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WTI

Oil Oversold? Middle East Risks Remain Oil Oversold? Middle East Risks Remain Oil prices are cooling off as concerns over the nature and scale of Israel’s retaliation to Iran become known. Israeli Prime Minister Benjamin Netanyahu has indicated to the Biden administration that they will be targeting military rather than oil nor nuclear facilities. Israel could be keeping oil-related targets as a last resort, depending on how Iran responds to any military strikes. Iran accounts for around 4% of global oil production. However, Iran’s production isn’t the only worry. Broader concerns over regional stability, particularly involving the Strait of Hormuz, should continue to weigh heavily on energy markets. Roughly 20% of the world’s oil, and 20% of liquefied natural gas (LNG), passes through the strait that is bordered by Iran, the United Arab Emirates, and Oman. If the price fails to hold the $70 support, WTI could slide toward the next support zone of at $66.90, the low from October, and $65.50, a level not seen since September.
BLACKBULL:WTI
by BlackBull_Markets
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FX:USOILLong
by Thief_Trader
Hellena | Oil (4H): Short to support area at 67 (Wave "3").Dear colleagues, I believe that at the moment we have a great opportunity to find an entry into a short position that will bring us many pips. The fact is that the wave “2” of the middle order is completed, which means that the wave “3” of the higher order continues the downward movement in the wave “3” of the middle order. I expect the price to rise a bit more to the 78 level, then I expect the price to drop to the 67 level. It will not be a quick drop, but we will be able to go short several times. Manage your capital correctly and competently! Only enter trades based on reliable patterns!
PEPPERSTONE:SPOTCRUDEShort
by Hellena_Trade
3
#202441 - priceactiontds - weekly update - wti crude oil futuresGood Evening and I hope you are well. tl;dr wti crude oil: Bulls bought the daily 20ema and now we had gigantic up and gigantic down, means gigantic confusion. I favor another sideways to down movement for the second leg of the two-legged correction before bulls can try 77 or higher again. 75-76 is a bad spot to trade imo. Downside target is 74 or 73 and everything below would be bad for bulls. Quote from last week: comment: Wild, wild market currently. New low below 66.9, just to reverse for 13.95% or 925 ticks. You won’t see that move too often per year. So now what? Tough. Friday’s bar has a big tail above and we broke above the bear trend line, which could very well be a bull trap. A look at the monthly and weekly chart never hurts. They are both showing the same continuation pattern of a contracting market, since we did not break the lows below 63. Next bigger high which will most likely hold is the July one at 80.71. As of now bulls turned the market neutral again, where the middle of the potential range could be 72 if we use the July high and the September low. comment : Bullish doji on the weekly with big tails above and below. 71.5 is a good low and likely to hold. I do expect another try by the bears though. Only question now is will we see 77+ before 74? I don’t know. So watch for momentum and hope along. I still favor the bulls for at least a retest of 77/78 but I do think we can hit 80 again. Given the strength of the move up, it is reasonable to expect a bigger second leg to 80 or higher. current market cycle : trading range (triangle on the weekly tf) key levels : 71 - 80 bull case: I continue to be bullish until bears can reject 77 or 78 again. Bulls now have formed a proper channel up and we are likely in W2 in a potential W5 series. Don’t trade based on that wave series because right now it’s a very rough guess. Invalidation is below 71.3. bear case: Bears had an amazing pullback last week and had to take profits on those 690 points. I don’t think we will see bigger bears coming around to fight for 75-76 they likely wait for 77/78 again. Otherwise I don’t have any arguments for the bears here. Invalidation is above 79. outlook last week: s hort term: Neutral. I would not short 74.38 right now but favoring the bears for a pullback but only on weakness. Will only turn more bullish above 76 or around 72/73 (if bulls buy it). Pullback could go as deep as 70. → Last Sunday we traded 74.38 and now we are at 75.56. Neutral was good. Big up, big down, big confusion. Likely to trade more in the middle of that range, which we are doing. short term: Neutral but expecting a retest of 77 and higher again. The closer to 74 you can long this, the better is what I think. medium-long term - Update from 2024-10-06 : That bear trend is over and we are again in the big trading range 64 - 78/79. current swing trade: None chart update: Removed bearish two legged correction and added a potential 5-wave series.
