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#wti#crude#oil

WTI OIL Recent fractal calls for a buy towards $70.50.WTI Oil (USOIL) is on the 3rd straight green 1D candle following a Double Bottom bounce on the 61.50 Support. At the same time the 1D RSI formed Higher Lows, which is a Bullish Divergence. The same set of conditions emerged on the May 05 bottom rebound, which resulted into initially a 1D MA50 (blue trend-line) test and then a Resistance 2 contact. As a result, we expect this rise to continue, targeting $70.50. ------------------------------------------------------------------------------- ** 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:USOILLong
by TradingShot
3
USOIL (WTI) Gann & Harmonic Pattern Points to Major Move!🛢️ 🛢️ USOIL (WTI CRUDE) Points to Major Move! ⚡ 📊 💹 Comprehensive Price Action Strategy | September 2025 Edition 🎯 📈 MARKET SNAPSHOT Asset: USOIL (SPOTCRUDE/WTI CASH) Current Closing Price: $64.413 Date: September 6, 2025 Market Status: 🔴 Critical Support Zone Testing 🎯 EXECUTIVE SUMMARY WTI Crude Oil is currently trading at $64.413, positioned at a crucial technical juncture. Our multi-timeframe analysis reveals a bearish-to-neutral bias with potential for a significant reversal if key support levels hold. The convergence of multiple technical indicators suggests heightened volatility ahead, presenting both risk and opportunity for astute traders. 📊 COMPREHENSIVE TECHNICAL ANALYSIS 🕯️ Candlestick Pattern Analysis The recent price action has formed a Bullish Hammer pattern at the $64.00 psychological support level, suggesting potential exhaustion of selling pressure. This formation, combined with increasing volume, indicates possible accumulation phase initiation. Key Patterns Identified: - ✅ Bullish Hammer at support - ⚠️ Evening Star formation on 4H chart - 📍 Doji cluster indicating indecision 🌊 Elliott Wave Analysis Current wave count suggests we're completing Wave 5 of a larger corrective structure: Primary Count: Completing Wave C of ABC correction Alternative Count: Wave 4 consolidation before final Wave 5 push Target Zones: - Bullish: $72.50-$74.00 (Wave 5 extension) - Bearish: $58.00-$60.00 (Wave C completion) 📐 Harmonic Patterns A Bullish Bat Pattern is forming on the daily timeframe: - X: $78.45 (Recent High) - A: $61.20 (Recent Low) - B: $71.85 (0.618 Retracement) - C: $64.41 (Current Price) - D: $59.80-$60.50 (Projected - 0.886 XA) Trading Implication: Watch for reversal signals near $60.00 for high-probability long entries. 🔄 Wyckoff Analysis Current market structure suggests: Phase: Potential Spring Test within Trading Range Volume Analysis: Declining volume on recent decline = Lack of selling pressure Smart Money Behavior: Accumulation signals emerging Projected Move: Re-accumulation before markup phase 📊 W.D. Gann Analysis Gann Square of 9 Calculations: - Current Price: $64.413 sits on 225° angle - Next Resistance: $68.00 (270° angle) - Critical Support: $61.00 (180° angle) Gann Time Cycles: - September 15, 2025: Major time pivot ⏰ - September 22, 2025: Secondary cycle completion Gann Fan Analysis: - Price respecting 2x1 angle from July low - Break above 1x1 angle at $66.50 signals trend change ☁️ Ichimoku Cloud Analysis Current Position: Price below cloud - Bearish bias Tenkan-sen: $65.80 (Immediate resistance) Kijun-sen: $67.25 (Major resistance) Cloud Support: $62.00-$63.50 Chikou Span: Bearish, below price 26 periods ago 📉 KEY TECHNICAL INDICATORS 📊 RSI (14-Period) Current Reading: 42.5 Status: Approaching oversold territory Divergence: Bullish divergence forming on 4H chart Signal: Potential reversal zone approaching 📈 Bollinger Bands Upper Band: $68.20 Middle Band (20 SMA): $65.85 Lower Band: $63.50 Current Position: Testing lower band Volatility: Bands contracting - Breakout imminent 💹 VWAP Analysis Daily VWAP: $64.85 Weekly Anchored VWAP: $66.20 Monthly VWAP: $67.50 Volume Profile POC: $65.00 (High volume node) 📊 Moving Averages Confluence 20 EMA: $65.85 ⬇️ 50 SMA: $67.20 ⬇️ 100 EMA: $69.50 ⬇️ 200 SMA: $71.00 ⬇️ Status: Death cross on daily (50/200) - Bearish medium-term 🎯 TRADING STRATEGY ⚡ INTRADAY TRADING (5M-1H) LONG SETUP 🟢 Entry Zone: $63.80-$64.20 Stop Loss: $63.40 (-1%) Target 1: $64.80 (+1.5%) Target 2: $65.40 (+2.5%) Target 3: $66.00 (+3.5%) Risk/Reward: 1:3.5 SHORT SETUP 🔴 Entry Zone: $65.60-$65.90 Stop Loss: $66.30 (-1%) Target 1: $65.00 (-1.5%) Target 2: $64.40 (-2.5%) Target 3: $63.80 (-3.5%) Risk/Reward: 1:3.5 📈 SWING TRADING (4H-DAILY) BULLISH SCENARIO 🚀 Entry: $64.00-$64.50 (Current levels) Stop Loss: $61.50 (-4%) Target 1: $68.00 (+5.5%) Target 2: $72.00 (+11.8%) Target 3: $75.50 (+17.2%) Position Size: 2% portfolio risk BEARISH SCENARIO 📉 Entry: $65.80-$66.20 (Resistance retest) Stop Loss: $67.50 (+2%) Target 1: $62.00 (-6%) Target 2: $59.50 (-10%) Target 3: $57.00 (-14%) Position Size: 1.5% portfolio risk 🗓️ WEEKLY FORECAST Monday-Tuesday (Sept 9-10) 📅 - Expected Range: $63.50-$65.80 - Bias: Neutral with bullish undertone - Key Level: Watch $64.00 support hold Wednesday-Thursday (Sept 11-12) 📅 - Expected Range: $64.00-$67.00 - Bias: Potential breakout day - Catalyst: EIA Inventory Data Friday (Sept 13) 📅 - Expected Range: $65.00-$68.50 - Bias: Trend continuation - Note: Options expiry volatility 🌍 MARKET CONTEXT & FUNDAMENTALS Geopolitical Factors 🌐 - ⚠️ Middle East tensions supporting price floor - 🇨🇳 China demand concerns capping upside - 🇺🇸 SPR refill discussions providing support Supply/Demand Dynamics ⚖️ - OPEC+ production cuts extended - US shale production moderating - Global inventory draws accelerating Economic Indicators 📊 - Dollar Index weakening (Bullish for Oil) - Global growth concerns (Bearish pressure) - Inflation expectations rising (Supportive) ⚠️ RISK MANAGEMENT Position Sizing Guidelines 💰 Intraday: Max 1-2% account risk per trade Swing: Max 3-5% account risk per position Correlation Risk: Monitor energy sector exposure Stop Loss Strategies 🛡️ 1. ATR-Based: 1.5x ATR from entry 2. Structure-Based: Below/above key S/R levels 3. Time-Based: Exit if no movement in 2-3 candles Risk Factors ⚠️ - 🔴 Break below $61.50 invalidates bullish thesis - 🔴 Unexpected OPEC+ policy changes - 🔴 Rapid Dollar strengthening - 🟢 Surprise inventory draws - 🟢 Geopolitical escalation 🎯 KEY LEVELS TO WATCH SUPPORT LEVELS 🟢 S1: $63.50 (Immediate) S2: $61.50 (Critical) S3: $59.00 (Major) S4: $57.00 (Yearly Low) RESISTANCE LEVELS 🔴 R1: $65.80 (Immediate) R2: $67.25 (Daily 50MA) R3: $69.50 (Daily 100MA) R4: $72.00 (Major) 💡 PRO TRADING TIPS 1. 🎯 Best Entry Times: London/NY overlap (8-11 AM EST) 2. 📊 Volume Confirmation: Look for >20% above average 3. 🔄 Correlation Trades: Monitor USD/CAD inverse relationship 4. ⏰ Avoid Trading: 30 mins before/after EIA releases 5. 📈 Scale Strategy: Add to winners, not losers 🔮 MONTH-END PRICE TARGETS September 2025 Projections: Bullish Target: $72.00-$74.00 🎯 Base Case: $66.00-$68.00 📊 Bearish Target: $58.00-$60.00 📉 Probability Assessment: - Bullish Scenario: 35% 📈 - Base Case: 45% ➡️ - Bearish Scenario: 20% 📉 📌 CONCLUSION & ACTION PLAN USOIL presents a compelling risk/reward opportunity at current levels. The confluence of technical support at $64.00, combined with oversold conditions and potential harmonic pattern completion, suggests a tactical long position with tight risk management is warranted. Recommended Strategy: 1. Primary: Accumulate long positions $63.50-$64.50 2. Alternative: Wait for breakout above $66.00 for momentum trades 3. Hedge: Consider put options if below $61.50 📝 TRADING CHECKLIST Before entering any position: - ✅ Confirm volume supports move - ✅ Check RSI for divergences - ✅ Verify multiple timeframe alignment - ✅ Set stop loss before entry - ✅ Calculate position size - ✅ Review correlation with DXY - ✅ Check economic calendar - ✅ Assess market sentiment 🏷️ *Last Updated: September 6, 2025, 12:54 AM UTC+4* 🔔 Follow for daily updates and real-time trading signals! For individuals seeking to enhance their trading abilities based on the analyses provided, I recommend exploring the mentoring program offered by Shunya Trade. (Website: shunya dot trade) I would appreciate your feedback on this analysis, as it will serve as a valuable resource for future endeavors. Sincerely, Shunya.Trade Website: shunya dot trade ⚠️Disclaimer: This post is intended solely for educational purposes and does not constitute investment advice, financial advice, or trading recommendations. The views expressed herein are derived from technical analysis and are shared for informational purposes only. The stock market inherently carries risks, including the potential for capital loss. Therefore, readers are strongly advised to exercise prudent judgment before making any investment decisions. We assume no liability for any actions taken based on this content. For personalized guidance, it is recommended to consult a certified financial advisor.
PEPPERSTONE:SPOTCRUDE
by sunya
