A pretty bearish setup on oil that has developed the past few months with the head and shoulders breaking down last week below 77.5 and nearly tested 74. I have a bearish target set at the 67-64 range from here... my gas tank would like that.
Based on Simple Technical Analysis ( Trendline + Support & Resistance ) Risk Disclaimer: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my analysis as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this page, and they are...
Crude Oil - Daily-Update These are my keylevels for Crude Oil on Daily time-frame.
Technical Analysis: Today, the WTI Crude Oil futures experienced a negative extension in their price, and they reached an important support level around $75. On an hourly basis, it seems like wave 3 may have exhausted. This suggests a potential change in the price direction. Scenarios: 1. Scenario 1 - Positive Rebound. It's realistic to expect a rebound in the...
The U.S. House of Representatives has passed a bill called ‘Stop Harbouring Iranian Petroleum’. The purpose of the bill is to do all the following listed above🔺 But in more simple terms, the plan of the U.S. government is to pull Iran into the war & shift blame onto them, for the genocide currently going on in the Middle East. They’ll say Iran is funding the war...
WTI Oil (USOIL) hit both our 79.00 and 75.00 targets on the H&S sell call we made (see chart below) on October 30: The trend on the 1D time-frame evolved into a Channel Down that broke below the 1D MA200 (orange trend-line) but hit on Wednesday it's bottom (Lower Lows trend-line) and is so far holding. As the 1D RSI touched the 30.00 oversold barrier, we have...
NYMEX:CL1! intraday mapping/analysis. Crude Oil Futures finding support on Golden Pocket + lower range of descending parallel channel (white dashed) confluence zone after flat bottom break, while hovering above lower range of ascending parallel channel (green) + 66% Fib confluence. Price action accumulating while digesting recent sell-off Bias leaning...
NYMEX:CL1! chart mapping/analysis. Note: TradingView chart B-ADJ adjusted for contract changes Crude Oil Futures capitulating from early October rally despite ongoing Middle East tensions & geopolitical uncertainty. Only macroeconomic narrative/headwind that would override war escalations is increasing probability of global recession-induced demand...
Important update for WTI. Price action analysis. Important key levels. Potential scenarios. Trading recommendations. ❤️Please, support this video with like and comment!❤️
The crude oil's 4th wave dip seems to have found the right area from where it might look to reverse and then rise towards the 97-100$ mark in the pending wave 5. The rise from the MAY bottom may look like a corrective ABC to many but in this chart i considered taking the wave 1 rise in May as a leading diagonal(more clearly visible on hourly and 3-hour charts),...
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West Texas Intermediate crude oil hit our price target of $80 and continues to slide lower. At the moment, it trades slightly above $76, which marks a decline of nearly 20% from the highs in late September 2023. Today, we want to talk concisely about two things. First, China’s demand for oil began to slow down again after slightly picking up during the summer,...
Crude Oil just printing another LOWER-LOW. 78 support line became now a resitance zone , so we can see 73-74 zone , very soon. Also OPEC anounced that they estimate an increase in barels per day in 2024-2025 , that is a bearish info beacause they already cut the production every month and the price is still in down trend, so with an slower economy also the demand...
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...
Crude Oil arrived at destination. Now lets see if the buyers are enough stronger to keep the price over this level. If they lose this suport , the next stop will be 73.7
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...
Weekly the oil is in bull swing, the correction phase is done. the daily DB pattern neckline has broke, so the target of daily DB pattern is 93.78. The weekly swing target is 100.