XTIUSD trade ideas
USOIL Buy limitIn my opinion USOIL will go long, but I prefer to buy it from 65,86 : 66,26
Stop Lose close below 65,24 with 4H Candle
Take profit 1 will be 69,69
Take profit 2 will be 72.42
USOIL BullishUSOIL has formed the bullish rectangle continuation pattern signalling further upside. There is no divergence therefore chances of trend reversal are low.
Crude OilPair : Crude Oil - USOIL
Description :
Completed " 12345 " Impulsive Waves
Break of Structure
RSI - Divergence
Bearish Channel as an Corrective Pattern in Short Time Frame
Support Level
Sell OpportunityInstrument: USOIL
Position: Sell
Entry: 70.40
1st Target: 67.18
2nd Target: 65.23
Stop Loss: 72.10
Rationale:
USOIL is exhibiting signs of a bullish trend, supported by recent price action and fundamental factors.
Long trade
Buyside trade
Pair WTICOUSDT
Tokyo to LND Session PM
Mon 16th Sept 24
2.00 pm (NY time)
Entry 70.289
Profit level 74.563 (6.08%)
Stop level 67.951 (0.95%)
RR 6.43
Will the rising tension in the Middle East boost Oil prices?Macro theme:
- WTI hovered around 72.50 dollars per barrel on Thu, attempting to recover from previous losses as markets considered potential supply risks due to rising tensions in the Middle East.
- The Fed also implemented a larger-than-expected 0.5% cut, which could stimulate economic activity and boost oil demand.
- However, worries over China’s slowing economy and an expected supply increase from OPEC+ continue to pressure prices in the medium term.
Technical theme:
- From the 4-hour chart, USOIL is recovering and trading within its ascending channel. The price was retraced to retest both EMAs and bounced up to close above the key resistance at around 70.20.
- If the price can maintain above 70.20, it may continue to rise to 71.50. In the medium term, 73.00-73.80 is the potential area for USOIL to reach upon breaking 71.50, as it is the technical confluence area.
- Meanwhile, the price may retest the broken level 70.20 before resuming its upward short-term movement.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
USOIL Is Going Down! Sell!
Here is our detailed technical review for USOIL.
Time Frame: 9h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a key horizontal level 71.72.
Considering the today's price action, probabilities will be high to see a movement to 68.16.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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USOIL BEARS ARE GAINING STRENGTH|SHORT
Hello, Friends!
We are targeting the 65.61 level area with our short trade on USOIL which is based on the fact that the pair is overbought on the BB band scale and is also approaching a resistance line above thus going us a good entry option.
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USOIL may continue to riseOn the daily chart, USOIL stabilized and moved upward, and short-term bulls have the upper hand. At present, attention can be paid to the resistance near 70.6. If it breaks through, it will continue to move upward. The upper resistance is the previous supply area of 72.4-73.8. If the price falls below the support near 68.5, a downward trend will begin.
Bearish reversal?WTI oil (XTI/USD) is rising towards the pivot and could reverse to thee 61.8% Fibonacci support.
Pivot: 72.56
1st Support: 68.16
1st Resistance: 75.18
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Short set up to sell side liquidity near C legIt's been awhile since I charted and traded oil. I'm noticing a similar bullish set up that the 20yr treasury yield had. If my wave count is correct, oil is showing a bearish 5th wave down. There is a set up for a desc. Triangle pattern which has a stealth ABC wave pattern. I have C wave near the sell liquidity around the 1st of October. Short term I'm bearish on oil particularly the 1hr/2hr time frame.. oil can invalidate this set up, by closing above the .50 fib level..
Not trading or financial advise. No position currently... will update chart once a trade is active or closed.
WTI Crude Oil (4h) Technical AnalysisWTI Crude Oil continues to trade within a descending channel, reflecting a broader downtrend that has been in place since early August. The price is currently hovering around the $69.93 level, attempting to break through a significant resistance zone near $70.64. This resistance zone aligns with the upper boundary of the channel, adding further strength to the resistance.
Key levels to watch include:
Immediate resistance: $70.64
Support: $68.23, which has acted as a solid level over the past few sessions.
If the price manages to break above $70.64 with sustained volume, it could indicate a potential trend reversal. However, failure to break this zone could result in a continuation of the downtrend, with the next key support levels at $68.23 and $65.01.
The volume profile suggests strong resistance between the $69.50 and $72.00 range, with a notable drop-off below $68.50, indicating low demand in that region.
A break below $68.23 could drive prices toward the lower boundary of the channel near $65.00.
Outlook: Bearish within the descending channel unless a breakout above $70.64 occurs with strong momentum.
USOIL LONG OPPORTUNITYUSOIL LONG OPPORTUNITY
USOIL breakthrough upwards,
and formed a demand zone at 4H chart
Therefore, buy USOIL when the price pull back
around 70.4
SL: Below 69.5
TP1: 73
TP2: 74.47
Market headlines for OilOil prices pared recent gains as US crude inventories unexpectedly increased by 1.96 million barrels, according to the API, contrary to forecasts of a decline.
Investors are cautious ahead of the Fed's interest rate decision, with growing speculations of a 50 basis point cut that could boost economic activity and oil demand.
Rising tensions in the Middle East are raising concerns over potential supply disruptions that could support oil prices in the near term. However, the gains could be limited as weakness persists in China, one of the world's largest oil importers.
WTI Crude Oil | Catch The Long DipsTrading Dips when you have various resistance levels blocking your overall target is vital.
Don't hold for swings only, as you may get whacked lower.
WTI Oil H4 | Pullback support at 50% Fibonacci retracementWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 68.63 which is a pullback support that aligns with the 50.0% Fibonacci retracement level.
Stop loss is at 65.05 which is a level that lies underneath a swing-low support.
Take profit is at 73.00 which is a pullback resistance that aligns with the 61.8% Fibonacci retracement level.
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USOIL Analysis - BearishPair Name = USOIL
Timeframe =W1
Analysis = technical + fundamentals
Trend = Bearish
Pattern = Symmetrical Triangle
Details :-
USOIL is still following bearish trend. Currently Price range between 65 to 70. it will stay here for few more days. After that it will Again Follow the bearish trend. Target Price is 55 to 57.
USOIL / UNDER BULLISH PRESSURE - 4HUSOIL / 4H TIME FRAME
overall trading above 67.59 , expected under upward pressure .
Currently, prices are holding above the crucial support level of 67.59. As long as they maintain this position, an upward move towards the next resistance levels of 69.98 and 71.59 is likely. The 71.59 level is particularly important, as breaking through it would serve as confirmation of a sustained uptrend, potentially driving prices higher to test the 74.24 resistance zone.
However, if prices fail to hold above the 67.59 support level, it would indicate a shift in momentum, initiating a bearish phase. In such a case, the first target on the downside would be 65.35, with further declines possibly extending to the 63.67 region. This level would serve as a critical area for buyers to step in, and if breached, could signal a deeper correction.
UPWARD TARGET : 69.98 , 71.59 , 74.24.
DOWNWARD TARGET : 65.35 , 63.67.
CRUDE OIL (WTI): Detailed Support and Resistance Analysis
Here is my latest structure analysis and important key levels
to pay close attention to on WTI Crude Oil.
Vertical Structures
Vertical Resistance 1: Falling Trend Line
Horizontal Structures
Resistance 1: 71.46 - 71.90 area
Resistance 2: 73.80 - 74.30 area
Resistance 3: 76.00 - 77.60 area
Resistance 4: 79.60 - 80.16 area
Support 1: 63.80 - 65.70 area
Consider these structures for pullback/breakout trading.
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