WTI OIL technically more chances to test the 1D MA50. Buy.Last week (August 20, see chart below) we issued a bullish break-out signal on WTI Oil (USOIL) that reached our $65.60 Target within 3 days: This time we get a new buy signal, despite today's sharp pull-back. The -12.78% decline since the July 30 rejection, resembles the one since the October 08 2024 High. This rebounded to just above the 1D MA50 (blue trend-line) to form a new Lower High and get rejected again. As a result, our immediate short-term Target is $66.30. ------------------------------------------------------------------------------- ** 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. ** ------------------------------------------------------------------------------- Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis. 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TRADENATION:WTILong
by TradingShot
WTI OIL Buy signal if the 4H MA50 breaks.WTI Oil (USOIL) appears to have found short-term Support since the August 13 Low, turning sideways, with its 4H RSI however on Higher Lows, thus displaying a Bullish Divergence. This is similar to the June 24 - July 02 Bullish Divergence, which once it broke above the 4H MA50 (blue trend-line), it topped a little over the 0.382 Fibonacci retracement level. As a result, we will be waiting for the 4H MA50 bullish break-out signal to target $65.60 (Fib 0.382). ------------------------------------------------------------------------------- ** 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. ** ------------------------------------------------------------------------------- Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis. 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TRADENATION:WTILong
by TradingShot
WTI OIL Is it forming a bottom?WTI Oil (USOIL) Has been trading within a Rising Wedge pattern and since June 02, it has turned its 1D MA50 as a Support. Technically the recent 2-week consolidation within the 1D MA50 (blue trend-line) and 1D MA200 (orange trend-line) is a bottom formation on the Higher Lows trend-line of the Rising Wedge. As long as the 1D MA50 holds, we remain bullish, targeting $80.00 (Resistance 1). If the 1D MA50 breaks (closes a 1D candle below it), we will take the loss, and turn bearish instead, targeting $60.05 (Support 1). ------------------------------------------------------------------------------- ** 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. ** ------------------------------------------------------------------------------- Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis. 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TRADENATION:WTI
by TradingShot
WTI OIL Best scalping opportunity at the moment!WTI Oil (USOIL) has been consolidating inside a ranged trading set-up, with the 4H MA100 (green trend-line) as its Resistance and the 4H MA200 (orange trend-line) as its Support. We saw this previously from May 13 to June 01 and it presents the best scaling opportunity in the market at the moment. That previous Ranged Trading pattern eventually broke upwards as the Higher Lows trend-line held. As a result, after you get your scalping profits within this range, look for a clear break-out above the 4H MA100 (candle closing) in order to go long (Resistance 1) or a break-out below the Higher Lows (candle closing) in order to go short (Support 1). ------------------------------------------------------------------------------- ** 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. ** ------------------------------------------------------------------------------- Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis. 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TRADENATION:WTI
by TradingShot
WTI CRUDE OIL: Brutal collapse expectedWTI Crude Oil has turned bearish again on its 1D technical outlook (RSI = 44.990, MACD = 0.310, ADX = 38.289) and is expected to accelerate the effect as based on the 16 year Cycles, late 2025 and most of 2026 should experience a price collapse. The most optimal Buy Zone starts at $33.00, it could go lower but that's a solid base from which to expect a bounce back above $110.00 by 2028. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILShort
by InvestingScope
WTI OIL Massive rejection on the 1D MA200.WTI Oil (USOIL) has been trading within a Channel Down for over a year now and today its latest Bullish Leg hit the 1D MA200 (orange trend-line) for the first time since February 03 2025. Unless we see a sustainable structured rise that turns it into a Support, the long-term bearish trend should prevail, and the market has already reacted to this with a strong rejection. With the 1D RSI almost overbought (>70.00), being consistent with the last 3 major tops, we expect a gradual decline towards Support 1, as it happened on the January - February 2025 Bearish Leg. Our Target is just above it at $55.50. ------------------------------------------------------------------------------- ** 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. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TRADENATION:WTIShort
