LONG OILPrice has found support at $70. Looking for the low of the week to be in . Stop loss is a nice distance away just incase it needs one last push lower. Looking for this to be the next swing low after OPEC has paused the planned oil hike .
XTIUSD trade ideas
Crude Oil Technical Analysis.Weekly - Bearish - Price is below the trend-line (Grey)
Daily - Bearish - Price is below the trend-line (Blue)
4 hour - Bearish - Price is below the trend-line (Red)
30 mins - Bearish - Price is below the trend-line (Yellow)
I have placed one trade to the downside risking 1%.
This is not a financial advice just the way I trade and on how I’m see the markets.
USDOILSPOTThis trade will go up and take out equal highs before the end of trading today.
This is based on it already taking out liquidity from today and yesterday. A move to the upside will now happen - crossing moving averages on the way. Additionally, price is in a very low discount standard deviation against vwap from today and previous days.
USOIL / TRADING ABOVE DEMAND ZONE IN THE DAILY CHART - 4HUSOIL / 4H TIME FRAME
HELO TRADERS
The overall trend is uptrend , until trading above demand zone in the daily chart .
Current Position Prices are above the demand zone, which is a strong support area. This indicates that the current support level is holding and may lead to a price increase , For an uptrend to be confirmed, prices need to break and stabilize above turning level at 71.82 . Successfully doing so suggests that the bullish momentum is strong enough to push prices towards the next resistance levels at 74.24 and then 76.21.
If prices fall below 71.82 and stabilize, it indicates that the support level is no longer effective, potentially leading to a decline , If prices reach 69.18 and a 4-hour or 1-hour candle closes below this level, it suggests a continuation of the downtrend. A further break and stabilization below 68.28 would confirm a sustained bearish trend, indicating further price decreases.
KEY LEVELS :
TURNING LEVEL : 71.82 .
RESISTANCE LEVELS : 74.24 , 76.21 .
SUPPORT LEVELS : 69.18 , 68.28 .
USOIL BUYERS WILL DOMINATE THE MARKET|LONG
Hello, Friends!
We are now examining the USOIL pair and we can see that the pair is going down locally while also being in a downtrend on the 1W TF. But there is also a powerful signal from the BB lower band being nearby indicating that the pair is oversold so we can go long from the support line below and a target at 73.19 level.
✅LIKE AND COMMENT MY IDEAS✅
USOIL Is Going Up! Long!
Please, check our technical outlook for USOIL.
Time Frame: 8h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is testing a major horizontal structure 69.81.
Taking into consideration the structure & trend analysis, I believe that the market will reach 72.72 level soon.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
Like and subscribe and comment my ideas if you enjoy them!
WTI Crude Crucial Runover At Lows..The current fall on Oil has taken us a key level where there has been repeated price rejection.
It's far easier to trade within the realms of reality with calculated risk, than it is to overleverage and guess.
Spot Crude Oil 30-Minute Chart AnalysisStrategy Overview:
The chart shows Spot Crude Oil on a 30-minute timeframe, where price action is consolidating around the 70.00 USD level. The market is currently trading in a tight range, suggesting the possibility of an upcoming breakout.
Key Levels:
Support Levels:
The price is finding support at 69.871, which acts as a critical level for potential upward movements.
A break below this support could signal further downside momentum, possibly testing lower levels around 69.399.
Resistance Levels:
The nearest resistance sits at 70.431, where the price may face selling pressure if tested.
Further resistance is identified in the 72.00-72.50 zone, marked as a strong supply area. A successful breakout above this resistance could indicate a stronger bullish move in the medium term.
Trading Strategy:
Buying Strategy: A buy entry can be considered near the support level of 69.871, with a stop loss just below this level. The first target would be the 70.431 resistance zone, and the second target can be the 72.00-72.50 range.
Selling Strategy: If the price fails to break above 70.431, a short position can be initiated targeting a pullback towards 69.871. A break below this level would confirm the bearish momentum.
RSI Confirmation:
The RSI indicator is showing neutral momentum, hovering around the middle range. A breakout above 70.431 may be confirmed if the RSI moves into overbought territory, while a drop below 69.871 could push the RSI toward oversold conditions.
Conclusion:
With price consolidating between 69.871 and 70.431, this chart suggests both buying and selling opportunities based on how the market reacts to these key levels. The upcoming sessions could see either a breakout above resistance for bullish continuation or a failure that could result in a bearish correction.
Crude oil might get back into the rangeCrude oil might get back into the trading range, as the possibility of a false breakout is pretty high: markets rarely make big moves ahead of NFP report.
Now, the position of the price is below the massive triangular formation as well as below the intermediate-term low.
Oil is driven down, as well as DXY, by expectations of extreme dovishness of the Fed, which might not be the case: traders still weigh probabilities of two scenarios (one vs two-step declines) as equal.
For traders willing to take the risk, the current point represents an asymmetrical trading opportunity for a long position.
