Crude oil continued its downward trend at the opening on Monday, and its rebound at $75.7 once again encountered resistance and declined, indicating a bearish trend. Looking at the daily trend chart, the daily level has been negative for three consecutive times. Although there is no new low quotation, the high price has not been broken, indicating that an...
Overview: The price just approach the first important resistance area, a downwards trend line. This dynamic resistance has already rejected prices 3 times since its formation. Lateral trading waiting Wall Street's short session. Strategy: we hold delta neutral position waiting for a breakout. In this case, we will go long with a stop level @$76.30. Our current...
Dear Esteemed TradingView Members, I n the ever-evolving world of finance and trading, staying ahead of the curve is essential for success. If you're part of the exclusive audience of elite business professionals and investors, you understand the importance of precise market analysis and informed decision-making. In this article, we delve into the intricacies...
A big "butterfly" was detected in the January oil contract, which is a directional strategy with a target of $90, also known as the previous local maximum. It's important to note that this strategy appeared after a 4.7% decrease and when the 90 price was significantly lower and oversold for our mysterious participant, let's call him "X". *********To summarize,...
Overview: EIA data and OPEC+ meeting postponed, make tumble the market. My dear volatility!!! Strategy: Neutral. Follow the market. Our current position's Delta @$76.39: 0.03 This are all the corrections we made today 5)rebalance: @$76.39 (from 0.23 to 0.03) 4)rebalance: @$75.70 (from 0.62 to 0.03) 3)rebalance: @$73.90 (from -21 to 0.30) ...
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...
HELLO TRADERS !!! As i can see CRUDE OIL 🛢️ The anticipated OPEC+ meeting set for this weekend to a postponement to Nov 30th. The delay stemmed from challenging discussion between Saudi's and fellow members regarding oil production levels.... Saudi Arabia currently implements an additional 1 Million barrel per day output cut since July engaged in talks...
Overview: Another massive build on API crude oil stocks, conflicting with a big distillate inventory draw, and next Sunday OPEC+ meeting are the main factors driving the market to a stall awaiting the official EIA data scheduled today. Strategy: Neutral following the market. Our current position's Delta: -0.09 barely negative Last rebalance: at...
Overview: Awaiting the FOMC minutes and API crude oil stocks Strategy: Our current position's Delta: +0.10 (rebalanced at $77.18 from -0.73). Follow the market. Technical signals: Stochastic crossed the signal but still in negative territory, RSI in neutral area. Trends analysis: primary(purple): corrective structure wave A ...
The WTI crude oil market experienced a robust response, essentially reversing the downward trend observed on Thursday's session. Currently, the market is exhibiting a corrective structure, and we are monitoring whether it follows a pattern of 3 waves (ABC) or 5 waves (ABCDE). As of our current position, the delta stands at -0.03, indicating a neutral stance. The...
After failing to break through 80 this week, crude oil fell again to around 75.56 after the US EIA inventory data emerged yesterday. There is currently no good news for crude oil in the market. The overall trend of crude oil is very weak, showing a slow falling trend. After breaking above the moving average, oil prices did not stand firm but fell back and fell...
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...
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: $76.00 Mandatory rebalancing level / Stop loss:...
Oil prices have risen in recent days on the back of a bullish outlook from OPEC+'s monthly report and the International Energy Agency (IEA) released a monthly report on Tuesday that raised its crude oil demand growth forecast for this year and next. Oil prices have been range-bound due to signs that tensions in the Middle East may be easing and uncertainty...
I had posted a view on Crude oil that wave v should begin and rally till around 97$ mark a few days back. Here is a more detailed 4hour chart of the same with updated and detailed wave counts as to give you the idea what my views are on the same. Not gonna lie the fall below 76$ mark was not anticipated and did give a chill but the crucial wave 1 high of 74.69...
Hi. I'm starting to learn Lorentzian Classification. Thought it would be a good idea to take a chart that is hard to figure out with my standard methods (like Ichimoku). OK, let it be WTI Crude Oil. I additionally adjusted native indicator settings and added: - Source hlc3 - Show default / dynamic exits - Use Worst Case Estimates - Use EMA filter period I...
Issues of demand and supply remain key considerations for crude oil. There are currently some signs of support for crude oil. Oil prices fell below 75 this week and have been repeatedly testing upwards around 75. If the current price falls further, market participants will worry about an economic recession. In the short term, crude oil returns to the 80 area and...