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USOIL trade ideas

Crude Oil Inventories - Market Upset!The latest U.S. Crude Oil Inventories came in at 3.889M, significantly higher than the forecasted -1.500M. This unexpected build suggests that there is currently a surplus of crude oil supply in the market, which could put downward pressure on oil prices. The higher inventory levels imply weaker demand or overproduction, both of which typically weigh on the market sentiment for crude. Traders will likely watch for further data or geopolitical developments that could impact the supply-demand balance and influence future price movements.
BLACKBULL:WTIShort
by trader9224
USOIL to $84 - Technical and Fundamental Analyst.Disclaimer: This is my personal idea and perspective on USOIL. I am not a financial advisor and hold no certifications in finance. This is purely my personal view. Technical Analysis: US Oil is currently in a bearish trend on the daily time frame. There have been two rejections at the daily support level, indicating potential for a reversal (buying pressure). From a technical standpoint, the market is forming a double bottom pattern, with the neckline at the $72 level. I expect the market to move upward, with the first target being the golden Fibonacci ratio at $77. The second target is $80. I anticipate a correction around this level. Besides being a psychological number, $80 also acts as a strong daily resistance. The third target is at $84. After the correction at $80, I foresee the market continuing its upward movement toward $84. This is the 2.618 Fibonacci ratio and a very strong resistance level. Can the price continue to rise after hitting $84? Yes, it can. However, my main focus is on the levels of $77, $80, and $84. Fundamental Analysis: Geopolitically, tensions in the Middle East are rising, and this will likely have a significant impact on USOIL. The Middle East is home to major oil producers, and key oil distribution routes also pass through the region. If these geopolitical tensions escalate, it will directly affect USOIL prices, according to the basic economic principle of supply and demand. Again, I am just a small trader sharing my analysis on USOIL. I have no vested interest in this; it’s purely an idea coming from my thoughts. The next question is, when will USOIL reach my targets? I predict it will happen within 90 days from now . God bless us. Thanks.
TVC:USOILLong
by calvinvlntt
2
USOIL on the Verge of Major Drop: Bearish Elliott Wave Setup Elliott Wave Structure: The chart clearly displays a five-wave structure (labeled as (i), (ii), (iii), (iv), (v)) according to Elliott Wave theory, which implies a potential correction after a completed impulse wave. Current Position: The chart suggests that the price is completing a corrective structure in a Wave (ii) of a larger degree cycle, with the next anticipated move being the formation of Wave (iii), signaling the beginning of another impulsive leg down. The larger Elliott Wave cycle has been broken down into smaller waves (labeled as w, x, y), showing internal wave subdivisions, confirming the corrective patterns. Bearish Order Block: There is a Bearish Order Block labeled in the upper region of the chart, which marks an area of institutional supply where price is expected to reverse after a retracement. This area is important because it aligns with the completion of the smaller wave (ii), implying that once price reaches this zone, a rejection could occur leading to a potential downside move into Wave (iii). Break of Structure (BOS) & Market Structure Shift (MSB): A BOS/MSB is highlighted on the chart. It represents a key level where the previous bullish structure was broken, signaling a shift in market sentiment from bullish to bearish. The MSB (Market Structure Break) has occurred after the price broke below the recent swing lows, indicating that a bearish trend is likely to continue. Fibonacci Extensions: Fibonacci extension levels (2.618 and 2.786) are drawn to the downside, showing potential price targets for the next leg down (Wave (iii)). These levels suggest that the price could extend downwards to the $56.05 and $55.03 regions, which correspond to deeper Fibonacci targets, once the corrective Wave (ii) is complete. Invalidation Point: An invalidation point is marked in the upper region of the chart, indicating that if the price exceeds this level, the current bearish wave count (and the expectation for a continuation of Wave (iii)) will be invalidated. This serves as a critical level for traders to watch, as price exceeding this level would suggest the current analysis is wrong, and a new outlook may be required. Current Weak Low of a Range (Legs in Leg 1): There is a current weak low labeled, highlighting the price range low where price is likely forming its corrective pattern (wave (ii)). This weak low signifies that while price is hovering in this range, it is likely setting up for the next leg down, which would confirm the start of wave (iii). Projection for the Future (Late October): The timeline on the chart projects into late October 2024, indicating the anticipated completion of a downward 5-wave structure. This projection aligns with the potential completion of Wave (iii), (iv), and (v) movements. The chart suggests that wave (v) might complete by the end of October, with a significant price move occurring by then. Wave Count Levels: The labeling of (i), (ii), (iii), (iv), (v) at multiple degrees shows the breakdown of both large and small wave structures, giving a comprehensive view of the current cycle's progression. The internal subdivisions (marked in purple) help in understanding the minor corrective moves happening within the larger wave count. Market Timing: A vertical purple line is drawn on the chart, which might represent a key time-based element, possibly indicating a specific date or price action zone where a significant market reaction is expected. The chart shows critical points in time (e.g., October 3rd), where traders should pay attention to how price behaves as it reaches important structural levels. Potential Trade Plan: Short Bias: The analysis suggests a short setup, with price expected to move lower after completing the retracement in Wave (ii). Entry Point: The optimal entry for shorts would likely be near the Bearish Order Block, where Wave (ii) is expected to terminate. Targets: The price targets are the Fibonacci extension levels around $56 and $55, which align with the projected completion of Wave (iii) and subsequent waves. Invalidation: If the price exceeds the invalidation point, traders should reconsider the trade as it would invalidate the current bearish wave structure. Summary for Traders: The chart suggests that USOIL is currently in a corrective phase (Wave (ii)), with expectations of a bearish continuation into Wave (iii). Key Levels to Watch: Bearish order block for potential short entries. BOS/MSB level for confirmation of the downtrend continuation. Fibonacci extension levels ($56.05, $55.03) for potential downside targets. Invalidation point above to signal when the bearish scenario is invalidated. Trade Strategy: Wait for price to retrace into the Bearish Order Block. Short positions can be considered with targets towards $56 and $55 based on the completion of Wave (iii).
