With oil prices having fallen around -25% from the September high, a correction higher may be due. And as prices failed to hold beneath $70, Wednesday's bullish hammer (which is also a higher low) has caught out eye). The hammer was coupled with above-average volume to suggest demand around $75, and the initial break below $70 was seen on strong negative delta...
WTI Crude Oil / USOIL is trading inside a Channel Down for almost 2 months. The recent Lower Low on its bottom is so far replicating the previous one on October 6th. Today's sudden decline made a symmetric pull-back as on October 12th. This is the final short term buy opportunity before the price approaches the top of the Channel and the 4hour MA200. A...
NYMEX:CL1! chart mapping/analysis. Note: TradingView chart B-ADJ adjusted for contract changes. What's on the chart: Converging parallel channels (light blue) aka diamond box pattern, framing price action into a pennant formation on higher timeframe. Descending parallel channel (white) emphasizing current downward trend since late September peak. ...
Last week's swing trade to $90 worked out well, yet momentum ha since shifted lower. I noted in the recent COT report that managed funds and large speculators have been trimming long exposure in recent weeks, and that managed funds increased short exposure last week despite the slew of negative headlines surrounding the Middle East conflict. This also...
WTI Crude Oil hit today the bottom LL trendline of the six week Channel Down, turning oversold on the 1D timeframe (RSI = 31.036, MACD = -2.860, ADX = 46.284). That alone is a strong medium term buy signal, aiming at a +10.15% rise (TP = 79.50), which is how much the previous bullish leg of the Channel rose by. That is where the R1 level is also (79.75) and...
Overview: with today's fall in price, having reached $73.80 support area, and with a divergence on RSI, we consider close the corrective structure ABC on the daily time frame. Strategy: Moderate bullish position's delta , Our current position's delta: +0.30 Bullish first target: $75.00/$75.30 Bullish second target: $76.00 Mandatory rebalancing level / Stop loss:...
Overview: Stochastic in oversold area suggest that a technical rebound is possible. Our current position's delta: +0.20 First target: $77.40/$77.50 Second target: $78 Stop loss/mandatory level of rebalancing: on breakout $76.30 First target: $75.50/$75.30 Second target: $74.90
Ever dreamt of being an oil refiner? Fret not. You can operate a virtual refinery using a combination of energy derivatives that replicates oil refiner returns. Crude oil is the world’s most traded commodity. Oil consumption fuels the global economy. Crude is refined into gasoline and distillates. Refining is the process of cracking crude into its usable...
Hi, today i will bring you an idea of a USOIL Long Setup, in this case i'm using basic concepts, considering the war of Israel vs Palestine too, i'm searching for longs since we will have an IRL>ERL Cycle as we had in LTF, which is where we took the Weekly FVG on OTE and then went for OTE again and reacted to the OB, now i expect us to take the pending Daily FVG...
Retesting a broken daily horizontal structure, Crude Oil formed a tiny double top pattern on an hourly time frame. The neckline of the pattern was broken after the market opening with a gap and a consequent strong bearish candle. We can anticipate a further bearish continuation. Goals: 75.9 / 75.5 ❤️Please, support my work with like, thank you!❤️
WTI Oil (USOIL) hit both our 79.00 and 75.00 targets on the H&S sell call we made (see chart below) on October 30: The trend on the 1D time-frame evolved into a Channel Down that broke below the 1D MA200 (orange trend-line) but hit on Wednesday it's bottom (Lower Lows trend-line) and is so far holding. As the 1D RSI touched the 30.00 oversold barrier, we have...
NYMEX:CL1! intraday mapping/analysis. Crude Oil Futures finding support on Golden Pocket + lower range of descending parallel channel (white dashed) confluence zone after flat bottom break, while hovering above lower range of ascending parallel channel (green) + 66% Fib confluence. Price action accumulating while digesting recent sell-off Bias leaning...
NYMEX:CL1! chart mapping/analysis. Note: TradingView chart B-ADJ adjusted for contract changes Crude Oil Futures capitulating from early October rally despite ongoing Middle East tensions & geopolitical uncertainty. Only macroeconomic narrative/headwind that would override war escalations is increasing probability of global recession-induced demand...
Important update for WTI. Price action analysis. Important key levels. Potential scenarios. Trading recommendations. ❤️Please, support this video with like and comment!❤️
WTI Crude Oil materialized our 78.50 short term target (chart at the bottom) and crossed under the 1D MA200. This is a breach of potentially serious consequences as it also breached the 1W MA50, so we need to monitor the closing on a weekly scale. If it closes under it, the bearish trend is very likely to be extended. The formarion of a MACD Bearish Cross on the...
TRADE DIRECTION: SHORT; as indicated by the 4H-EMA 50 (yellow line) and the market structure. KEY LEVEL: Round numbers S&R with 50 ticks range between each level. TRIGGER SIGNAL: Doji and bearish pin bar (red arrows) with price failed to close above 79.50. RR: 1:1 SL: 100 Ticks TP: 100 Ticks (achieved)
The price seems not able to close below the 81.00 level. The 5 green arrows showed that buyers keep on pushing the price upward. As a Day Trader, this is an opportunity for a counter-trend trade, because it is obvious that we are in a downtrend at the 4-hour chart. TRADE DIRECTION: Long KEY LEVEL: 81.00 TRIGGER SIGNAL: Bullish pin bar (yellow arrow), supported...
Update for WTI Crude Oil. The price nicely respected the underlined supply zone that we spotted earlier. We can see how nicely the price reacted to that yesterday. We may expect a bearish continuation now. Goal - 78.56 ❤️Please, support my work with like, thank you!❤️