WTI Oil (USOIL) has hit today the 1D MA50 (blue trend-line) for the first time since October 24 2023. Today's analysis is on the 1W time-frame but we have explained the reasoning behind a long-term buy once the 1D MA50 would break, a month ago (December 19, see idea below): That Buy Zone offers a low risk action ground for longs and as you can see on today's...
CRUDEOIL double bottom breakout possible above 6175 looking tgt 6250-6300++ very short term keeping on radar Crudeoil 6100 CE
The Crude oil is forming a potential double bottom on a 1H chart Zoom out the chart to see the Bigger picture. The price has been moving in a general down trend channel. Recently the price broke out of it to the up side and now it's retesting the former down trend resistance. On it, it's forming a potential double bottom. Additional confluences: - Oversold RSI...
Our overview: Red Sea tension on focus again. Divergence on hourly RSI. On breakout and close on hourly timeframe above $74.00 push the price straight to area $75.60/$76.00. On the other side, breakout of $72.80 could push again the price towards the bottom of the trading range. Trends analysis: Primary(purple): upward corrective structure wave C,...
WTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher. Buy entry is at 70.381 which is a pullback support that aligns with the 78.6% Fibonacci projection level. Stop loss is at 69.000 which is a level that sits under a swing-low support and the 100.0% Fibonacci projection level. Take profit is at...
MRO on the intraday is showing signs of Bullish Divergence on both the MACD and RSI at the potential HOP level of a Bullish Bat. If this plays out I think it could make a move up towards $25
WTI appears set tor a cheeky retracement. Volumes were falling during its leg higher from $68, and Wednesday closed with an exhaustion candle. Note the strong trading activity around $70 which indicates some bears were caught short and bulls initiated, which assumes short-covering helped fuel the rally and any retracement towards $70 could also be supported....
The analysis of the US oil market (West Texas Intermediate, WTI) presents an intriguing scenario. Currently, the WTI price is recovering from recent losses, trading around $72.33 per barrel. This rise in oil prices is driven by concerns about potential supply disruptions following recent events, where Yemen's Houthis have questioned the UN resolution on Red Sea...
WTI Crude Oil is neutral on the 1D time-frame (RSI = 48.178, MACD = -0.770, ADX = 19.024) as the price continues its fierce consolidation within the 1D MA50 (Resistance) and 1W MA200 (Support). In fact the 1D MA40 has been unbroken since October 23rd 2023 and when it breaks we expect a strong rise like the July 5th 2023 breakout. A strong consolidation similar to...
Since September 2023 the price of WTI crude futures has been painting almost a textbook wedge into the 68/69 support zone. Aggressive traders might find the current price to be a good buy point, depending on their drawdown tolerance.
The U.S. EIA crude oil inventory unexpectedly rebounded. Although oil-producing countries such as OPCE+ and Saudi Arabia are fully confident in stabilizing the crude oil market, the market performance is poor and the demand side is relatively weak. As a result, oil is currently in a range-bound state. Usoil:sell72.75-73.1 TP:72.3-72 SL:73.3 In volatile market...
before you read any further read my post from may: --- in may of 2023 i called the top on oil and projected we come down into the $50-60 range. we ended up playing it out quite flawlessly. a lot of people were very angry at me for whatever reason back when i was calling for the top, probably due to their elevated levels of confidence and greed. those people...
Hello,Friends! We are targeting the 71.33 level area with our short trade on USOIL which is based on the fact that the pair is overbought on the BB band scale and is also approaching a resistance line above thus going us a good entry option. ✅LIKE AND COMMENT MY IDEAS✅
Our overview: Negative EIA data, worse then the previous API release, push the price back to retest the support @$71.00. Trends analysis: Primary(purple): upward corrective structure wave C, intermediate(green): upward impulsive structure wave 3, minor(yellow): upward impulsive structure wave 3. Our current strategy: Moderately Long looking to follow...
The USD/CAD pair is facing selling pressure for the second consecutive day, moving away from a near four-week high around the 1.3415 region, reached on Tuesday. Currently, spot prices are hovering around the 1.3365-1.3360 area, down just over 0.10% for the day. Traders are now awaiting the latest US consumer inflation figures for further momentum. The upcoming US...
The American Petroleum Institute's latest report indicates a significant draw in U.S. oil inventories – a larger-than-expected decrease of 5.2 million barrels. But what does this mean for the market? This drop in inventories typically signals a tightening supply, which, in theory, should push oil prices up. However, the data also showed an increase in gasoline...
We've called oil pretty decently before but a lil tough at the moment Daily #OIL has been in a bad downtrend. Currently it is forming a symmetrical triangle. Weekly Oil is trading below its moving avgs. Volume is lessening. This is a hard commodity to call at times. Anything can happen, war, cuts, etc...
We have noticed that crude oil has been unable to break through the resistance level on the 1-hour chart and has now entered a selling zone. This may lead to a decline in prices to $67. It's important to keep in mind that when the crude oil market is bearish, it often sets a bearish trend for the overall market.