70 price area pushing the Stochastic oscillator in the extreme overbought levels hinting that a bearish correction move might be seen in the coming sessions given that there is a new catalyst in the market. Currently the 50-day moving average is trading well below the 100-day moving average validating the overall bearish trend in the market, despite the recent minor bullish move, while the area of $72 is still the major technical resistance area on the chart consisting of the 38.2% of the weekly Fibonacci retracement level and the area of price reaction in early and late August.
TVC:USOIL
by Exness_Official
Has crude turned a corner?Both Brent and WTI were a touch weaker in early trade this morning. But both contracts have put in impressive rallies over the past fortnight. Oil prices plunged following the US Labor Day holiday on Monday 9th September. The sell-off saw front-month WTI break below $65 per barrel to trade at its lowest level since May last year. Front-month Brent hit its lowest level since December 2021. Since then, Brent and WTI have tacked on 8% and 10% respectively as of Friday’s close. While impressive, the rally has been relatively slow and steady, rather than an explosive one that could have been expected, coming as it did from incredibly oversold conditions. The move has seen the daily MACDs turn significantly higher, although both remain oversold. The question now is if the bottom is in for crude oil. If so, then pull-backs may be buying opportunities. But it’s probably still too early to declare the ‘all clear’ for crude. Traders should keep a close eye on how the next pull-back develops. If it proves relatively shallow before heading up again, then oil may have finally turned a corner. But if it retraces more than around 50% of recent gains, then a retest of this month’s lows may be on the cards.
TVC:USOIL
by TradeNation
WTI Oil H4 | Potential bullish bounceWTI oil (USOIL) is falling towards an overlap support and could potentially bounce off this level to climb higher. Buy entry is at 70.11 which is an overlap support that aligns close to the 38.2% Fibonacci retracement level. Stop loss is at 68.26 which is a level that lies underneath an overlap support and the 50.0% Fibonacci retracement level. Take profit is at 73.00 which is a pullback resistance that aligns with the 61.8% Fibonacci retracement level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILLong
by FXCM
2