Crude Oil Smoked Again. Will the downtrend continue?Hey, guys. Noticed this evening Crude Oil is down yet again. In this video, taking a look at the technicals and whether this downtrend will continue or not. Oil is in a little bit of a confusing spot, but there is certainly good reason to think the weakness will continue. Hope this video will give you a closer look at the Oil chart and provide helpful information as you develop your thesis around this asset. Will the downtrend continue? Will we get a counter trend move? It will be interesting to watch this develop to be sure! NYMEX:CL1!
Hope you enjoy the video, and best of luck out there!
CLQ2021 trade ideas
CL!10/27 - 11/01
-Looking for good pull back in oil to go long.
-Daily closed with bullish ENFG to previous day
-4H is showing bullish structure
-1H is showing some CONSD. with new support around 71.5
-30 min is in line with the higher T.F SO A GOOD PULL BACK into previous structures/imb Iwill entertain BUYS!
$73 IS A PROFIT TARGET
WEEKLY FORECAST OCT 26th: SELL US & UK CRUDE OIL In this video, we will analyze the CRUDE OIL markets in the US and UK, looking through the lens of ICT Concepts.
Price has traded up into a bearish FVG, so therefore I am BEARISH. Price can turn neutral in this geopolitical environment, but maybe the inside bar will act as a harbinger of bearish things to come.
Check the comments section below for updates regarding this analysis throughout the week.
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Oil looking for 71.86$oil now above demand zone (67.19 -68.38) and there is Bullish Divergence if it's still above these levels and if price action appears it will be good long trade to reach 71.86 / 77.74 / 80.18 / 84.48 / 87.59.
Good Luck
Bullish Crude Oil Trade IdeaLooking for crude oil to trend higher as supply stays tight and demand remains steady. Targeting a move up to key resistance, with stops below recent support to manage risk
Bullish Crude Oil Futures Trade Idea:Crude oil futures are set up for potential bullish movement as inventory levels remain low, and recent economic data supports ongoing demand. Supply-side factors, such as lower-than-expected inventories and potential OPEC+ production cuts, add upward pressure. I’m looking for a push into higher resistance levels as bullish momentum builds.
Crude Oil Short Term Possible Uptrend The price of crude oil has shown indications of a potential short-term rise. However, current analysis suggests that the overall trend remains bearish, indicating potential downward pressure in the longer term.
This is not a financial advice.
Light CL1! short Light CL1! enters strong bearish area on daily TF.
It is reasonable to follow after best entrence point with small stop and good R:R.
Will be updated later.
oil longsideally we low of day so far at 67.79, we dont have to but gives me more confidence in thesis, take out of Asia SSL create a higher low and make way towards gap fill with London SSL, Ny Lunch SSL and PM SSL, AM BSL to be taken out for the gap to be filled.
#202443 - priceactiontds - weekly update - wti crude oilGood Evening and I hope you are well.
tl;dr
wti crude oil: Dead zone 70 - 72. Best not to trade it and wait for the breakout. I have no opinion on who wins it. For me to believe the bullish breakout to be good, I need to see follow through selling above 73, otherwise it could still be just a retest of the previous support.
Quote from last week:
comment: Bulls started ok on Monday and the close was neutral but Tuesday really killed every last bull who bought above 71 and hoped for a second leg up above 75. Market has now left a giant bearish island reversal between 71 and 72.5 and that is as bearish as it gets. Bulls last hope now is to hold above the bull trend line at 68.
comment: Bulls actually managed to hold it above 68 and the trend line but failed to close the bear gap completely. This leaves us in nowhere land between 70-72 and a proper triangle. Play that until it’s clearly broken. No more deeper analysis needed.
current market cycle: trading range (triangle on the weekly tf)
key levels: 63 - 78
bull case: Bulls need a daily close above 72.7 for a chance of retesting north of 75. Below 68 things get really spicy.
Invalidation is below 68.
bear case: Bears need a daily close below the bull trend lines (also head & shoulders neckline) for lower prices. First would be below 69 and second is below 68. If they manage that, market is free to test down to 66 and then 64. If the neckline breaks, measured move would be 59ish but that is very far fetched.
Invalidation is above 72.7.
outlook last week:
short term : Neutral 68-70 but leaning bearish near 71. Not the best spot to trade currently.
→ Last Sunday we traded 68.69 and now we are at 71.78. Decent outlook.
short term: Neutral 68-70 but leaning bearish near 71. Not the best spot to trade currently.
medium-long term - Update from 2024-10-20 : No idea where this wants to go in the remaining 2 months of this year so I am neutral until we have a better pattern. The big triangle on the weekly chart is alive and until that changes, no more updates.
current swing trade: None
chart update: Adjusted bear gap
Crude oil falls as geopolitical fears move to the back burner Crude Oil closed lower overnight at $67.38 (-6.17%), erasing all and more of the previous week's rally following Israel's restrained weekend response to Iran's October 1st attack.
With geopolitical concerns on the back burner for now, this week's data-rich US calendar will provide more insights into the demand outlook for crude oil ahead of next week's US election and China's NPC standing committee expected to reveal the details of the country's fiscal stimulus package.
