Oil prices indicate a potential for further declineOil prices have dropped below $77.5, hinting at possible further decreases. The next support levels are around $76.8 and $76. With tensions in the Middle East, caution is advised for investors as geopolitical issues often affect market trends.Shortby Joe_bghlmUpdated 5
USOIL - Long - BreakdownRecap of my USOIL position that I took this week. - HTF support - 1hr pattern completion - 5min 50ema breakoutLong10:25by HoodieBaz2
OIL 4Hsize completion. The black gold edges higher amid optimism about rising demand in China and the US, the world's two biggest crude-consuming nations. China’s crude oil imports rose by 5.45% in April compared to the same month last year, indicating an encouraging improvement in demand, China's official statistics showed on Thursday. The improved China Trade Balance data added to the upside momentum for WTI prices, said Tina Teng, an independent market analyst. On Wednesday, a decline in oil inventories lifted the black gold. Crude inventories in the US dropped by 1.4 million barrels in the week ending May 3, from 7.3 million barrels built in the previous week, according to the Energy Information Administration (EIA). The market consensus projected that stocks would decrease by 1.4 million barrels. Israeli forces massed tanks and opened fire close to built-up areas of Rafah on Thursday after President Joe Biden said the US would withhold weapons from Israel if its forces mounted a major invasion of the southern Gaza city. The ongoing geopolitical tensions and uncertainties in the Middle East are likely to raise concern about oil supply disruptions, boosting WTI prices. Nonetheless, the stronger US Dollar (USD), supported by the hawkish stance of the US Federal Reserve (Fed), might cap the upside of the USD-denominated oil for the time being. San Francisco Fed President Mary Daly said on Thursday that uncertainty over the inflation outlook makes policy projections difficult until the Fed gets more clarity. Trends Daily SMA20 81.5 Daily SMA50 81.52 Daily SMA100 78.14 Daily SMA200 79.77Shortby EMDE51
buying oil targeting 90 and 95We have a good setup in OIl that is offering 1:7 RRR. Perfect entry will be on 61 Fibo Retracement or BPR underneath or any FVG. Disclaimer: Not financial advice. Do your own analysisLong06:25by MoemenAwadalla9
CRUDE OIL (WTI): Important Key Levels 🛢️ Here is my latest structure analysis and important key levels to watch on WTI Crude Oil. Resistance 1: 80.3 - 81.9 area Resistance 2: 83.7 - 85.6 area Resistance 3: 86.8 - 87.6 area Support 1: 76.8 - 77.8 area Support 2: 75.5 - 76.3 area Consider these structures for pullback/breakout trading. ❤️Please, support my work with like, thank you!❤️ Shortby VasilyTrader1113
XTIUSD(CRUID OIL/US OIL): A big move in making worth 2300+ pips!Dear Traders, Oil completed AB=CD pattern and it is in course of big bullish move. We need more liquidity and volume for price to continue the growth. In coming days, we expect price to hit 85 first and then 90; if price breakthrough that region then we will have a strong bullish price movement which will lead price to hit our final target. Good luck and happy trading. Longby Setupsfx_6626
demand of oil from USA!because of demand from USA to fill the SPR we can have a buy on WTILongby AlibadkubehUpdated 4
Crude OILWe are close to 13% correction and there is space to see green daily candle...Longby HipiTraderUpdated 7
OILUSD bearishOILUSD is making bearish harmonic reversal pattern ABCD. As the chart is point C which is the retracement point, short it towards the point D and at D point we might see a bullish breakout.Shortby Saad_Amjid8
WTI extended towards downsideAnalysis: Price is extended towards the downside where potential retracement or even reversal is likely possible. Price may continue to dip further and more positions will be considered. Risk adverse traders should only enter smaller position for this initial position. Analysis: Long at market reopening as High Risk trade towards 79.66 as Take Profit - 1 level.Longby TrainingTraderUpdated 3
USOIL @SELLING,Reversal Pattern Formed At The Top (Cup & Handle)🛢️📉 USOIL Market Update: Cup and Handle Breakdown! 📉🛢️ TVC:USOIL Attention, traders! USOIL has shown a pivotal development at the top of its uptrend with the formation of a cup and handle chart pattern. We've now observed a breakdown of the handle, accompanied by an increase in volume, signaling a strong entry point for the selling side. Key Details: - Pattern Breakdown: The breakdown of the handle indicates a potential reversal or significant pullback in the price. - Volume Confirmation: An increase in volume during the breakdown adds confidence to the bearish move. - EMA Crossover: A golden crossover of the 50EMA and 200EMA in a smaller timeframe has been completed, further supporting the bearish sentiment. - Immediate Support: Watch for the small support level at 81.30. A breakdown below this could accelerate the drop towards our technical target. - Technical Target: Set your sights on the target level at 77.00, as the pattern completion and technical indicators suggest a move towards this price. 🔔 This is an excellent opportunity to consider positions on the selling side, keeping in mind proper risk management strategies. 📊Stay tuned for further updates, and thank you for your support and commitment to growing our trading community. Together, we can navigate these exciting market movements! 👍 Keep following and supporting for more insights and successful trades! #USOIL #TradingUpdate #CupAndHandle #MarketAnalysis #ForexCommunityShortby AlphaForex56Updated 3370
