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Elliott Wave count for OILHello everyone, Our scenario for WTI Crude Oil in H1 timeframe has been invalidated so I changed the labels a little bit, seems price formed a flat correction as wave x, I expect upward movements begin soon for this scenario. You can see the details in the chart, If you have any idea or question about this scenario please share with us in comment. I will provide more Elliott wave count daily if you are interested follow us to receive updates. 📣 Attention 📣 ⚠️ 1. We publish this trading idea to help analysts, so if you have an idea that you think is right, do not be influenced by this idea. ⚠️ 2. All our analysis and signals are provided free of charge, so we have no obligation to make any profit or loss on our signals and analysis. ⚠️ 3. If you have an idea, write to us in the comments section, we will be happy to use your idea in our analysis
FX_IDC:USDWTI
by fx_iranian_traders
7
Elliott Wave count for OILHello everyone, here's the update for WTI Crude Oil in H1 timeframe, You can see the details in the chart, If you have any idea or question about this scenario please share with us in comment. I will provide more Elliott wave count daily if you are interested follow us to receive updates. 📣 Attention 📣 ⚠️ 1. We publish this trading idea to help analysts, so if you have an idea that you think is right, do not be influenced by this idea. ⚠️ 2. All our analysis and signals are provided free of charge, so we have no obligation to make any profit or loss on our signals and analysis. ⚠️ 3. If you have an idea, write to us in the comments section, we will be happy to use your idea in our analysis
FX_IDC:USDWTI
by fx_iranian_traders
3
USOIL - Buy After Retracement Oil has broken through its consolidation pattern last night. Expected to retrace to drawn support line (possibily slighly lower depending on the selling pressure). The general trend is bullish, confirmed by Bull Divergence prior to breaking the consolidation pattern. Also, 3D major chart is showing a HIDDEN bullish divergence since the beginning of this week. I believe oil has gone through its Omicron fear phase and is now in demand. Good luck with your trade!
TVC:USOILLong
by Albadran
Technical analysis update: WTI oil (7th December 2021)Today WTI oil broke above 70 USD and it currently trades around 71.50 USD per barrel. In our previous ideas we stated that ongoing politics between OPEC and the U.S. presented headwinds for the price of oil. We also noted that USOIL reached oversold conditions and its price was very attractive for long position (re)entry (as we remained bullish in long-term). Then we updated the most recent idea on 3rd December 2020 where we said that a bullish breakout above 69.21 USD took place. Today's breakout above the 70 USD price tag is even more bullish; additionally, it suggests that correction most likely ended. We are bullish on oil in the short-term as well as in the long-term. Because of that we would like to set a short-term price target for USOIL to 72.50 USD. Our medium-term price target for USOIL is 75 USD and our long-term price target for oil is 85 USD per barrel. Technical analysis - daily time frame Stochastic reversed and it is currently pointing into a bullish direction. RSI broke above 30 points (from oversold zone) which is very bullish. MACD remains in the bearish area, however, it shows first signs of trying to reverse. This view is also supported by its declining histogram. Additionally, ADX peaked which suggests that correction peaked as well. Though, DM+ and DM- continue to show bearish conditions. Overall, technical analysis is less bearish than at the time of our most recent update. Indeed, several indicators point to the end of correction and reversal in trend. Technical analysis - weekly time frame RSI seems to reverse its bearish direction back to the upside. We will await confirmation of this move by gain in USOIL for the current week (and next week). MACD remains in the bullish area, however, it still points into bearish direction. It needs to be observed closely in the following weeks.Stochastic remains bearish. DM+ and DM- remain bearish, however, ADX declines which suggests that selling pressure is cooling off. In general, weekly time frame remains bearish. Because of that we remain little bit cautious. However, weekly time frame respons with higher latency than daily time frame. Support and resistance Closest psychological support sits at 70 USD while short-term support sits slightly below that at 69.60 USD. Other two support levels are at 69.21 USD and then at 65.11 USD. Major support level appears at 61.76 USD. Closest resistance lies at 74.21 USD, then other resistance levels sit at 75.47 USD and at 76.95 USD. Major resistance level is at 85.39 USD. Other possible resistance levels: These resistance levels are derived from the peaks that price made during the correction. They are at 79.20 USD and 84.95 USD. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILLong
by Tradersweekly
6
Crude oil - Trade with +18,5% profit potential [English] The correction phase led crude to $ 62.25. The 200-day line could so far act as support in correction phases. Currently, the contract is traded for 3 days below this important line. If it remains below it, a more extended correction must be assumed. In this case, i do not recommend a long position. If Crude would conquer the 200-day line again, this can be interpreted as a bear trap. In that case, this could be an interesting long entry. As it's moving above that area now, you can look for buys into $ 85,24. Stops should be around $ 64,60. "Trading Futures, Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Articles and content on this website are for entertainment purposes only and do not constitute investment recommendations or advice."