Technically, providing crude oil remains below the $71.50/72.50 resistance area, the risks remain to the downside, including a retest and break of the September $65.27 low.
Bullish Crude Oil Trade IdeaCrude oil is set up for a bullish move, driven by supply-side constraints and stronger demand. Recent inventory reports have shown lower-than-expected stock levels, signaling tightening supplies. Additionally, OPEC's continued production cuts and geopolitical tensions are likely to support oil prices in the near term. I'm anticipating a rally toward key resistance levels as the market reacts to these fundamental drivers.
US OilPair : Crude Oil - US OIL
Description :
Completed " 12345 " Impulsive Waves
Bearish Channel as an Corrective Pattern in Short Time Frame
Break of Structure
RSI - Divergence
Demand Zone
WTI crude hints at cheeky bounce to $72WTI has fallen over 11% in seven days, and the loss of momentum around $70 could appeal to bullish swing traders. We're not looking for anything heroic here given the mixed signals on futures positioning, but it might be able to deliver a cheeky bounce higher over the near term.
MS.
Bearish Crude Oil Intraday Trade Ideaongoing concerns about demand, alongside mixed global economic data, may weigh on oil prices in the short term. I'm anticipating a move lower, targeting key intraday support levels. Stops will be placed above recent highs to manage risk, while looking for continued bearish momentum as the market corrects from overextended levels
Short Crudeoil sold@5900
sl 5958
tgt 5809
This is for educational purpose only. I'm not a SEBI registered analyst.
CRUDE OIL Breakout done!This chart shows a breakout setup, with the following levels as targets:
Breakout level: 5,935 (23.6% Fibonacci)
After the breakout from 5,935, the targets are:
First target: 6,038 (38.2% Fibonacci)
Second target: 6,123 (50% Fibonacci)
Final target: 6,209 (61.8% Fibonacci)
The invalidation level is at 5,771, where the breakout setup would be considered failed, indicating a potential revisit of the recent lows.
Review of yesterday's post10.22.24 This is a review as it pertains to yesterday's post. I would focus on how I would consider taking trades and managing trades if I already am in the market... as well as missing trades and looking for a second chance. it's very hard to have flexibility in your trade decisions if you can only think like a buyer or a seller.....markets usually give you a second chance if you missed the first chance.
Crude on BuyCrude Oil now on bullish because of start the tomorrow meeting for China, India & Russia 1st Target : 5960
WTI song remains the same increased volatility still in rangeAlthough we have had a choppy ride in oil in the past month due to tensions in the Middle East, has anything changed?
no did this chart at the beginning of the year and the song remains the same trapped inside a range. The clearly defined range is $54/$89 so until we break out cant see the picture changing
#202442 - priceactiontds - weekly update - wti crude oilGood Evening and I hope you are well.
tl;dr
wti crude oil: Bulls nowhere to be found. We are near the minor bull trend line starting from the September low below 64 and it is more likely that this trend line holds and we do not go below the October low 65.74. Can you long this based on that assumption? I would not. Wait for bigger buying pressure and break of the bear trend line currently around 70.4. Can you sell this? On a pullback yes, but not below 70.
Quote from last week:
comment: Bullish doji on the weekly with big tails above and below. 71.5 is a good low and likely to hold. I do expect another try by the bears though. Only question now is will we see 77+ before 74? I don’t know. So watch for momentum and hope along. I still favor the bulls for at least a retest of 77/78 but I do think we can hit 80 again. Given the strength of the move up, it is reasonable to expect a bigger second leg to 80 or higher.
comment: Bulls started ok on Monday and the close was neutral but Tuesday really killed every last bull who bought above 71 and hoped for a second leg up above 75. Market has now left a giant bearish island reversal between 71 and 72.5 and that is as bearish as it gets. Bulls last hope now is to hold above the bull trend line at 68.
current market cycle : trading range (triangle on the weekly tf)
key levels: 63 - 78
bull case: No more bullish thoughts from me for now. Only an event can save the bulls. Monday they had another chance and they blew it on Tuesday. Now market has formed a big bear wedge but the hope that this will break to the upside is slim. Bull trend line at 68 has to hold or bulls will give up until 65.
Invalidation is below 68
bear case: Bears won last week big time. Now they want to run all the stops below 65 and retest 63.46. Problem with their case is the bull trend line and the bear wedge. We are trading at the lows and above the bull trend line, which is a bad spot for new shorts. Any short around the daily 20ema near 71 is probably a decent trade.
Invalidation is above 72.
outlook last week:
short term: Neutral but expecting a retest of 77 and higher again. The closer to 74 you can long this, the better is what I think.
→ Last Sunday we traded 75.56 and now we are at 68.69. That outlook was garbage.
short term: Neutral 68-70 but leaning bearish near 71. Not the best spot to trade currently.
medium-long term - Update from 2024-10-20: No idea where this wants to go in the remaining 2 months of this year so I am neutral until we have a better pattern. The big triangle on the weekly chart is alive and until that changes, no more updates.
current swing trade: None
chart update: Removed bullish pattern, added bear gap and bear wedge.
