crude oil bullish cup n handle pattern formation done. from very long time is has been in correction..now breaks..Longby mansetsoft0
Light Crude OilLight crude oil, with the fall of several months and the price correction, is now close to the main support and the past purchases made by investors. who have placed an order will approach and make a loss, and by following their analytical and investment path, you can achieve a good profit in the long term. SashacharkhchianLongby sashacharkhchianUpdated 0
Crude Oil Thursday Rumble...As we are in Bullish territory on the HTF the Daily FVG bellow is where I am anticipating price to retrace too leading upto 0930est... Does it have to retrace there? No. However I am Looking at Bullish bias towards the Daily V.i Marked in the chart for a Target and Forecast going forward... Pretty simple.Longby IamThattrader0
Crude Oil Finishing Minor Wave A of EI can clearly count five waves up, implying that wave A should be about finished. Prices also seemed to have stalled at the resistance caused by the end of minor wave B at the previous zigzag of wave D (red resistance line). The next wave down should be wave B of a zigzag for which the 50% Fibonacci retracement level is a reasonable target but by no means the only option. Once the final zigzag up finishes, we should see a breakout from the triangle on the downside. Shortby epistemophiliac1
Avoid FOMO of oil being bullish Until the price is below 7000 mark we cant say oil has turned bullish there is volume imbalance and bearish fvg on daily time frame around 6887 to 6771 where there is high probability price to get reject those who are in long trade before try to trail your stop and those who are looking for fresh long AVOID !! by Jimmy_RebelloUpdated 1
#202425 - a weekly price action market recap and outlook - oilGood Evening and I hope you are well. wti crude oil futures Quote from last week: bull case: The best the bulls can hope for, is for the lows to hold and to move sideways and hit the daily ema again. They failed at keeping it above 75, which was huge support. Last bear leg inside this bigger trading range was 11 weeks long from high to low and we are currently at 9 weeks. Bulls will want to find support here around 70-72 and trade back up to at least 78 over the next 8-12 weeks. comment: After Monday there was no question that bulls took control again and the bear trend is over. Bears now fight to keep this a lower high and retest the 72.48 low but for now, market is in balance around 78. Bulls want to break out of the bear channel and test 80 again. current market cycle: trading range key levels: 72-79 bull case: Strong week by the bulls with 3 pushes up but still a lower high. Their next target is to get back above 80.22. Right now they have momentum going but big down, big up mostly creates confusion and that means trading range. Above 79.5 I will probably long for 80. They need to stay above 77 or odds favor a retest of the lows below 74. Invalidation is below 77. bear case: Huge bear surprise the week before and now a big bull surprise. Most reasonable thing here is for the market to move more sideways, probably still inside the very big triangle 73 - 81.5. If bears get below 77, they want to retest the lows below 74, which is also what I think has the slightly better odds next week but I would wait for confirmation. Invalidation is above 80.6. outlook last week: “Neutral because I think we will hit the daily ema again and a retest of 72.5ish. I am not a fortune teller so I don’t know which comes first. I will watch the price action and give daily updates here on substack and intraday in my trading room.” → Last Sunday we traded 75.53 and now we are at 78.45. I said we will hit the daily 20ema which was 140 upwards. On Monday there was no question we will get there, so I hope you made some. Did not expect bears to just disappear afterwards and let the market trade above for the whole week. short term: Neutral right under the bear channel line and daily ema at 77.5. Can break to either side. medium-long term: We are seeing the big triangle playing out between 72 and 82. The high of the triangle got tested until mid of April and we have now tested the lows around 72.5. Market will probably move more inside this big range until we get a new big cycle to either side. —unchanged current swing trade: None chart update: Adjusted both two-legged corrections to fit the current pattern better but the C target is very questionable as of now. We need more price action to know where market wants to go from here.by priceactiontds0
CL - Weekly Forecast - 17 June 2024I have a bullish bias for CL in the weeks ahead. My entries and targets are shown in the video. Long04:03by TraderRiz0
CRUDEOIL 30 MINLETS SEE WHAT HAPPENS...!! I Am Not SEBI Registered Analyst. All Post and Levels Posting is only for educational and knowledge purpose. I Am not responsible for your any kind of loss or profit. No Claim, All Rights Reserved.‼️Longby saimandali0