Always DYOR and manage your risk!
WTI Crude Oil Ready for a BounceThe chart shows a break of a rising trendline with price pulling back to retest the $69.40 support level.
Given the rejection at this level, there's a potential for a bullish reversal targeting the next liquidity area around $72.50.
Traders should watch for confirmation of a higher low before entering long positions to ride the breakout.
#OIL rebound#OIL is @ $70.05
#Buy and #TP @$71.75
While major NSE:OIL producers may delay an output increase planned for next month and American Petroleum Institute (API) data showing U.S. crude oil fell by 7.431 million barrels last week.
USOIL Downtrend Line Rejection At $69.43 05.09.2024USOIL: Downtrendline rejection at $69.43 on 1HR chart.
If confirmed, targets are $68.09 and $66.42.
If rejected, targets are $70.42 and $71.23.
Apply risk management
Risk Warning: Trading in CFDs is highly speculative and carries a high level of risk. It is possible to lose all of your invested capital. These products may not be suitable for everyone, and you should ensure that you fully understand the risks taking into consideration your investment objectives, level of experience, personal circumstances as well as personal resources. Speculate only with funds that you can afford to lose. Seek independent advice if necessary. Please refer to our Risk Disclosure.
BDSwiss is a trading name of BDS Markets and BDS Ltd.
BDS Markets is a company incorporated under the laws of the Republic of Mauritius and is authorized and regulated by the Financial Services Commission of Mauritius ( FSC ) under license number C116016172, address: 6th Floor, Tower 1, Nexteracom Building 72201 Ebene.
BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles. Payment transactions are managed by BDS Markets (Registration number: 143350)
Disclaimer
US OILA **bullish divergence** is a technical analysis term used to identify potential reversals in a downtrend. It occurs when the price of an asset is making lower lows, but an indicator (such as the Relative Strength Index, RSI, or MACD) is making higher lows. This suggests that while the price is declining, the selling pressure is weakening, and there may be a shift towards upward momentum.
There are two types of bullish divergences:
Regular Bullish Divergence**: It signals a potential trend reversal from a downtrend to an uptrend. It occurs when:
- Price makes lower lows.
- Indicator (like RSI or MACD) makes higher lows.
Hidden Bullish Divergence**: This signals a continuation of the uptrend during a pullback. It occurs when:
- Price makes higher lows.
- Indicator makes lower lows.
Both divergences suggest that a potential upward movement could occur, but they are not guaranteed and should be used alongside other tools for confirmation.
Recession Alert: WTI Trendline Breakdown Mirrors Previous CrasheThe WTI trendline is exhibiting a parallel to past crude oil price crashes, specifically the 2014 oversupply crisis driven by booming US Shale production and the 2020 COVID-19 pandemic. Given this historical similarity, a critical question arises: is the current trendline breakdown a warning sign of an impending recession?
WTI - This Might Get NastyThe oil market is extremely exciting. The price is currently approaching a long-term support zone between USD 66 and 68. Will the price hold there? In my view, this is questionable.
I am taking a bearish stance on WTI for several reasons:
First of all, the global economy is sluggish, which is causing demand for oil to fall. As things stand at present, the world's largest economy, the USA, is also heading for a recession. At the same time, renewable energies are on the rise, which in turn is dampening demand for oil.
From a technical perspective, the volume profile is cause for concern: if we look at the profile between the low from 2020 and the high from 2022, we can see that the price of WTI has only now entered the value area.
The POC is around USD 40.50 and therefore significantly below the support zone. The low of the value area is even just over USD 31.
Unfortunately, I cannot show the volume profile in this chart due to a lack of data; instead, I have derived it from the CL chart (WTI futures). If the downward trend continues, WTI could start its first braking attempts at around 55 dollars.
I am not saying that WTI is necessarily bearish. Still less am I calling for merciless shorting of the market. However, I would like to point out that a very sharp fall in prices is possible if WTI breaks through the aforementioned support zone between USD 66 and 68.
USOIL:BUY@70.3-72.8
After a sharp decline, the current indicators have the conditions for a rebound. Today, USOIL can be traded long, with short-term targets of 71.6/72/72.7
CRUDE OIL Strong Support Ahead! Buy!
Hello,Traders!
CRUDE OIL keeps falling
But the price will soon hit
A horizontal support level
Of 66.92$ from where we
Will be expecting a rebound
And a local bullish correction
Because oil is already oversold
Sell!
Like, comment and subscribe to help us grow!
Check out other forecasts below too!
Oil Is Heading Down In Price, Support at $72 Just Broke, Low $60The price of Oil was in a trading range between $72 and $85ish, this past week it broke down support and now is going to head lower, I suspect we can see $62ish at first level of support, but I think mid $50's is now on the table.
