WTI Oil Prices Face Selling Pressure as Fed's Hawkish Stance Dominates
Western Texas Intermediate (WTI) crude oil prices are grappling with selling pressure, hovering around the $88.80 mark. The Federal Reserve's recent meeting and its hawkish stance have cast a shadow over oil prices, complicating the outlook for the energy market.
Here are the key factors...
On a today's live stream, we discussed WTI Oil.
The price is currently taking off from a solid horizontal support.
As a confirmation, the market formed an inverted h&s pattern.
Its neckline has just been broken.
I expect a pullback at least to 90.6 level now.
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Dear Colleagues. After last week I had to completely revise the Elliott Wave markup. Most likely, the upward movement is not yet complete. I expect a corrective wave 4 to the support area of 88.00, followed by an impulsive wave 5, which will reach at least the nearest upper level of 92.00.
Manage your capital correctly and competently! Only enter trades based on...
----------OIL TO CORRECT TO THE DOWNSIDE--------
Trading is not like fairy tail Jack and the beanstalk. Price does not move like a straight line. At least most of the time it doesn't. Instead it moves wave by wave with shorter and longer corrections until it finally finds a point from where it cannot proceed any further and reversal happens. In case of US WTI oil...
USOIL (WTI) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 89.625 which is a pullback support that aligns close to the 23.6% Fibonacci retracement level.
Stop loss is at 88.026 which is a pullback support that aligns close to the 38.2% Fibonacci retracement level.
Take profit is at 93.226 which...
WTI oil (USOUSD) could fall towards a pullback support and potentially bounce off this level to climb higher.
Buy entry is at 89.437 which is a pullback support.
Stop loss is at 87.500 which is a level that aligns under a pullback resistance that aligns with the 23.6% Fibonacci retracement level.
Take profit is at 92.549 which is a swing-high resistance...
WTI Oil (USOIL) almost hit our $93 target on our last idea two weeks ago (see chart below) and yesterday reached the top (Higher Highs trend-line) of the 3-month Channel Up:
The first reaction is so far a rejection that has already taken the price to the 4H MA50 (blue trend-line). This is the first contact with it in 3 weeks but it's not a confirmed sell yet...
WTI is currently sitting at below 0.5 FIB level on a weekly data -- a key area where most buyers converge.
$65-70 area has been quite a solid order block support. It has been tested many times and oil keeps bouncing up from this range.
A bounce is expected from current price range. Accumulation has notably started increasing at the present levels.
Spotted at...
USOIL (WTI) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 88.026 which is a pullback support level.
Stop loss is at 85.730 which is a level that aligns under the 23.6% Fibonacci retracement level and an overlap support level.
Take profit is at 90.300 which is a pullback resistance level.
...
Dear Colleagues, I assume that the price is in a wave 5 movement. The nearest target is the resistance area at 92.48.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Whilst we retain our view that oil prices could be headed for $100 further out, the trend seems to have hit a speed bump over the near-term.
WTI broke above $90 with ease yet faltered around $95 with a shooting car candle with high volume (which makes it a potential key reversal day). A bearish divergence has also formed with the RSI (2) after it reached...
Preferred direction: SELL
Comment: The last oil trade aimed at a short-term fall (counter-trend movement) successfully closed with a profit. At the moment, a sell setup has also formed, and here most likely the rollback will be deeper. The correction potential lies at the level of 92.50.
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WTI oil (USOUSD) could fall towards an overlap support and potentially reverse from here to bounce higher towards our take profit target.
Entry: 89.670
Why we like it:
There is an overlap support level
Stop Loss: 88.005
Why we like it:
There is a pullback support that aligns below the 23.63% Fibonacci retracement level
Take Profit: 92.577
Why we like it:
There...
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The more we look at market positioning on WTI, the more we suspect that oil may be dominating headlines as we head into 2024.
In recent weeks we can see that large speculators and asset managers have been increasing long exposure and reducing shorts, which is the ideal scenario for a bullish trend. Yet net-long exposure for both sets of traders remains low by...
Hello,Traders!
CRUDE OIL is going up
Due to the fundamental
Reasons but it is now
Overbought locally and
A resistance of 93.56 is
Ahead so I will be expecting
A local correction
Sell!
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Hi Traders,
A look back to how WTI did last week.
Monday
Sideways for during asian session, A test on the 87.5 Resistance before sideway again.
Tuesday
A Bullish engulfing appeared which started a rally. Break the 87.5 Resistance during London session, resting only when US open.
Wednesday
Sideways on the early hours. London session pushes the price down...
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...