Playing spread - 50 / 47 on CL_F$CL_f has bounced of support @ 48.40 while prev. week has supported break above this level. this is possibly last area of resistance before move back to 49.x ish level.. considering playing Spread to take advantage of range between - 50 / 47by theboilerroomUpdated 0
CL / Crude Oil ShortContext: • Monthly: First signs of bearish orderflow. Bearish FVG in the making • Weekly: Bearish FVGs getting respeced • Daily: Rejection and break below prev. day low. Caution because of two bullish FVGs Idea: • 1h-4h Mitigation Block with 1h close below prev day low. • Respecting 1h FVgs • Inside current 1h candle on 15min closed last 15min bullish FVG • Potentially building a balanced price range on 15min → Long around prev. day low about 77.88 Target: • 1st would be currend day low • 2nd: Upper limit of daily FVG at 77.22 Entry / Stop: • Reversal Setup with stop above the entry signal • Or at 77.88 with stop about 78.05 Signal invalidated: • breaking lower withoug looking back • Prive going above 78.05 I want the current 15min-Candle to close inside the range of the previous 15min candle. Be careful about News in about 30minutes! Please feel free to comment Shortby MichaelBwUpdated 0
Crude Oil - Bullish long-term - Bearish short-termCrude oil moved as we expected. Now in the next days we can expect it to follow the red scenario and reach the $75 area. If we see prices around $75 I'll put another update. Context is BULLISH for Crude oil and DXY is showing weakness after yesterday's FOMC meeting and the market is more confident about the rate cuts in September than last week. SO BE CAREFUL with your short positions.Longby SamanFx00
Crude Futures Push Above The 200 DMATechnical Momentum Strengthens Crude Oil futures are rebounding in 2024 after trading above the 200-day moving average at $77.54. The technical perspective shows momentum studies rising from oversold territories, while the 9-day moving average trades below the 18-day. DMI- is slightly above DMI +, indicating that the market is still in a correction phase, while the Average True Range declines to $1.77 daily, showing an uptick in volatility. API Inventories Decline API Inventory has decreased recently, indicating a tighter supply picture. Recent API inventory data shows a decline of 2.4 million barrels. The current EIA inventories are 455 million barrels, compared to the five-year average of 474 million barrels for this period. Cushing stocks in the Midwest show 35 million barrels in inventory versus a five-year average of 42 million barrels. Middle East Tensions Rise The U.S. economy continues to expand in 2024, driven by the high probability of a soft landing, which fuels investor sentiment. Geopolitical tensions have increased recently, indicating the possibility of a widening Middle Eastern conflict in the future. Traders will remain focused on inflation data, inventory productions, and the direction of economic data. www.tradingview.com CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs Disclaimers *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.Longby Phil_Blue_Line0
Can the HOUSE CAPITALIZE LONG ABOVE DAILY SWING EQ...?NYMEX:CL1! "To succeed...You need to find something to hold on to, something to motivate you, something to inspire you." -Tony Dorsett Family, Summer is officially here and I hope everyone is well and in gr8 spirits. Here I am going to give you a detailed narrative as to why I believe we can capitalize LONG on OIL this week juss above Daily Swing EQ Level and Target 70.5% Fib Level Which is the EQ Level of the overall 4Hr Supply Zone.... Risky however still HIGH Probable...Vibe w/me 1) The 1st confirmation I want to see is price break the last 4Hr Swing High ($76.25) and head towards the EQ Fib level ($76.55)/ 4Hr Supply Zone... 2) Now what happens next is what will determine if we go LONG or not.... The only thing that makes me slightly hesitant in taking this LONG is the fact we have an ascending iR/LQ Trendline currently that buyers have created and I know for a fact Sellers need to sweep this liquidity the question is when will they do it? 3) Once we break above the Fib EQ level ($76.55) I need to see a candle closure above price on the 30m TF & Below... However Price could very much so close above inside the 4Hr Supply then sellers step in and drop price to sweep the iR/LQ then buyers push price rii back up above EQ Level... SO its case by case scenario lets just await and see what happens... Ill keep update as PA prints.... Remember when it comes to FRM (Financial Risk Management) our job is to manage the downside costs of printing High side returns of $$$ consistently... Let's Step!! Stay Focused & Reach Excellence!! #BHM500K #NewERA #Champions Longby TreyHighPwrUpdated 1