by TradingShot
1
WTI Crude Oil Testing Make-or-Break Support ZoneWTI crude is grinding into a pivotal horizontal support near 6,020 after another sharp rejection near the 50-day SMA: Support at Risk: Price is pressing into the horizontal support zone formed by May’s lows (~6,020). A clean break below would shift momentum back decisively to the downside. Bearish Structure: Price remains well below both the 50- and 200-day SMAs, which are angled downward—consistent with a medium-term downtrend. Momentum Fading: MACD is negative and turning lower again, while RSI is stuck near 45 and showing no bullish divergence. Next Support: If support fails, next downside level is likely around the YTD low near 5,400. As it stands, bears remain in control unless bulls can defend this floor and drive a breakout back above the 50-day SMA. -MW
FOREXCOM:USOIL
by FOREXcom
WTI CRUDE OIL: Short term rebound on RSI Bullish DivergenceWTI Crude Oil is bearish on its 1D technical outlook (RSI = 38.958, MACD = -2.110, ADX = 28.985) as it remains on a multi-month Low. The 1D RSI however displays a HL Bullish Divergence and this can cause a short term price rebound. The Resistance is the Pivot Zone and short term the LH trendline is what maintains the downtrend. Consequently, we are now bullish, TP = 64.90. ## 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 CRUDE OIL: Channel Down bottomed. Buy opportunity.WTI Crude Oil is heavily bearish on its 1D technical outlook (RSI = 38.039, MACD = -2.310, ADX = 38.046) as it is trading inside a Channel Down for more than 1 year. Last week's low has made a technical LL at the bottom of the pattern and the current consolidation indicates that this may be an attempt to initiate the new bullish wave. The 1D RSI recovered from being oversold previously and this potentially hints to a rebound over the 1D MA200. The last bullish wave crossed above the 0.618 Fibonacci marginally. Trade: long, TP = 71.00. ## 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 CRUDE OIL: Potential bottom and massive rebound to 71.00.WTI Crude Oil got oversold on its 1D technical outlook (RSI = 31.096, MACD = -1.620, ADX = 38.232) but is recovering its 1W candle now as it hit the bottom (LL) of the 1 year Channel Down. If the 1W candle makes a green closing, we will consider this a bottom, as the 1W RSI is also on its LL trendline) and go for a long aimed as the previous one at the 0.618 Fibonacci (TP = 71.00). ## 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 crude oil shows the potential for a bounceThis is a bit of a scrappy chart, but I still see the potential for a cheeky bounce. WTI crude oil is trying to snap a 4-week losing streak, by stalling around a 50% retracement level. Last week's candle was an inverted hammer, and the previous two weeks have both closed above the 50% level. A bullish divergence formed on the daily RSI (2) ahead price action finding support at the 200-day SMA and 200-day EMA. From here, the bias remains bullish while prices hold above last week's low. Bulls could seek dips towards the 200-day MAs, with a near-term upside target of $72. A break above which brings $74 into focus, near the monthly pivot point. Matt Simpson, Market Analyst at City Index and Forex.com
NYMEX:CL1!Long
by CityIndex
WTI selloff stalls around cluster of big levelsWTI crude has seen a 11% correction from its January high, and 11 of the past 13 days since the high have been down days. But there is a glimmer of hope for bulls as prices are holding above several key levels of support, just above the $70 handle. Tuesday's bullish pinbar held above respected the 200-day EMA and 50% retracement levels, while respecting the 200 and 50-day EMAs. It also saw a minor (and ultimately false) break of the $71 handle and November high. While Wednesday was a down day, it was also an inside day. And this suggests a hesitancy to break immediately lower with demand around $71. This may be on the scrappy side, but bulls could consider longs around the current lows and seek a rebound to either Wednesday's high, just beneath the $73. Though a higher target could be considered should a fundamentally bullish catalyst arrive. The bias remains bullish above $70, but $70.49 could also be used to improve the reward-to-risk ratio. Matt Simpson, Market Analyst at City Index
