Institutional Demand: OIL LongsHey guys,
The main play for me is OIL longs from this clean area of demand.
Price showed beautiful 4hour time-frame price action.
The daily and weekly confirmed it.
Kind regards,
Max
XTIUSD trade ideas
Oil Slips Under $68 with China Economic Action on HoldFxNew s—Crude oil prices dipped after failing to maintain levels above the $72.25 resistance. The downtrend accelerated when prices breached the ascending trendline, further confirmed by RSI 14 divergence.
Currently, oil prices are oversold, suggested by both Stochastic and RSI 14 indicators. It is anticipated that crude oil prices might rebound or stabilize near higher resistance levels.
Technically, immediate resistances are set at $68.3 and the critical $69.7 barrier, supported by the Fair Value Gap. Prices are likely to consolidate around $69.7, providing a low-risk entry point for joining the bear market.
Traders and investors should closely watch these resistance levels for bearish signals, including candlestick patterns.
Article: fxnews.me
Falling towards pullback support?USO/USD is falling towards the support level which is a pullback support that is slightly above the 61.8% Fibonacci projection and could bounce from this level to our take profit.
Entry: 67.64
Why we like it:
There is a pullback support level that is slightly above the 61.8% Fibonacci projection.
Stop loss: 65.84
Why we like it:
There is a pullback support level that is slightly above the 127.2% Fibonacci extension.
Take profit: 69.05
Why we like it:
There is an overlap resistance level.
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Oil Short: Pending BreakdownOil looks like it will not be able to hold above the trendline and may breakdown soon. Sometimes, the simpler the idea, the better it will work out.
Good luck!
CrudeOil - Elliott Wave Elliott Wave analysis on Crude Oil suggests more downside closer to $60 levels.
Crude turns down at resistanceCrude oil started the week on the backfoot. It made gains throughout the first half of last week, but was unable to break above resistance, and pulled back from its best levels on Thursday and Friday. For front-month US Light, that resistance topped out around $72.50 on a closing basis. This level acted as a barrier in both September and October, and now November as well. Trump’s win in the presidential election seems likely to bring tax cuts and deregulation which should boost business, and possibly a small uplift in domestic demand. At the same time, Trump has made it clear he wishes to encourage US energy production, particularly oil and gas, and this should keep prices under downside pressure. Meanwhile, numbers released last week backed up analysis showing a slowdown in future demand growth. China, the world’s largest oil importer, recorded a sixth successive month-on-month fall in October. At some point the buyers will come back in. But for now it looks as if oil prices have further to fall, which should be good news for most of the world, if not Europe in the UK where tax plays such a significant role in pricing.
USOIL, dailyOil prices fell more than 2% as concerns about Hurricane Rafael’s impact on Gulf of Mexico production eased, and China’s latest economic stimulus measures failed to impress oil traders. Rafael, now a category 2 hurricane, is expected to stay centered in the Gulf, reducing risks to oil output. China’s fiscal support focused on easing local government debt rather than stimulating demand, disappointing investors amid ongoing deflationary pressures and a sixth consecutive monthly decline in China’s crude imports. Despite these losses, oil prices rose over 1% last week due to expectations that new U.S sanctions on Iran and Venezuela could reduce global supply.
On the technical side, the price is currently testing the support level of the 23.6% of the daily Fibonacci retracement while the Stochastic oscillator is in neutral levels hinting that the price has the potential to move in either direction in the short term. The faster 50-day moving average is trading below the slower 100-days validating the overall bearish trend in the market, at the same time the Bollinger bands have somewhat contracted showing that volatility is slowing down in the market for crude oil. This could mean that there might be some sideway movement in the coming sessions and there might need a new catalyst to perform any significant moves.
Market Analysis: WTI Crude Oil Eyes UpsidesMarket Analysis: WTI Crude Oil Eyes Upsides
Crude oil price is rising and it could climb further higher toward the $75.00 resistance.
Important Takeaways for WTI Crude Oil Price Analysis Today
- WTI Crude oil prices are moving higher above the $70.00 resistance zone.
- There is a key bullish trend line forming with support near $70.90 on the hourly chart of XTI/USD at FXOpen.
WTI Crude Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a decent increase against the US Dollar. The price gained bullish momentum after it broke the $69.40 resistance.
There was a sustained upward move above the $70.00 and $70.90 levels. The bulls pushed the price above the 50-hour simple moving average and the RSI climbed toward 70. A high was formed near $72.31 before there was a downside correction.
The price declined below the 23.6% Fib retracement level of the upward move from the $69.43 swing low to the $72.31 high. However, the bulls are active above the 50-hour simple moving average.
There is also a key bullish trend line forming with support near $70.90. Immediate resistance is near the $72.30 level. If the price climbs further higher, it could face resistance near $73.50. The next major resistance is near the $74.20 level. Any more gains might send the price toward the $75.00 level.
Conversely, the price might correct gains and retest the 50-hour simple moving average or the 50% Fib retracement level of the upward move from the $69.43 swing low to the $72.31 high at $70.90.