Can the HOUSE CAPITALIZE LONG ABOVE DAILY SWING EQ...?NYMEX:CL1! 1) The 1st confirmation I want to see is price break the last 4Hr Swing High ($76.25) and head towards the EQ Fib level ($76.55)/ 4Hr Supply Zone... 2) Now what happens next is what will determine if we go LONG or not.... The only thing that makes me slightly hesitant in taking this LONG is the fact we have an ascending iR/LQ Trendline currently that buyers have created and I know for a fact Sellers need to sweep this liquidity the question is when will they do it? 3) Once we break above the Fib EQ level ($76.55) I need to see a candle closure above price on the 30m TF & Below... However Price could very much so close above inside the 4Hr Supply then sellers step in and drop price to sweep the iR/LQ then buyers push price rii back up above EQ Level... SO its case by case scenario lets just await and see what happens... Ill keep update as PA prints.... Remember when it comes to FRM (Financial Risk Management) our job is to manage the downside costs of printing High side returns of $$$ consistently... Let's Step!! Stay Focused & Reach Excellence!! #BHM500K #NewERA #ChampionsLong05:19by TreyHighPwrUpdated 1
Crude Oil Nearing the End of Wave A of a Zigzag Oil may be nearing the end of wave A. If so, soon we should see a decline before the next push up to complete the contracting triangle of intermediate degree. by epistemophiliac1
2024-06-10 - a daily price action after hour update - oilGood Evening and I hope you are well. overall market comment Markets went mostly flat today. Dax sears tried and were rejected again and sp500 and nasdaq made higher lows and lower highs. Markets are forming triangles which means we are in breakout mode again. No surprise moving into CPI and FOMC this week. I expect more sideways movement until then. Commodities all green, while Gold is flat, Oil continued the pull-back big time to get back to 78. Bulls strength surprised me tbh. The pull-back is already too strong for the bear trend to continue much further. Oil trading range is probably 72 - 80 for the next weeks. wti crude oil comment: Don’t long at the top of a expanding triangle and after a huge buy climax. In my weekly outlook I wrote that we will hit the daily ema at around 77 again but I obviously did not expect it to be done so fast. Oil was still in a trading range until the breakout above 76.23 but bulls kept at it and the 15m ema held into US close. Since we are at the top of the expanding triangle, I am not interested in buying up here. A pull-back is reasonable here but as of right now, bulls are in full control until bears break below the 15m ema and one should not short into such a strong trend. 78 should be bigger resistance. current market cycle: Trading range key levels: 72 - 80 bull case: With today the bear trend concludes imo, since the move was too strong to be part of the bear trend. The 72.48 low could be retested over the next days to weeks but the downside is probably limited to around that area. Bulls want the strong momentum to continue and get most bears stops above 80. It would be insanely strong, if they could break above the bear channel in one giant move over two days. It’s very low probability that this will happen. If it does, we are probably facing an macro event over the next days. Invalid below 70 bear case: Bears gave up above 76.3 and market moved fast to 78. If bears can not keep it below 78, we will probably melt more up to 80. My line in the sand for bears was around 77-77.5 but bulls melted through. Not many arguments for the bears here until they get below the 15m ema and stop the market from making higher highs. short term: Bullish af. If this continues, we see 80 soon. If we see 79 in Globex, the chances of an event are big imo. Something is up. medium-long term: We are seeing the big triangle playing out between 73 and 86 (could also be 87 but for now I see the spike above 83 as a failed breakout of the triangle. We hit the lower trend line and now we will test back up to above 83. —will update this Wednesday current swing trade: None trade of the day: I had no interest in buying above 75.5 and under 76.3 but missed the big breakout. Bad trading on my part. Had to get long since bar 9 or latest bar 10.by priceactiontds0
Turbo Tuesday Crude OilAfter a lavish bullish Monday the next target is the Daily FVG. Pretty simple I have a 1hr fvg box if you can see it... that is where price should stay above for price to navigate higher prices heading into NY Tuesday. Longby IamThattrader0
6/9 | $CLSince losing the 77 support level, we have flushed lower and rebounded. Holding where it needs to for now, but would still like to give this some time to develop. Messy price action and dont want to be caught in the middle of it. Will be interested if we can either reclaim 77, or price comes back down under 74. Otherwise, will be hands off this week on crude oil.by StonksSociety0