TVC:USOILLong
by ChristopherHoerrmann
Elliott Wave count for OILHello everyone hope you spending a good weekend, Here's the update for WTI Crude Oil in H1 timeframe, In the last count in H1 timeframe I expected to see an impulse for the first leg of wave X but seems the first leg is done already with 3 waves. You can see the details in the chart, If you have any idea or question about this scenario please share with us in comment. I will provide more Elliott wave count daily if you are interested follow us to receive updates. 📣 Attention 📣 ⚠️ 1. We publish this trading idea to help analysts, so if you have an idea that you think is right, do not be influenced by this idea. ⚠️ 2. All our analysis and signals are provided free of charge, so we have no obligation to make any profit or loss on our signals and analysis. ⚠️ 3. If you have an idea, write to us in the comments section, we will be happy to use your idea in our analysis
FX_IDC:USDWTI
by fx_iranian_traders
2
Elliott Wave count for OILHello everyone hope you spending a good weekend, Here's the update for WTI Crude Oil in daily timeframe, as we can see in the chart seems the first leg of wave <2> has been completed and we are in the wave X of this correction. I'll prepare wave count in H1 timeframe to see these movements by more details, see the next post for that. You can see the details in the chart, If you have any idea or question about this scenario please share with us in comment. I will provide more Elliott wave count daily if you are interested follow us to receive updates. 📣 Attention 📣 ⚠️ 1. We publish this trading idea to help analysts, so if you have an idea that you think is right, do not be influenced by this idea. ⚠️ 2. All our analysis and signals are provided free of charge, so we have no obligation to make any profit or loss on our signals and analysis. ⚠️ 3. If you have an idea, write to us in the comments section, we will be happy to use your idea in our analysis
TVC:USOIL
by fx_iranian_traders
WTI Crude Oil Forecast: Crude Oil Looks Set to Pull BackThe West Texas Intermediate Crude Oil market has initially tried to rally during the trading session on Thursday, only to break down rather significantly and show signs of extreme weakness. By doing so, the market looks as if it is probably going to test the 200 day EMA underneath, which currently sits at the $69.21 level. Whether or not we break down below there is a completely different question, but it is worth noting that the $73 level has been a bit like a brick wall, and therefore I think at the very least we have a pullback coming. The 200 day EMA will obviously attract a lot of attention, but whether or not it holds will remain to be seen. If we break down below there, then it is likely we go looking towards the $65 region, where we had a major uptrend line and a hammer form and bounced from. The market is more than likely going to respect that area, but if we break down below the $65 level, then it is very likely that crude oil will break significantly lower. A lot of this is going to be interesting to watch over the next couple of weeks, because part of what we are seeing here is the fact that liquidity will start to dry up towards the end of the year and therefore you need to pay close attention to your position size. After all, you may get the occasional spike that causes havoc for your account. If we can break above that $73 level finally, then I think the market goes looking towards the $75 level, which also happened to be where the 50 day EMA is. The question now is whether or not the markets are going to start pricing in a massive slow down economically or are they going to start looking towards the fact that demand for crude oil could continue to go higher based upon the reopening trade. Omicron did cause quite a bit of wreckage in risk appetite around the world, but it does look as if the variant is not going to be as dangerous as some of the others. However, if governments continue to try to shut everything down, that obviously has a very negative effect on crude oil.
