WTI Crude Oil INTRADAY corrective pullback supported at $62.00
WTI crude oil prices are slightly lower in early European trade, down about 1.00% on the day to around $63.00. This pullback ends a four-day winning streak that had pushed prices to over a two-week high.
The decline so far lacks strong bearish momentum, suggesting traders may be taking profits or pausing ahead of key data.
Relevance for Trading:
Price dip appears corrective, not a reversal — no strong selling pressure yet.
Market focus now shifts to upcoming weekly US inventory data, which could drive the next move.
A bullish inventory report could help WTI resume its uptrend; a bearish one may deepen the pullback.
Trading Bias:
Cautiously bullish while holding above $62. Support and inventory reaction will be key for near-term direction.
Key Support and Resistance Levels
Resistance Level 1: 6420
Resistance Level 2: 6560
Resistance Level 3: 6670
Support Level 1: 6170
Support Level 2: 6050
Support Level 3: 5950
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WTI trade ideas
TradingView Idea – Crude Oil (WTI) Technical Analysis:The USOIL H-2 Chart displays a classic Inverse Head and Shoulders pattern, signaling a potential bullish reversal. The neckline breakout confirms the pattern, suggesting upward momentum. A long position is considered with:
Entry: Near current price around $62.31
Target (Take Profit): $65.53 based on the pattern's projected move
Stop Loss: Placed below the right shoulder at $60.48
favorable risk-to-reward ratio, aiming to capture the bullish breakout continuation.
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Note: This is not financial advice. Please conduct your own research and manage risk accordingly.
CRUDE OIL TO HIT $160?! (VIDEO UPDATE):Oil prices broke down lower in the past few weeks, after a much needed LQ grab, following a 2 year consolidation. We’ve seen a ‘5 Wave Complex Correction’, which should now be followed by price recovery.
Wait for buyers to BREAK ABOVE our ‘buying confirmation’ level, followed a by a retest before buying❗️
USOIL Is Going Down! Short!
Take a look at our analysis for USOIL.
Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is on a crucial zone of supply 63.388.
The above-mentioned technicals clearly indicate the dominance of sellers on the market. I recommend shorting the instrument, aiming at 57.927 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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USOIL | 4H | SWING TRADING Good morning, dear friends
Due to high demand, I’ve prepared a USOIL analysis for you. My target level is set at 63.600.
Once my target is reached, I’ll be sharing updates under this post.
Dear friends, your likes are always my biggest motivation to keep sharing analyses. That’s why I kindly ask each of my followers to show their support—please don’t hold back on the likes.
I sincerely thank everyone who supports me with their likes. It truly means a lot
Oil Price Reversal? Why I’m Bullish on WTI Right Now! 🛢️ WTI crude oil is showing renewed bullish momentum. This move is backed by a shift in sentiment following the recent U.S.–China tariff truce and positive trade headlines. While OPEC+ supply increases and elevated inventories remain headwinds, surprise U.S. crude draws and strong jet fuel demand are tightening the market. I’m watching the current retrace. As always, keep risk tight—oil can turn fast! 🚀🛢️📈
The price has a strong bearish momentum, could it drop further?WTI Oil (XTI/USD) is rising towards the pivot, which acts as an overlap resistance and could reverse to the 1st support, which is a pullback support.
Pivot: 65.43
1st Support: 55.63
1st Resistance: 71.37
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.
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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.
USOIL Today's Trading Strategy:
Recently, oil prices have generally shown a narrow oscillating trend. In terms of influencing factors, on the one hand, uncertainties in global economic growth have made the outlook for oil demand unclear, putting some downward pressure on oil prices. For example, the slowdown in economic growth in some countries and insufficient factory capacity have reduced demand for crude oil. On the other hand, the production policies of the Organization of Petroleum Exporting Countries (OPEC) and its allies are also influencing oil prices. If they plan to increase production, the supply of crude oil in the market will rise, and prices may fall.
USOIL Today's Trading Strategy:
USOIL SELL@62.0~62.5
SL:63
TP:61~60
Bearish reversal?WTI Oil (WTI/USD) is rising towards the pivot and could reverse to the 1st support, which is a pullback support.
Pivot: 65.18
1st Support: 55.69
1st Resistance: 71.43
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.
OIL: Short Term Bullish Setup - Very RiskyOIL: Short Term Bullish Setup - Very Risky
The trading setup we have for OIL carries a high risk as it has been moving against news reports on war or OPEC topics for days.
However, OIL faced a strong support zone near 60, thus increasing the chances of further growth. Perhaps the situation in GAZA could keep the price above 60 and it could rise slowly as shown in the chart.
The main target zones are near 62.6 and 63.8.
You may find more details in the chart!
Thank you and Good Luck!
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US-Oil will further push upside After Testing TrendlineHello Traders
In This Chart XTIUSD HOURLY Forex Forecast By FOREX PLANET
today XTIUSD analysis 👆
🟢This Chart includes_ (XTIUSD market update)
🟢What is The Next Opportunity on XTIUSD Market
🟢how to Enter to the Valid Entry With Assurance Profit
This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
WTI OIL Might be close to the end of correction or finished it.there are definetly more than 1 posibilities in this one, 1 more down wave can occur and that is why i have a invalidation level. long term definetly buy but short and mid term is just not very clear, i am thinking it s time to buy. what i am going to do is keep track of it a bit more in short term and if it gives me good buying opportunity near the below i will enter the trade with a stop loss. and if it upbrakes possible impulse wave will occur and i will buy again to mid term target. so for now keep an eye on it and buy if the opportunity arise.
Weekly Target next move Double Top Resistance - Oversimplified
Issue: Labeling this zone a "Double Top Resistance" without confirmation is premature.
