Crude OilPair : US Oil
Description :
Completed " 12345 " Impulsive Waves
Break of Structure
Head and Shoulder
Bullish Channel as an Corrective Pattern in Short Time Frame
Demand Zone
Crude
WTI Oil H1 | Rising into resistanceWTI oil (USOIL) is rising towards a pullback resistance and could potentially reverse off this level to drop lower.
Sell entry is at 77.74 which is a pullback resistance that aligns with the 23.6% Fibonacci retracement level.
Stop loss is at 78.50 which is a level that sits above the 38.2% Fibonacci retracement level and a pullback resistance.
Take profit is at 76.68 which is a swing-low support.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
✅CRUDE OIL TIME TO BUY|LONG🚀
✅CRUDE OIL will soon retest a key support level of 76.74
So I think that the price will make a rebound
And go up to retest the supply level above at 78.00
LONG🚀
✅Like and subscribe to never miss a new idea!✅
Crude Prices Decline as Weekly EIA Inventories Unexpectedly RiseEquity Markets Navigate Macro Scenarios Amid Interest Rate and Stagflation Concerns
Equity markets navigate various macroeconomic scenarios as investors weigh the risks of prolonged high interest rates and potential stagflation.
HSBC suggests that greater clarity from the Federal Reserve, even if leaning more hawkish, could ease market pressures. Strategists believe this could lead to global equity gains in both a balanced "goldilocks" scenario and a mild stagflation scenario.
"The exact timing of Fed rate cuts should not significantly impact equities, especially if any delay is due to economic strength," they noted in a statement.
The upside for global equities both in a goldilocks and a mini stagflation scenario
Technically side:
The price dropped as we mentioned in the previous idea, and still trading at the bearish zone to reach 75.35.
so the bearish trend suggestion will continue as long as trades under 78.78 toward 76.60 and 75.35
the price will move between 80.73 and 75.35 for this week
Pivot line: 78.78
Support lines: 76.60, 75.35, 69.78
Resistance lines: 80.73, 82.24, 83.75
WTI CRUDE OIL: Neutral on 4H but at the top of the Channel Down.WTI Crude Oil is neutral on its 4H technical outlook (RSI = 44.657, MACD = -0.100, ADX = 42.834) as it has been trading sideways since the start of the month. Nonetheless, it got rejected yesterday at the top of the Channel Down and the 4H MA100, was where it got rejected last time on April 26th. We are short, aiming a the 1.5 Fibonacci extension (TP = 73.20).
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
OIL (WTI) - 4H Sell SetupIn the past hours, OIL (WTI) experienced a sharp rise driven by news of Iran's president's death, which significantly impacted market sentiment.
This surge allowed OIL to break above the bearish channel and catch the liquidity over the resistance zone, as illustrated on the chart.
However, despite this upward spike, the price action suggests that OIL may continue its downward trajectory within the descending channel.
Traders should monitor this closely as the price looks set to resume its fall, adhering to the prevailing bearish trend.
The liquidity hunting above the resistance zone indicates potential for further declines as the market reverts to its established downward path.
WTI OIL Strong rejection on 1D MA200 but be aware of a break-outWTI Oil (USOIL) made yesterday a strong rejection on the 1D MA200 (orange trend-line), which has been essentially the Resistance since the price broke below it on May 01. Having this level as a Resistance for 3 weeks makes it the strongest sell entry candidate, considering also the fact that this is the top of the 1-month Channel Down, thus a new Lower High.
As long as we don't close a 1D candle below the 1D MA200, we will be bearish, targeting 74.00 (-7.75% decline, similar to both previous Bearish Legs of the Channel Down). If we do close a 1D candle above the 1D MA200, we will take the small loss and target 83.00 (the 2.0 Fibonacci extension). The reason for being prepared for a long position as well, is because the 1D MACD formed a Bullish Cross.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
WTI Oil H4 | Approaching pullback supportWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 77.67 which is a pullback support.
Stop loss is at 76.50 which is a level that lies underneath a pullback support.
