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Elliott Wave count for OILHello everyone, Here's the update for WTI Crude Oil in H1 timeframe, I think we may see another wave down in H1 timeframe and after that some upward movements begin. 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
Technical analysis update: WTI oil (25th November 2021)USOIL seems to stabilize in range between 75 USD and 79 USD. Currently, it trades around 78 USD; and we are closely watching technical indicators as they continue to point to the bearish condition. Current state of oil coincides with the recent set of bearish news regarding realese of the strategic oil reserves by the U.S. and its allies. We do expect the OPEC to take counter measure in response to this action. We think this will most likely take form of lessening production quotas for OPEC's members. We still think that in long-term price of oil is headed higher. However, in short-term and medium-term ongoing politics between the OPEC and the U.S. create headwinds for further rise in price of oil. Despite that, we expect OPEC's counter measures to bolster bullish case for WTI oil. WTI oil continuous futures chart and volume: Volume continues to decrease which suggests that selling pressure cools off. Other developments in a world thatt are related to oil market: 1. First snow in Europe drags power prices higher. 2. EIA reports that crude oil inventories rose slightly last week with inventories of gasoline falling. 3. UN Nuclear Agency failed to reach agreement with Iran last week. 4. Oil markets take relatively well release of strategic oil reserves. Technical analysis - daily time frame RSI is very bearish. MACD is also bearish but it started to show first signs of flattening. Though, it needs to be closely observed for next action in the following days. If it manages to reverse to the upside and cross above 0 points then we will view it as very bullish development. Stochastic remains in bearish area, however, it managed to reverse and it currently points to bullish direction. It also needs to be observed closely in the following days. If it manages to oscillate higher then we will view it as bullish development. DM+ and DM- remain bearish. ADX suggests that prevailing trend is very weak. Technical analysis - weekly time frame RSI exhibits divergence in its medium-term structure. We will observe it in the following weeks and we will look for its ability to reverse back into bullish direction. MACD remains in bullish territory, however, it keeps moving sideways (bearish histogram is forming today). DM+ and DM- remain bullish. ADX continues to decline which suggests that trend is weakening. Divergence in RSI: Double divergence in RSI is not particularly bullish development. We will observe action of RSI very closely in the following weeks as it flashes warning signs at the moment. Support and resistance Major resistance level sits at 85.39 USD while major support level sits at 61.58 USD. Support 1 is at 76.95 USD, Support 2 is at 75.47 USD, Support 3 is at 74.21. These supports act as short-term levels of importance. Additionally, yesterday's high at 79.20 USD acts as immediate resistance. Another important level from psychological standpoint is 80 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
14
Crude resistance plays - now for Support to show its hand $CLI had warned of a pullback in Crude in early-November. and this comes after a series of breakouts that I've been following on the long side, going back to May Earlier in November, WTI had run into a massive Fibonacci level and prices were very stretched. It was the type of trend that gets funny comments on Twitter if you try to fade. But, good resistance is good resistance, and that's precisely what's played out in WTI over the past month, with some help from a few bearish drivers like Covid variants. At this point, prices are starting to test support at a prior resistance zone. This zone carved the highs for 2019, 2020 and for a few months earlier this year, 2021. I'm following this zone from 64.31-67.19, taken from a couple of longer-term fibonacci retracements. The topside of the zone was about a nickel off of last week's close 67.14 v/s 67.19. I had just written an article that discusses how I'm looking to operate around this move. While this presents long-term support potential, the short-term trend is decisively beairsh, and with sellers taking out the 70 handle again this morning, it doesn't look like the low is in yet. Key note - we're less than 2 days from the close of the month and the monthly bar is currently showing as a bearish engulf. If it closes that way, could be a rocky finish to the year for oil prices.
NYMEX:CL2!
