Despite OPEC cutting its output by an estimated 60 000 barrels per day in January 2023, the price of West Texas Intermediate oil dropped more than 10% from its high of $82.60. This price action follows a series of wild swings within the wide range between $70 and $83. We expect high volatility in the oil market to persist in the first quarter of 2023. Indeed, we...
Although the Oil might need a little persuasion, we're expecting the course to drop below the support line at $70.08 to continue with the downwards slope of the blue wave within the green target zone. Once completed, the blue wave should pump the course back up, before it ultimately hits the corrective low of the green wave .
For some time now, we have been skeptical about the overly bullish narrative in the oil market. Additionally, we have disagreed with calls for a return to triple-digit prices while noting multiple times that oil was likely to be choppy throughout 2023, oscillating within a wide range. In fact, we later presented a similar view from the U.S. Energy Information...
USOIL May Target 103 At Some Point. An M pattern has been completed but because the price jumped sooner than expected from 76.48, this FCP zone is left with less strength. Because of that the market is finding it hard to make a good bullish move and is simply consolidating. Right now it is in a consolidation phase but has started to show a bullish structure. If...
Hi WTI will go down to 75.00 from now. There is a Double Top on H4 as last time so short from now. Thank you.
Hi there, 30M shows Double Top and 15M is pushing the ceiling. SELL and stay on SELL this week. All the best.
LuxALGO oscilator is a very good tool to make money. You just look at ALL TIME FRAMES . 1H was pushing the floor, 30m was pushing the floor. 4h was close to the floor. Technical Indicators are THE SALT OF TRADING! Like the SALT of Kite Surfing is JUMPING! We go down but NOT TODAY :)
Since December 2022, the price of West Texas Intermediate crude oil has been moving choppily between $70 and $83. Currently, one barrel trades near $77.50. We continue waiting on the sidelines for the market picture to clear. However, we are still unconvinced by bullish scenarios for oil, forecasting a return of $100 and above. That is because we already see a...
Hi there, So WTI is now falling down possibly to 72.00. But this green CHOCH on 1D interests me the most. If I was gonna be a tooth fairy and make some predictions here from 72.00 it will go up to 90.00 just like the WHOLE TRADING VIEW COMUNITY says. The problem here was - they said it TOO EARLY. So hopefully end of February we will see 85.00 and 90.00 :) . All...
WTI Crude Oil hit the top (HH 1) of the Rising Wedge and got rejected initially but today we see a strong push back to the top. The 1D technicals are bullish (RSI = 61.888, MACD = 1.310, ADX = 33.690) and probably is what's pushing the price back to test the HH 1 again. Until the time the HH 1 breaks, we are staying neutral, but with more bearish bias. Those will...
OIL needs a close above $82.70 to activate target at $93, slight possibility for a retest entry at $77.
It is time to update our WTI Oil (USOIL) thesis, which was bullish last week as the Resistance within the Channel Up broke: This time we see one last rise as a possibility since the price is rebounding on the 4H MA50 (blue trend-line) but limited to the 83.40 Resistance. An exception can be made to an overextension to the 85.00 - 86.00 range on the red zone,...
The price of WTI Crude Oil is at a resistance Zone and top of the rising channel. Above 81.50 = long (TP 82.70). Below = short (TP 1hour MA50). Below 1hour MA100 = short (TP 77.15). Follow us, like the idea and leave a comment below!!
hidudes west texas oil chart reached to supply zone for good short position 1:8 position
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Hi,,, Today I would like to talk about LONG TERM TRADE and GAPS on 1D chart for WTI (West Texas Intermediate): 1) 1D CHART is NOT for everyday trader (it's NOT for everyone - it's pretty much for MILIONAIRES) and on LuxAlgo the candles are all PURPLE ---> so nothing IMPORTANT is happening. 2) EVERY GAP MUST BE CLOSED SOONER OR LATER ---> THIS IS HOW THE MARKET...
Since our previous idea, USOIL broke above 80$ and halted its rise slightly below the 50-day SMA. After that, it faltered to 79$ handle where it currently trades. Meanwhile, we noticed bullish calls emerging all over the place. However, while we allow for the possibility of a further price increase, we do not think it will be as dramatic as many people forecast....
Inflation, inflation, inflation. In China, 15/16 districts have zero Covid cases and all restrictions are set to be cancelled by June. Globally, the disease is under control - Pretty much insuring a very busy summer for travel. So fundamentally - Crude oil has plenty of room to rise in the short-term and mid-term. When we look at the technicals we see :...