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Wticrudeoil

Breakout for crude oil in focusCrude oil has been grinding higher since the December low, but after a 4-week period of choppy trade momentum has turned higher. Whilst $80 has been a tough level to crack in recent week, we suspect a breakout is now on the cards - 200-day MA has provided dynamic support - Falling wedge into 200-day MA - Bullish range expansion out of the falling wedge - RSI (14) curling higher from the neutral zone (50) Prices are teasing the $80 level during a quiet Asian session. Bulls could either look to enter the breakout above $80 alongside rising volume, or seek dips down to the $79 handle / 2023 open price in anticipation of a breakout. The bias remains bullish above the $200-day MA with $84 now in focus
NYMEX:CL1!Long
by CityIndex
Crude Oil Wti: Bullish -GARTLEY possibleCrude Oil Wti: Bullish -GARTLEY possible This possible Gartley would raise the price of oil to $85-93-109-116 as shown on my chart! On the downside - we could go down to 77-70 -67 -61$ To monitor : -exponential moving averages -as well as the Ichimoku and Fibonacci levels Warning: We are currently at 27.2 Fibonacci, and we could go back to 38.2 then 50% Fibonacci Add to that the geopolitical tensions with Russia, France and Europe... be careful because the Roc is in positive territory in Weekly good trade everyone
BLACKBULL:WTILong
by Le-Loup-de-Zurich
1
Crude Oil Price Analysis: Implications of Recent EventsIn the H4 timeframe, US Crude Oil prices started the week with a bearish candle, contrasting with the strong gains seen in the previous week. This bearish sentiment seems to be influenced by multiple factors, including technical indicators such as the 61.8% Fibonacci level and overbought stochastic conditions, particularly around the $81.50 mark. The recent disturbances, including Houthi attacks in the Red Sea and increased drone strikes on Russian oil refineries by Ukraine, have added volatility to the market. Additionally, Israeli Prime Minister Benjamin Netanyahu's announcement to push into Gaza's Rafah enclave has further fueled concerns. Despite these geopolitical tensions, the decision by OPEC+ members to extend production cuts of 2.2 million barrels per day through the second quarter has contributed to worries about a tight global supply. This has acted as a catalyst for Crude Oil prices. Looking ahead, the market is closely monitoring the Federal Reserve's stance on interest rates. Expectations that the Fed will maintain higher rates for an extended period may dampen economic activity and fuel demand, potentially impacting Crude Oil prices. However, the overall fundamental backdrop remains supportive for bullish traders, suggesting that any corrective pullbacks could be viewed as buying opportunities. In conclusion, while the opening bearish sentiment in US Crude Oil prices raises questions about short-term direction, the broader outlook remains bullish. Investors should remain vigilant for potential buying opportunities amid the prevailing geopolitical tensions and supply concerns. Daily setup:
TVC:USOILShort
by FOREXN1
1
Oil continues to ascend within the upward-sloping channelWest Texas Intermediate crude oil regained a bullish momentum and managed to establish a new high at $81.58, which marks the highest value in over four months. Additionally, RSI, MACD, and Stochastic all moved higher on the daily chart. These developments are positive for oil and bolster a bullish case in the short term and medium term. However, while it is possible that oil might reach $85 per barrel (or perhaps even $90, depending on the global economy, oil supply/demand dynamics, and the situation in the Middle East), we are skeptical about such high price tags as $100 per barrel in the coming months. In our opinion, the United States will continue to ramp up its production against OPEC, which is trying to balance the market by cutting its own production quotas. Furthermore, the declining industrial and manufacturing production in Europe and the United States is likely to continue holding a lid over rising oil prices. Consequently, at the moment, we see very limited upside for oil. Illustration 1.01 Illustration 1.01 shows the ADX’s daily chart, which reflects the trend’s momentum. Yellow arrows indicate a temporary decline in momentum ahead of the OPEC’s monthly report and subsequent awakening after the report. Illustration 1.02 The image above shows the daily chart of USOIL and simple support/resistance levels derived from past peaks and troughs. Technical analysis Daily time frame = Bullish Weekly time frame = Bullish 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.
TVC:USOILLong
by Tradersweekly
2
Crude Oil (WTI) at ResistanceCrude oil is currently facing resistance on a 1-hour time frame. We've established an upper and lower zone for trading. On the weekly candle from last week, the price closed above the previous week's level, which indicates a possible uptrend towards higher levels around 83. If there is a significant gap in the price on Sunday, we should watch for how the price reacts at these levels before closing the gap. I'd appreciate your thoughts on this.
