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USOIL trade ideas

USOIL: Price review for the week ahead. This preview of weekly data looks at USOIL where economic data coming up later this week are the main market drivers for the near short-term outlook. The most important economic data for this week are: Preliminary German inflation, US GDP, EU Flash inflation, US PCE index, NBS manufacturing PMI Thursday: Preliminary German inflation rate at 12:00 PM GMT. The market consensus for the month of August is for a decline on the figure of around 0.2% reaching 2.1%. If this is broadly accurate then it could most probably influence the European inflation figure on the following day. US GDP Growth Rate QoQ 2nd Estimate for the second quarter is expected to reach 2.8% against the previous reading of 1.4%. If this optimistic expectation is met then it might boost the Dollar while hurting many of its instruments traded against it. Friday: Flash European inflation rate at 09:00 AM GMT. The rate for the month of August is expected to decrease to 2.3% down from the previous reading of 2.6%. This could affect negatively the Euro against its pairs at least in the short term. 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 unexpected surprise is seen at the time of publication would most probably create volatility in the majority of the dollar pairs. Saturday: NBS manufacturing PMI at 01:30 AM GMT where the expectations are for a slight decrease reaching 49.2 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 worse but have yet to reach the 50 point level indicating that the manufacturing sector of the NBS survey might still be shrinking and probably might have some effect on production related products like oil, natural gas, silver etc. USOIL, daily Oil prices rose after an Israeli strike on Hezbollah targets in Lebanon heightened Middle East tensions, with Brent approaching $80 a barrel and West Texas Intermediate surpassing $75. Despite the escalation, oil fundamentals remained relatively stable, with volatility staying below earlier peaks and options skewing toward puts, indicating a bias toward lower prices. Expectations of U.S. interest rate cuts have also boosted market sentiment, however, caution remains regarding OPEC's plans to increase output, which could limit further price increases. Overall, the outlook for oil prices is bullish due to geopolitical risks and technical support, but caution is advised due to potential market volatility from OPEC actions and the situation in Gaza. On the technical side, the price has found sufficient support on the lower band of the Bollinger bands around the $72 area and has since rebounded to the upside. The Stochastic oscillator is not near the overbought level hinting that the recent minor bullish trend has still the potential to extend in the short term with the area of $78 being the major resistance level for now consisting of the 50% of the daily Fibonacci retracement level, the upper band of the Bollinger bands as well as the 50 and 100-day moving averages.
TVC:USOIL
by Exness_Official
Oil in high timeframe Hello traders, I 've identified a potential buying opportunity based on the daily timeframe. Here's a summary of my insights: * **Inducement Zone:** Oil has reached the inducement zone around $72.50 on the daily timeframe. * **Liquidity Sweep:** The price has swept the liquidity below the trendline, suggesting a potential shift in momentum. * **Strong Buy Signals:** The price action is showing strong signals to move higher, indicating a good opportunity for a low-risk buy. * **Critical Zones:** I 've identified key resistance levels at $74, $80, and $84, which can help guide my targets and risk management. Here are some additional points to consider: * **Confirmation:** Look for confirmation from other technical indicators, such as volume, momentum, or candlestick patterns, to reinforce your analysis. * **Risk Management:** Implement appropriate risk management strategies, including stop-loss orders, to protect your capital. * **Market Dynamics:** Stay updated on any news or events that could impact the price of oil, such as geopolitical tensions, changes in supply and demand, or economic data releases. Remember, trading always involves risk. Conduct thorough research, make informed decisions, and adapt your strategies as needed. Good luck with your trades!
OANDA:WTICOUSDLong
by somayehbasiri
Will there be a false breakdown WTI ? H4 20.08.2024Will there be a false breakdown WTI ? H4 20.08.2024 Oil is in an interesting situation right now. Initially I was waiting for repositioning to buy, however the price went lower. As a result, I closed my purchases on be and now the question is whether or not there will be a false breakdown of the support zone 71.30-72.40. The poured volume in the margin at 73.50 did not give a buyback reaction, but oil moves very insidiously. It could do a false breakdown and then come back on volumes and form a delayed culmination. In any case, the rebound is somewhere near, so watch carefully.