OANDA:WTICOUSD
by SmoothJB
Elliott Wave count for OILHello everyone, here's the update for WTI Crude Oil in H1 timeframe, You can see the details in the chart, If you have any idea or question about this scenario please share with us in comment. I will provide more Elliott wave count daily if you are interested follow us to receive updates. 📣 Attention 📣 ⚠️ 1. We publish this trading idea to help analysts, so if you have an idea that you think is right, do not be influenced by this idea. ⚠️ 2. All our analysis and signals are provided free of charge, so we have no obligation to make any profit or loss on our signals and analysis. ⚠️ 3. If you have an idea, write to us in the comments section, we will be happy to use your idea in our analysis
FX_IDC:USDWTI
by fx_iranian_traders
2
WTI BULLS 🐮WTI is showing solid signs that we could be moving into a bullish market in the current trading week. We have already executed longs and have added to them, our take profit levels are already listed and we will determine based on short-term price action which level will be our profit target. Since we will compound the possible upside we might be getting out sooner as our profit could drastically increase due to compounding. If we take into account price action, you will see that we have already formed a higher high and a higher low, while right now we are stuck in a little range, volume is increasing on WTI which suggest a move is coming today. We are long until proven wrong.
OANDA:WTICOUSDLong
by PrimedGroup
Crude Oil Plummets on OPEC DecisionOPEC Agrees January 2022 Supply Hike Less than one month ago, WTI Crude Oil was trading at about $85 per barrel, which was a multi-year high price. Over the past three weeks the price descended rapidly from that high, and today extended that trend to approach the 6-month low price at $61.76. The pace of this downwards trend accelerated a few days ago with the news of the discovery of the omicron coronavirus variant. As there are fears that this variant may be dealt with by lockdowns and trade shutdowns or delays, if its potency is revealed to be high, we can expect a drop in demand, which will inevitably mean a drop in the price of WTI Crude Oil. It was against this backdrop that the Organisation of Petroleum Exporting Countries (OPEC) agreed a short while ago to extend the supply of January 2022 Crude Oil by 400,000 barrels per day. There are initial reports that the members are also agreed to review this decision if demand does drop rapidly over the coming weeks. WTI Crude Oil Price Action The price of WTI Crude Oil has fallen strongly over the past few days. It has fallen by more than 25% in value since reaching a multi-year high of $85.39 on 25th October 2021. The pace of the fall has quickened recently. The drop is showing what might be initial signs of exhaustion as it approaches the key support level at $61.89 which represents the lowest price seen since May 2021. What Does This Mean for Traders? Traders should be aware that if the omicron coronavirus variant is resistant to existing vaccines and can also cause serious illness to vaccinated people, governments may well react by initiating another round of shutdowns for a while, as they did in March and April 2020 when the disease really began to spread worldwide. The lockdowns, shutdowns, and trade restrictions that were put in place in the spring of 2020 did a great deal of economic damage, although most economies rebounded strongly after this period as restrictions were eased. The panic of March 2020 saw huge and very rapid directional movements in the markets, but nothing was as spectacular as the price action in WTI Crude Oil, with futures actually going into negative territory for a while. This and the subsequent strong rebound gave traders and speculators some incredible trade opportunities, first short, then long. If history is going to repeat itself, even if on a smaller scale, the price of WTI Crude Oil has good reasons to fall further, in line with the long-term trend. How far it might fall is anyone’s guess, but if omicron is economically destructive, it is very likely to.
OANDA:WTICOUSDShort
by SmoothJB
1