Oil Prices Likely to Head LowerThe ongoing conflict between the Islamist group Hamas and Israel is a major geopolitical threat to oil markets, second only to Russia's invasion of Ukraine last year. Although the conflict has not yet affected oil flows, an escalation is increasingly likely. First, the U.S. could escalate sanctions against Iran if that country becomes embroiled in the conflict, putting further pressure on an already unstable market. Second, the agreement to normalize relations between Saudi Arabia and Israel-negotiated by Washington and which would allow the Saudi kingdom to increase oil production be called into question. To support oil prices, Saudi Arabia and Russia have announced voluntary supply cuts through the end of 2023. These moves led to prices spiking to their highest in a decade in late September. However, macroeconomic concerns caused prices to fall sharply two weeks ago. Crude Oil InventoriesCrude Oil Inventories There is great concern about Iran as there is a possibility that it will disrupt the flow of oil through the Strait of Hormuz, the important artery that carries the fifth part of the world's supply. It is important to remember that Iran is already under sanctions, and the possibility of tougher U.S. sanctions could have an even greater impact on oil supplies and energy prices. President Biden will try to avoid this situation, especially before the 2024 elections. There has been an attempt to bring Saudi Arabia and Israel closer, with the United States acting as an intermediary. According to reports, the agreement calls for normalization of relations between the kingdom and Israel in exchange for a defensive pact with Washington. In addition, Saudi Arabia has informed the White House of its willingness to increase oil production early next year to help reach this agreement. At the time of writing, WTI crude oil futures reached $87 a barrel on Monday, falling for the second consecutive session as diplomatic efforts to avert a war between Israel and Hamas in the Middle East reduced concerns about oil supply in the region. In addition, humanitarian convoys arrived from neighboring Egypt over the weekend to help Gaza as Israel suspended its attack under U.S. pressure. The United States is doing its utmost to keep oil prices stable, including the lifting of sanctions against OPEC member Venezuela after it pledged to hold democratic elections next year. Based on my observations, I believe the conflict remains limited because of U.S. intervention. Crude Oil ChartCrude Oil Chart They do not want higher oil prices and are currently engaged in issues such as the crisis in Ukraine. However, there is a risk that it could become a wider regional conflict if it is not handled properly. Due to the removal of sanctions on Venezuela and the collapse of oil demand in the United States, oil prices are likely to fall even further. In addition, the increasing availability of oil will contribute to this downward trend. From a technical point of view, the long trend is losing strength, and with the reduction of tensions in the Middle East-which is my most likely scenario-I expect that we will see oil prices around $82 per barrel in the coming quarters.Shortby Antonio_Ferlito0
$USO high P/L strangle +50% TP with options #oil #usoilI'm trading the pullback of course with neutral strangle. Divergence on RSI, high IVR, optimal for neutral quick trade on micro oil futures. Sold 1 /MCLZ3 MCOZ3 11/15/23 Call 95.00 @ 1.17 (delta21) Sold 1 /MCLZ3 MCOZ3 11/15/23 Put 75.00 @ 1.06 (delta17) This is an OIL 37DTE Strangle for 2.23cr (bit bullish delta overall) 37DTE Strangle for 2.23cr Max Profit: $223 Req. BP: $600 PoP: 74% IVR: 49 (very high, optimal for credit strategy) My target is ~$100 on this trade in the next 2 weeks.by TanukiTradeUpdated 4
CRUDE OILPreferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas. With your likes and comments, you give me enough energy to provide the best analysis on an ongoing basis. And if you needed any analysis that was not on the page, you can ask me with a comment or a personal message.. Enjoy Trading... ;)by sepehrqanbari2
Oil will drop from hereUsing TA and correlations to other ideas I just recently posted I believe oil is gonna drop here. One reason TA and a second is the correlation to the dollar which is usually follows. I just posted another idea I believe the dollar is gonna drop now. Stocks BTC Gold will launch here. See my other ideas I just posted. Shortby TheUniverse618113
Swing trade long for WTIWe saw the pullback into the support area we were waiting for, around the 200-dar EMA on the 4hour chart and weekly pivot point. A bullish engulfing candle also formed at the end of the session, and whilst prices have gapped lower at the open, we're now looking to enter long and target the resistance zone around $90. Longby CityIndexUpdated 3
Long the 61 retest Crude made a big bounce on the 76 fib and now is retesting the 61 fib. Ideal entry spot if an uptrend is forming. Longby holeyprofitUpdated 117
CRUDE OILPreferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas. With your likes and comments, you give me enough energy to provide the best analysis on an ongoing basis. And if you needed any analysis that was not on the page, you can ask me with a comment or a personal message.. Enjoy Trading... ;) Longby sepehrqanbari2