by JStanleyFX
1
🛢️ OIL- Support Now and off to 80-93$ 🛳️Further to our previous idea last week : Price is back on he rise after the mini-crash last Friday on Botswana mutation fears. NEWS: Omicron appears to be producing more mild cases of COVID-19 so far. Public health officials are encouraged—but cautious Crude Oil Prices Could Reach $125 a Barrel. Here’s Why . Expectation is that most likely price can rise again now. Back to the 80$ mark or even further , in an attempt to break back into the previous ascending channel on our chart. Cheaper Oil can partially fix inflation but at this stage nobody wants to miss the Xmas season. Especially Europe on a weak euro and the rest of the world after last years lockdowns. Mutation do tend to spread faster but to be less serious. May this pandemic be over soon even if we pay more for Oil for a while. one Love, the FXPROFESSOR Crude Oil - Wti Back to 70,64
TVC:USOILLong
by FX_Professor
1
Crude Oil Price Analysis: Can oil price up again? Oil prices are up in trading today as traders eye potential for a bounce-back after being badly beaten down at the end of last week. WTI suffered its worst performance this year with an 11% drop to $67.50 before finding some footing again around $71.50. Although it remains weaker than usual due mainly because there's no sign yet that supply confronted by demand will ease anytime soon—even though most analysts still think inventories have been building too much all winter long. The oil markets were in a slump on Friday as the Omicron headlines hit. Still, there is a serious consideration that what may heavily dampen oil bullishness due to recent developments. Suppose more people die from this virus next year. In that case, those investing money in oil will lose hope for it being an optimistic fundamental outlook that could cause them to make decisions based on fear rather than the possibility. This passage mainly discusses how one event can change many peoples' perspectives about what they believe their future holds. Even we saw last year oil price dropped nearly $00 for somewhile. So, if the pandemic situation becomes worse like the previous year, the oil's demand will collapse, and crude oil prices may drop again vastly. The ramifications of an Omicron variant crisis are huge, but it's not all gloom. If border controls tighten and more onerous restrictions are imposed globally again, there will probably be no quick fix to resolve the global oil market outlook. We should be careful until vaccinations have had their chance at relieving us from worst-case scenarios once more if they're needed even sooner than expected. If the world leaders can control Omicron and prove nothing more than a hiccup, Friday's retreat will be quite the dip to buy in on Friday, especially when we still need a few weeks. But, one can't rule out dead cat bounce just yet because it may take some time for things to settle and cool off from such high volatility movements. Suppose Omicron is just a hiccup. Then, it will continue its buying pressure. And If Omicron is absolute, then it will continue its Selling pressure again.
TVC:USOIL
by Gold_Trading_Expert
WTI Falls 13% In A Day; The Battle For The Price Of Oil ContinueThe price of oil dropped 13% on Friday (26/11/21), marking the commodities worst single day in 2021. A drop in oil prices this large was last seen in January/February 2020, when WTI was making its way down to unprecedented negative per barrel territory. No one expects oil to veer this low again, but the comparison to 2020 is apt, with Coronavirus responsible for the commodity’s downfall on both occasions. New Coronavirus variant discovered in South Africa An effort to lower the price of oil had begun before the new Coronavirus strain, named the Omicron variant, appeared. Led by the US, a strategic release of Oil reserves was being enacted or considered by members of the International Energy Alliance (IEA) in an attempt to lower the price of oil, which they saw as hampering their respective economic recoveries. It has been claimed that the strategic release would have little effect on the oil price, as the quantity to be released is half of the world’s daily consumption. Yet, oil has fallen from its 2021 highs of US ~$85 per barrel since the announcement. In response, OPEC+ was said to be reconsidering its plan output increase to counter the strategic reserve release by the US and its IEA allies. The OPEC+ rumours helped plug some of the losses oil was experiencing, but not enough to stop consistent weekly losses in the commodity’s price. By Friday, oil had rung up five weeks of straight price decreases. Is the Omicron threat overshooting the fair price of oil? The Omicron variant is possibly the worst coronavirus variant known, as reported by the BBC. However, uncertainty exists as to how vaccine resistant, virulent, and deadly the strain is compared to its predecessors. As such, countries quickly moved to restrict travel from South Africa, reminiscent of January/February 2020, when international travel came to a screeching halt, and the price of oil fell from US $63 per barrel to sub-zero. Countries that have placed travel restrictions on South Africa (and other African nations) include the US, the UK, and Germany. As of writing, WTI is trading at US $68.16 per barrel, as mentioned above, 13% lower than Thursday’s price. Two questions come to mind: Has the market reacted too severely to the threat posed by Omicron? Can the strategic release of oil by IEA nations now be halted or pared back? Regarding the former, Goldman notes that Omicron should have only warranted a ~6.5% drop in the price of oil and that the commodity should quickly recoup some of Friday’s dip. Regarding the latter, it might not be too late to turn this tap off. IEA nations have pledged to release as much as 80 million barrels of oil, with 50 million of these barrels coming from the US. However, a genuine commitment from IEA members has yet to be agreed upon, with discussions still underway as of Friday.
TVC:USOIL
by BlackBull_Markets
Oil is about to reach a critical pointHi everyone. We are about to reach the 0.5 Fibonacci level, which is around 73.5. This indicates whether we're in a correction or we started to see a downtrend. If the chart pivots from 0.5 level it can take back the previous high at around 85.30, which can then go to 100$ if it breaks the 85.30 level. As long as we're above 73.5, the 0.5 level is 100% in the reach. For the $100 level we need more confirmation and see how it reacts to the levels on the chart. If we don't pivot from 0.5 level, I'm expecting an Elliot wave to the demand zone, which is the red box in the chart. It's likely the case that we hear a new about oil supply in upcoming weeks that can affect the price. In that case, the analysis has to be updated, but a down trend should be assumed. I personally don't see this happening, but we never know what the news is going to be. As for entering a position, you should wait for the confirmation from the 0.5 level, and if the price doesn't close bellow the level. Once I got my confirmation, I would enter at above 0.5 level, with the stop loss of below 0.6. Remember: You should ALWAYS have a Stop Loss when trading commodities. You should have stop loss in any case, but it's especially the case with commodities. Note: Do your own analysis before making a trade. Let me know what you all think! Any feedback would be greatly appreciated.
