Buy USOIL, Close At 72.4/72.7 Range
Affected by the news, oil prices fell sharply, we can take the opportunity to trade the rebound market, closing in the 72.4/72.7 area
WTICOUSD trade ideas
Crude oil slumpsYesterday saw a fairly dramatic reversal in crude oil as prices plunged. That sell-off continued this morning with front-month WTI back below $70 per barrel. On Friday it was trading comfortably above $75. While this was some way short of the $78 hit at the beginning of last week, it looked as if crude may be backfilling and consolidating after a sharp bullish run since the beginning of the month. The rally began in early September when oil prices were looking extremely oversold. They subsequently bounced, triggered by an escalation in hostilities between Israel and Hezbollah in Lebanon. Then followed a brief pullback. Then Iran launched close to 200 missiles at Israel, and fears grew that Israel would respond by targeting Iranian energy infrastructure, or even its nuclear facilities. Those fears have subsided, and now trade looks back to normal, with the focus returning to the outlook for global demand growth. OPEC’s latest analysis has downgraded its forecast for Chinese demand for the third consecutive month. This follows on from last week’s update from the US Energy Information Administration (EIA). This said that the market should expect falling demand growth from both China and the US, due to weaker manufacturing growth and industrial production from both countries.
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USOIL Short-Term Ad-Hoc Idea (Short)This is an ad-hoc follow-up to my previous idea on the USOIL Long which was successfully resolved.
Bears are looking for reaching 69.96-70.20 area here. Let's see how it unfolds.
USOIL... just near to his supporting area? what's next??#USOIL.. perfect move as per our last idea and now market just reached near to his major supporting area and that will play key role in next move.
keep close that region mentioned on chart. that is around 69.60 to 69.90
keep close and if market hold it in that case you can see again bounce from that area otherwise not at all.
don't float your buying's below that.
good luck
trade wisely
[OIL] History rhymes in the making ?TVC:USOIL has been able to climb up despite the volatility that came with it. Today's price action is quite interesting as it quite similar to last February fractals.
The task for the price will be hold the price and make a bounce...a morning star pattern, or doji maybe ?
See how this interesting setup played out.
Cherio...
USOIL H4 | Bearish Drop Based on the H4 chart analysis, we can see that the price is rising toward our sell entry at 72.85, which is a pullback resistance.
Our take profit will be at 69.94, an overlap support level close to 127.2& Fibo extension
The stop loss will be at 75.84, a multi-swing high resistance level.
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US CRUDE OIL (WTI): Peculiar Pattern! Do You See It?USOIL has formed a cup and handle pattern at a key resistance level, with the market now testing the neckline.
A break and close below this level could signal a bearish reversal, with sellers aiming for a target of 68.93.
To confirm a breakout, a 4-hour candle close below the neckline is needed.
WTI Might Continue Its Bullish TrendThe price of WTI stabilized during the recent corrector in the area of the 61.8% retracement of the upward movement between 9 and 10 October 2024. The reaction was clean, so it is reasonable to conclude that the price respects the mark.
Against this backdrop, we are opening a long position with an extremely favorable RRR of around 3.2:1.
1W ChoCh Sell Just Beginning1W ChoCh Sell Just Beginning last low $0 in 2020 Possible Take profit it's make 3 Waves Higher Low But have strong Support in Blue order box It's need Clearly.
Oil Predictions And Strategy | Exciting Markets This WeekOil has stuck within a range, slanting to the down side for a considerable period.
This has brought rise to the continuous long(ing) of the same area and consistent gains for many.
Here's my levels going forward/insight on making it as risk averse as possible.
US OILIt appears that US oil has completed its 5th wave, and with the bullish divergence, I anticipate a pullback towards the target indicated on the chart, which will also fill the gap. Please note that this is not financial advice or a trading signal—just sharing my personal analysis and ideas.
USOIL - reached at resistance? holds or not??#USOIL... market just reached near to his resistance area that is yesterday high, keep close that because if market hold it then you can expect drop from here.
that can be swing high if holds.
stay sharp.
good luck
trade wisely
WTI affects the Middle East and storms in the USOil prices were volatile but posted a second straight weekly gain last week as investors weighed potential supply disruptions in the Middle East and the impact of Hurricane Milton on fuel demand in Florida.