NYMEX:MCL1!
by priceactiontds
WTI Crude Oil: Navigating Market Waves with Technical PrecisionH ello, West Texas Intermediate (WTI) Crude Oil is a major benchmark for oil prices in the U.S. It's widely used as a reference price for oil trading and is a key indicator of global oil market trends. Chart Explanation Moving Averages 5-day Moving Average: $74.80 20-day Moving Average: $73.50 50-day Moving Average: $72.00 200-day Moving Average: $70.00 The price is currently above the 5-day, 20-day, and 50-day moving averages, indicating a short-term bullish trend. Technical Indicators Relative Strength Index (RSI): 65 (Neutral to Bullish) MACD (Moving Average Convergence Divergence): 2.0 (Bullish) Stochastic Oscillator: 70 (Overbought) Chart Patterns Candlestick Patterns: Recent patterns show a mix of bullish engulfing and doji, suggesting indecision in the market but with a slight bullish bias. Support Levels: $72.00, $70.00 Resistance Levels: $78.00, $80.00 Analysis of Sentiments At present, sentiment on WTI Crude Oil is rather neutral. The sentiment from the technical indicators is ‘buy’, but there is a little bit of energy demand concern as US consumer sentiment has fallen in recent weeks. This calls for a mixed sentiment in which there is hope of price rises but also provides for fears of drop in demand. News Sentiment Information from the latest news has been provoking nervy WTI Crude Oil sentiments. The volatility and the love-hate relationship with the Iran issue have fueled wild price speculations and tensions in the Middle East. Commentators are careful in their assessments arguing in these present price levels that there are wear and tear global political forces, however, all expect a way out that will either break prices up into summits or down into bottoms. Conclusion In the current prices of WTI Crude Oil, one is able to note that there is a steep bullish movement in the short run. Supported by the key indicators, an uptrend of the market is forecasted. Nonetheless, the stock has neared its peak levels and therefore caution should be taken in regard to possible corrections. The price areas close given as $72.00 and $70.00 can present purchasing chances, if any, while selling pressures, if any, at the price boundaries given as $78.00 and $80.00 will be significant to watch. Regards, Ely
TVC:USOILLong
by Elysian_Mind
USOIL (WTI) → bullish setuphello guys. Trendline Break: The price has broken through a downward-sloping trendline, which is a potential signal for a trend reversal or continuation of the upward move. Order Block Area: There is a highlighted horizontal zone (yellow) around the 70.30 level, which may act as a significant resistance or supply area. Traders are likely watching for a test or break of this zone. QML Pattern (Quasimodo): The yellow circle highlights a QML pattern where the price reverses from a prior support level, suggesting a potentially bullish setup. Upward Target: The projected arrow suggests that if the price can sustain above the broken trendline, it may attempt to reach the 70.30 resistance level, representing a potential price target. Volume Consideration: While not displayed, monitoring volume increases as the price moves toward the target zone could validate the strength of the upward move. Support Zone: A key support area appears around the 67.50 level, as shown by the horizontal blue line. If the price reverses, it could test this level again. Overall, a bullish setup appears in place with key resistance around 70.30, but any failure to break that zone could result in a pullback to support around 67.50. ___________________________ ✓✓✓ Always do your research. ❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them. ❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
TVC:USOILLong
by melikatrader94
7
WTI breaks outOil prices have been edging higher from their earlier lows. Understandably, traders do not want to be caught holding short bets on oil heading into the long weekend. The potential for Israel to strike Iran could see oil prices gap higher at the Asian open next week. There’s also the potential that China’s finance minister will announce substantive fiscal support for the ailing economy. This could ease demand concerns. Meanwhile, oil traders will also look forward to the release of the monthly OPEC and IEA reports on Monday and Tuesday. Bearish oil speculators will be watching for further signs of weakness in oil demand, while the bulls will probably jump on anything constructive for oil prices. Let’s see what these groups will post, but with the focus being mainly on the Middle East situation, I don’t expect to see prices move very much on the back of these monthly oil reports. WTI has just broken its bearish trend line observed on 1 hour time frame. The new short-term support now is this trend line at around $75.30. From here, WTI could rise to take out liquidity resting above recent highs of $78.30, and possibly even reach $80.00. Let's see if it will be able to hold the breakout now. By Fawad Razaqzada, market analyst for FOREX.com