TVC:USOILLong
by soheilsdgh
3
🛢️ Crude Oil - Wti Back to 70,64 🚢🔱Don't fill your tanks (or tankers) yet because we see an unchecked level at 70,64$ that will most likely need to be checked. High dollar, inflation worries, Oil must be 'controlled' and the battle to tame inflation. Biden knows, Europe knows, China knows. Price is under an ascending channel and this is a highly bearish signal that triggered the correction. Price is attempting to rise but the 80$ mark is a technical and psychological resistance that will be hard to breach over. Fill your tanks and tankers next month. the FXPROFESSOR
TVC:USOILShort
by FX_Professor
4
Oil remains steady after reserves release announcement The release of oil reserves was expected to lead to lower oil prices, but instead, WTI Crude Oil has remained steady after a spike. It currently trades just above $78, but upward momentum has been limited. There is short-term resistance at $78.65 and bulls will be looking to close above this figure. However, bearish pressure could lead to a drop back to November lows. If bulls do push the price up, $80.50 will be an important resistance level to look out for. Currently, we see price consolidating and we could soon see a trend emerge. Joe Biden's announced that over 50 million barrels are set to be released with coordination from Japan, China and India. The aim is to lower energy prices, however, OPEC+ producers may respond based on future price action. Traders will be looking out for weekly crude inventories data and other key US economic releases. After hitting 7-year highs, analysts will be wondering whether Crude Oil will be adversely affected by potential demand shortages as a result of increasing Covid-19 cases and possible lockdowns. investors may possibly see this as a short-term trend, but the USOIL price could react if there are greater concerns about lower demand.
CAPITALCOM:OIL_CRUDE
by Capitalcom
1
WTICOUSD may end the correction.WTICOUSD may end the correction. In the analysis, the white dashed line indicates ATR axes. The figure shows that similar wave sequences are built on the ATR axes. Since the size of the wave sequence currently being built is half of the size of the previous wave sequence, it can be said that the current wave sequence is a fraction of the previous sequence. This observation is supported by the local bottoms in the orange squares. The support levels of both wave sequences (now fractal) are given by the ATR axes. Based on the theory described above, I expect WTI to rise from the current level. I also assume that it will not simply turn, but will set itself on a sustained upward trajectory. Its target price : 94 usd
OANDA:WTICOUSDLong
by meszaros
5
Elliott Wave count for OILHello everyone hope you spending a good weekend, I updated the chart for WTI Crude Oil in daily timeframe, Seems, because of strong wave 3 of V the last wave to the upside(5 of V) occurred in truncation form and couldn't make a new high and we are in wave <2> now. 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
4
WTI Crude Oil Forecast: Crude Oil Trying to RecoverThe West Texas Intermediate Crude Oil market has broken down a bit during the course of the session on Thursday but has seen a bit of buying pressure to test the 50 day EMA. The market is forming a bit of a hammer, and now that we have had a nice pullback, it does make a certain amount of sense that we would see this market continue to go higher. At that point, it is likely that the market would go looking towards the $85 level, which is where we had recently formed a bit of a “double top” previously. I think the $85 level is more likely than not going to be the target, and I do not think that it will be easy to break above. On the other hand, if we were to break down below the bottom of the hammer for the trading session on Thursday, then it opens up a move down to the $75 level. That is an area that I think has a lot of psychology attached to it, and therefore I think I would be a bit surprised to see this market break down below there. Even if it did, the 200 day EMA is reaching towards the $70 level as well, so I think that is your “floor the market” going forward. Nonetheless, we have formed a nice hammer for the day, and this does suggest that the buyers are trying to step up and pick this market up. If that is going to be the case, then it is probably only a matter of time, or we turn around and go looking towards the $85 level above. Looking at this chart, this is a market that will continue to be very noisy, but you should keep in mind that we are in an uptrend . That is probably the most important thing here to pay attention to, so because of this you need to keep the “buy on the dips” type of set up in mind, as trying to short a market that has been so strong for months on end would be rather foolish and probably a great way to lose money. If we can somehow break above the $85 level, then it is likely that we could go much higher, perhaps filling the idea of a $100 target.
OANDA:WTICOUSDLong
by SmoothJB