#202424 - a weekly price action market recap and outlook - oilGood Evening and I hope you are well. wti crude oil futures Quote from last week: bear case: Bears sold 80 again and will probably take profits here at 77 or try to get 76 again. If they get a breakout below, we will probably test 75, which is a price I thought we would test for 5-7 weeks now. It’s a bad sell here at 77 for bears so best they can get is sideways movement. comment: Fair to say that bears surprised me big time on Monday with the huge follow through selling through previous bigger support. 72 stopped the fall and created an expected bounce. I do think this was W5 and my bearish targets are all met for now. Market should move sideways to up from here. On Friday we got a perfect retest of the breakout price of 76 and that was resistance for now. Worst case scenario for bulls would be to stay below 76. The bull trend line will get retested and should hold for now. current market cycle: Bear trend which could transition into a trading range here key levels: 72-78 bull case: The best the bulls can hope for, is for the lows to hold and to move sideways and hit the daily ema again. They failed at keeping it above 75, which was huge support. Last bear leg inside this bigger trading range was 11 weeks long from high to low and we are currently at 9 weeks. Bulls will want to find support here around 70-72 and trade back up to at least 78 over the next 8-12 weeks. Invalidation is below 71. bear case: Huge bear surprise imo on Monday and bears want to keep it max bearish and they will do that by keeping the market below the breakout price around 76 and below the daily ema. They want a retest of 72.5 again and poke the bull trend line enough for bulls to give up there. If they actually get an acceleration of this bear trend, which is the low probability thing, they could retest 70 next and below 70 comes 67 as support. Invalidation is above 80.5. outlook last week: “R:R is on the bull side here at the bottom of this range. I wait for confirmation on Monday before going long for 80 again. Below 76 we could get to 75 but that would require strong momentum for me to go short down here.” → Last Sunday we traded 76.99 and now we are at 75.53. High of the week was 77.52 so the uber bearish price action, was surprising to me. I did not advise you to be bullish, unless there confirmation for the bulls and obviously that did not happen. So my bearish target of 75, if we go below 76, was alright but way too short of 72.48. Not a good outlook. short term: Neutral because I think we will hit the daily ema again and a retest of 72.5ish. I am not a fortune teller so I don’t know which comes first. medium-long term: We are seeing the big triangle playing out between 73 and 83. The high of the triangle got tested until mid of April and we have now tested the lows around 72.5. Market will probably move more inside this big range until we get a new big cycle to either side. current swing trade: None chart update: Added my pretty bear channel, adjusted 5-wave series and added a two-legged pullback, which we are probably in as of now. The red ABC is how I imagine it to play out price-wise, not time wise. We should see a retest of the lows as well as the daily ema. I don’t know which comes before what or when. Also adjusted the big bear trend line from 2022.by priceactiontds0
CL1! Oil Setup On The WeeklyCL1! is setting up nicely on the weekly time frame continunity with a hammer in place to indicate a possible reversal over the coming few weeks. RSI is sitting at 38.41 and MACD is falling. Let's watch to see when the MACD closes to show support of a continuation. The Slow Stochoctics indicator is beginning to cross to indicate a change. If nothing else we are beginning to reach a line of support here. Longby GlennTradingUpdated 6
break and retest 22 it broke past the trend line and shot to the downside my prediction was incorrect i thought it was going to retest the trendline and shoot the upside. this is important to pay attention to the whole screen or market and really analysis the divergence and trend rather bullish or bearish, practice!10:28by aarudaprodigy0
light oilI expect a corrective movement for oil up to the $74 range. If the price returns above 82 dollars, this analysis will be invalid.Shortby arezaeianUpdated 2
USOIL is Under PressureWTI crude oil futures are experiencing a downturn, currently priced at $79.37 per barrel, marking a 0.48% decrease. This decline is attributed to the global economic challenges that are negatively impacting the demand forecast. Similarly, Brent crude has seen a reduction in price, now at $83.88 per barrel. The economic recovery in China is progressing slower than expected, and the anticipation of additional interest rate hikes is exacerbating concerns over economic growth, exerting further downward pressure on oil prices. In the United States, crude oil inventories have witnessed an increase of 3.4 million barrels in the previous week, contributing to the existing oversupply. The persistent risk of a recession continues to place significant stress on the oil market. Meanwhile, amidst these market conditions, option sentiment from the CME exchange suggests a robust support level at $75 for WTI futures in the nearest expiration series. This sentiment indicates a strong market belief that prices are unlikely to fall below this threshold, providing a measure of stability despite the current market volatility. For investors and market watchers, these indicators from the options market are a critical piece of the puzzle, offering insights into future price movements and trader expectations. Shortby ClashChartsTeamUpdated 2