This looks like it is poised to head back into a well established $70-$80 range (and then some!). Anticipated long-term USD strength, as well as extended Global economic weakness bodes well for an enduring price weakness outlook.
Technically, Crude is at a major pivot, both, at the top of a rising daily channel, as well as at the top of a descending weekly channel...
Quick take/analysis, but consider scooping some low-risk crude contracts here (break above 84.84). Better demand zones are lower, but we've had a sizable downdraft into buy areas + are testing a key support/resistance area (~84-85), so those traders may be at our backs. The US dollar has finally taken a pause at the supply zone we ID’d in posts from earlier this...
Crude oil has been on the rise over the last view weeks, which is the main reason why inflation is still the main global problem, so we have seen some positive correlation between dollar and crude as speculators believe that rates will stay here higher for longer. Well, what’s interesting now is that after that after a lot of crude oil bull calls for 100 dollar...
Preferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas.
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TRADE DIRECTION: SHORT; as indicated by the downward trendline and the market structure.
KEY LEVEL: Round numbers S&R with 50 ticks range between each level.
TRIGGER SIGNAL: 4 bearish reversal candles
RR: 1:2
SL: 74 Ticks
TP: 150 Ticks
If the price of crude oil respects weekly pivot points, there is a high probability that it will form a head and shoulder pattern in next few days. If confirmed the target will be around $80 or below
The price of oil carves a series of lower highs and lows as it continues to pullback from the yearly high (95.03), but crude may attempt to track the positive slope in the 50-Day SMA ($84.74) as it holds above the moving average.
Crude Oil Outlook
The price of oil appears to have reversed ahead of the August 2022 high ($98.65) as it slips to a fresh weekly low...
Preferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas.
With your likes and comments, you give me enough energy to provide the best analysis on an ongoing basis.
And if you needed any analysis that was not on the page, you can ask me with a comment or a personal message..
Enjoy Trading... ;)
WTI oil is going to test 84.5$ level while Dollar is going green, probably it’s will go down more than this level.
we will wait to see price move after test the level.
Wish you best trades
Preferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas.
With your likes and comments, you give me enough energy to provide the best analysis on an ongoing basis.
And if you needed any analysis that was not on the page, you can ask me with a comment or a personal message..
Enjoy Trading... ;)
A very important Crude Oil top may have been made on 09/28/23.
These are the factors.
1) Completed Elliott wave - Inverse Expanding Flat.
2) Bearish divergences on RSI and MACD.
3) Peak on 09/28/23 hit rising trendline.
4) Top one day before Full Moon on 09/29/23.
5) Bearish seasonal patterns until late December
There’s potential for Crude Oil to drop to the low...
