#USOILThe process of purchasing oil according to the analysis in the SMC School from the broken order block areas after signs of a change in the general trend in the weekly and 4-hour time zones.
WTICOUSD trade ideas
$OIL RegressThe current Oil downfall is explained with a set of recent news:
OPEC on Monday cut its forecast for global #oil demand growth in 2024 citing softer expectations for #China, a reduction that highlights the dilemma faced by the wider #OPEC+ group in raising production from October.
Chevron (NYSE:CVX) has achieved a technological breakthrough, producing first oil from a U.S. Gulf of Mexico field under extreme subsea pressures, the energy company said on Monday.
At its peak, the floating platform will pump up to 75,000 barrels of oil and 28 million cubic feet of natural gas a day. The field is about 140 miles (225 km) off the coast of Louisiana.
The oil market is poised for a significant correction in the fourth quarter of 2024, driven primarily by increasing supply/demand surpluses. While oil prices have been recovering from previous lows, the fundamentals suggest that the market is headed for a downturn, as per analysts from Macquarie in a note dated Monday.
China's change in the total value of outstanding bank loans issued to consumers and businesses is only 250B, with forecast of 1,280B. Borrowing and spending are closely correlated with consumer confidence.
Reuters: Greater operating efficiencies in the top U.S. shale patch are squeezing out more oil without higher spending, according to the latest output numbers, which will boost global oil market supplies.
Oil_Crude (WTI)Short pullback?
Liquidity grab.
Risk management is useful.
Top of the ascending triangle line - new support?
Tensions driving uptrend
OPEC staying out. An uptrend is working in their favour.
8.14 Crude Oil Trend AnalysisShort at 80 points
Last week I predicted that the oil price would reach 80. As I expected, the oil price peaked at 80.58 and then fell back to around 78.4.
The panic in the stock market last week led to a large sell-off of crude oil, which also gave us a good opportunity to enter the market. The oil market ignored the tension in the Middle East. Now the situation in the Middle East has been repositioned and the oil price has returned to 80. This prediction went very smoothly.
My personal suggestion is "Profit-taking Exit"
Although the situation in the Middle East is not very clear, it has not yet reached an uncontrollable situation. Now is a good time to exit.
When the market is in panic, it also brings opportunities for traders to enter the market. I wonder if you have seized this opportunity.
USOILUSOIL is in bearish trend.
Bearish divergence also shon in RSi.
Sellers are strongly active.
We Sell at CMP.
USOIL ( BREAKOUT LAST SUPPLY ZONE ) ( 4H )USOIL
HELLO TRADERS
after breakout last supply zone , the price stabilizing up trading , on the Friday price can be breaking supply zone and starting a rising , currently it will be attempt to reach a next supply zone around 78.56 .
Tendency , after price breaking a supply zone , currently price is under upward pressure .
Upward Zone : currently price trying to reach a resistance level (1) at 78.56 , possibly of the price retest a turning level at 76.37 before rising , breaking resistance level (1) with remain this level it continues the upward trend to touch resistance zone between 81.02 and 83.53 .
Downward Zone: by breaking turning level with closing 4h candle below it , the price decline to reach support level (1) 74.76 , after remain below this level we see a downward trend to reach a regions 71.80 and 69.64 .
CORRECTIVE : currently price it will be attempt for retest to reach a turning level at 76.37 before to see upward trend .
TARGET LEVEL :
RESISTANCE LEVEL : 78.56 ,81.02 , 83.53 .
SUPPORT LEVEL : 74.76, 71.80 , 69.64 .
usoil on a bull move for the week ahead this week I will be with the Bulls on My 4hr tf as they try and push the price up what the so-called big institution is doing currently is that they want to liquidity the remaining orders that left the 80.03 zone which also happens to be the extreme premium zone but before that will face turbulence along the trend with constant reversal,s I was expecting a reversal on the 50% fvp which has not yet happened but for the moderate trader, they can gather there 1st @ 82.22 on my first legitimate o.b I like trading with the big boys R.R 1:2 OR 1:3 depends on individuals capabilities So this week am with the Bulls good luck to all my traders.
USoil more bullishprojecting for more buys because we have been on an upward move forever why stope now. aiming for the highs
Crude Oil: Fundamental Analysis – Next Stop $80?Current Oil Price Dynamics:
Oil prices are under upward pressure due to a mix of geopolitical tensions and supply constraints. The recent surge in prices reflects growing concerns over potential Iranian retaliation following recent events in the Middle East. This geopolitical uncertainty has led to increased trading volumes and heightened volatility in the oil markets as traders hedge against further disruptions.