THINKMARKETS:WTILong
by KovachTrader
Possible correction WTI. H4 27.08.2024Possible correction WTI Oil has now approached the marginal resistance zone 77.41-77.97, as shown in the previous analysis. Large point volumes have appeared in the zone and may mean fixation of purchases and the beginning of accumulation of corrective sales. The question is whether the pullback will be and how deep it will be. In general, I expect an approach around 1/2 of the margin and then up again from there. That's why yesterday at 77.40 I closed 50% of buys and I'm still in the waiting mode. Oil after filling volumes likes to make gains and then go into a reversal.
THINKMARKETS:WTILong
by KovachTrader
USOil WTI Technical Analysis and Trade IdeaThe current USOil chart exhibits clear signs of price overextension, with the asset pushing into a critical resistance zone. Given this technical setup, a retracement appears probable. My strategy involves seeking a long entry, but only if the price experiences a pullback to the key Fibonacci retracement levels, specifically targeting the 50% to 61.8% zone. It's crucial to contextualize this analysis within the broader macroeconomic landscape. The recent Bank of Japan rate hike has injected significant volatility into global markets. We must anticipate and account for potential continuation of these heightened volatility conditions, as they could materially impact price action and risk management parameters. This technical and fundamental confluence presents a compelling setup, but as always, proper risk management is paramount. Traders should conduct their own due diligence and consider their individual risk tolerance before executing any positions. Disclaimer: This analysis is provided for educational and informational purposes only. It does not constitute financial advice or a recommendation to enter any specific trade.
TVC:USOIL
by tradingwithanthony
1
USOIL Potential Downtrend Line Breakout At $77.39 27.08.2024Apply risk management Risk Warning: Trading in CFDs is highly speculative and carries a high level of risk. It is possible to lose all of your invested capital. These products may not be suitable for everyone, and you should ensure that you fully understand the risks taking into consideration your investment objectives, level of experience, personal circumstances as well as personal resources. Speculate only with funds that you can afford to lose. Seek independent advice if necessary. Please refer to our Risk Disclosure. BDSwiss is a trading name of BDS Markets and BDS Ltd. BDS Markets is a company incorporated under the laws of the Republic of Mauritius and is authorized and regulated by the Financial Services Commission of Mauritius ( FSC ) under license number C116016172, address: 6th Floor, Tower 1, Nexteracom Building 72201 Ebene. BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles. Payment transactions are managed by BDS Markets (Registration number: 143350) Disclaimer
TVC:USOILLong
by Stuart_Cowell
Bullish momentum to extend?USO/USD is falling towards the support level which is a pullback support that aligns with the 38.2% Fibonacci retracement and could bounce from this level to our take profit. Entry: 76.27 Why we like it: There is a pullback support level which lines up with the 38.2% Fibonacci retracement. Stop loss: 74.64 Why we like it: There is a pullback support level that aligns with the 61.8% Fibonacci retracement. Take profit: 79.21 Why we like it: There is a pullback resistance level. Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). 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 Everest Fortune Group.
VANTAGE:USOUSDLong
by VantageMarkets
Can USOIL, which has surged due to geopolitical concerns, contin Due to the expanding armed conflict between Israel and Hezbollah, supply instability has surged in the crude oil market. Oil prices shot up by 3% in a single day due to temporary halts in oil production caused by political risks in Libya. While geopolitical risks have not significantly impacted oil prices in recent weeks, escalating tensions will likely influence future movements. In particular, the suspension of oil production in Libya, a major exporter of about 1 million barrels per day, could substantially impact the oil market. USOIL has experienced a significant surge, breaking through the 76.50 level. Additionally, the EMA21 is about to golden-cross the EMA78, indicating a strong bullish signal. In addition, the formation of a double-bottom pattern clearly shows a positive future price outlook for USOIL. If USOIL continues its current uptrend and breaks the 77.50 resistance, the price may gain upward momentum toward the 79.00 level. Conversely, if USOIL breaks the 75.00 threshold, the price could fall further toward the 74.20 support level.