FOREXCOM:USOIL
by FOREXcom
CRUDE OIL (WTI): Confirmed Bullish Reversal WTI Crude Oil looks bullish from both daily/intraday perspectives. On a daily time frame, I see a confirmed breakout of a resistance line of a wide horizontal parallel channel and a trend violation and reversal. On a 4H time frame, I see a retest of a recently broken resistance of the channel with a consequent strong bullish movement and change of character CHoCH. I believe that the market will continue growing. Next resistance - 77.0 ❤️Please, support my work with like, thank you!❤️
TVC:USOILLong
by VasilyTrader
1
2024-10-10 - priceactiontds - daily update - oiltl;dr oil - 297 points given to you yesterday. Hope you made some. 76 could be resistance but I can see this printing 78 again tomorrow. Either way, bad place to buy right now. Need better pullback or a buy near the 1h 20ema or bull trend line. I got nothing for the bears here either. They made big bucks and did not fight this much. comment : Closed the given swing long for around 260. I hope you also made some. Bulls are in control again and I doubt bears want to fight this big time before 77 or higher. current market cycle: strongest bull trend key levels: 71 - 80 bull case: At 75.55 I don’t know how deep the pullback can get. Lowest should be around 74. There is a bull trend line and the 1h 20ema is around 75. Above targets are 77/78 and if bulls get wild again, we will print 80 soon. After such wild moves up and down, it’s more reasonable to not expect more extremes and maybe somewhat more contracting prices and sideways movement before the impulse. Invalidation is below 74. bear case: They gave up above 74.5 and their next target is to keep the market below 77 and turn more neutral again. I honestly don’t have decent arguments for the bears. They made big points on the pullback and now bulls try again. I would not look for shorts in this. Invalidation is above 76.5. short term: Bullish for 77 or higher. Neutral below 74. medium-long term - Update from 2024-10-06: That bear trend is over and we are again in the big trading range 64 - 78/79. I would update this again if we break above 80 with follow through. current swing trade: None trade of the day: Gave you the swing long yesterday at 73.28. That.
NYMEX:MCL1!Long
by priceactiontds
WTI CRUDE OIL: Turned bullish again after the 1D MA50 rebound.WTI Crude Oil turned bullish again on its 1D technical outlook (RSI = 59.281, MACD = 0.570, ADX = 33.404) as even though it breached through the 1D MA50 yesterday intraday, it managed to close the day over it and extend today with a green candle. It was not ideal that the rejection on Tuesday took place on the 1D MA200 but yesterday's 1D MA50 rebound has restored the bullish sentiment. We turn bullish again (TP = 80.00) all the way to the one year LH trendline and the 0.786 Fib. See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
Holding WTI buys. H4. 10.10.2024🛢 Holding WTI buys On oil in a private channel gave a zone for buying at 72.20. I myself bought a little higher at 72.50, but the accuracy is small, but the result is already there. I will hold the buy until the take profit at 80 with intermediate fixation of 50% at 78. If there will be another escalation of the conflict between Israel and Lebanon on the weekend, as well as natural cataclysms in the USA, it will be a positive signal for oil, as it will prevent the delivery of oil products. So buy hold and squeeze with private channel subscribers with it profit to the fullest. BLACKBULL:WTI
BLACKBULL:WTILong
by KovachTrader
Hellena | Oil (4H): Short to support area at 72.299.Well, colleagues, the price did not stop and continued its upward movement. At the moment, I understand that the price should turn around and start the long-awaited continuation of the downward movement. I believe that wave 2 should end in the area of 79.338 or it has already ended and the downward movement has already started. In any case, I see the first target is the support area at 72.299. This scenario will be canceled by reaching the level of 84.601, as this is the top of the wave “2” of the higher order, which means that the wave movement needs to be reconsidered. Manage your capital correctly and competently! Only enter trades based on reliable patterns!