Supply Constraints:
Significant supply issues are driving prices higher. Disruptions in Libya and economic struggles in Saudi Arabia, compounded by OPEC+ production cuts, have tightened global oil supply. The removal of Libyan oil from the market and Saudi Arabia’s economic challenges due to low oil revenues are contributing to a constrained supply environment.
US Production and Inventories:
In the US, rising natural gas production is pressuring gas prices downward, while a notable drawdown in crude oil inventories has bolstered bullish sentiment. The drop in US crude stocks to six-month lows underscores strong demand, which, when coupled with supply constraints, supports higher oil prices.
Broader Trends and Market Reactions:
The global energy market is shifting, with decreasing coal demand in Europe and increased renewable energy capacity in China influencing trends. Weaker EV sales in China, particularly from Tesla, might impact global oil demand, but renewable energy growth continues to drive long-term changes.
Venezuela’s Production Impact:
In Venezuela, increased oil production amidst political instability adds to global supply, partially offsetting some of the supply constraints from other regions.
Risks to Remember:
Geopolitical Escalation: Potential further escalation in the Middle East could lead to sharp price spikes and increased volatility.
Supply Disruptions: Ongoing issues in Libya, economic struggles in Saudi Arabia, and geopolitical tensions could continue to affect oil prices.
US Production Trends: Variations in US natural gas production and inventory levels may influence broader energy markets and oil prices.
Market Sentiment: Reactions to geopolitical events, trading volumes, and technical indicators can drive significant short-term price movements.
Economic Factors: Broader economic trends, including shifts in energy demand and production, especially in emerging markets like China, can impact long-term oil price trends.
For further details on the technical analysis of ICMARKETS:XTIUSD , check out my in-depth technical analysis
Happy Trading!
hyper inflationtention in middle east is aggresively getting stronger.
unfortunately monthly candle became very stable to keep the price high.
most of commodities and equitites went all time high.
So does oil will go for alltime high level of 200 dollar target in end of this year.
USOIL BEARS ARE STRONG HERE|SHORT
Hello, Friends!
We are going short on the USOIL with the target of 75.00 level, because the pair is overbought and will soon hit the resistance line above. We deduced the overbought condition from the price being near to the upper BB band.However, we should use low risk here because the 1W TF is green and gives us a counter-signal.
✅LIKE AND COMMENT MY IDEAS✅
WTI successfully rebounded for 5 consecutive trading days
Oil prices, which had hit their lowest due to concerns about a slowdown in the US manufacturing economy and job market, stopped falling and rose for five consecutive trading days. As the US labor market shows signs of recovery, concerns related to the US economic outlook have diminished, and worsening geopolitical concerns in the Middle East are also putting upward pressure on oil prices.
In particular, the rebound in US Initial Jobless Claims has somewhat diluted concerns about a decline in oil demand. Last week, Weekly Jobless Claims reached 233K, down 17,000 from the previous week and below market expectations of 241K.
In addition, China's July CPI, which exceeded expectations, also helped improve the recent market mood. China's National Bureau of Statistics announced that the CPI rose 0.5% in July, showing an upward trend for the sixth consecutive month, raising expectations of increased Chinese oil demand.
USOIL reached a bottom of 71.20 and rose for five consecutive trading days, rebounding to the 79.00 level. The price has formed a descending channel since early July, but the recent rebound quickly breached the channel’s upper bound. Moreover, EMA21 has golden-crossed EMA78, sending a typical bullish signal.
If USOIL sustains the current uptrend and breaches the 79.70 resistance, the price may gain upward momentum toward the 81.70 level. Conversely, if USOIL fails to hold above the 78.00 support, the price could fall further to the 76.50 level.
USOIL Potential Downtrend Line Breakout At $79.87 13.08.2024Apply risk management
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Disclaimer
Weekly outlook aug12-19: USOILTVC:USOIL still bearish and in a long corrective phase. Weakening labor market data paired with production cuts will continue to lower oil demand globally. Targets remain the same
XTIUSD SELLHi fellow traders, XTIUSD is ready to make a move lower from the blue box after completing the ABC correction. Target the 67.86 level. Good luck and trade safe!
WTI… A short term topMiddle East tensions aside …WTI is in the process of forming a bearish Wolfe Wave top as well as heading into a resistance area in effect for the past month.
This is one of the components of TV’s August Leap challenge.
I would be looking to establish a short/cover a long on any hesitation here.
Please bear in mind we have a lot of market moving news this week.
A tight stop is in order or just wait for the the markets reaction to this news.
Not investment advice. Do your own due diligence.
S
