Hi, crude is following a pattern could take a support Crude is following a nice pattern also making a triangle pattern in weekly and monthly tf,
could try to takes support at the lower tl or triangle low ,will try to give important levels below
USOUSD trade ideas
OIL/USDA falling wedge is a technical chart pattern formed by drawing two converging trendlines that slope downward. It is characterized by decreasing price highs and decreasing price lows, with the upper trendline having a steeper slope than the lower trendline. This pattern typically signals a bullish reversal after a downtrend, as it suggests that selling pressure is weakening and the market may be preparing for an upward move. Traders often look for a breakout above the upper trendline as a signal to enter long positions, with stop-loss orders placed below the lower trendline. As with any technical pattern, it's important to consider other indicators and factors before making trading decisions.
OIL, wave c reached 161% of wave aOIL, wave c reached 161% of wave a. Looking for long entry. ICMARKETS:XTIUSD
USOIL / TRADING ABOVE SUPPORT LEVEL - 4HUSOIL / 4H TIME FRAME
HELLO TRADERS
The First Scenario , The support level at 65.35 acts as a critical threshold; as long as prices remain above it, buyers dominate, pushing the price towards 68.74 and then 69.98. This rise reflects increased confidence in an uptrend. For the trend to be fully confirmed, prices must stabilize above 69.98, signaling sustained momentum, which could lead to a further increase to 71.59.
The Second Scenario , if the price breaks below 65.35 and stabilizes, it indicates a shift in market sentiment, with sellers gaining control and potentially driving the price down to 63.35, followed by 62.65 This technical analysis underscores the importance of price levels in predicting future market movements and investor behavior.
UPWARD TARGET :
68.74 , 69.98 , 71.59 .
DOWNWARD TARGET :
63.35 , 62.65 .
WTI Oil H4 | Potential bearish reversalWTI oil (USOIL) is rising towards an overlap resistance and could potentially reverse off this level to drop lower.
Sell entry is at 68.80 which is an overlap resistance.
Stop loss is at 71.65 which is a level that sits above the 50.0% Fibonacci retracement level and an overlap resistance.
Take profit is at 65.24 which is a swing-low support.
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Short trade
Sellside trade
Pair WTICOUSD
LND to NY Session AM
(NY time)
10.00 am
Entry 67.869
Profit level 57.359 (15.49%)
Stop level 68.625 (1.11%)
RR 13.9
Oil Price Analysis: Key Areas to WatchOil Price Analysis: Key Areas to Watch
In this video, I explain the current price position of oil and the possible scenarios from a weekly perspective.
The short-term trading charts are not showing any clear signals at the moment.
For more details, you can watch the video.
Thank you:)
US Oil London Session Movement expectedThis is a place where you can identify the possible movement in mentioned session. Entry activated only when a candle closes above or below the drawn level, And the next candle creates a wick down(for up movement) or up(for down movement) and breaks the candle high or low.
When entry is activated SL will be below or above the 30 minute candle.
USOIL remains under pressureFrom a technical perspective, USOIL extended its decline within the descending channel. MACD is holding below the zero threshold, indicating further downside potential. If USOIL sustains its bearish momentum, a further drop toward the 60.00 support might occur. Conversely, a break above 70.00 could prompt a further pullback toward the 80.00 resistance and descending channel's upper bound.
From a fundamental perspective, USOIL remains under pressure after OPEC downgraded its demand forecast for the second time in two months. The new projections indicate that global oil demand is expected to rise by 2 million barrels per day (bpd) in 2024, 80,000 bpd less than anticipated. For 2025, OPEC has reduced the forecast to 1.7 million bpd, a reduction of 40,000 bpd. These revisions are driven by weak consumption in China and the growing adoption of electric vehicles, dampening traditional fuel demand. Despite the bearish sentiment, losses were somewhat tempered by fears of Tropical Storm Francine, which threatens to disrupt oil and gas production and refinery operations along the Gulf Coast.