PEPPERSTONE:SPOTCRUDEShort
by Hellena_Trade
13
2024-10-09 - priceactiontds - daily update - oilGood evening and I hope you are well. tl;dr oil - 71.54 has a very good chance of being the low of this pullback. Confirmation is only above 74.7. Tough spot right now. I would not be surprised if Globex starts the pump early. Decent chance we see 76 tomorrow and 78 on Friday. Bears would surprise me below 71 and I do think we would see an even bigger flush below that price. comment : Yeah I know, oil again. Market is moving the most currently so embrace the volatility. I make it short today. 71.54 has a very good chance of being the low of this pullback. Market could retest 77, so 300+ ticks higher from here. If you would long this now, stop is either 69.8 or 71.5. Both are reasonable. Confirmation for the bulls is above 74.75. current market cycle: strongest bull trend key levels: 70 - 80 bull case: Bulls see the 3 legs down and a 200 tick buy from the lows. Next they want follow through to break above the bear channel and they know, bears will have their stops between 74.5 and 74.7. Above is no good resistance until 77 again. On the daily chart we can also see bulls bought the daily 20ema almost to the tick and the bull channel now looks proper. Enough reasons why a long now is a decent trade. Invalidation is below 71.5. bear case: Bears had a gigantic pullback and now 2 bigger tails below the daily bars. Are they gonna fight this or do they think they made almost 700 ticks from the highs and it’s probably reversing soon? If you look at the daily chart, you can not come to the conclusion that you want to short 73.35 right now. If we somehow manage to get below 71.5, the bulls case is probably dead but market would likely be more neutral than bearish. Invalidation is above 74.7. short term: Bullish with stop 71.5. medium-long term - Update from 2024-10-06: That bear trend is over and we are again in the big trading range 64 - 78/79. I would update this again if we break above 80 with follow through. current swing trade: Long 73.28, stop 70.5. Target 77 or higher. trade of the day: Shorts at 77 which was the big red line and August high. Market spiked and bulls who bought above 76.5 did not even had the chance to exit break even.
NYMEX:MCL1!Long
by priceactiontds
Crude oil saved by the 200-day MA (for now)A combination of factors saw crude oil snap its 5-day winning streak on Tuesday. China's equity markets plunged at double-digit levels when traders realised no new stimulus from China was to be unveiled after golden weak. US production forecasts were lowered by the EIA and concerns over the Middle East receded somewhat. An elongated bearish engulfing / outside day formed after its daily high met resistance at the September 2023 trendline. Yet the 200-day MA came to the rescue. For now at least. Given the 4-hour bullish hammer at the 200-day MA and weekly R1 pivot, alongside a heavily oversold RSI (2) on that timeframe, I suspect a cheeky bounce could be in order. Bulls could cautiously seek dips for a move to $75 or $76. Yet the magnitude of Tuesday's selloff suggests bears may be lurking at higher prices to re-enter upon any such bounce. Bears could wait to fade into such levels in anticipation of a return to the $70, near a high-volume node (HVN) and 61.8% Fibonacci level. MS
NYMEX:CL1!
by CityIndex
2024-10-08 - priceactiontds - daily update - oilGood evening and I hope you are well. tl;dr oil - Good pullback by the bears. Wait and see if bulls buy it and market found a bottom. Pullback could get some more but I doubt it will be much. 72-74 is neutral. Wait for strong momentum to the upside again. From yesterday: short term: max bullish but maybe one comment… No matter the reason for the short squeeze, it can turn down again violently and form a gigantic range. So imagine if we retest the breakout price of 72.36. How many traders would be trapped then? Don’t be early. comment : Low of the day was 72.71. Hope you listened. current market cycle: strongest bull trend key levels: 70 - 80 bull case: Bulls got a big pullback which will probably be a great buying opportunity for many who can hold through more pain and scale in lower. Was 72.71 the low for this pullback? Possible but market almost never prints one big surprise bar and then moves in the other direction. Need better confirmation and strong buying again. Targets above are obvious. As long as bulls stay above 71, I think they are good and we will retest 77 and maybe higher. Invalidation is below 71. bear case: I don’t think bears did much here. More likely bulls wanted to secure the windfall profits and reduce risk. Are bears shorting 73 now in hopes of an even bigger reversal down to 70? I highly doubt that. The breakout price was retested imo and we can move higher again. Best bears can get is more sideways movement around 73. Bears also had 2 decent legs down. A third one is possible but betting on it might not be that good of a strategy here. Invalidation is above 75. short term: Neutral around 73-74. Bullish above 75 and bearish below 70. medium-long term - Update from 2024-10-06: That bear trend is over and we are again in the big trading range 64 - 78/79. I would update this again if we break above 80 with follow through. current swing trade: None trade of the day: Shorts at 77 which was the big red line and August high. Market spiked and bulls who bought above 76.5 did not even had the chance to exit break even.
