USOILSPOT trade ideas
Bearish reversal off pullback resistance?WTI Oil (XTI/USD) is rising towards the pivot, which has been identified as a pullback resistance that lines up with the 38.2% Fibonacci retracement and could reverse to the 1st support.
Pivot: 65.56
1st Support: 62.67
1st Resistance: 67.44
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Crude oil's downward trend remains unchangedCrude oil rebounded briefly and is currently trading around 63.
Data from the U.S. Energy Information Administration (EIA) showed that U.S. crude oil inventories fell by 6 million barrels to 420.7 million barrels last week, compared to market expectations of only 1.8 million barrels. Meanwhile, gasoline inventories fell by 2.7 million barrels, far exceeding expectations of a 915,000-barrel drop, indicating strong summer travel demand.
The latest inventory data suggests a recovery in U.S. demand, particularly the rebound in aviation fuel demand, is providing new growth momentum for global energy consumption. The latest U.S. inventory data, which far exceeded market expectations, has instilled confidence in the market.
Despite the increase in demand, some caution remains in the market.
This caution is primarily due to geopolitical uncertainty. Due to slow progress in negotiations, sanctions against Russia continue, and the possibility of further restrictions in the future are also weighing on the market.
Furthermore, the United States announced that it will impose a 25% tariff on some Indian goods, effective August 27, in response to continued imports of Russian crude oil. Meanwhile, Europe has also imposed restrictions on some Indian refineries. Therefore, there is considerable uncertainty surrounding the current crude oil price.
Technically, the daily crude oil chart shows that prices have found support above $60 and have repeatedly stabilized near the 100-day moving average, forming a moderate upward trend in the short term. Currently, prices are trading above the 20-day and 50-day moving averages, indicating increased bullish momentum.
However, there is strong resistance above $65. The 4-hour candlestick chart shows that the price is still in a downtrend. Further upside is possible only if resistance near $65 is broken.
A decline below $62 could lead to a retest of the $60 support level.
Crude oil short-term strategy: Enter a short position near $63.5 and wait for a decline, targeting $62 and $61.8.
USOIL - intradayPrice has been hovering under ~63 I was hoping we get a break in the Asian session but as always it's chop city.
Now price breaking below VWAP is what I am watching, no confirmation yet but volume efficiency is suggesting bears are slightly in control right now.
NFA
USOIL - 1HMarket hovering around ~63 which validates my earlier post.
Now considering if bulls can keep the momentum going, next target is ~64-64.2 right into resistance.
Earlier price rejected at 62.6-7 area few times only to fill the FVG below and break above 62.7 shows bulls weren't playing around.
Now I am skeptical since we have our friend Jerry speaking tomorrow to ruin our lives, I am betting bulls will keep the momentum going till Jerry speaks.
If he's dovish we make a break above 64, if he's hawkish we will see bearish momentum continuing till 60 IMO.
NFA
Bullish reversal off pullback support?USO/USD has bounced off the support level, which is a pullback support, and could potentially rise from this level to our take profit.
Entry: 62.59
Why we like it:
There is a pullback support level.
Stop loss: 60.51
Why we lik eit:
There is a multi swing low support.
Take profit: 65.51
Why we like it:
There is a pullback resistance level that lines up witht he 38.2% Fibonacci retracement.
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USOIL - lookoutMultiple rejections at R2 on 1H as marked, however price bounced back from the R1 pivot.
It seems traders are trying to hold price in anticipation of the EIA data tomorrow.
Personally I feel R3 will be hit, but I would trade cautiously, if you're like me and missed the move. Wait for confirmations, don't just jump in.
NFA
Buy WTI crude - Very good entry point and High margin of safety The current buy zone for US crude oil (WTI) is approximately between $61.50 and $63.00 per barrel. Key support levels are identified around $62.03 and $61.30, with a stop loss recommended below $59.20. Technical indicators such as moving averages and the Parabolic SAR suggest a bullish trend as the price is trading above the 50-day SMA and 200-day EMA. Analysts expect moderate volatility but overall a favorable setup for buying in this price range, targeting higher levels around $70 and above
WTI OIL Buy signal if the 4H MA50 breaks.WTI Oil (USOIL) appears to have found short-term Support since the August 13 Low, turning sideways, with its 4H RSI however on Higher Lows, thus displaying a Bullish Divergence.