Why? Elections are upon us and they want to make costs come down, so it looks like they are curbing inflation and thus justify more rate drops. Also if Trump wins, he is talking about lower energy costs and ramping up production in the US, so the outlook is bearish for the energy commodities prices... as supply increases and demand remains the same, price goes down... and so the bear market starts.
USOIL.. Breakout!? what's next??#USOIL.. perfectly break our area with further drop.
It market continue his drop the. It will leads you towards downside next mentioned areas.
Don't buy until any confirmation.
Good luck
Trade wisely
USOIL Weekly - Key Buy and Sell LevelsOn the weekly chart for USOIL , we’re observing significant levels that could dictate future price movements. The green lines mark potential buy opportunities where price might experience bullish support. Conversely, the red lines indicate critical sell zones where bearish pressure could come into play. These levels are essential for long-term trading strategies and market analysis.
Disclaimer: Trading involves risk, and past performance is not indicative of future results. Always conduct your own analysis before making any trading decisions.
If this post generates enough engagement, I’ll provide updates and additional insights to it. Feel free to comment, share your thoughts, and follow for more comprehensive trading analysis!
USOIL Potential DownsidesHey Traders, in today's trading session we are monitoring USOIL for a selling opportunity around 72 zone, USOIL is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 72 support and resistance area.
Trade safe, Joe.
OIL 40$Oil prices could potentially drop to $40 per barrel for several interconnected reasons, including supply-demand dynamics, geopolitical factors, and economic trends. Here’s a breakdown of why this could happen:
Oversupply in the Market: One of the main drivers of lower oil prices is an oversupply in the market. If major oil-producing nations, such as members of OPEC or non-OPEC producers like the U.S. (especially from shale), ramp up production, it could flood the market with excess oil. When supply outpaces demand, prices naturally decline. Also, China is expected to buy less.
Weakened Global Demand: Demand for oil is closely linked to global economic activity. If major economies, such as the U.S., China, or the Eurozone, experience slowdowns or recessions, the demand for oil would decrease. Additionally, structural changes like the global shift towards renewable energy sources and more energy-efficient technologies (e.g., electric vehicles) could lower long-term oil demand, putting downward pressure on prices.
Geopolitical Tensions: Geopolitical factors often affect oil prices. For instance, if tensions in key oil-producing regions (e.g., the Middle East) subside or if major conflicts that previously threatened oil supply routes are resolved, the risk premium built into oil prices might disappear. In the absence of such risks, prices could drop.
U.S. Dollar Strength: Oil is typically priced in U.S. dollars. When the dollar strengthens relative to other currencies, oil becomes more expensive for countries using other currencies, leading to reduced demand. This reduced demand can drive prices lower.
Technological Advances in Oil Extraction: Continued advancements in oil extraction technologies, such as hydraulic fracturing (fracking) and deep-water drilling, have made it cheaper and easier to produce oil. If production costs continue to fall, producers can maintain profitability even at lower prices, thus keeping the market oversupplied.
Strategic Reserves Release: In times of high prices or tight supply, countries like the U.S. may release oil from their strategic reserves, which can push prices down. If governments continue to use this tactic to moderate prices, it could contribute to a sustained price decline.
Renewable Energy Transition: The global transition toward renewable energy and climate change mitigation policies (e.g., carbon taxes, investment in green infrastructure) could reduce reliance on fossil fuels. As alternative energy sources become more cost-effective and widely adopted, long-term demand for oil could decline significantly.
Market Sentiment and Speculation: Oil prices are also influenced by financial markets and investor sentiment. If investors believe that demand will shrink in the future due to economic or environmental factors, they may sell off oil futures, driving prices lower. Speculative trading can exacerbate price movements and push oil to lower levels than fundamentals suggest.
A combination of these factors, particularly a surge in supply alongside weakened demand and technological advancements, could easily push oil prices down to $40 or even lower, especially in a prolonged global economic downturn.
USOIL / STILL CONTINUES A DOWNTREND - 4HUSOIL / 4H TIME FRAME
The overall trend is downward , until trading below turning level at 71.85 .
The significant decline in USOIL prices yesterday suggests a bearish momentum, which aligns with the observed price action falling below the critical level of 71.85. This indicates a continuation of the downward trend, making the next support level at 69.81 a logical target. If prices break this support, it would likely trigger further selling pressure, leading to declines toward 68.46 and 66.85, which are key levels of interest based on previous market behavior.
On the other hand, for a reversal to the upside, the price needs to break back above 71.85, which currently serves as a turning point. Breaching this level would signal a potential shift in market sentiment, opening the way to test the resistance at 74.24. If the price stabilizes above this resistance, it would reinforce the bullish case, paving the way for further gains toward 76.21 and eventually 77.51.
KEY LEVELS :
TURNING LEVEL : 71.85 .
RESISTANCE LEVELS : 74.24 , 76.21 , 77.51 .
SUPPORT LEVELS : 69.81 , 68.46 , 66.85 .