NYMEX:MCL1!
by priceactiontds
WTI OIL 1D MA200 rejection giving the perfect sell.WTI Oil (USOIL) hit our 76.00 Target as presented on our September 24 idea (see chart below): Today even though the price breached the 1D MA200 (orange trend-line), it has since been forcefully rejected. This is not a surprise as all medium-term rallies coming off a Support level bounce since June 2023, were all rejected on the short-term on the 1D MA200. The July 13 2023 one got rejected back to its 0.382 Fibonacci retracement level, while the January 29 2024 one dived lower to the 0.618 Fib. The 1D RSI (red circles) indicates that we are currently exactly on such a rejection sequence. As a result, we turn bearish on WTI, expecting at least a 1D MA50 (blue trend-line) breach at 72.50, which is a Target marginally below the 0.382 Fib. ------------------------------------------------------------------------------- ** 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. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
WTI Oil H4 | Falling to 38.2% Fibonacci supportWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher. Buy entry is at 74.06 which is a pullback support that aligns with the 38.2% Fibonacci retracement level. Stop loss is at 72.18 which is a level that lies underneath a pullback support and the 50.0% Fibonacci retracement level. Take profit is at 77.20 which is a multi-swing-high 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. 62% 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 (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% 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.
FX:USOILLong
by FXCM
1
2024-10-07 - priceactiontds - daily update - oilGood Evening and I hope you are well. tl;dr Oil - 16% in 5 days. Alrighty then. No matter your religious beliefs, you can not buy and pray for higher prices. Buying near the 1h 20ema was profitable since last Tuesday but the rally is so climactic that we will very likely see a bigger pullback soon that will be driven by traders taking profits and reducing their risk. Don’t be exit liquidity. Otherwise it’s obviously max bullishness and we can expect a test of 80 soon. Any decent pullback is a good buying opportunity, just don’t buy big bear bars and hope for the best. Wait until market turns up again. comment : Does not make sense to try to come up with a bull/bear case when the market is doing one of the nastiest short squeezes ever. It’s max bullish and your job now is to evaluate potential spots to get long. No matter how you put it, you can only long this on strong momentum or a decent pullback. The 1h 20ema was profitable for 4 trading days now, look for longs around that price. Can we go higher without a better pullback? Look at the rally 2023-06-28 to 2023-09-28. 3 months of a very strong bull rally and markets always have pullbacks. It could obviously still go higher before a pullback but I would not buy above 77 right now. Market has to form a better pattern for this to be sustainable. Right now it’s a short squeeze and we will soon see a bigger pullback because trader want to lock in profits in order to reduce their risk. current market cycle: strongest bull trend key levels: 70 - 80 bull case: Bulls are in control. Don’t look for shorts, can almost certainly only get burned. Potential targets for bulls to begin to take profits are above us. I got two bear trend lines around 77 - 79. I’d be surprised if we straight go for 80 without a better pullback. Any pullback is a good buying opportunity, just don’t long too early and get trapped in a deeper one you can not hold onto. Invalidation is below 73. bear case: Get outta here, no bear case. Invalidation is above 80. short term: max bullish but maybe one comment… No matter the reason for the short squeeze, it can turn down again violently and form a gigantic range. So imagine if we retest the breakout price of 72.36. How many traders would be trapped then? Don’t be early. medium-long term - Update from 2024-10-06 : That bear trend is over and we are again in the big trading range 64 - 78/79. I would update this again if we break above 80 with follow through. current swing trade: None trade of the day: Long anywhere and have the balls to hold.
NYMEX:MCL1!
by priceactiontds