Disruption: A double top pattern is only valid after a neckline break, which hasn't occurred.
Alternative View: This area could also be a bullish continuation zone if price consolidates and breaks out above $63 with strong volume
The outlook for the crude oil market next weekOutlook for Next Week's Crude Oil Market
Next week, the crude oil market will (most likely) remain in a range-bound pattern. If OPEC+ lacks clear and forceful measures regarding the implementation of production cuts and future supply plans, concerns about supply surpluses will continue to exert downward pressure on oil prices. Additionally, if global economic data does not improve significantly, the demand side will struggle to provide sufficient support for prices.
However, tensions in the Middle East persist, with relations between Israel and Iran remaining highly strained. If conflicts escalate—for example, if Iranian nuclear facilities are attacked—global crude oil daily production capacity could be reduced by at least 1 million barrels. This risk of supply disruptions would instantly drive up oil prices.
As a result, investors next week need to closely monitor OPEC+ dynamics, Middle East geopolitical developments, and global economic data to seize investment opportunities in the crude oil market.
The outlook for the crude oil market next week, I hope it will be helpful to you
USOIL BUY@61.0~61.5
SL:60
TP:62.5~63
The outlook for the crude oil market next weekThis year, the crude oil market has been facing a tough time, with demand remaining sluggish. The growth in crude oil consumption has been slow, and inventories have been continuously building up. Institutions such as JPMorgan Chase have pointed out that the growth in global crude oil demand is much worse than expected. Moreover, OPEC+ is set to raise the crude oil supply ceiling from June, and has been increasing production in the previous few months, which has led to a further increase in the amount of crude oil in the market. Coupled with the recovery in shale oil production in non - OPEC+ countries such as the United States, and the expansion of production capacity in Norway, Brazil, and other countries, the supply side has exerted great pressure on oil prices. From the demand side, the slowdown in global economic growth has made people more cautious about industrial production and energy consumption. In addition, the energy structure is undergoing a transformation, with the share of oil in energy demand falling below 30% for the first time. The increasing number of electric vehicles and the growing use of renewable energy in the industrial sector have also contributed to the weak growth in crude oil demand.
The outlook for the crude oil market next week, I hope it will be helpful to you
USOIL SELL@62.0~62.5
SL:63.5
TP:61~60
USOIL Under Pressure! SELL!
My dear friends,
Please, find my technical outlook for USOIL below:
The price is coiling around a solid key level - 61.69
Bias - Bearish
Technical Indicators: Pivot Points Low anticipates a potential price reversal.
Super trend shows a clear sell, giving a perfect indicators' convergence.
Goal - 61.18
About Used Indicators:
The pivot point itself is simply the average of the high, low and closing prices from the previous trading day.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
———————————
WISH YOU ALL LUCK
Next Week’s Outlook, I hope it will be helpful to youRecent Oil Price Trends and Outlook
The recent trend of oil prices has been volatile. On the supply side, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are discussing further production increases in July. If actual production is increased, the supply of crude oil in the market will rise, naturally putting downward pressure on prices. There has already been news that OPEC+ began gradually increasing supplies in May and June. If subsequent production increase plans continue to advance, concerns about supply surpluses will intensify.
Forecast for Next Week’s Market
Expectations of OPEC+ production increases and weak U.S. demand are likely to continue influencing the market next week. If OPEC+ confirms further production increases at its June 1 meeting, oil prices will (most likely) continue to face downward pressure next week. However, if unexpected situations arise—such as sudden geopolitical tensions affecting crude oil production and transportation—oil prices may also rise volatility. Based on current conditions, it is more likely that oil prices will maintain a (range-bound downward) pattern next week. Key resistance levels to watch are 63.0–63.5, and support levels are 60.5–60.0
Bullish bounce?USO/USD is falling towards the support level which is an overlap support that lines up with the 50% Fibonacci retracement and could bounce from this level to our take profit.
Entry: 60.39
Why we like it:
There is an overlap support level that lines up with the 50% Fibonacci retracement.
Stop loss: 57.93
Why we like it:
There is a pullback support level that aligns with the 161.8% Fibonacci extension.
Take profit: 64.42
Why we like it:
There is a pullback resistance level.
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USOil Dips Amid Global Demand WorriesXTI/USD is currently exhibiting bearish technical signals, with key indicators pointing towards potential further declines. However, the presence of oversold conditions suggests that a short-term rebound could occur if prices find support at current levels. Traders should monitor the $60.13 support and $61.38 resistance levels closely, as breaks of these levels could signal the next directional move.
XTI/USD is experiencing a noticeable downward shift in market sentiment. After a period of relative stability, prices have started to decline, influenced primarily by concerns over global demand and shifting geopolitical conditions. Despite earlier support from tensions in Eastern Europe and U.S. sanctions on Russian energy exports, the market now appears to be reacting more to economic headwinds, such as signs of slowing industrial growth in major economies like China and the Eurozone. Traders are closely watching whether current support levels will hold or if the recent downward momentum will lead to a deeper correction. Overall, the sentiment leans cautious, with traders waiting for clearer signals from both supply-side developments and macroeconomic indicators.
Pivot Points:
Support Levels: S1 at $60.13, S2 at $59.69, S3 at $58.88.
Resistance Levels: R1 at $61.38, R2 at $62.19, R3 at $62.63.
Bearish Outlook
Trigger: A break below the $60.13 support level.
Targets: $59.69 followed by $58.88
Invalidation: A decisive move above the $61.38 resistance level.
Bullish Outlook
Trigger: A sustained break above the $61.38 resistance level.
Targets: $62.19 followed by $62.63
Invalidation: A drop below the $60.13 support level.
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!