usoillooking like more potential for sells after the break and then a clean rejection test of the rnd level.
WTI trade ideas
Crude oil demand concerns in focus with key Chinese data on tapCrude oil is now up for the third day after finding strong support around the $65 area. Now near $70, could it resume lower from here?
It is important that that blue shaded area around 68.80-69.00 now holds as support if prices dip, otherwise we may see the bears step in on oil again.
From a macro point of view, demand concerns continue to linger. Unless we see some improvement in data to suggest that crude oil demand is going to be stronger, or supply growth is going to be weaker, this recovery we have seen should be taken with a pinch of salt. It is likely that prices have found support this week amid short-side profit taking and on the back of weaker US dollar, with hurricane disruptions further encouraging dip-buyers. But weakness in China’s economy is a major concern, which puts the weekend’s release of industrial data from the world’s second largest economy into focus. In the week ahead, crude oil traders will be watching the big central bank rate decisions, especially that of the Fed on Wednesday. If the FOMC’s economic projections in the dot plots point to weakness in growth, then that could trigger a fresh wave of selling.
By Fawad Razaqzada, market analysts with FOREX.com
USOIL / UNDER BULLISH PRESSURE - 4HUSOIL / 4H TIME FRAME
HELLO TRADERS
currently prices trading above turning level at 78.74 , overall under bullish pressure.
In order for the price to reach 71.59, it first needs to establish a period of stabilization above two critical levels: 68.74 and 69.98. These levels act as key support zones, signaling strength in the market if maintained. Once stability is confirmed above 69.98, upward momentum is expected to build, pushing the price toward 71.59. If this bullish trend continues, the price may extend further, reaching the next target at 74.24.
However, if the price fails to hold above 68.74, it indicates weakening bullish momentum, and the market may shift towards a downtrend. In this scenario, breaking the turning level at 68.74 could trigger a decline toward 65.35. A more pronounced drop could push the price even lower if this support level is breached.
TURNING LEVEL : 68.74
USOIL BUY TO SELL IDEACurrently watching for a buy opportunity on USOIL to clear out trend line liquidity before we continue downwards, need price to pull back to my point of interest before engaging buys on confirmation to 72.850
This is my personal analysis with respect to how I trade, if you’re joining me, DYOR.
Market Analysis: Crude Oil Price RecoversMarket Analysis: Crude Oil Price Recovers
Crude oil is recovering and might rise toward the $70.25 resistance zone.
Important Takeaways for Oil Prices Analysis Today
- Crude oil is recovering losses and trading above the $67.00 support.
- There was a break above a connecting bearish trend line with resistance near $67.00 on the hourly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price found support near the $64.75 zone against the US Dollar. The price formed a base and started a recovery wave above $66.00 and the 50-hour simple moving average.
The bulls were able to push the price toward the 50% Fib retracement level of the downward move from the $70.27 swing high to the $64.74 swing low. Besides, there was a break above a connecting bearish trend line with resistance near $67.00.
The hourly RSI is near the 65 level, but the price is struggling near $69.00, and the 76.4% Fib retracement level of the downward move from the $70.27 swing high to the $64.74 swing low.
The next resistance is near the $70.25 level. A clear move above the $70.25 could send the price toward the $71.50 resistance. Any more gains might send the price toward the $72.40 level. Conversely, the price might start a fresh decline from the $69.00 resistance.
Immediate support sits near the $68.15 level. The next major support on the WTI crude oil chart is $67.00. If there is a downside break, the price might decline toward $66.05. Any more losses may perhaps open the doors for a move toward the $64.75 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.
Live heat map update DXY, XAG, XAU, WTI, DAX, NAS, S&P, DJ30Full update of my heat map for the day, showing all my analysis and discussion potential setups for the day.
US Oil 13 sep chart dataThis 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.
BULLISH BIAS ON UKOIL[ I anticipate a change of trend on Brent crude my point of interest was that supply if a break of structure occurred on that zone to the upside, I would look to enter on lower time frame retracement fade the market towards that supply as my primary target 72.786
USOIL Potential DownsidesHey Traders, in today's trading session we are monitoring USOIL for a selling opportunity around 73 zone, USOIL is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 73 support and resistance area.
Trade safe, Joe.
USOIL / TRADING SENSITIVE AREA - 4HUSOIL / 4H TIME FRAME
HELLO TRADERS
In the last chart as mentioned rising and reached +100 pip profit.
Currently, prices are trading above 68.74. As long as they remain and stabilize above this level, a rise toward 69.98 is expected. To confirm an uptrend, prices need to break above 69.98, potentially reaching 71.59. On the downside,
if prices stabilize below 68.74, a decline toward 65.35 is anticipated, and if they fall further below this level, they could reach 63.67.
TURNING LEVEL : 68.74
WTI CRUDE OIL(USOIL): Bullish ReversalUSOIL is poised for a potential rebound from a crucial intraday support level, as indicated by two robust confirmation signals on the 4-hour chart: a double bottom pattern and a breakout above the resistance of a falling wedge formation.
This could propel the price upwards, targeting at least the 70.00 support level, suggesting a possible reversal in the current downtrend."