The next major support on the WTI crude oil chart is near $70.10. If there is a downside break, the price might decline toward $68.75. Any more losses may perhaps open the doors for a move toward the $66.85 support zone.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Crude Oil Weekly Technical AnalysisCurrently, Crude Oil is forming a descending triangle on the weekly timeframe, with significant support at the 0.5 Fibonacci retracement level. This level is a critical point; a break below it could signal further bearish momentum. Should this support level fail, I expect the price to target the next Fibonacci levels at 0.618 and potentially down to 0.786, indicating possible continuation of the downward trend.
I will monitor for confirmation signals of a breakout to the downside, such as increasing volume or bearish candlestick patterns, before confirming a short position. However, if support holds, the triangle could consolidate further, so I will remain cautious for potential reversal signs.
My Approach
1. Weekly timeframe as a guiding framework
2. Daily for pattern confirmation
2.1. Bearish Candlestick formation below support (like a bearish engulfing or strong red candle).
2.2. Rejection candles near the descending upper resistance line (like doji or shooting star).
2.3. Increase in volume on a breakdown below support to confirm seller commitment.
2.4. Decreasing volume within the triangle as consolidation continues.
2.5. Spike in volume on a failed breakout could indicate a false move and potential reversal.
3. 4-Hour for entry
USOIL Trading IdeaBased on Simple Technical Analysis ( Trendline + Support & Resistance )
Risk Disclaimer:
Please be advised that I am not telling anyone how to spend or invest their money. Take all of my analysis as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this page, and they are for educational purposes only. Any action you take on the information in this analysis is strictly at your own risk. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Good luck :-)
CRUDE OIL Bearish Bias! Sell!
Hello,Traders!
CRUDE OIL is already making
A bearish pullback from
The horizontal resistance
Of 72.54$ so we are bearish
Biased locally so we will be
Expecting a further move down
Sell!
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CRUDE OIL WILL GO DOWN|SHORT|
✅CRUDE OIL has retested a key resistance level of 72.50$
And as the price is already making a bearish pullback
A move down to retest the demand level below at 69.40$ is likely
SHORT🔥
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USOIL: Growth & Bullish Continuation
It is essential that we apply multitimeframe technical analysis and there is no better example of why that is the case than the current USOIL chart which, if analyzed properly, clearly points in the upward direction.
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USOIL: Move Down Expected! Sell!
Welcome to our daily USOIL prediction!
We made our analysis today using SMC and ICT trading theories, which, combined with our trading experience all point to the downside. So we are locally bearish biased and the target for the short trade is 6.976.8$
Wish you good luck in trading to you all!
USOILUSOIL has finally broken out of this counter trendline we should see further push to $80 per barrel
USOIL-bias long Bullish indications:
Inverted head and shoulder pattern
Trend line resistance break out
Resistance broken at 69.91
Moving average respected.
Major support respected at 66.81
Bearish indications:
LLLH in higher time frame and sideways .
Trade plan bias long @ 69.89
SL:68.63
TP1:71.37
TP2:72.48
WTI 69.40 BULLS / APPROACHING 72.50 free daily planAs discussed in yesterday’s plan over @ Voila's Oil Trading (substack) why 69.40 key level will be delivering a strong push towards our 1st top of range target - 72.50.
WTI 4 hour:
WTI is pushing off 69.40 our intraday support .
This buying will need to sustain above the 69.77 daily pivot as we look for a definitive break of 70.35 today… towards the 72.50 major resistance.
We should only be minimizing long risk if price action is indicative of a 69.40 level break here. It’s not right now as the 4hr shows a 20 ema (red) trend holding.
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Trade Plan!
Continued buying above 69.40, long to the next levels:
- 70.35 , 71.70 , 72.50
Strong selling below 69.40, short to the next levels:
- 68.00
Daily pivot is 69.77
$USOIL USOIL WT CRUDE OIL Descending TriangleTVC:USOIL USOIL WT CRUDE OIL price action has formed a Descending Triangle on the Weekly timeframe.
Current Price: 70.3
In previous years, #USOIL reached a high of 149 and retraced to a low of 66.4 (A retracement of over 50%)
A breakout of Descending triangle can lead to higher prices: 73.9, 84.4, 94.3
A break below 66.4 can lead to prices down to 42.7!
It remains to be seen...
Crude Oil to $72 and then potentially $75Crude Oil to $72 and then potentially $75
Idea would invalidate with a daily close below $68.8
USOIL SHORT FROM RESISTANCE
Hello, Friends!
USOIL pair is trading in a local downtrend which know by looking at the previous 1W candle which is red. On the 9H timeframe the pair is going up. The pair is overbought because the price is close to the upper band of the BB indicator. So we are looking to sell the pair with the upper BB line acting as resistance. The next target is 66.46 area.
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SpotCrude.. Better Idea after revisionM - Down Channel
W - Down Channel
D - Down Channel
4H - Resistance Line
+ at Fib 50%
+ near Supply zone
Short with 0.5-1% risk
