WTIU2024 trade ideas
Crude Turbo Tuesday'sYesterday we saw a nice bulish displacement and I would like price to stay above the 1hr FVG..
We can wick bellow on the 1hr but leading into CME open I would wait for bullish price to reach to the 80.00 level which is the Daily FVG..
Once we close inside the Daily FVG we can start looking at CE of it.
Will oil plummet? Or is this chart primed for a reversal?Oil ended april as a first red month, in which case may id be looking for sell high, they kept price suppressed and didnt attempt to make any significant higher highs this month,
since there was no real place, except the start of may, to sell high, (and fundamentals somewhat driving my thesis) i would expect them to keep trapping volume down low for the frontside move of the week, and shift momentum to the upside later in the week ending as a first green month (closing the month above previous month close 81.15 (CL1!) - after attempting to continue going lower in a previous downtrend)
friday was a first green day, so mondays thesis would be to look for a buy low in any 1 of the 3 sessions.
past 3 weeks have been inside week for the most part, this is primed for a serious reversal.
May the markets be with you all!!
$OIL giving us bullish signalsToday i break down where NSE:OIL seems to be heading and how i took an entry today. This bullish move up can be scalped and in my video i break down the thought process on how that is done. Plenty more money to be made on this run!
CME NYMEX: CL WTI Crude Oil Futures price forecast Target 165.00CME NYMEX: CL WTI Crude Oil Futures price forecast
T/S : Trend Trading
B/S : Buy
Entry : 80.00
Target : 165.00 (106.25%)
Stop : 67.00 (-16.25%)
Date : Jun 18, 2024
Note : Support and Resistance : 64, 75.5, 95, 110, 135, 165, 240
Can the HOUSE CAPITALIZE SHORT out of the CURRENT Consolidation?NYMEX:CL1!
"I DONT FOLD UNDER PRESSURE, Great athletes perform better under pressure so put pressure on me." -Floyd Mayweather Jr.
Top of the Sunday Morning Family. I hope we all are well and in gr8 spirits as we get ready to start this trading week. Here I have constructed this SHORT narrative on OIL, out of the Current Range we are trading inside of. The consolidation zone ranges from prices of roughly ($79.30 to $77.20)... Here is what I will need to see in order to enter SHORT and target the 4Hr Swing EQ Level ($76.55).
1) On the Daily TF buyers have pushed price back up into an un-mitigated Daily Supply Zone. & Now that we have Mitigated this Daily Supply, we could see sellers step back into the Market and push price back down.
**** I would like to see buyers sweep the High of the Consolidation zone on the 1Hr TF! If price can break higher than ($79.30) then this would be a good sign for me. Now I want this to be a (Liquidity Sweep SOLELY with no real follow through from buyers) basically manipulation to the upside then BOOM!!! Sellers come in and drop the market off a cliff stopping everyone LONG and Sellers coming to sweep the eR/LQ Trendline to the downside...
2) Price is currently riding a HTF{ 4Hr Ascending eR/LQ Trendline } that I know is going to be swept with strong sellers to the downside and this is the move I'm looking for the HOUSE to CAPITALIZE ON....
3) The EQ level of the Consolidation range is what I need to see price break underneath with confirmed candle closures on the 30m TF & Below before I enter SHORT... The EQ level of the Range is roughly ($78.25)... ****I want to price sweep the Ascending eR/LQ then break and close with strong conviction underneath the Consolidation EQ Level ($78.25) on the 30m TF & below.
**** Now if and when we can get these sequence of events to take place then I will be compelled to place my Limit SHORT on the retest of ($78.25)Consolidation EQ Level and Target the 4Hr Swing EQ Level Below ($76.55) 170 Points SHORT in our favor...
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
Crude oil eyes $80, but resistance loomsWTI is on track for a bullish engulfing week to snap a 3-week losing streak. And as it fell over 17% from the April high, it could pave the way for further gains in the coming weeks. However, there are plenty of resistance levels around the $80 that could spur bears from the side lines.
