21/5 Oil Trading Plan Oil continues to buy at low levels NYMEX:MCL1! NYMEX:CL1! BLACKBULL:WTI Longby AA_JackUpdated 6
US OILWe are starting to see the early signs of seasonal tendencies across all markets. Price took out the 76.84 low (Turtle soup) on which it is acting as a support currently. The consolidation we are currently in will most likely be broken in the next week and we will look for an entry long on the lower TF as well. Target 1 coming in at 82.05, Target 2 at 84.42 and Target 3 at 87.59 More updates to followLongby Anele_888Updated 8
Crude Oil Battles to Break Through Key Support ZoneHello There, Technical Outlook: Crude oil prices have been locked in a tug-of-war around a critical support area, testing the 76.253 level twice in recent trading sessions. Despite the downward pressure, the commodity appears poised to make a push higher, according to RSI levels. The 77.082 - 76.253 zone has emerged as a key support area, and a higher low above this range could signal the start of a bullish trend. A potential move higher could see prices stretch up to test supply levels. If prices can establish a higher low above that zone, it would lay the groundwork for a bullish breakout and a push toward the upside. However, the setup would be invalidated if prices were to fall below the 75.324 red line. Overall: If the price gains the momentum to hold above the key support zone, it could set the stage for a sustained rally, but a breakdown below 75.324 would likely signal a shift in the overall market sentiment ending the range in the Weekly timeframe. Fundamental Points: Oil prices went down because: There's too much oil being produced and not enough being used Inflation (prices going up) in the services sector (like healthcare, education, and finance) might stay high for a while This means interest rates (the cost of borrowing money) might stay high for longer than expected There's now more oil stored in tanks than expected, which is also causing prices to fall Happy Trading, K. Longby KhiweUpdated 2
WTI Crude Oil: LONGToday's session marks the beginning of the bullish move higher to test the April 2024 WTI highs. The ultimate target seems to be around the 85.00 - 87.00 region. This move begins now and may possibly extend to the end of June or early July. The stop loss should be around the at least be 77.90. Stay tuned for updates.Longby ZAR_Republic3
Crude oil prices resumed their rise,The short-term trend of crude oil (1H) is fluctuating higher, the average line system is long, and the short-term objective trend is upward. Oil prices broke through 79 levels. Bullish momentum prevails in the morning, after the oil price fluctuates around 79, it is expected that the trend of crude oil will continue to rise in the day, looking at 80. Today: 78.60 long, Stop loss: 78.00, target 79.60. If you need help, you can contact meby Thebest-traderUpdated 0
XAUAUDThe Chart is printing HH and HL with no divergence so the trend is Bullish The Entry Point will be 80.66 and the stop Loss will be 78.84Longby Azeem2081
Oil today analysis and strategyAfter the completion of crude oil for four consecutive days and Friday closed up and down, the daily line saw a larger increase, is a sunshine column, that is, $76 is a strong support, once broken, it will extend to $70, once can not break the market will grow strongly, may test $80 again, but last weekend Iran approved an increase in crude oil production, the morning of crude oil did not return Should, but the current market is still rising slowly, abnormal must have a demon ah, it is worth noting that, and our previous wave number, the current market in the 5-2 wave rebound, that is, the market from $80.11 to $76.15 is a 5-1 wave decline, if this is true, the 5-1 wave fell by $3.95, then this 5 The -2 wave is currently bouncing from $76.15 to $78.05, $1.9, nearly half of the 5-1 wave, and the 5-1 wave rally is two-thirds complete, so there is still room for about $1 upside, and then today's operation is as follows. 1, short above $78.70, stop loss 35 points, stop profit of $77. 2, If strategy 1 short is stopped, short again at $79.35, stop loss 30 points, stop profit of $77.70. 3, if the ASEM market falls below $77.50, go long at $77.30, stop a loss of 30 points, stop a profit of $78.50.by Thebest-traderUpdated 0
USOILWe can attempt to buy USOIL from specified level as it break LH , also bullish divergence occur indicate that it move upward . SL , TP mention in chart.Longby SignalEdge2