TVC:USOILShort
by spacedevil
8
What will happen given the tensions?USOIL has formed an ascending triangle this means that the price can easily increase as much as the measured price movement( AB=CD )but only after the expected breakout happens. As tensions rise in the Middle East, Oil and Gold prices will rise. ✨We spend hours finding potential opportunities and writing useful ideas, we would be happy if you support us. Best regards CobraVanguard .💚 _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟! ⚠️Things can change... The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
TVC:USOILLong
by CobraVanguard
WTI Oil H4 | Rising into resistanceWTI oil (USOIL) is rising towards a swing-high resistance and could potentially reverse off this level to drop lower. Sell entry is at 72.15 which is a swing-high resistance that aligns close to the 61.8% Fibonacci retracement. Stop loss is at 74.58 which is a level that sits above an overlap resistance. Take profit is at 68.63 which is an overlap support. 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:USOILShort
by FXCM
4
Middle East Tensions Mount; Oil Prices RiseAccording to Israel, military forces have mounted a ground incursion across local communities around Southern Lebanon, in what it has described as a ‘limited operation’ against Hezbollah. The Israel Défense Forces (IDF) described the attack as ‘limited, localised, and targeted ground raids based on precise intelligence against Hezbollah terrorist targets and infrastructure in southern Lebanon’. This follows several days of airstrikes to eliminate Hezbollah’s leadership and destroy its weapons stockpiles, which resulted in the assassination of Hezbollah’s leader, Hassan Nasrallah. Despite reports of the Israeli ground assault, Hezbollah denies Israeli forces have entered Lebanon. Iran Preparing to Launch Missiles Into Israel? As per a senior White House official, as well as a Department of Defence official, there are reports that Iran is preparing to mount an attack against Israel, including the launch of a ballistic missile. You will recall that Iran attacked Israel earlier this year in April, launching more than 300 drones and missiles in which the US was actively involved in aiding Israel’s defence. According to sources, the US is anticipated to adopt a similar role in this situation should an attack materialise, supporting defence preparations. As of writing, it remains unclear when (if) an Iranian attack on Israel will occur. In addition, the US State Department has ordered diplomats and their families in Isreal to ‘shelter in place’, as the condition remains tentative. Oil Prices Advance Oil prices caught a sizeable bid in trading today amid escalation in the Middle East. As of writing, WTI oil is up 4.0% and technically gearing up to complete a daily AB=CD bearish configuration at US$73.58, which happens to share chart space with channel resistance, extended from the high of US$84.49, along with an ascending support-turned-potential resistance level, taken from the low of US$63.61. In light of the clear downward-facing trend this market has been in since early July this year, a test of the aforementioned resistance could result in investors taking profit and fresh sellers entering the fray.
TVC:USOILShort
by FPMarkets
USOIL SELL SHORTStructure: This chart shows a possible bearish setup following a recent rally that appears to be losing momentum as it approaches a resistance area around the 0.618 Fibonacci retracement level. The price action suggests a possible reversal or correction from this resistance zone. Trade Setup: The trade setup suggests a short position, targeting a downward move towards the 70.80 USD area (green zone), which represents the next significant support level. The stop loss is placed at 81.40 USD (red area), just above the recent high, to limit losses if the price breaks through the resistance and continues higher.
TVC:USOILShort
by Ninjia_Kitty
OIL: Three days short traders in the market Hi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you! “Trade setups, not movements” 1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion) Monday DAY 1 Opening Range Tuesday DAY 2 Initial Balance ✅ Wednesday DAY 3 (reset DAY 1) Mid Point Week Thursday DAY 2 Friday DAY 3 Closing Range 2. SIGNAL DAY First Red Day First Green Day 3 Days Long Breakout 3 Days Short Breakout ✅ Inside Day 3. WEEKLY TEMPLATE Pump&Dump ✅ Dump&Pump Frontside Backside ✅ 4. THESIS: Long: secondary, although I'm not looking for any long setup at the moment, the market can still retest the current LOD (placed in London session), consolidate and reverse for a scalp eventually back inside the opening range. Short: primary, the market is currently breaking down, placing a lower low during London session and pumped back up into the previous LOD. If the market will retest that level (high of session as well), I will be willing to take a short trade back into the current LOD and don't forget that on the bigger picture it can also perform a 4 weeks pump and dump. Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement. Gianni
PEPPERSTONE:SPOTCRUDEShort
by GianniPichichero
1
WTI OIL Channel Down prevailed. Lower Low expected.WTI Oil (USOIL) eventually failed to recover the 1D MA50 (blue trend-line), which has been the Resistance since August 13, and reversed the short-term rebound. The 3-month Channel Down appears to have prevailed and technically is now looking for its third Lower Low. The previous two declined by -18.47% and -15.18% respectively, so roughly we same % drop. As the 1D MACD formed a Bearish Cross today, we can claim that we have the necessary confirmation for a Bearish Leg that at best, we are half-way on it. Assuming the minimum drop of -15.18%, we expect to see at least $62.00 before this Leg prices the Lower 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:USOILShort
by TradingShot