The May VPOC and VAH sit around Wednesday's high, and the monthly R1 and weekly R2 near the May high. So whilst another crack at $80 seems more likely than note, the $80 area could be an interesting area to fade into.
Strong support sits around $75.50, making it a viable target for bears and area for bulls to reconsider entering for an anticipated move above $80.
Three Simple Technical Narratives Driving Crude OilPlease note that the chart above is the continuous front-month Crude, and we are referencing the August contract below.
Crude Oil (August)
Last week’s close: Settled 78.26, up 0.11
August WTI Crude Oil futures are front month and price action has consolidated terrifically out above the 21-day moving average since last Monday’s strong session. However, as this week unfolds, there are two stories overhead. First, price action has not traded above the 54-day moving average since breaking below it on May 1st, and this comes in at 79.34. Second, there is unfinished gap settlement resistance from the April 30th monthly settle aligning to create rare major four-star resistance with a .618 retracement. While the 54-dma is resistance, one may view the gap settlement as unfinished business and a bullseye that must be tested.
Bias: Neutral/Bullish
Resistance: 78.85-78.94***, 80.37-80.61****
Pivot: 78.11
Support: 77.33-77.42***, 75.46-75.75***
Crude Oil "Triangle Pattern" Target 7100 and "Wolf Wave Target"A "Triangle Pattern" has formed in Crude Oil and Downtrend has "Breakout". So market is Bullish Trend. And the Target is Triangle's Top Trendline at INR 7100. Additionally, Expect a Breakout of the Triangle Pattern.
Don't miss the "Wolf Wave Target" Opportunity. If Breakout the Triangle Pattern, then the Next 2nd Target is Wolf Wave. Refer to the below image for Wolf Wave Target Achieved in Ethereum.
Guess 3rd Target ???
I want to help people Make Profit all over the "World". Additionally, I am Eager to Receive Money form Worldwide because of my Potential. Thank you
Impending rise for oil prices?If you would like to be notified whenever I post a new article, just click “FOLLOW” at the top. Also, if you would like to elaborate on a particular topic or need some advice, please comment below the article and I will be happy to help.
Impending rise for oil prices?
WTI crude oil futures held steady around $78 a barrel on Tuesday, after rising 3 percent in the previous session on expectations of increased demand for fuel in the summer.
The U.S. government may also fill the Strategic Petroleum Reserve at a faster pace as it aims to buy back oil priced around $79 per barrel. However, I remain cautious as I await the Federal Reserve's policy decision and U.S. inflation data this week.
Positive U.S. employment data released on Friday raised concerns that the Fed may keep interest rates higher for longer, which could hurt the economic outlook and energy demand. Markets will be interested in data on U.S. crude oil inventories from the EIA today.
OPEC+'s announcement to ease production limits by the end of the year has created much discussion about recent changes in oil prices. But personally, I am not worried because if prices continue to fall, the oil cartel may have to delay or cancel the plan to phase down production as early as August.
It would not be surprising if OPEC+ decides to postpone production cuts and announce this decision as early as early August if oil prices remain around $70.
Earlier this week, OPEC+ announced that production cuts of 1.66 million barrels per day will remain in place until 2025. In addition, voluntary production cuts of 2.2 mbpd will be maintained for another three months until September and then gradually reduced.
Lower oil prices are a blow to major oil producers such as Saudi Arabia and Russia. The former needs an oil price above $90 a barrel to balance its budget, while the latter needs an even higher price to support the ongoing military intervention in Ukraine.
Although there may be a decrease in oil prices, this is likely to remain subdued during the summer due to seasonal demand that will keep crude stocks in check.
In the summer season, we expect sustained demand for oil and a reduction in global inventories from July to September. Therefore, we maintain a positive view on oil prices in the summer months.
If you are trying to predict oil prices, there is a highly effective method you can use. Analyze oil producers to determine if their stocks are solid and cheap. With Tradingview you will have an essential tool to properly analyze the fundamental performance of each stock, avoiding costly mistakes.
By using Trading View to analyze Exxon Mobil Corp (XOM), we can see that the stock is strong and attractively priced, which makes me optimistic about oil prices in the future. My prediction is that oil prices will reach $82 in the next quarter.
