CL-OIL trade ideas
WTICOU Play's So ive been watching this Pair for a while now, There could be a great opportunity here if this continues to change direction & switch to bullish. Its forming a bottom structure
Oil To Continue To Lows?Post Election we have seen a waning demand for oil, with the last Administration keeping it at sustained lower prices.
Despite a turnaround somewhat in sentiment on the day, there has been no enormous follow through of oil inflows so far.
Momentum comes into today to the upside, but not willing to short until there is something significant to the upside.
USOIL BULLISH BIAS RIGHT NOW| LONG
Hello, Friends!
USOIL pair is trading in a local uptrend which know by looking at the previous 1W candle which is green. On the 1H timeframe the pair is going down. The pair is oversold because the price is close to the lower band of the BB indicator. So we are looking to buy the pair with the lower BB line acting as support. The next target is 68.98 area.
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WTI oil making its way to lowest point of this year?The commodity is near a key are of support right now, so let's see if today's US economic data can continue boosting the US dollar. If so, WTI oil may end up traveling further south.
EASYMARKETS:OILUSD TVC:USOIL
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Potential bearish drop?USO/USD has reacted off the resistance level which is an overlap resistance that lines up with the 38.2% Fibonacci retracement and could drop from this level to our take profit.
Entry: 69.05
Why we like it:
There is an overlap resistance level that aligns with the 38.2% Fibonacci retracement.
Stop loss: 70.48
Why we like it:
There is a pullback resistance level that is slightly below the 61.8% Fibonacci retracement.
Take profit: 66.91
Why we like it:
There is a pullback support level.
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USOILUS Oil is another name for West Texas Intermediary (WTI) Crude Oil. WTI is the benchmark for Atlantic basin crude oils because of its location in the Gulf coast and central US. The US oil is traded on the New York Mercantile Exchange (NYMEX).
WTI set for breakdown amid supply, demand concernsAlthough oil prices were trading higher at the time of this writing, it is becoming increasingly difficult to foresee a big rally at this stage, without any supply-side shocks.
WTI's price action has been quite heavy as it continues to make lower lows and lower highs. While it has held its own around the December 2023 levels of around $67.00 to $68.00 area, this could prove to be a temporary respite before we potentially see a bigger breakdown. Not only has oil broken the key $69.30 to $70.00 support range, which is now holding as resistance, sentiment towards oil is increasingly turning bearish amid growing signs of excess surplus from non-OPEC.
Indeed, the oil market is heading for a surplus next year, according to the IEA. The agency is forecasting an excess of over a million barrels per day, mainly due to faltering demand from China. Once the driver of global oil consumption, China has seen demand shrink for six consecutive months, largely as its economy pivots to electric vehicles and high-speed rail.
Growing supplies from the US, Brazil, Canada, and Guyana keep the market well-supplied, says IEA. Demand growth this year and next will stay subdued due to slower economic growth and clean energy transitions.
OPEC+ plans to cautiously restart production, with a 180,000-barrel-per-day increase set for January, though they’ll reassess in December. With supply growth outpacing demand, the market is likely to stay comfortably stocked well into 2025.
Against this backdrop, crude oil looks set for a sharp drop after drifting lower in recent weeks.
By Fawad Razaqzada, market analyst with FOREX.com
WTI Bottomed! - 68 close / targets!11.14.24 WTI / USOIL / CL Plan
69.40 and 70.35 levels are targets for this next move off 68.00. Note that 70.35 level is backed by intraday (4H) 200 ema resistance.
For in depth, check bio!! (Voila's Oil Trading - Substack)
wtiCurrently, WTI, considering its interaction with daily and weekly support levels and having a long candle, can target 72 first, then 74, and finally 78.
OIL Completes Inverse Head and Shoulders PatternOIL Completes Inverse Head and Shoulders Pattern
OIL recently completed an inverse head and shoulders pattern. The bottom of the pattern was reached yesterday at 66.9 during the release of the US CPI data, followed by an aggressive growth.
Today, OIL confirmed this new bullish pattern, indicating increased bullish momentum. If the bulls manage to hold the price above 68.8, we could see oil rising further, as shown on the chart. Target zones include 69.9, 71.4, and 72.0.
You may find more details in the chart!
Thank you and Good Luck!
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BUY USOIL | CL Another trade today on CL you can take with the same entry, TP and SL. Place your orders and wait for the market to come fill it!
Follow for more
USOIL Will Grow! Buy!
Take a look at our analysis for USOIL.