NYMEX:CL1!Long
by CityIndex
WTI CRUDE OIL: Rebound to 75.50 very probable.WTI Crude Oil is bearish on its 1D technical outlook (RSI = 40.837, MACD = 0.030, ADX = 37.618) which is natural as it's trading inside a Channel Down. The pattern formed a 4H Death Cross yesterday and even though it's technically bearish, the last time it was formed (October 24th 2024), it marked a bottom 4 days later. The bottom was formed on a HL trendline and if it gets repeated, we should see a HL rebound soon. As with November's rebound, we will be targeting the 0.5 Fibonacci level (TP = 75.50). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
1
WTI CRUDE OIL: Buy opportunity on the bottom trendline.WTI Crude Oil remains bullish on its 1D technical outlook (RSI = 58.480, MACD = 1.830, ADX = 66.542) despite the 4 day selling streak, which pushed the price under the 4H MA50. The HL trendline is still intact though, so technically that is a sound buy opportunity, especially if the 1D RSI hits the 30.000 oversold level. We're bullish (TP = 86.00). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
1
WTI CRUDE OIL: Bullish fractal from 2023 targets $78.50.WTI Crude Oil is neutral on its 1D technical outlook (RSI = 51.153, MACD = 0.060, ADX = 20.101) as it is trading around its 1D MA50 but at the same time remains supported on the S1 Zone. In the meantime the 1D RSI is rising on HL, which is a bullish divergence. This set of dynamics are identical to March-June 2023, when WTI was contained over the S1 Zone but the RSI was pointing to a bullish divergence that eventually caused a bullish breakout. Consequently, we are bullish now, aiming again at the R1 level (TP = 78.50). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
2
WTI OIL Major bullish break-out happened. Expect rally to $76.WTI Oil (USOIL) broke yesterday above the 1-month Lower Highs trend-line, following the bullish EIA report. This is a major bullish break-out as the last time the price broke above a similar Lower Highs trend-line was on October 01, with the resulting rally rising above the 0.786 Fibonacci retracement level. Even the 4H RSI sequences between the two fractals are identical, with both starting on a Bullish Divergence (Higher Lows against the price's Lower Lows and then a nearly oversold RSI with the price on the Support Zone was what initiated the rebound that broke the Lower Highs. Our Target is again the 0.786 Fib at $76.00. ------------------------------------------------------------------------------- ** 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:USOILLong
by TradingShot
2
2024-12-11 - priceactiontds - daily update - wti crude oilGood Evening and I hope you are well. tl;dr wti crude oil futures - Neutral. Having a hard time being bullish inside trading ranges and unexpected moves higher. Volume is utter trash and yet market broke above last weeks high and the bear trend line. Bulls want 71 next but I would not be surprised if we go down to 68 or even 67 again. comment: Daily chart shows the trading range which is still contracting but the very small break above last weeks high is a start for the bulls. Buying at previous resistance inside a trading range is always a bad trade. I’d rather wait if bulls come around big time on a pullback and see if it has strong momentum and can break above 70.5. current market cycle: trading range key levels: 67 - 71 bull case: Bulls made a small higher high and now want 71 next. The rally is not particularly strong and the volume is also atrocious. I don’t have many arguments for the bulls here. Invalidation is below 66.27 bear case: Bulls have not printed more than 2 consecutive bull bars for almost 2 months now. Bears see that, previous resistance 70.5 from last week and still a bear trend line close enough. They have much more reasons to sell this, than bulls have for buying it. Invalidation is above 70.6. short term: Neutral. I wait for one side to gain momentum again but my bar for the bulls is higher than for the bears. I don’t have an opinion on where this goes next. For me it’s 50/50 if we go down to at least 69 or higher to 71. medium-long term - Update from 2024-11-10 : Unless an event comes up, this will very likely close around 70 for the year. current swing trade : Nope trade of the day: Tough. Long was obviously right but there were so many trend lines that could have been resistance, it was much more reasonable to not take the longs than to hope for a breakout above multiple trend lines.