CRUDE OIL STRONG SUPPORT AHED|LONG|
✅CRUDE OIL keeps falling
In a strong downtrend and
Oil is locally oversold so after
The retest of the horizontal
Support level below at 62.50$
We will be expecting a local
Bullish correction
LONG🚀
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USOIL: Continue the downtrend?Very simple setup on crude oil. Looking for a small correction to the previous support. This is not only from last week, but also from many months ago.
Entry at 67
Target at 62.95
Dead OilWow Wow.... oil has been rallying downwards since the last week of August... dropping from 70-69 levels to 64.8 today! we are already at -12% since last Tuesday.
As per the graph u can clearly see that we have dropped from 68.3 till 64.8 one way ticket, breaking every single support!
64.8 December 2021 low was hit today which makes it promising for bulls.... we have reached 64.2-64.8 a very strong area that oil would need to hold for some upward move.
I would suggest staying on the sidelines until Supp/Resist is reached.... Please remember "the trend is ur friend!".
Hint: below are two scenarios I am expecting to take place.... I would go for the scenario where oil drops.. tests support and bounces again! (GREEN ARROW)
Trade safe and green peeps! Amen.
US Oil near Strong Support ZoneHI Traders.
US Oil is very bearish these days.
But overall at the HTF we can see that we are still in a bigger corrective structure after a big bullish impulse. At the Moment we are near a strong support zone but the LTF development doesnt show any bullish buyers yet. so be patient and watch how this progress.
CRUDE OIL, bleeding Using the Elliott wave trading method, it indicates that the bears are in control of the oil market. Keep a close eye
Crude oil short - Breaking below structurePlanning to sell with stop above high and trail stop down
Full bodied sell candle
Failed to make higher highs
Lots of pressure from moving averages
Oil Steady on U.S. Crude Decline and Possible OPEC+ Supply Hike Oil Prices Edge Higher on U.S. Crude Stock Decline and Potential OPEC+ Supply Hike Delay
Oil prices firmed on Thursday, recovering slightly from multi-month lows amid speculation of a potential delay in OPEC+ output increases and a decline in U.S. crude inventories. However, lingering demand concerns continued to limit the gains.
Technical Outlook: The bearish trend is likely to persist, targeting 65.85 as long as the price remains below 69.78. A break above 69.78 could pave the way for a move towards 71.78 and 72.72.
Key Levels:
Pivot Point: 69.78
Support Levels: 67.75, 65.85
Resistance Levels: 71.78, 72.72
Expected Trading Range: 69.78 - 65.85
Trend: Bearish while the price remains under 69.78.
WTI OIL📊 #XTIUSD
⏱ TIME: 1w
📝The price has dropped a lot, there is an important range ahead, $63 (blue box), it seems that it can have an upward movement from this range.
⭕️risk: high
📍buyzone: 64.30 - 62.11$
📌TP1: 72 $
📌TP2: 77 $
⛔️: If this range is lost, the analysis will fail and I will update the analysis
XTUUSD Market Structure Analysis on Daily Time FrameDay swing is bullish => Current is pullback.
XTUUSD Market Structure Analysis on Daily Timeframe.
The current price is in the DENAND zone, we can go down to the 15-minute timeframe and wait for the CHOCH signal to look for buying opportunities.
Oil in Free Fall Oil prices broke below key support last week and has now cleared the 2023 consolidation pattern. Broader technical outlook remains weighted to the downside while within this formation.
Initial support hurdles here at the 2020 high at 65.62 and the 2023 swing low at 63.62 - both levels of interest for possible price inflection.
Initial resistance now back at the 2023 low-day close at 68.57 backed by 72.14/93. Bearish invalidation now lowered to the objective monthly open at 72.93.
Michael Boutros
OIL is attractive enough to trigger Volume potentially This is not a financial advice. It is only an idea.
Looking forward to the supply of oil, supply in S2 2024 is not that high which might trigger demand on the short term for a retest for the previous levels.
Keep and eye on OIL
Good luck