TVC:USOIL
by TheMotivationalProfessor
1
Bullish trend is still relatively weakWest Texas Intermediate crude oil continues to trade within the upward-sloping channel. However, its bullish trend remains weak, as reflected in the relatively low (but growing) value of ADX (on the daily time frame). In the past two trading sessions, the daily RSI continued to flatten, Stochastic turned lower, and MACD performed a bearish crossover while staying above the midpoint. With these developments unfolding, we pay close attention to the 20-day SMA and resistance levels at $79.25 and $79.72. The price’s ability to retest these resistance levels and ideally maintain a ground above them will bolster a bullish case in the short term. In contrast, a breakdown below the 20-day SMA might hint at oil wanting to slide toward the channel's lower bound. Illustration 1.01 Illustration 1.01 shows the daily graph of USOIL and two simple moving averages. The yellow arrow indicates the oil’s recent retracement toward its 20-day SMA, which acts as a support. Illustration 1.02 Illustration 1.02 shows the daily MACD. The yellow arrow highlights a bearish crossover between the MACD and signal lines. While this is slightly bearish, it is important to note that MACD remains in the bullish territory. Illustration 1.03 The chart above illustrates simple support/resistance levels derived from past peaks and troughs; one more alternative resistance lies at $79.72. Technical analysis Daily time frame = Bullish (weak) Weekly time frame = Neutral 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.
TVC:USOILLong
by Tradersweekly
2
In the short and medium term, WTI is mainly bought. Due to delays in production cuts by OPEC countries. Oil experienced a slight decline, but some Arab countries decided to reduce production. So oil formed some support after a brief decline. As a resource product. To a certain extent, supply is also lower than demand, and the other is the promotion of geopolitics, so the operation is still based on buying at low prices. The club already has live signals announced. In the mid-term, buying is also the main focus.
BLACKBULL:WTILong
by T0_messenger
WTI OIL (USOIL) Technical AnalysisUpon examining the WTI (West Texas Intermediate) crude oil chart, we observe a robust bullish trend, accompanied by a retracement to the 78.6% Fibonacci level. This significant pullback warrants attention, as price action appears poised for a deeper correction. In our analysis, we consider historical price swings, taking into account seasonality patterns from previous years at the same time. By doing so, we explore the likelihood that institutional players may be positioning themselves to drive prices lower, targeting liquidity zones below previous support levels. Additionally, an imbalance is evident on the 4-hour timeframe. Disclaimer: This technical analysis serves as an opinion and should not be construed as financial advice. Traders and investors should conduct their due diligence and seek professional counsel before making any trading decisions.
TVC:USOIL
by fxtraderanthony
USOIL getting positioned for more gains? Yesterday, OPEC and its allies announced plans to extend a voluntary oil production cut of 2.2 million barrels per day through June 2024. Currently, the USOIL trades near $80.20 per barrel, and its structure is undergoing a significant change. Since late November 2023, the USOIL has traded predominantly sideways between $70 and $80 per barrel. However, last week, it broke above the resistance at $79.25 and established a new high in more than three months. By doing so, the USOIL formed an ascending channel, which is a bullish structure. In addition to that, the ADX started to tick slightly higher on the daily chart, suggesting the trend might be gaining bullish momentum. On top of that, technical indicators (on the daily chart), including RSI, MACD, and Stochastic, all turned to the upside, which is yet another bullish sign. Finally, it looks like the USOIL might be awakening and getting positioned for more gains in the short-term and medium-term future. Illustration 1.01 While OPEC and its allies are cutting oil production, the United States is doing the opposite; in fact, the U.S. crude oil production rose approximately 10% in 2023. Technical analysis Daily time frame = Bullish (weak trend) Weekly time frame = Neutral 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.