The price of West Texas Intermediate (WTI) crude oil for November delivery on the New York Mercantile Exchange decreased to 75.56 USD/barrel.
Although US President Joe Biden has advised against attacking energy facilities in OPEC's third largest producer, the possibility of prolonging the conflict in the Middle East and there are increasing signs of this spreading will make the market nervous.
Unrest in the Middle East has increased price volatility and prompted hedge funds to increase their net long positions.
At the same time, a statement from the US Treasury Department said that in response to Iran launching ballistic missiles towards Israel on October 1, the US is expanding sanctions on the oil and chemical industry. Iranian oil.
Hurricane Milton swept through Florida and into the Atlantic last Thursday, killing at least 10 people and leaving millions without power, putting pressure on prices.
Nearly a quarter of Florida's 7,912 gas stations were without fuel as of last Wednesday morning, as drivers stocked up on gas earlier this past week ahead of the storm.
Florida is the third largest gasoline consuming state in the US, but the state has no refineries and therefore must rely on imports.
On the daily chart, TVC:USOIL slight correction after recovery and limited by the 0.50% Fibonacci retracement level.
Up to now, WTI crude oil still has technical price increasing conditions with the main trend from the price channel, main support from EMA21. The confluence of the lower edge of the price channel and the 0.382% Fibonacci retracement level is the closest current support for WTI crude oil on the daily chart.
If WTI crude oil breaks above the 0.50% Fibonacci level, it will have conditions to continue rising with the target level then being around 79.03USD.
As long as WTI crude oil remains above the EMA21, it remains technically bullish in the short term, and the highlights are listed below.
Support: 73.77 – 72.39USD
Resistance: 76.40 – 76.84USD
Hellena | Oil (4H): Short to support area at 67 (Wave "3").Dear colleagues, I believe that at the moment we have a great opportunity to find an entry into a short position that will bring us many pips.
The fact is that the wave “2” of the middle order is completed, which means that the wave “3” of the higher order continues the downward movement in the wave “3” of the middle order.
I expect the price to rise a bit more to the 78 level, then I expect the price to drop to the 67 level. It will not be a quick drop, but we will be able to go short several times.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
CRUDE OIL (WTI) Classic Gap Opening Trade
I see a nice example of a gap down opening on WTI Crude Oil.
As always, there is a high chance that the gap will be filled.
I already see some sign of strength of the buyers:
a double bottom pattern on 30 minutes time frame.
I think that the price will reach 75.3 level soon.
❤️Please, support my work with like, thank you!❤️
oil tradeafter last weeks doji candle we can expect the weekly high to be taken out any pull backs to the 61 fib are a buy its clear price forming a triangle formation we can expect multiple fake outs before the real move looking for sells we have to think we are not interested untill it takes out weekly high we could potentially see another week of a doji candle so we look to sell at the top of the weekly candle or we buy on the pull bk
USOIL 10/14/24 - 10/18/24💡
🔍 5hr time frame: USOIL is currently under the 10/20emas. Price needs time to show conviction above the 10/20emas.
Bias: Neutral, waiting on the sidelines till we show conviction.
USOIL LONGIn USOIL today, the price is likely to rise in the quasimodo zone due to the reaction from the doublemaru zone on the H4 timeframe. Seen in the LTF, the quasimodo area is clearly visible. Pay attention to the price reaction when moving towards the zone. If there is a reaction, Buy can be taken
USOIL ShortIn USOIL there has been a reaction in the Daily result of the doublemaru zone in the past. then the zone has also reacted engulfing. When viewed in the lower timeframe, a quasimodo sell pattern is formed and the current price is already running.
USOIL Massive Short! SELL!
My dear followers,
This is my opinion on the USOIL next move:
The asset is approaching an important pivot point 75.44
Bias - Bearish
Safe Stop Loss - 77.07
Technical Indicators: Supper Trend generates a clear short signal while Pivot Point HL is currently determining the overall Bearish trend of the market.
Goal - 72.67
About Used Indicators:
For more efficient signals, super-trend is used in combination with other indicators like Pivot Points.
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WISH YOU ALL LUCK
Sub $30 oil in the cardsWe are looking at a recession crash in oil right on schedule. Market all time highs, a oil short cover rally, and then new lows throughout the rest of the year and into most of 2025.
