WTI Crude Oil is approaching a key daily supply area.
The market was nicely rejected from that last week.
Analyzing the intraday perspective, I spotted a head & shoulders pattern on 4H time frame.
79.55 - 80.2 is its neckline.
To short the market with a confirmation, wait for its bearish breakout.
We need a 4H candle close below that to make a breakout...
The price has turned flat as despite today's higher opening, there was a corrective 4H wave. However, as long as the 4H MA50 (78.92) holds and supports, our target remains the 4H MA200 (now at 84.46). Short-term traders may find use in scalping the 1H Bollinger Bands within 81.89 - 79.86, since both 1D and 4H (RSI = 54.999, MACD = 0.570, ADX = 31.841) remain...
Looking at the H4 chart, my overall bias for CL1! is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. Looking for a sell entry at 81.30, where the 38.2% Fibonacci line is. Stop loss will be at 84.14, slightly above where the 50% Fibonacci line is. Take profit will be at 76.93, where the 20% Fibonacci line and...
Organization of Petroleum Exporters and its Allies (OPEC+) maintained production cuts, keeping production at 2 million barrels per day (bpd) from November to 2023. Oil prices weakened as China's zero-covid policy weighed on demand. However, after the regulation was relaxed in a number of cities including Beijing and Shanghai, oil prices slowly moved up. WTI and...
Hello Fellow Oil Futures Trader, Here's a Technical outlook on WTI Futures!
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WTI Futures is breaking out of the neckline of a triangle pattern. Breaking out of this pattern indicates a potential trend continuation from previous bearish bias. The...
The CL daily time frame broke the short term
down trend line and has entered into the buy
zone. The market has an up Fibonacci with an
extension price point 104.39 about +1,909 ticks
above the market. As long as the market stays
in the buy zone above the short term down trend
line. It will be a good idea to turn to the one
hour time frame and to look for low...
Light Crude has lost a significant level at 78.16 and is reverting to the mean at 54.09 as demonstrated by my pitchfork trends and sigma measurments.
Pitchfork Price Action Analysis
Light Crude has broke out of the recent uptrend (with red median) and broke away from the (red) mean on Jun 14th 2022 (priced at 123.68).
Since then it has started to follow the...
oil if dont break low,has poweful buy now ,so we advice buy it now but put SL in low,,,if low break downtrend can start
note: trade oil need minimum 5 year practice on demo , it is very complex and trendy market
remember in my last oil post when i called the top?
there was some really salty humans in the comment section who were most likely bag holders from the absolute peak of the bull run.
this is an update for them.
i feel like oil has entered into a quatervois here, which is basically "crossroad" in french.
Oil is more than enough worldwide. Supply exceeds demand.
Transition to electricity.
Shale oil - another attempt to manipulate.
Saudi Aramco - is the largest capitalization company in the world (another not a good signal for me).
We can propose many fundamental arguments, but this is a virtual trading chart (little connect with the real life). It is...
EU and USA is about to sanction Russia with crude oil.
This would blow the price of WTI sky rocket. within few months.
strong hold in 85 dollar.
strong support means plenty of rooms.
Movingavereage is turning to a bullish side also.
I will analyze with weekly candles.
This upper movement might show in few months.
The oil market has seen a lot of activity, with recent developments mostly easing worries about market tightness.
In China, Covid-related restrictions have been reinstalled in major cities, triggering rare protests and consequently reducing outlook for oil consumption, in striking contrast to perceived moves to reopen the economy at the beginning of November.
Our preferable scenario changed after the price of CL went below $76.20. To complete the downward movement, the price may drop below $70. A rise above $79 will resume the upward move and cancel our view.
WTI Crude Oil is approaching a key daily structure resistance.
To short with a confirmation, watch a double top formation on 4H time frame.
80.3 - 80.8 is its neckline.
Wait for its bearish breakout (4h candle close below that), then, short aggressively or on a retest.
Goals: 78.4 / 76.0
❤️If you have any questions, please, ask me in the comment...
WTI Crude Oil made a remarkable rebound yesterday marginally below the 76.30 Support (the Support Zone is now 76.30 - 75.30) and turned the 4H RSI around, approaching the 4H MA50 (yellow line).
This is the first Resistance (short term) with the initial target of this late September/October-like rebound being the 1D MA50 (blue line). If then the price breaks above...
Massive development yesterday as Oil broke even below the 76.20 Support of the September 26th Low and reached as low as 75.30 before a massive rebound back to 80.00 that almost closed the day with no losses. This turned 4H neutral again (RSI = 45.032, MACD = -1.560, ADX = 33.080). Since the price broke above the 1H MA50 (yellow) again, we have a confirmed bullish...