Take profit is at 80.12 which is a pullback resistance that lies underneath the 50.0% Fibonacci retracement level.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Crude Oil for 05-17-24Crude oil is currently in this bearish channel. We saw rejection earlier of the key fib levels.
I would look for another sell opportunity if we reach the higher fib levels for an intraday trade before 1130am EST.
Share your thoughts.
The Professor
WTI Oil H4 | Heading into resistanceWTI oil (USOIL) is rising towards a pullback resistance and could potentially reverse off this level to drop lower.
Sell entry is at 79.82 which is a pullback resistance.
Stop loss is at 81.06 which is a level that sits above the 38.2% Fibonacci retracement level and a pullback resistance.
Take profit is at 77.67 which is a pullback support.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Crude Oil WednesdaySo as per previous forecast for Crude we are bearish bias.
We have come to the weekly wick ce again and come CME or NY open I am anticipating a retracement that respects the FVG marked in the chart... Sure sometimes price might 'mowhawk' above like sense says.
Be patient and wait for price to make a MSB on at least the 5min before using your entry model to target the INTERNAL SSL as your main objective.
If price wants to get outlandish then the WEEKLY SSL'S are the next POI.
WTI Oil H4 | Bullish bounce off 61.8% Fibonacci support?WTI oil (USOIL) is trading close to a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 78.02 which is a pullback support that aligns with the 61.8% Fibonacci retracement level.
Stop loss is at 76.60 which is a level that lies underneath a swing-low support.
Take profit is at 79.87 which is a pullback resistance that aligns with the 38.2% Fibonacci retracement level.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
WTI Oil H4 | Pullback resistance at 38.2% Fibonacci retracementWTI oil (USOIL) is rising towards a pullback resistance and could potentially reverse off this level to drop lower.
Sell entry is at 79.77 which is a pullback resistance that aligns with the 38.2% Fibonacci retracement level.
Stop loss is at 80.80 which is a level that sits above the 50.0% Fibonacci retracement level and a pullback resistance.
Take profit is at 77.22 which is a swing-low support.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
✅CRUDE OIL LONG FROM SUPPORT🚀
✅CRUDE OIL is going down to retest a horizontal support of 77.00$
Which makes me locally bullish biased
And I think that we will see a rebound
And a move up from the level
Towards the target above at 78.81$
LONG🚀
✅Like and subscribe to never miss a new idea!✅
WTI Oil H1 | Potential bullish breakoutWTI oil (USOIL) is trading close to a breakout level and the bullish momentum could potentially push it higher from here.
Buy entry is at 79.89 which is a potential breakout level ( Wait for the 30-min candle to close above this level for confirmation ).
Stop loss is at 78.70 which is a level that lies underneath a pullback support.
Take profit is at 81.23 which is a pullback resistance that lies underneath the 61.8% Fibonacci retracement level.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
CRUDE OIL Bullish Breakout! Buy!
Hello,Traders!
CRUDE OIL was going
Down but now we are
Seeing a bullish breakout
From the wedge pattern
So we are locally bullish
Biased and we will be
Expecting a local move up
Buy!
Like, comment and subscribe to help us grow!
Check out other forecasts below too!
WTI Oil H4 | Pullback support at 61.8% Fibonacci retracementWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 77.43 which is a pullback support that aligns with the 61.8% Fibonacci retracement level.
Stop loss is at 75.40 which is a level that lies underneath a pullback support.
Take profit is at 80.18 which is an overlap resistance.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Potential bullish bounce?WTI oil (XTI/USD) is trading close to a pullback support that has been identified as the pivot. Could this commodity potentially bounce off this level to climb higher towards the 1st resistance?
Pivot: 78.39
1st Support: 77.21
1st Resistance: 80.10
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Oil setting itself up for a rebound after six days of sellingAmid a quick change in the market sentiment in mid-April 2024 and subsequent weakness in stocks, West Texas Intermediate crude oil (USOIL) retreated from its highs to $78 per barrel. In the process, USOIL broke below the lower bound of the ascending channel, and the daily time frame turned bearish, with MACD crossing below the midpoint, Stochastic falling into the lower area, and RSI approaching 30 points. The weekly time frame also turned slightly bearish, with MACD, Stochastic, and RSI reversing; nevertheless, it must be noted that MACD remains in the bullish zone, and ADX contains a relatively low value, hinting at a neutral or very weak trend on the medium time frame. As for the monthly time frame, technicals indicate a sideways-moving market as well.