We look forward to seeing you in the next article! And remember, for successful trading always rely on Tradingview: an indispensable tool that can help you avoid serious mistakes during your trades.
Crude Steps and Forces- 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 forces pushing the price up or down
This snapshot considers the bullish scenario where the price remains above 66, with potential reversal patterns to occur near the red rectangle zone.
Repairing the Damage. What's Next for Oil?The chart above is continuous front-month Crude Oil futures. We are referencing the July contract below.
Crude Oil (July)
Yesterday’s close: Settled 77.74, up 2.21
WTI Crude Oil futures notched a fantastic start to the week, gaining 2.93%. It is no coincidence the gain comes on the heels of a strong U.S. Nonfarm Payrolls report on Friday. We have spoken about this often, strong economic data may encourage a risk-off tone by pushing out Fed rate cut projections, but ultimately has a positive impact on Crude Oil in the aftermath. Some of yesterday’s rise could also be credited to consolidation tailwinds ahead of this morning’s OPEC Monthly report that left projections little changed, and prices have initially reacted by coming off session highs. We look to the EIA’s Short-Term Energy Outlook at 11:00 am CT.
Technically, yesterday’s move to reclaim major three-star resistance at 76.15-76.63, the May lows, has neutralized the early June fallout. As today’s session unfolds into tomorrow’s weekly EIA data, it will be critical for price action to hold out above major three-star support at 76.15-76.25 in order to keep the bulls, in our opinion, with their reestablished edge.
Bias: Bullish/Neutral
Resistance: 77.51-77.80***, 78.29-78.16**, 79.32-80.09***
Pivot: 77.35
Support: 76.99*, 76.63**, 76.15-76.25***, 75.53-75.84**
Check out CME Group real-time data plans available on TradingView here: www.tradingview.com
Disclaimers:
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 www.tradingview.com
*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.
Oils last Hurrah till it heads back down towards $69Using history, EMA, Trendlines, and fibs I show that I believe oil will reverse course and start heading back down. This was just a relief rally like in the past as shown before it dontinues the downtrend.
Thursday VooduWell we are in a sell program and we have respected this 1hr fvg.
So the remit is pretty simple for NY open..
Wait for a retracement for bearish prices.
The Bias is Bearish with the Magnet's as Price tragets for the weekly objectives.
CrudeOil**CrudeOil:**
This week's forecast is for the price to rise in the middle of last week's downward movement and reverse the trend towards the bottom of the channel.
CRUDE OIL (CL): Weak Momentum Likely to Persist?Assalamualaikum wbt and Good Day to fellow traders!
From my rather simplistic view, the overall two-hour time frame (TF2hr) chart seems to indicate that the prices for WTI Light Crude Oil ( NYMEX:CL1! ) could go further south at least for the time being.
The further potential weakness is being reinforced by the significant key moving averages (in this case Exponential Moving Averages or EMAs ) - the EMA50 (blue line) and EMA200 (amber line) - in which the Black Gold sits below those lines since April 17, 2024.
Despite several rebound attempts, the commodity has continued to slide downwards making some notable Lower Lows and Lower Highs until recently last Friday while trading range-bound in between.
In addition, the Moving Average Convergence Divergence (MACD) indicator also flashed a cautious sell signal last Friday following a cross over.
On top of that, the obvious rejection at the 76.03-76.30 key level could possibly suggest that the bearish momentum is still in play.
However, a bullish reversal may occur should the MACD crossover take place above the 0 line with the help of a significant volume, as well as the two EMAs crossing up.
Wallahu a'lam.
#cl #crudeoil #wti #blackgold #exponentialmovingaverage #ema #macd
Crude OilThis is not a trading signal, its an opinion, if you copy it, its on your own risk.
Position 1- Long
Position 2- Short
Oil is in down trend on the daily and 4 hours, but there is a pull back to the previous support that has became Resistance to retest it and then we will see continuation to down trend to the levels around $70.40 is the next support level.
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.
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.
Oil flow
All ideas are strictly my interpretation of price action. I am not a professional trader nor is this
professional advice.