NYMEX:MCL1!
by priceactiontds
#202449 - priceactiontds - weekly update - wti crude oil futuresGood Evening and I hope you are well. tl;dr wti crude oil futures: Neutral af. Two weekly bear bars closing on their lows the past two weeks. Before that we had 12 weeks of most alternating bull/bear weeks. Can you get bearish now for a stronger leg down? I highly doubt it. Market has not had a weekly close below 65.6 for exactly a year. 65.6 is the November low and I expect it to hold. So looking for longs is probably the way to go but bulls only produced one single bull bar in the past 2 weeks. Need more buying pressure before looking for higher targets. I won’t touch it for now. Quote from last week: comment: The most likely outcome was a continuation of the trading range and that’s what we got. Bears are on their way to test 67 again and the market now have formed a head & shoulders pattern like in August where we broke down to make new lows. Most h&s patterns fail and are just continuation patterns. We will likely get the answer to that next week. Anything between 68 and 70 is a dead zone and I will only be interested in longs around 67, if bulls come around again. Shorts do not make sense below 70. comment : Bulls are not doing enough but bears are also barely making new lows. Market is mostly two sided and stuck inside an 8$ range for 2 months. Don’t over analyze it. current market cycle: trading range key levels: 65 - 73 bull case: I won’t make up stuff here. Market has no direction for years now and the range is contracting. Bulls want to stay above 66 and test the upper bear trend line around 70 again. That’s about it. Invalidation is below 66. bear case: Bears are in control but it’s clearly a very weak trending trading range. We are inside nested triangles on higher time frames and selling below 67 has not been profitable for more than an intraday scalp since mid 2023. It hasn’t been profitable to get bearish below 67 for that long, why would you now. Invalidation is above 71.6. outlook last week: short term: Neutral 68 - 70 and I doubt we make lower lows below 66. Even if bears push below, downside is likely limited. → Last Sunday we traded 68 and now we are at 67.2. Good outlook but trading ranges are not rocket science. short term: Neutral 68 - 70 and I doubt we make lower lows below 66. Even if bears push below, downside is likely limited. Can’t change much of last weeks short term outlook, since it’s still valid. Bears have targets below 66 but until they get a daily close below it, we continue sideways. medium-long term - Update from 2024-11-10: Unless an event comes up, this will very likely close around 70 for the year. current swing trade: None chart update: Nothing worth mentioning. Again.
NYMEX:MCL1!
by priceactiontds
WTI OIL Bullish break-out to $76 imminent.WTI Oil (USOIL) is so far following our last call (November 26, see chart below) on high precision as, after once last pull-back to the Support Zone, it is now rebounding: As you can see now on this 1D chart, the price hit the 1D MA50 (blue trend-line) today but based on the other 2 November attempts, even a candle close above it doesn't translate into a sustainable break-out. Contrary to that, however, those 2 attempts weren't supported by a 1D RSI Higher Lows base similar to September's. As you can see that same pattern was that initiated the rebound on the Support Zone that broke above the 1D MA50 and extended even above the 0.786 Fibonacci retracement level and tested the bottom of the 4-month Resistance Zone. As a result, our $76.00 Target remains intact, which is marginally above the 0.786 Fib and projected to be just below the 1D MA200 (orange trend-line). ------------------------------------------------------------------------------- ** 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:USOILLong
by TradingShot
1