Time Frame: 6h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 68.870.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 70.475 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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WTI, Inverted Head and Shoulder with Bullish DivergenceInverted Head and Shoulder Pattern
Bullish Divergence
Right Shoulder in Completion
Buy at Breakout
Buy with Buy Stop
Sl Below Right Shoulder
WTI Crude Oil (USOIL), DailyUSOIL consolidated within 67.00 - 69.00 while sustaining the trend.
The bearish EMAs indicate the potential downtrend extension.
If USOIL breaks above 69.00, coinciding with EMA21 and the 38.2% Fibonacci Retracement, the price could rise to 72.00.
Conversely, a break below 67.00 could prompt a decline toward the channel's lower bound and its support near 65.00.
WTI - Oil waiting for stabilization of regional conditions?!WTI oil is below the EMA200 and EMA50 in the 4H time frame and is moving in its downward channel. If the correction process continues and the resistance range is broken, you can first look for buying positions and then look for oil selling positions in the ceiling of the channel.
The Wall Street Journal analysis indicates that Donald Trump, the U.S. President-elect, intends to impose severe sanctions on Iran and restrict its oil sales. This move is part of an aggressive strategy to reduce Tehran’s support for its affiliated groups in the Middle East and to curb its nuclear program. During his first term, Trump withdrew from the Iran nuclear deal (JCPOA) and implemented a “maximum pressure” strategy. This analysis is from The Wall Street Journal.
Senior commodity analysts at TDS suggest that risks related to the Middle East are significantly underpriced. TDS analysts point out that the resolution of the current round of Middle East tensions could lead to reduced supply risks in the energy market.
In this regard, OPEC’s recent decision to delay additional oil supply has had only a limited impact on increasing supply risk and may not be sufficient in the medium term. According to analyses, if geopolitical stability regarding oil supply continues, there remains a likelihood of price declines.
TDS analysts also caution that threats such as the potential intensification of oil sanctions against Iran by President-elect Donald Trump could disrupt regional oil flows severely, as he might return to the “maximum pressure” policy on Tehran.
The Israeli Foreign Minister has stated that Israel is prepared to continue the Gaza war until its objectives are fully achieved. Progress has been made in ceasefire talks with Lebanon, though the main challenge will be implementing the agreements. The most critical issue for the region’s future is preventing Iran from obtaining nuclear weapons.
An Israeli senior official mentioned, “If Hezbollah does not accept the ceasefire, stronger military and operational plans have been prepared, which could include expanding control over more areas in Lebanon.”
Meanwhile, Russia is reportedly considering merging its major oil companies, including Rosneft, Gazprom Neft, and Lukoil, to create the world’s second-largest oil producer after Aramco. This merger could provide greater control over global energy markets and support Russia’s economy amid wartime conditions. However, the proposal faces opposition from some Rosneft and Lukoil executives and challenges in securing financing for Lukoil shareholders. Kremlin officials and company executives have denied knowledge of such a plan, and details of the proposal remain unclear.
WTI Oil D1 | Falling to multi-swing-low supportWTI oil (USOIL) is falling towards a multi-swing-low support and could potentially bounce off this level to climb higher.
Buy entry is at 67.44 which is a multi-swing-low support.
Stop loss is at 65.10 which is a level that lies underneath a swing-low support.
Take profit is at 72.17 which is a swing-high resistance that aligns with the 50.0% Fibonacci retracement level.
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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.
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WTI, Bearish Channel with Bearish Trend ContinuationBearish Channel
Currently Facing Horizontal Resistance
Breakout Of Resistance Expected
Sell Entry After Break and closing Below Resistance
Stoploss above resistance level
Target towards next resistance zone
Oil - Crude(WTI) | Chart & Forecast SummaryKey Indicators on Trade Set Up in General
1. Push Set Up
2. Range Set up
3. Break & Retest Set Up
Active Sessions on Relevant Range & Elemented Probabilities;
* Asian(Ranging) - London(Upwards) - NYC(Downwards)
Conclusion | Trade Plan Execution & Risk Management on Demand;
Overall Consensus | Neutral
Crude oil is displaying serious weaknessCrude oil is trapped in a descending triangle after a blow off top. might take some time to play out but target for crude oil based on the triangle is 42-40 crude oil.
13-11 Oil13-11 Oil This commodity has a weakness, namely the economic growth in China. Despite the fact that Opec is reducing production, the world economy is experiencing a slowdown. We have placed a first sell at 67,718.