Everyone and their grandmother is bullish oil. We going DOWN.Meanwhile consensus has been bear US and bull oil the entire year of 2023 - the oil bear market rally is coming to an end. I already think we have put in the major pivot high here for the next coming possible 2+ years. I look for a new local high here on the smaller timeframes between 89.85-90.90$ where I will enter a short. The overall targets is 20-40$ somewhere, probably lower range, but yet I won't stay in the short for that long, since we always will have some countertrend rallies. We should really start picking up some pace to the downside after the lower high is a fact. Expecting 20-40$ oil within 12-18 months probably, we will see :)Shortby Investcj12
Crude Oil Hits Important Retrace LevelThe Crude Oil rally off the 10/06/23 bottom continued into 10/20/23 and hit the Fibonacci .666 or 2/3 retracement level. Hour RSI had a double bearish divergence at the top. Theres a high probability of Crude Oil declining to at least the 80.00 area. Seasonal patterns for Crude Oil are bearish until late December. A decline could reach the 75.00 area. Shortby markrivest225
View on CLHello Everyone We've had a very bullish week on oil World events influenced this no doubt, if it continues will have to be seen. These are the levels I am watching. Have a great weekend!by The_Lioness2
Easiest way to determine BIASHere is an example of how to determine Bias for the day, or the open. Using the Open and Low or Open and High of the Daily candle in conjunction with the midnight opening price, we can easily determine Bias for the day, or for placing orders during the NY open. This example is shown on CL (Oil Futures) for a LONG BIAS. Just reverse for Short Bias. ( I mistakenly typed High when I meant Low in the example's text.) Adding this to an existing strategy or entry technique can be very powerful. I hope this is helpful for everyone. Happy Trading! Educationby The_LionessUpdated 9910
10/19 - CLLooking to enter long due to news and trend. Taking profit at last resistance at this price levelLongby bjkurtz07112
Macro Oil Blueprints: Energy Schematics This chart consists of USOIL, Heating Oil, Gasoline, Natural Gas, Palm Oil, and Rubber futures. Every one is tailored to a Fibonacci Layout. There are two sets of extensions. They interlap and work together. One must look for the support and resistance to verify its authenticity.Longby MichaelBsulUpdated 6
CRUDE OILPreferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas. With your likes and comments, you give me enough energy to provide the best analysis on an ongoing basis. And if you needed any analysis that was not on the page, you can ask me with a comment or a personal message.. Enjoy Trading... ;)Longby sepehrqanbari2
$CL_F: Another pop at 87.5?Crude oil is seeing resilience in the face of selling and even bond yields. I expect the strength here to stay more resilient than the bond selling, leading to perhaps more of a pop if the bonds in fact bounce. We'll see who wins this tug-o-war...Good luck traders!Longby Fox_Technicals1
CRUDE OILPreferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas. With your likes and comments, you give me enough energy to provide the best analysis on an ongoing basis. And if you needed any analysis that was not on the page, you can ask me with a comment or a personal message.. Enjoy Trading... ;)Longby sepehrqanbari3
CRUDEOIL FUTURE UPDATEThis the CL( CRUDEOIL FUT) 2 hour chart.Now it tern into C final wave. Below $87 next targets will be $81.5 - $77.37 and $72.55 as per ABC patternShortby VasuVasu1
#CrudeOIl #XTIUSD Trading The Double CorrectionIn this update we review the recent price action in crude oil futures and identify the next high probability trading opportunities and price objectives to target PAST PERFORMANCE NOT INDICATIVE OF FUTURE RESULTS01:16by Tickmill4
Long Idea for Oil ⌚️Waiting to See Reaction to Inverted Weekly FVG ⌚️ ⚫️H4 Strongly Broke Through Weekly Inverted FVG ⚫️Nice Confluence at the Level With a Reclaimed Bullish H4 OB ⚫️Want to see Bullish PA from this Level 🎯Target: Weekly - OB 90.55 to 90.79Longby Tradius_Trades0
Light Crude Oil (CL) Shows 5 Swing Sequence Favoring More UpsideShort Term Elliott Wave in Light Crude Oil (CL) suggests the decline from 9.28.2023 high ended wave (W) at 81.53. Internal subdivision of (W) unfolded in a double three Elliott Wave structure. Down from 9.28.2023 high, wave ((a)) ended at 90.35 and wave ((b)) ended at 91.88. Wave ((c)) lower ended at 87.76 which completed wave W. Rally in wave X ended at 90.27. Oil then resumed lower in wave Y with internal subdivision as a zigzag. Down from wave X, wave ((a)) ended at 84.16 and wave ((b)) ended at 84.92. Final leg wave ((c)) ended at 81.50 which completed wave Y of (W). Wave (Y) rally is now in progress as a zigzag Elliott Wave structure. Up from wave (W), wave ((i)) ended at 87.24 and wave ((ii)) dips ended at 82.31. Internal subdivision of wave ((ii)) unfolded in zigzag structure. Down from wave ((i)), wave (a) ended at 82.78 and wave (b) ended at 85.2. Wave (c) lower ended at 82.31 which completed wave ((ii)) in higher degree. The instrument then extended higher in wave ((iii)) towards 88.33 and pullback in wave ((iv)) ended at 85.60. Expect wave ((v)) to end soon which should complete wave A. Afterwards, Oil should pullback in wave B to correct cycle from 10.6.2023 low before it resumes higher. Near term, as far as pivot at 81.53 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.by Elliottwave-Forecast2