TVC:USOILLong
by Tradersweekly
6
WTI OIL Sell opportunity targeting the 1D MA50.Oil (USOIL) is trading within a Channel Up pattern since the December 13 2023 market bottom and currently is on the 3rd Bullish Leg towards the top (Higher Highs trend-line). This indicates that on a R/R basis, there is greater incentive selling with the price being closer to the pattern's top than the bottom (Higher Lows trend-line). As a result we are bearish, targeting the 1D MA50 (blue trend-line) and the bottom of the Channel Up at 76.00, which is also marginally above Support 1. Notice also how symmetrical the Higher Highs and Higher Lows legs have been within the pattern. ------------------------------------------------------------------------------- ** 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
1
WTI H1 / Opportunity for a Short Trade 💲Hello Traders! I see a good opportunity to execute a short trade on WTI H1. I expect the BOSS at the price of 77.80 to be taken, and in case of retracement, I will look for a short trade entry. Traders, if my proposal resonates with you or if you hold a divergent viewpoint regarding this trade, feel free to share your thoughts in the comments. I welcome the opportunity to hear your perspectives. ____________________________________ Follow, like, and comment to see my content: www.tradingview.com
FPMARKETS:WTIShort
by GoodTradeST
Futures market backwardation suggests a sluggish outlookDefying our expectations, the West Texas Intermediate crude oil rose above $75 and began to form a rectangle pattern between $76.16 and $79.25 (following a breakdown of negotiations between Israel and Hamas). Currently, the USOIL is trading near the lower bound of this range, which also coincides with the 20-day SMA that acts as an alternative support level. On the daily timeframe, the MACD performed a bearish crossover, and RSI with Stochastic reversed to the downside. Simultaneously, the ADX continued lower, indicating a lack of any trend. Yet, despite that, the futures contracts continue to trade backward, which suggests the market’s sluggish outlook for the oil’s future price. Illustration 1.01 Illustration 1.01 shows the USOIL’s daily chart and simple support/resistance levels. Illustration 1.02 The MACD line and signal line performed a bearish crossover. However, they are still within the bullish area above the midpoint. Technical analysis Daily time frame = Neutral Weekly time frame = Neutral 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.
TVC:USOIL
by Tradersweekly
WTI crude looks set to bounceMomentum has clearly been in favour of bears over the past week for WTI traders, but given it has fallen over 10% from the January high it could be argued the move is oversold (at least over the near term). A doji formed on Monday to show bears are losing their grip, and the fact it is forming a base above the 2023 open price and $72 handle adds to the case for a technical bounce. Moreover, bears entered around the January highs but volumes declined as prices fell to suggest the move is running out of steam, and RSI (2) was oversold on Friday. The bias is for a bounce towards the weekly and monthly pivot points around 74.50 - 74.80 whilst prices remain above Monday's low.
NYMEX:CL1!Long
by CityIndex
1
WTI CRUDE OIL: Still bullish medium term to 83.50.WTI Crude Oil is on a healthy bullish 1D technical outlook (RSI = 61.125, MACD = 0.800, ADX = 42.762), crossing today over the 1D MA200 for the first time in February. 79.75 (R1) is the first Resistance level but once the 1D MA50 broke (as we stated on our prior idea), the target is at least 83.50 (TP), which is what WTI delivered on the August 10th 2023 and April 12 2023 rallies. It is interesting to point out how strong of a Support the 1W MA200 has been acting those past few years and was the level that initiated February's (current) rebound. 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
WTI M15 / Retracement from the FVG H1 / Long Entry ✅Hello Traders! This is My idea related to WTI M15. I see a retracement from the FVG H1. I see this as a good opportunity to execute a long entry. My target is OB at the price of 76.300. Traders, if you liked my idea or if you have a different vision related to this trade, write in the comments. I will be glad to see your perspective. ____________________________________ Follow, like, and comment to see my content: www.tradingview.com
BLACKBULL:WTILong
by GoodTradeST
2
Hopes for higher oil price are getting shatteredThe hopes for higher oil prices were shattered last week with the announcement of a potential Hamas-Israel ceasefire deal, which led to a quick selloff in the oil market. Following the invalidation of a bullish breakout above $76.14, the price of oil kept sliding lower, finally hitting a low of $71.43 yesterday. Currently, the WTI crude oil trades close to $72.80 per barrel, and we pay attention to RSI, MACD, and Stochastic on the daily chart. All of these indicators began to reverse to the downside after the news hit the market, with RSI and Stochastic building bearish structures and MACD attempting to retrace back below the midpoint. If the MACD succeeds, it will bolster a bearish case in the short term. The same will apply to RSI and Stochastic continuing to develop bearish structures. However, as the ADX remains relatively low on the daily time frame, it is suggestive that there is a lack of any trend whatsoever. With this assessment, it is likely that WTI oil will continue to trade within the range between $68 and $75 in the foreseeable future. Illustration 1.01 The image above portrays the daily chart of the USOIL’s MACD. A breakout below the midpoint will bolster a bearish case in the short term and elevate the odds of a breakdown below $70 per barrel. Technical analysis Daily time frame = Bearish Weekly time frame = Slightly bearish 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.
TVC:USOILShort
by Tradersweekly
2