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USOIL 20th JUNE 2022Before July, USOIL was seen moving in the consolidation channel area which tends to be bullish . in July, USOIL sentiment will tend to be bearish . The Organization of the Petroleum Exporting Countries (OPEC) member states announced plans to adjust oil production upward in July by 0.648 million barrels per day. In my view Oil prices are bearish but still not stable. Moderate bearish confirmation has not occurred, because the price has not yet breakout below the support area. So I will place a buy limit near the support area, with the target not exceeding the weekly resistance which is drawn in the red area. stop loss as well as sellstop below the support area.
TVC:USOIL
by DNP-FX
2
Crude Oil testing 2008 and 2014 key areasvolume profile from 2008 and 2014. 2008 looks like some of its key aspects (volume area and point of control) influenced market 6+ years later. 2014 looks to be key influencer now. Both 2008 and 2014 CL vol POC aligned in the 103 to 102.50 area so I think this line price will now move toward. Time will tell if support for higher prices or not. The red dashed lines are the vol POCs while the deep purple dashed lines in the pink volume areas are 50% lines of the area. 109 to 102.50 is the key area to hold for higher prices. From 2011 to 2014 this area proved to be the area that price tested but couldn't break. Now that price has broken through decisively, holding as support could indicate considerable higher oil prices.
NYMEX:CL1!
by mxb1961
OIL Switching Uptrend to DowntrendWe had a massive downtrend on Friday due to recession fears. Chances are we can see some pullback to the 115 or 116 areas which could be a great shorting opportunity. There are also opportunities of scalping quick longs but do not long at the smoothed moving averages or LR Channel tops (Linear Regression) as they can be rejected from there. My trading strategy for opening would be quick longs and then reshorting at higher levels region as there still are recession fears. The higher levels would be at 5min, 15 min, 1hr, 2hr, 4hr LR Channel tops where I would short. I do not expect a 119 area to be reached in the next week (maximum 117).
EIGHTCAP:USOUSD
by pennyclaimer
Crude Oil Uptrend Faces Key Test at Trendline SupportWTI crude oil prices weakened 8.5% last week in the worst 5-day performance since March. That has brought oil to a key rising trendline from December after falling back under the 113.72 - 116.61 inflection zone. In the week ahead, traders will be watching if this trendline will be taken out. Such an outcome could spell more trouble for WTI, exposing the 38.2% Fibonacci retracement at 103.83. Further losses would then place the focus on the 92.95 - 95.11 support zone. TVC:USOIL
TVC:USOIL
by QM_Dubrovsky
1
OIL 5th JUNE 2022The Organization of the Petroleum Exporting Countries and its allies (OPEC), agreed on Thursday to increase output by 648,000 barrels per day (bpd) per month in July and August instead of the previously agreed 432,000 bpd. OPEC decision to increase production targets slightly more than planned. As a result of that expectation, it will have little effect on tight global supply and by increasing demand as China loosens Covid restrictions. From the existing fundamental trend, the oil price tends to be bullish, it is possible that the price will breakout the resistance area. However, market participants still think the price of oil is too high, this can make the price rebound to the resistance area, and make the price will correct down. OIL 26th MAY 2022
TVC:USOIL
by DNP-FX
USOIL 26th MAY 2022The United States government said US crude stockpiles fell by one million barrels last week, with gasoline inventories also falling slightly. The oil and gas commodity did not budge after volatile trade as fears of tight supply offset concerns over a possible recession and China's Covid-19 restrictions. World oil prices turned negative after US Energy Secretary Jennifer Granholm said President Joe Biden had not ruled out using export restrictions to reduce soaring domestic fuel prices. This makes world oil prices tend to be sideways , this is my USOIL trading plan.
TVC:USOIL
by DNP-FX
6
WTI Spikes On Large Draw In Gasoline InventoriesThe American Petroleum Institute (API) reported a small build this week for crude oil of 567,000 barrels. The draw comes even as the Department of Energy released 6 million barrels from the Strategic Petroleum Reserves in Week Ending May 20. U.S. crude inventories have shed some 75 million barrels since the start of 2021 and about 18 million barrels since the start of 2020, according to API data. In the week prior, the API reported a draw in crude oil inventories of 2.445 million barrels after analysts had predicted a build of 1.533 million barrels. Oil prices had a modicum of calm on Tuesday, with WTI trading flat with 0% movement from Monday at $110.30 per barrel on the day at 11:21 a.m. ET—down roughly $4.50 per barrel on the week. Brent crude was trading up 0.20% on the day at $113.70—and down nearly $1 per barrel on the week, with the spread between the two benchmarks now completely evaporated U.S. crude oil production rose to 11.9 million bpd in the week ending May 13. Crude production in the United States is down 1.2 million barrels per day from pre-pandemic times. This week, the API reported a large draw in gasoline inventories of 4.223 million barrels for the week ending May 20—on top of the previous week's 5.102-million-barrel draw. Distillate stocks also saw a draw in inventory, of 949,000 barrels for the week compared to last week's 1.075-million-barrel increase. Cushing saw a 731,000-barrel draw this week. Cushing inventories crashed to 25.839 million barrels in the week prior, as of May 13, according to EIA data—down from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.
OANDA:BCOUSDShort
by DaveBrascoFX