Market positioning for crude oil is not too hot, nor too coldShort exposure to crude oil has been trending higher among large speculators and managed funds since late March, although clearly they remain net-long overall. And whilst long exposure dipped a couple of weeks ago, both sets of traders increased long exposure last week and net-long exposure remains at a healthy level overall. And neither is it at a sentiment extreme, to warn of a major trend change. My take on this is that both the downside and upside potential for oil may be capped over the near-term. As underwhelming as this may be from a speculative perspective, it is still useful information to have, as it can manage our expectations accordingly; perhaps we’re not looking for an imminent move to $100 in the same way that a plunge to $60 seems far fetched. And as oil prices have fallen over 12% since the April high, perhaps shorting crude oil is becoming ‘long’ in the tooth. WTI crude oil technical analysis (daily chart): The daily chart shows a clear 3-wave retracement from the April high. And what makes me suspect it might mark the end of a correction is Wednesday’s bullish outside day, with a false break of $78 leaving a lower tail and recovery back above trend support. Given RSI (14) came very close to oversold last week and fell to its lowest level since December, a case for a bounce seems apparent. That is not to say any such bounce will be a walk in the park, but I would err on the side of caution with being short around these lows. What might make any rebound scrappy is that the 200-day average and EMA are near the $80. Already that seems to be having a dampening effect on prices rising for a second day, so bulls may want to see dips on lower timeframes and seek to exit around the averages or the $80 handle. We’d likely need to see a break or daily close above the $80 handle or 200-day MA at $80.20 before being too confident that a decent bounce is underway. But with oil having fallen 12% in a few weeks, traders remaining net short and the potential for the US dollar to extend losses, my bet is that it will manage to break above $80.20 in due course.Longby Forexfalcon015
US Crude Oil Benchmark: Implications of Rising InventoriesThe US crude oil benchmark is currently trading around $79.50 on Friday, marking a continued decline from its recent peak of $88.00. This downward trend is attributed to several factors, including rising crude inventories in the United States and diminishing expectations for interest rate cuts from the US Federal Reserve (Fed). The Fed's decision to maintain interest rates unchanged on Wednesday, despite persistent inflationary pressures, has contributed to market sentiment. The central bank indicated that it will refrain from cutting interest rates until it has greater confidence in the sustained moderation of price increases towards its 2% target. This stance, described as "higher-for-longer," suggests a prolonged period of unchanged rates, potentially leading to reduced demand for oil as economic activity slows. In light of these developments, there is a strategic opportunity to consider buying oil at discounted prices. Two buy limit orders have been placed, anticipating a potential increase in oil prices over the next two months. This expectation is supported by historical patterns and insights from the Cot report, which indicates a decrease short positions of Money Managers. Consequently, there is optimism for a rebound in oil value in the foreseeable future. Longby FOREXN1Updated 4413
Crude Oil (WTI) may rise to 79.65 - 80.45Pivot 78.60 Our preference Long positions above 78.60 with targets at 79.65 & 80.45 in extension. Alternative scenario Below 78.60 look for further downside with 78.15 & 77.70 as targets. Comment The RSI is bullish and calls for further upside. Supports and resistances 81.30 80.45 79.65 79.35 Last 78.60 78.15 77.70 Number of asterisks represents the strength of support and resistance levels.Longby Daniel_Thompson2
USOIL SELL SCENARIO Hey there on 1htF the USOIL has comes yesterday upside from 76.70 and now we can also again take a look here for sell side so can be now go downside continue with these areas Shortby DvsTraderfirm0
USOIL stabilizes and rebounds, targeting 80.6-82.0On the daily chart, USOIL formed a bullish bat pattern and overlaid the demand area and then stabilized upward. The short-term market is expected to continue to rise, with the upward target looking at the 80.6-82.0 area.Longby XTrendSpeed3
WTI Oil Closing in on Trendline SupportWe have a simple chart layout for the WTI oil chart this week to work with. Following four consecutive days of losses, price action is within a stone’s throw of connecting with a tight area of confluence, consisting of Quasimodo support from $77.55, trendline support (drawn from the low of $67.74) and channel support from the low of $81.09. Should price test the aforementioned area of support, a logical upside objective to take into account would be the opposing channel resistance (extended from the high of $87.60). Longby FPMarketsUpdated 5
OILUSD| 4H UPDATE| RISK ENTRY| DETAILS ON CAPTIONBULLISH CHANGE IN THE STATE OF DELIVERY CONFLUENCES - Oversold -Fvg -Low swept -HVB -Divergence -NWOG -Trendline support CONFIRMATION ENTRY TYPE -Once price retraces to FVG/+OB/NWOG scale to lower time frame and wait for the reversal setup.Longby JOHNNIESA1
Rising towards 38.2% Fibonacci resistance?WTI oil (WTI/USD) is rising towards the pivot, which has been identified as an overlap resistance, and could reverse to the 1st support. Pivot: 80.31 1st Support: 77.19 1st Resistance: 81.85 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.Shortby ICmarkets4
USOil Trade IdeaUSOil (WTI) is under pressure, it has retraced into my optimal entry zone on the 4H. Looking to sell at the currrent level with a 2R target. SL above the previuos high. Not financial advice.Short02:47by tradingwithanthonyUpdated 2
WTI Pump loading WTI is following my main ideas and it showing us a good bullish pattern that I really like. We can see a strong divergence on multiple timeframe, a break above main trendline, and it's giving us enough time to accumulate longs at a strong support zone. My first target is the same as previous ideasLongby CryptoForexGem3
Strong Buy Signal on WTI Crude OIL Hello, We've identified a current opportunity to buy WTI Crude Oil with a high probability in the Daily chart. Our target is $82 within a few days (Swing trade). IbrouriLongby Abdessamadibrouri2
CRUDE OIL Bullish Breakout! Buy! Hello,Traders! CRUDE OIL was going Down but now we are Seeing a bullish breakout From the wedge pattern So we are locally bullish Biased and we will be Expecting a local move up Buy! Like, comment and subscribe to help us grow! Check out other forecasts below too!Longby TopTradingSignals7