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Market Analysis: WTI Crude Oil Eyes UpsidesMarket Analysis: WTI Crude Oil Eyes Upsides Crude oil price is rising and it could climb further higher toward the $75.00 resistance. Important Takeaways for WTI Crude Oil Price Analysis Today - WTI Crude oil prices are moving higher above the $70.00 resistance zone. - There is a key bullish trend line forming with support near $70.90 on the hourly chart of XTI/USD at FXOpen. WTI Crude Oil Price Technical Analysis On the hourly chart of WTI Crude Oil at FXOpen, the price started a decent increase against the US Dollar. The price gained bullish momentum after it broke the $69.40 resistance. There was a sustained upward move above the $70.00 and $70.90 levels. The bulls pushed the price above the 50-hour simple moving average and the RSI climbed toward 70. A high was formed near $72.31 before there was a downside correction. The price declined below the 23.6% Fib retracement level of the upward move from the $69.43 swing low to the $72.31 high. However, the bulls are active above the 50-hour simple moving average. There is also a key bullish trend line forming with support near $70.90. Immediate resistance is near the $72.30 level. If the price climbs further higher, it could face resistance near $73.50. The next major resistance is near the $74.20 level. Any more gains might send the price toward the $75.00 level. Conversely, the price might correct gains and retest the 50-hour simple moving average or the 50% Fib retracement level of the upward move from the $69.43 swing low to the $72.31 high at $70.90. The next major support on the WTI crude oil chart is near $70.10. If there is a downside break, the price might decline toward $68.75. Any more losses may perhaps open the doors for a move toward the $66.85 support zone. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen
1
WTI OIL targeting the 1D MA200 at $76.50WTI Oil (USOIL) managed to close yesterday above its 1D MA50 (blue trend-line) despite breaking below it intraday. Even if we see a pull-back like September 25-26, Oil is more likely to test the 1D MA200 (orange trend-line) as since the August 12 High, the market is practically ranging between the Support and Resistance Zones. Our Target is $76.50. ------------------------------------------------------------------------------- ** 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
Why Trump Won't Push Oil Prices to $50I’m not really convinced that Trump cares about oil prices being at $50 a barrel. The U.S. is the biggest oil producer out there, and at that price, a lot of oil fields are going to struggle to stay profitable because of inflation and rising costs. Plus, American oil companies can’t just devalue their currency to cushion the blow from falling prices, so I doubt Trump would intentionally drive prices down, especially since those companies backed his campaign. And let’s be real—low oil prices aren’t exactly great for Elon Musk, who was a key player in getting Trump elected. When do you think consumers are more likely to look at electric cars? When gas prices are high or low? The answer seems pretty obvious. The only thing that might push oil prices down to $50 is a looming recession in the U.S., but that’s a whole different ballgame and not really about Trump. Besides everything else, today there was noticeable activity from 'robots' in the oil market. The last time I saw this was in 2021 with oil... during Trump's last term. Coincidence?
TVC:USOIL
by ClashChartsTeam
$72.25 Break Could Push Oil to $75.8 HighsFxNews —The October 24 high at $72.25 is the immediate resistance. The uptrend will likely resume if bulls close and stabilize the price above this level. In this scenario, the next bullish target could be $73.4, followed by $75.8, the 78.6% Fibonacci retracement level. Please note that the Crude Oil bullish outlook would be invalidated if crude oil prices fall below the $69.7 immediate support. Support: 69.7 / 68.3 Resistance: 72.25 / 73.4 / 75.8
TVC:USOILLong
by FxNews-me
WTI - How will oil react to the elections?!Oil is located between EMA200 and EMA50 in the 4H timeframe and is moving in its downward channel. If the descending channel is preserved and its ceiling is not broken, we can witness the continuation of the oil decline up to the midline of the descending channel. Breaking the ceiling of the channel and the resistance range will provide the way for oil to rise to $75. A member of Trump’s campaign stated that victory in Michigan and Pennsylvania is nearly certain. Meanwhile, Fox News has predicted that Trump will win the U.S. presidential election. According to information from three informed sources, the United States and Saudi Arabia are in talks for a security agreement that would be independent of any broader agreement with Israel. This agreement is not aimed at achieving a comprehensive defense pact; however, Crown Prince Mohammed bin Salman and the White House wish to reach a security deal before President Biden’s term ends in January. Prior to Hamas’s attacks on Israel on October 7, the Biden administration was in discussions with Saudi Arabia and Israel for a broader agreement that included normalization between Saudi Arabia and Israel. This agreement would have involved a U.S.-Saudi defense pact and civilian nuclear cooperation, which the White House believed had a higher chance of Senate approval. However, the outbreak of conflict in Gaza and Lebanon and Saudi Arabia’s demand for the establishment of an independent Palestinian state delayed these negotiations. Meanwhile, Saudi Arabia’s national security advisor, Musaad bin Mohammed Al Aiban, traveled to Washington last week and met with U.S. national security advisor Jake Sullivan and other officials, including Secretary of State Antony Blinken. Their discussions focused on U.S.-Saudi bilateral relations and a series of security, technological, and economic agreements they aim to sign before Biden’s term ends. This security agreement was separate from efforts for a broader deal that included normalization between Saudi Arabia and Israel. The initial plan is to draft an agreement similar to what the Biden administration has signed with other Gulf countries in recent years. For instance, in March 2022, Qatar was recognized as a major non-NATO ally, and in September 2023, the U.S. and Bahrain signed a comprehensive security agreement. Over the past four years, the Biden administration has sought to curb the growing influence of China and Russia in the Gulf region. U.S. officials have indicated that several countries previously leaning towards China and interested in purchasing strategic systems from Russia have now moved closer to the U.S. The OPEC Secretary-General has stated that the global economy is in good condition and estimates global economic growth at 2.9%. OPEC holds an optimistic view of oil demand in both the short and long term. Although there are challenges, the overall picture is not as negative as some suggest. The OPEC Secretary-General believes that peak oil demand will not occur and that the global economy continues to grow.
TVC:USOILShort
by Ali_PSND
Crude Oil Technical AnalysisOil is trading bullishly above the 100-period simple moving average (SMA) and created a Fair Value Gap (FVG) on October 31. Technical indicators suggest that while the primary trend is bullish, oil is overpriced in the short term. From a technical perspective, crude oil has the potential to fill the gap around $70.00 before the uptrend resumes. The FVG area provides a solid entry point for bullish positions. The trend outlook remains bullish as long as the $69.70 support holds. That said, the next bullish target will likely be the $72.25 resistance level.
TVC:USOILLong
by FxNews-me
WTI Oil H1 | Bullish uptrend to extend further?WTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher. Buy entry is at 71.38 which is a pullback support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 38.2% Fibonacci retracement levels. Stop loss is at 70.55 which is a level that lies underneath a swing-low support and the 61.8% Fibonacci retracement level. Take profit is at 72.65 which is a swing-high resistance. 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. 64% 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. 66% 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
1