US OIL Climbing As Short Side Profits TakenLarger short side activity has brought oil to key support levels noted.
However, it is now gaining slight momentum which can help for new longs/dip buys.
USOIL BEARS ARE GAINING STRENGTH|SHORT
Hello, Friends!
USOIL is trending down which is clear from the red colour of the previous weekly candle. However, the price has locally surged into the overbought territory. Which can be told from its proximity to the BB upper band. Which presents a beautiful trend following opportunity for a short trade from the resistance line above towards the demand level of 66.69.
✅LIKE AND COMMENT MY IDEAS✅
CRUDE OIL / CORRECTION IMPULSEThis idea here is about Crude Oil swing trade. Oil confirmed its bullish intentions and came out of a bullish structure to move upwards for a short term.
USOILThis trading idea focuses on a long position for USOIL. The setup is based on a favorable market structure, indicating potential upward momentum. Key levels for entry, take profit, and stop loss are already determined and visible. This trade aims to capitalize on a bullish outlook, with the expectation of further price appreciation. Risk management is in place, ensuring protection against sudden reversals. Keep an eye on key support and resistance zones, as they may play a critical role in the success of this trade.
TrendlineGet in the trade and enjoy the ride
This is my personal view and I am not a financial advisor
So do your own analysis before entering a trade
USOIL D1 Analysis - Bearish Pair Name = USOIL
Timeframe = D1
Analysis = technical + fundamentals
Trend = Bearish
Pattern = Symmetrical Triangle
Details:-
USOIL will keep following the bearish trend. Currently Facing a good Support. From this support level USOIL will Stay here for Few More day. It will Move Between the level 65 to 70. But when breakout confirm Price will hit 55 to 57 price level
WTI CRUDE OIL: Best buy opportunity in more than a year.WTI Crude Oil is almost oversold on its 1D technical outlook (RSI = 36.459, MACD = -2.670, ADX = 29.899) and coupled with the the price breaching inside the S1 Zone, the market is giving the best long term buy opportunity in more than 1 year. The S1 Zone is in place since March 15th 2023. Additionally, the 1D RSI has made a Double Bottom (DB), which has a 100% success record out of 3 times since March 2023. Every rebound to the LH trendline (pattern is a long Descending Triangle) approached the 0.786 Fibonacci level. Our TP = 78.00.
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OIL - OPEC CUTS & RecessionSince June 1st, 2023 I have been educating people on trading oil properly. OPEC cuts are never a reason to buy oil.
The opposite is true, OPEC cuts mean the oil demand is maxed out for the world economy. Yet I had ignorant people tell me about EIA reports (which were worthless), My oil education was NOT educational, (because to them they can't analyze fundamentals beyond the last trade on oil price) or resort to intuitive INCORRECT sound bites that "less oil available = higher prices" ALL WRONG!
Here is the link for your viewing pleasure time-stamped on TV.
Fast forward to Sept 11 2024 and we can all now see I was 100% right! Oil went nowhere! OPEC Cuts did nothing to raise the price of oil. Not even a war in Russia and the Middle East could help raise the price of oil. Further underscoring how important the global economy is to Oil.
Currently, there is a lot of pessimism about the future of the global economy. Rightfully so in my view.
If you are an oil bull this is a good risk-reward point.
If you are a bear You should not be shorting in the hole.
It is always important to understand the difference between macro analysis and micro. Never mix the two.
Remember I am a MACRO guy.
RR = 2 Buy ideaprice bounce on previous support level + formation of a falling parallel channel + bullish crab pattern + strong Bullish RSI divergence : Potential reversal scenario
PS never risk more tha 2% of your capital per trade
USOIL: Quick Buy Opportunity After Weekly Support BreakUSOIL has broken through a significant weekly green line support, presenting a potential buy opportunity for a quick retest of the previously broken zone. Watch for price action around this area to gauge the strength of any potential bounce or continuation.
Interested in how this setup unfolds? Drop a comment and follow for more trade ideas and updates!
Disclaimer: This is not financial advice. Always trade responsibly!
Oil continues to slide lowerCrude oil suddenly became a newsworthy talking point yesterday as Brent fell below $70 per barrel to trade at its lowest level since December 2021. Front-month WTI also fell again, taking it back to levels last seen in May 2023. No one is willing to stand underneath this torrent of selling, as significant buyers continue to stand aside, even after last week’s decline which saw Brent lose 10% and WTI 8% to record their worst week in eleven months. Having said that, prices are a touch firmer this morning on concerns that Tropical Storm Francine could disrupt supply. But the daily MACDs for both Brent and WTI show that oil has fallen even further into oversold territory and momentum remains to the downside. This downtrend, which began in April, reasserted itself in July and which has accelerated over the past fortnight, feels relentless. There has been no change in the dynamics which have driven prices lower: supply remains plentiful, while evidence of a slowdown in global demand growth continues to stack up. That won’t change just because the Fed stands ready to cut rates by 25 basis points. There will come a time when oil is ready to rebound. But timing that turnaround will require more luck than skill. Triggering it will require deep pockets.