From a bigger perspective, USOIL appears in the range that has been under development since early 2023, defined by roughly $83 on the top and $70 on the bottom. In the smaller picture, USOIL experienced a decline of approximately 11% just within the past six trading sessions, potentially setting it up for a rebound; should it occur, close attention will be paid to the resistance level at $79.72, which has acted as a barrier on multiple occasions throughout the past half year. In the event of a failure, the attention will be shifted to the support at $76.82 and $75.56, where buying interest might emerge.
Illustration 1.01
The image above shows USOIL’s daily chart. The yellow arrow indicates a breakout below the lower bound of the channel.
Illustration 1.02
The illustration above depicts the daily graph of MACD. The yellow arrow highlights a crossover through the midpoint, normally a bearish development.
Technical conditions
Daily time frame = Bearish
Weekly time frame = Slightly bearish (weak trend)
Monthly time frame = Neutral
OPEC’s workshop
As a result of the directives of the OPEC’s meeting held on 3rd April 2024, member countries with outstanding overproduced volumes were required to submit detailed compensation plans by 30th April 2024. In accordance with that, OPEC held a workshop on 3rd May 2024 to share compensation plans for Iraq and Kazakhstan for their outstanding overproduced volumes for the months of January, February, and March 2024, which totaled about 602,000 barrels per day for Iraq and 389,000 barrels per day for Kazakhstan.
Houthi’s aggression
Yemen's Houthi attacks on commercial shipping are escalating and spreading beyond the confines of the Red Sea. After the targeting of the MSC Orion on 26th April 2024, positioned 600 kilometers (375 miles) off Yemen's coast, another assault occurred merely two days later, on 29th April 2024, hitting the ship Cyclades near Mokha, Yemen. This increasing aggression highlights the region's growing instability, compounded by the United States and its allies' failure to curb the situation through airstrikes on Yemeni targets earlier this year.
Hamas-Israel negotiations
After months of stalled negotiations, Hamas representatives arrived in Cairo, Egypt, over the weekend for another round of ceasefire talks with Israel. Major media outlets reported that a truce is closer than ever before. Nonetheless, significant hurdles remain beneath the surface as both sides hesitate to make concessions. Hamas is adamant about the withdrawal of Israeli forces from Gaza and obtaining a guarantee from the United States that Israel will not launch a ground invasion of Rafah. Meanwhile, Israel maintains its stance that it will proceed with the invasion regardless. In addition to that, Israel’s hawks are vocal that even if a ceasefire deal is reached, it will not mark the end of the war.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
CRUDE OIL Will Go UP! Buy!
Hello,Traders!
CRUDE OIL has made a
Retest of the rising support
Line and it is making
A bullish rebound so
Our local bullish bias
Is confirmed and we will
Be expecting a further
Bullish move up
Buy!
Like, comment and subscribe to help us grow!
Check out other forecasts below too!
WTI CallsThe price seems to trough on a demand zone. If the price escapes from $79 area making higher highs, it will first test $80 area and $82 afterwards.
WTI Oil H4 | Potential rebound off 61.8% Fibonacci support?WTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 77.43 which is a pullback support that aligns with the 61.8% Fibonacci retracement level.
Stop loss is at 75.40 which is a level that lies underneath a pullback support.
Take profit is at 80.18 which is an overlap resistance.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
USO: Heading down to 200MAUSO (crude oil ETF) is trending down toward its 200-day moving average, coinciding with a previous pivot up within this range and slightly below it. This commodity tends to make dramatic moves so wouldn't be surprised if it made a sudden drop along the way and then bounced, but the channel range may serve as the upper bound. Until it can break free of this sideways or downward price action is more likely.
