Three Factors Keeping Oil Prices in CheckAT A GLANCE:
Despite ongoing geopolitical conflict, oil prices and volatility are relatively low
A rise in U.S. crude production and weak demand in China are helping oil inventories maintain average levels
Considering many factors like the Russia-Ukraine war, OPEC+ cutting production by 3.6
CRUDE OIL (CLN2024, USOIL, WTI)... BEARISH!Bias is Bullish.
Daily TF shows 2 weeks of
consolidation supported by a Daily
+FVG. Friday finally saw a "BO" as price
traded through the swing high with
a close above it. Note that price is
now inside the a Daily -FVG.
Potential for a bearish reaction? Yes.
However, I believe it will be sh
One more shove lower before blast off? The structure on Friday shifted into corrective looking waves, so I won't be surprised by another shove lower into fib support before the next meaningful run higher commences. If it goes up directly from here I will have some head scratching to do.
Crude - Testing the waters...We saw our weekly target hit yesterday,
I have a hunch as on the Daily we are constantly going back to the middle of the range that bsl of some form is in the eye of the market before we would want to move down.
I ask myself.... Why would we want to go all the way back (weekly ssl level) if we have
WTI trading plan - 16 May 2024NYMEX:CL1!
Longer term trend is still bearish. But Price is trading above 50 SMA, suggesting a short-term bullishness.
Will attempt for intra-day longs today with stops below the 50 SMA.
Oil Counter-Trend Longs into Next ShortOil has broken the 15 minute shorts and now are on their way to the All The Way HWB shorts in on the larger 4 hour time frames. You can see how on Friday, the small time frame shorts survived multiple 4 hour candle dives below the 61.8% longs, only to close at or above the 61.8% long. Our 15 minute
Crude Oil Tuesday ForecastI Have in Mind that we will be BEARISH bias mostly this week as we have Tapped into the Premium Daily FVG yesterday and rejected lower.
My two targets shown in the forecast are the arrows.
Daily PDL
Weekly SSL
Now it is important to realise that the market is moving in London and a straight sell i
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Frequently Asked Questions
The nearest expiration date for Crude Oil Futures (Jun 2024) is May 21, 2024.
Traders prefer to sell futures contracts when they've already made money on the investment, but still have plenty of time left before the expiration date. Thus, many consider it a good option to sell Crude Oil Futures (Jun 2024) before May 21, 2024.