TVC:USOIL
by inkicho_exness
USOIL AnalysisOil prices have surged on Monday, driven by escalating tensions in the Middle East and potential disruptions in Libyan oil production. The recent uptick in violence between Israel and Hezbollah, coupled with ongoing drone attacks and bombings, has severely diminished the prospects of a Gaza ceasefire deal, pushing oil prices higher. Adding fuel to the fire, Libya is facing a significant disruption in oil production due to an internal political conflict between rival governments vying for control over the central bank. The sudden halt in production exacerbates supply concerns, contributing to the sharp rise in oil prices. The US Dollar Index (DXY) is struggling after a poor performance last week, influenced by Federal Reserve Chairman Jerome Powell's confirmation of an impending interest rate cut in September. However, markets may be overestimating the scale and pace of these cuts, which could have broader implications for the oil market if expectations are not met. Technical Analysis Oil is currently in a strong position at the start of the week. Despite fears of a sell-off from hedge funds, oil prices have rallied, potentially inviting more bullish positioning. The violence in the Middle East raises doubts about the feasibility of a ceasefire between Israel and Hamas, and any further escalation could drive prices even higher. On the technical front, WTI Crude Oil is trading around $77.07, while Brent Crude is at $80.44. A key resistance level is at $77.65, which aligns with both a descending trendline and the 200-day Simple Moving Average (SMA). A break above this level could see the 100-day SMA at $78.45 act as another potential rejection point. On the downside, support remains at $71.17, the low from August 5, which has provided a base for the current rebound. Should prices fall below $70.00, the next significant support levels to watch are $68.00 and $67.11, the latter being the lowest point from the triple bottom formation seen in June 2023.
TVC:USOILShort
by Forex48_TradingAcademy
1
Crude oil 76.5 buy tp :79!Last week I have been stressing that crude oil 74 is a one-hour bottom support and has not formed a new low and every day is building a bottom to push up the price which will be the rhythm of the correction and continue to rise! If you follow my advice then you will make at least $30 more profit! Many of my articles will be blocked but my prediction accuracy is over 100% if you want to get a factual trading signal you can click on my website to contact me! In case I can't be reached The trend of crude oil in the last two trading days formed a V-shaped trend line has reached the bottom position, so this position you just need to buy you can make money! Crude oil 76.5 buy tp :79!
TVC:USOILLong
by CrazyPeter001
Weekly outlook August 26-30 $USOILAlthough, previously bearish on oil, i am open to the idea of a breakout from the ascending triangle. If geopolitical tensions escalate in the middle east, TVC:USOIL prices can serve as a proxy to this conflict. However, as per previous forecast, if geopolitical tensions do not escalate - i dont think they will personally - then 67$ oil is still on the table. Its also important to note that TVC:USOIL also serves as a proxy of economic activity - hence why I include it in weekly outlooks. Weaker TVC:USOIL = weaker demand for oil = weaker economic activity.
TVC:USOIL
by SolenyaResearch
USOUSD (WTI Crude) strong bullish move likely … week of 26 AugA ‘hammer candle’ is one of my favorites and we can see a nice one in the weekly chart of oil. It also appears at a major support (73.00) and at a rising trend line. If you are not a fan of the hammer candle like I am, just look left on my chart and see what happened in the past when this candle appeared. But “when” to trade is always a question, directional bias is only a part of our decision making. I will, first of all be looking for USD weakness and CAD strength (correlation). Monitoring PA on the H4 and H1 is always a good idea too. Evidence of bullish PA would justify taking a long trade. However, if a move to the downside forms, that would negate my analysis. This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster. If you like my idea, please give a “boost” and follow me to get even more. Please comment and share your thoughts too!! It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
EIGHTCAP:USOUSDLong
by Trading_Vista