BUY CL at the 79.15 or the 78.00 price levels, going back up to the 90.00 to 95.00 price and beyond.
So I don't take too much of my time on the weekend trying to figure out where price is going to go as price isnt even active. So barring any exponential moves Sunday open I am still bearish and have : Monthly Wick CE and target 1 Weekly SSL as target 2 Pre CME open I will re analyse where the market is and publish further forecast for the day.
As it appears, we could see another downward spiral in oil prices for next week and then maybe hit the support of $77 area?
Selling volume appears to be slowing down but does CL reach 77/75 before catching a bounce?
analysis suggests that the optimal selling zone for crude oil stands at 6651. This assessment prompts strategic considerations for traders, with suggested take-profit levels at 6575, 6530, and 6500, offering multiple opportunities to secure gains. However, to mitigate potential losses, it's advisable to set a stop loss at 6720, safeguarding against adverse market...
I have not updated this CL chart for a while but been playing out the way it was mapped out and i have updated the chart to include what i see now
Over reaction and over sold on the 1st of May. NYMEX:CL1! could recover some lost ground tomorrow. Plan is to buy above 79.40.
NYMEX:CL1! “Hard Work, Dedication!” — Floyd Mayweather, Jr. Oil could be setting up for a real nice LONG...Being that Price broke underneath Major Key Level $80.00/ Per Barrel... Let's see if we can get Mitigation of the HTF 4Hr Demand Zone Below and wait for a LTF 15m CHoCh Confirmation Set Up to go LONG... I'll be back with more updates as PA develops......
Downward range breakdown and M Patter formation. Overall downtrend Sell Below 6722. 30 Points target and 15 Points stop loss Buy chances above 4690
Good Evening and I hope you are well. comment: Big selling today and melted through 80. My thesis over the past weeks was a correction to around 77. We are at 79 and the odds are very high that we get there. Might see another bounce first though. Unsure and we have to wait for tomorrow. current market cycle: most recent bull trend is over and we are...
Technical Momentum Weakens Crude Oil futures are declining in 2024 after correcting down to the 200-day moving average at $77.94. The technical perspective shows momentum studies declining into oversold territories, with the 9-day moving average trading below the 18-day. DMI- is above DMI +, indicating that the market is in a correction phase, while the Average...
With no news injections today I would stay on the side lines. We have Daily Wick level in conjunction with a 1hr FVG which if Crude Oil is substantially bearish should respect leading upto NY open and CME open. The overall bias for me is still bearish with weekly ssl in the lower half of the charts marked with a magnet. This is the draw and what I will be waiting...
$CL1 is looking set for an intra-day long. The recent sharp drop below both key moving averages and subsequent movement indicate strong bearish pressure. But it has found short term support and is appearing to be reversing. Disclaimer: This analysis is part of my personal trading journal. It should not be considered as financial advice or a recommendation to...
Crude Oil (June) Last week’s close: Settled 78.26, down 1.00 on Friday and up 0.15 on the week WTI Crude Oil futures shed $1.00 on Friday, in a very disappointing session for the bulls. Given Wednesday’s outside bullish reversal and rejection of the consolidation pocket from March we have been highlighting, the lack of follow through Thursday was unenthusiastic...
Looking for short entry in NYMEX:CL1! price is forming double top break and retest
Not alot of update from last week's chart. We have been creating a base in daily demand zone (green zone) and consolidating as expected. This week, I would like to see some movement to the upside. A break of $80 upside confirms trend for me with first macro target at $83-84.
- all rectangles are potential support/resistance with the last one blue being a probable exception - the 3 marked with dots levels can also become support/resistance, especially the first bottom blueish one, but they can also become like milestones levels or steps in the evolution of the price - the 2 green curves are also potential support/resistance acting as...
WTI 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...