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Crude Oil Futures (Dec 2017)Crude Oil Futures (Dec 2017)Crude Oil Futures (Dec 2017)

Crude Oil Futures (Dec 2017)

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CLZ2017 trade ideas

CRUDEOIL (WEEKLY OVERVIEW)CRUDEOIL is approaching a key resistance level at 7713. If it breaks through this level, it could reach new all-time highs. This week's high target is 7675-7725. Traders should watch for a breakout above 7713 to confirm the bullish trend. If CRUDEOIL fails to break through this level, it could retrace back to the support zone at 7625-7650. Overall, the technical outlook for CRUDEOIL is bullish. A breakout above 7713 could lead to a further rally to new all-time highs.
MCX:CRUDEOIL1!Long
by Shalvisharma5
WTI 's rally could just be getting startedThe more we look at market positioning on WTI, the more we suspect that oil may be dominating headlines as we head into 2024. In recent weeks we can see that large speculators and asset managers have been increasing long exposure and reducing shorts, which is the ideal scenario for a bullish trend. Yet net-long exposure for both sets of traders remains low by historical standards, and therefore shows no immediate threat of the move higher being extended. If anything, it could look underbought considering OPEC's desire to support prices. And when you consider oil is rising despite the stronger US dollar, you get to appreciate how strong the rally could get if the dollar's rally were to falter. Either way, with a rising US dollar and oil prices, 2024 could get messy and perhaps risk assets will get their reckoning once more.
NYMEX:CL1!Long
by CityIndex
🛢️Crude Oil Is Up $91.23 In Price⬆️📈The oil price affects the global economy wether you like it or not -- also we have this sad reality that most young people do not want to work in the oil and gas industry -- If i had known this a while ago maybe i would have gotten a job at the filling station or gas station -- But one thing for sure is that this industry offers many jobs for young people -- who have left high school and need some pocket money -- Oil is: -Source of Energy -Used in Cars - Used in Industry Manufacturing -- Oil is a powerful commodity thats why it is this weeks highlight -- Disclaimer: This is not financial advice this means do not buy or sell anything recommended -- here do you own research before you trade -- Rocket boost this content to learn more
NYMEX:CL1!Long
by lubosi
Oil (CL) Should Extend Higher in Impulsive StructureShort Term Elliott Wave View in Oil (CL) suggests the rally from 6.12.2023 low is in progress as a 5 waves impulse structure. Up from 6.12.2023 low, wave 1 ended at 84.89 and pullback in wave 2 ended at 77.59. Oil then extends higher again in wave 3. Internal subdivision of wave 3 unfolded as another 5 waves impulse in lesser degree. Up from wave 2, wave ((i)) ended at 80.45 and pullback in wave ((ii)) ended at 78.14. Oil extended higher in wave ((iii)) towards 88.07 and dips in wave ((iv)) ended at 86.71. Expect wave ((v)) to complete soon and this should end wave 3 in higher degree. Oil should then pullback in wave 4 to correct the rally from 8.24.2023 low before it resumes higher again. Internal subdivision of wave 4 should unfold in 3 waves such as zigzag structure ((a))-((b))-((c)). Potential target is 23.6 – 38.2% Fibonacci retracement of wave 3. The area can be measured once wave 3 has ended. Near term, as far as pivot at 77.67 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
NYMEX:CL1!Long
by Elliottwave-Forecast
1
Could the price of oil exceed $90?If you want to be notified every time I post a new article, just click 'FOLLOW' above. Also, if you want to learn more about a particular topic or need some advice, please comment below the article and I'll be happy to help. Could the price of oil exceed $90? WTI crude futures fell below $87 a barrel on Monday. While there were various factors influencing supply and demand, concerns over the slowdown in China's economy were key when it came to commodities. China is the world's largest oil consumer and still needs to demonstrate that it is changing for the better. The latest unexpected increases in oil futures, and energy commodities in general, have surprised even traders who were expecting a relatively quiet year. These forecasts were disappointed on account of the effects of the decrease in supply by market operators and by the positive seasonal trend in oil and other energy raw materials. What will be the consequences of higher prices in oil and how will they affect consumer prices around the world? There are grounds for a reduction in oil exports by Saudi Arabia and Russia, which have reached an agreement to this effect. However, demand appears to remain strong in both the US and Europe, despite the threat of an economic crisis. If we also consider the potential prospects for stabilization of the Chinese economy, then the price of oil could rise further. While China and its government are at the center of media attention due to the recent economic turmoil, there is still confidence that the Fed can keep rates unchanged to avoid excessively slowing down the American economy. Essentially, economic trends are evolving from a month ago with more volatility in energy commodity markets, as indicated by the Oil Volatility Index (OVX), rising sharply. I believe that at this moment the members of OPEC are cooperating in harmony, all united by the intent to respect the agreements made. Russia has a strong interest in securing a high price to maintain the war economy, and while I am pessimistic about the long term, at the moment we can expect prices to hover around $90, with peaks higher. The need for oil in the global economy makes rising oil prices an important factor. When the price rises, businesses that use oil as an input to produce goods and services see their costs increase. Transport also becomes more expensive, contributing to the increase in prices of consumer goods. The annual CPI is one of the macroeconomic indicators most followed by the FED, and this possible increase could significantly influence monetary policy decisions. Moreover, technical analysis confirms the trend is positive, with prices above the 200-day moving average and trading volumes increasing. Of note is the recent entry into an overbought zone, where there could be a temporary drop in prices in the short term. According to my projection, the price of crude oil will reach $90 per barrel within the next few quarters.
NYMEX:CL1!Long
by Antonio_Ferlito
Crude Oil: RSI on Cusp of Sell SignalThe price of oil halts a six-day rally, and a move below 70 in the Relative Strength Index (RSI) may accompany a larger pullback in crude as it reflects a textbook sell-signal. Crude Oil Outlook The price of oil trades in a narrow range as it struggles to extend the series of higher highs and lows carried over from last week, and failure to hold above $87.30 (78.6% Fibonacci retracement) may push crude back towards the $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci extension) area as the bullish momentum seems to be abating. Next area of interest comes in around $78.70 (50% Fibonacci retracement), but the price of oil may track the positive slope in the 50-Day SMA ($78.94) as long as it holds above the monthly low ($83.46). In turn, the price of oil may attempt to test the $93.50 (38.2% Fibonacci retracement) area should the overbought reading in the RSI persist, with a breach above the November 2022 high ($93.74) bringing the August 2022 high ($98.65) on the radar.
NYMEX:CL1!
by FOREXcom