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WTI, back at major order block support -- BOUNCE expectedWTI is currently sitting at below 0.5 FIB level on a weekly data -- a key area where most buyers converge. $65-70 area has been quite a solid order block support. It has been tested many times and oil keeps bouncing up from this range. A bounce is expected from current price range. Accumulation has notably started increasing at the present levels. Spotted at 69.0 TAYOR. Safeguard capital always. -------- RELATED NEWS: Reuters Oil prices settle more than 3% higher after China rate cut By Stephanie Kelly NEW YORK, June 13 (Reuters) - Oil prices climbed over 3% on Tuesday on hopes for growing fuel demand after China's central bank lowered a short-term lending rate for the first time in 10 months, boosting crude prices after steep losses the previous session. The rate cut is aimed at adding momentum to a hesitant post-pandemic recovery in the world's second-largest economy and biggest crude importer. Brent crude futures settled up $2.45, or 3.4%, to $74.29 a barrel. U.S. West Texas Intermediate (WTI) crude gained $2.30, or 3.4%, at $69.42 a barrel.
BLACKBULL:WTILong
by JSAL
25
Oil ShortRound 2 for an oil short Looking to short once oil has closed the gap it made on Sunday. For now oil is in a short term downtrend, if this gap is closed and broken past to the upside then we can expect a more bullish oil in the near future. For now looking at a trendline bounce trade idea. Entry- on the 61.8% Fibo at 70.4 Sl- 65 pips TP- Targeting the 38% of the current fibo structure at 69.15. Confluences: Trendline 3rd touch Key Level 61.8% fibo H6 50EMA (Not strong confluence but its present) Trade safe and catch you later traders ▲
ICMARKETS:XTIUSDShort
by FalkenFx
USOIL Trading IdeaBased on Simple Technical Analysis ( Trendline + Support & Resistance ) Risk Disclaimer: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my analysis as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this page, and they are for educational purposes only. Any action you take on the information in this analysis is strictly at your own risk. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Good luck :-)
FX:USOILLong
by ShahedZare
US OIL (WTI) - Top Down AnalysisHi Followers, Apologies for the delay in posting the charts. I am busy in testing and trying couple of things (a strategy and a Trading Style or Type). Let's get into the analysis now. I have marked the resistance and support levels @ 1D, 4H and 1H. I have used ABCD harmonic pattern, Fib and trendline in y analysis. The chart is at the moment testing an hourly resistance and has tested it twice previously, making that a strong resistance level. I have drawn fib retracement on a downward swing on an entire price range and found out that the price action has tested the resistance twice @ 0.382 level. So, if the price breaks the 0.382 level all the way up to the upper bounds of the resistance zone then according to ABCD harmonic it will be bullish. However, there can be another resistance zone between 0.5 and 0.618 fib levels. My take would be to avoid executing trade on this asset because it is sideways and may give false breakout. It would be relatively safer to execute a sell order rather than a buy order because after testing the marked resistance zone price may bounce back.
GBEBROKERS:USOIL
by MuhammadArif039
Bearish drop?WTI oil (XTI/USD) is reacting off the pivot which has been identified as an overlap resistance and could drop to the 1st support level which acts as a pullback support. Pivot: 71.23 1st Support: 70.03 1st Resistance: 72 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDShort
by ICmarkets
USOIL LongThe first higher high after a downtrend indicates a potential trend reversal to the upside. It shows that buyers are starting to regain control, signaling the possibility of a new bullish trend. Trendline Break: A break above a significant trendline further confirms the shift in sentiment from bearish to bullish. The trendline break signifies that selling pressure has weakened, and the market is poised for further upward movement. Retest of Trendline: After breaking the trendline, the price often retests the broken trendline, which now acts as support. This retest offers a low-risk buying opportunity as it confirms the strength of the new uptrend.
FX:USOILLong
by SohailChaudhary
WTI turns sharply lowerCrude oil prices were over 3% higher this week, but as i mentioned in my previous post, the risks remained tilted towards the downside following a 9% drop the previous week. Lo and behold, WTI has now turned sharply lower after testing broken support between $71.50 to $72.50 area in the last couple of days. At the time of writing, it was back to the $70.00 level, which, if breached decisively, could pave the way for more losses in the days ahead. Middle East tensions have slightly stabilized as Israel has so far refrained from attacking Iran and has said it will not target its nuclear facilities. However, the situation remains volatile due to Israel’s ongoing operations in Lebanon, which has reignited concerns about disrupted oil supply. Meanwhile, the oil market is also cautious about a possible Trump victory in the US election, as his policy of boosting oil production could lead to oversupply and further price declines. by Fawad Razaqzada, market analyst with FOREX.com
FOREXCOM:USOILShort
by FOREXcom