This is similar to the June 24 - July 02 Bullish Divergence, which once it broke above the 4H MA50 (blue trend-line), it topped a little over the 0.382 Fibonacci retracement level.
As a result, we will be waiting for the 4H MA50 bullish break-out signal to target $65.60 (Fib 0.382).
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WTI Crude sideways consolidation capped at 6600The WTI Crude Oil is currently trading with a bearish bias, aligned with the broader downward trend. Recent price action shows a retest of the resistance, suggesting a further selling pressure within the downtrend.
Key resistance is located at 6600, a prior consolidation zone. This level will be critical in determining the next directional move.
A bearish rejection from 6600 could confirm the resumption of the downtrend, targeting the next support levels at 6200, followed by 6100 and 6000 over a longer timeframe.
Conversely, a decisive breakout and daily close above 6600 would invalidate the current bearish setup, shifting sentiment to bullish and potentially triggering a move towards 6710, then 6800.
Conclusion:
The short-term outlook remains bearish unless the pair breaks and holds above 6600. Traders should watch for price action signals around this key level to confirm direction. A rejection favours fresh downside continuation, while a breakout signals a potential trend reversal or deeper correction.
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Long here for meI want to open a long here. It is at a resistance and went down for a quite long time. I am looking for a few dollar up
SELL USOILOur trade for today is on OIL as usual, in which we're going short after that the market grabbed the liquidity and gave us a clean entry to take.
Follow for more!
USOIL Intradayprice currently testing pivot ~62.2 if it holds, we aim for ~62.6 and wait for either rejection or break above ~(63.1)
We have structural support around ~61.6-61.8, breaking below we'd aim for ~60.8, could accelerate.
Trade cautiously and good luck!
USOIL - Swing IdeaSo I am just speculating, price is kind of rangebound for now but hear me out.
The Asskonhole tomorrow with the lizard people may or may not provide the fuel for the price to revisit ~60 area and we could see a nice bounce.
I mean I don't see why we can't revisit ~64-65 earlier but we would need some sort of war news or supply shock.
this is purely speculation and NFA
WTI - can rally towards 64Looking for a rally. Last couple of days low should be the stop loss
Short term tactical trade with narrow SL
$300 oil and $100 silver are not a question of if, but when.The historical record is undeniable.
Destroy purchasing power, and you get higher oil and silver prices.
That’s why $300 oil and $100 silver are not a question of if, but when.
Crude Oil Analysis (WTI / USOIL):Currently, oil is trading near the $62.20 level, with the overall trend still bearish but showing signs of a potential rebound.
🔻 Bearish Scenario:
If price breaks below $61.80 and holds, it may target $61.00. Continued selling pressure could push it further toward the strong support area at $60.00, which is considered a potential rebound zone.
🔺 Bullish Scenario:
If price manages to break above $62.60 and hold, it could rise toward $63.00, with the potential to retest the $64.30 area.
USOIL Will Move Lower! Sell!
Please, check our technical outlook for USOIL.
Time Frame: 9h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is trading around a solid horizontal structure 62.604.
The above observations make me that the market will inevitably achieve 60.001 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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USOIL price reactionFVG on 15 min filled, now price could react here and we get a bounce to R1, 1H lower BB is essentially the bottom of the 15min FVG.
If price doesn't hold the 61.8-62 area, price could retrace to S1.
RSI on oversold 1H, 15 min
Oil Prices Drop on Russia-Ukraine Talks HopeOil prices decline in anticipation of potential negotiations between Russia and Ukraine
U.S. President Donald Trump announced plans to facilitate a meeting between Ukrainian President Volodymyr Zelenskiy and Russian President Vladimir Putin, following his Monday summit with Zelenskiy and European leaders. Zelenskiy called the talks with Trump “very productive,” highlighting discussions on U.S. security assurances for Ukraine. A resolution to the Russia-Ukraine conflict could lift sanctions on Russian energy exports, freeing up crude oil trade. Oil prices have dropped around 10% this month due to trade tensions and increased OPEC+ production.
Technically the price consolidates below the intermediate 6,300.00, forming the bearish pennant. Price is getting ready to decline. Here, the first target will be the major level of 6,000.00.