Can Oil soar on June 2 OPEC+ cut hopes? Can Oil soar on June 2 OPEC+ cut hopes? WTI crude futures and Brent continue to recover from three-month lows. The rebound is potentially driven by expectations that OPEC+ will extend its output cuts of 2.2 million barrels per day into the second half of the year during its June 2 meeting. Additional support for crude prices came from the start of the U.S. summer driving season and a weaker dollar. Further data on the demand side will come from upcoming U.S. PCE to gauge the Federal Reserve's future monetary policy. A softer-than-expected reading on the PCE could increase the possibility of interest rate cuts, and potentially enhance the demand for energy. Deutsche Bank has maintained its Brent forecast at $83 per barrel for the second quarter and $88 for the second half of the year, assuming OPEC+ will sustain its current production policy on Sunday. Should prices move above the $80 level, WTI could test the 50-day moving average just above $81.1. The RSI suggests there is still room for prices to rise before reaching the overbought zone. Conversely, if prices fall below the $78 range, they might stabilize around the $76 mark. by BlackBull_Markets2
USOIL - bottom out ? What's next ??#USOIL.. market placed lows around 76 77 And bounced back.. now we have 78 around as a immediate supporting area and if market hold it means further highs are in table. Keep close it guys and don't be lazy here.. Good luck Trade wisely by AdilHussain731333Updated 0
USOIL WTI: Bullish Momentum Ahead? - May 8, 2024Hey traders! 📈 Let's discuss the current outlook for USOIL WTI: 🔍 Technical Insight: We've observed a compelling development in the WTI market as it recently touched the lowest point within the current uptrend channel, dipping below the golden pocket levels. This move prompts a closer examination of the prevailing market dynamics. 📊 Daily Timeframe Perspective: Zooming out to the daily timeframe, the overarching trend remains bullish, reflecting the resilience of the oil market. However, it's crucial to note that a consolidation phase appears to be underway. Such periods of sideways movement often precede significant price actions. 🔄 Awaiting Breakout Momentum: One notable aspect in recent days is the absence of substantial price movements, typically characterized by WTI's propensity for $3 or greater swings. This prolonged consolidation phase suggests that a significant move may be expected in the upcoming days. 💡 Anticipated Market Activity: Given the historical tendencies of WTI, we anticipate a breakout from this consolidation phase in the near future. Such a move could potentially signal the resumption of bullish momentum or a reversal in the prevailing trend. 📈 Trading Strategy Consideration: For traders, exercising patience while monitoring price action for signs of breakout momentum is paramount. Deploying appropriate risk management strategies and remaining adaptable to evolving market conditions can help navigate uncertainty. 🔔 Key Takeaway: As we await clarity on WTI's next directional move, it's essential to stay vigilant and prepared to capitalize on emerging opportunities. Whether it's a continuation of the uptrend or a reversal, flexibility is key to navigating the dynamic oil market. 🛢️ Closing Thoughts: In conclusion, while the current consolidation phase may signal a temporary lull in market activity, the potential for a significant move looms on the horizon. Keep a watchful eye on price developments and be ready to adjust your trading strategy accordingly. Longby ExpateUpdated 8
US/UK OILClear descending wedge on a weekly/daily structure, looking for a retest of previous resistance for entry. Break on trend line or 8 daily ema may mean a change of trendLongby kakashicrypto2
USOIL! BEYOND IMAGINATION ANALYSIS ! 100% CONFIRMED update tp hit probably i am one of the top signals provider on TRADINGVIEW by accuracy . IF your are in loss than follow me..... IF you want to compounding your money than follow me. Check my previous record ***Last week shared 6 ideas 4 hit tp and 1 hit SL AND BREAKEVEN *** ******* Last month shared 10 idea - 8 ideas hit profit and 2 breakeven ******** WIN RATION 100% @@@ Get ready to catch my one of the best trading setup @@@ TELL ME HOW ACCURATE THIS ANALYSIS?????? @@@ Always do your own analysis. My analysis help you only for confirmation. @@@ If you want to give any kind of suggestions, advise or want to any specific symbols ideas feel free to contact me. TELL ME HOW ACCURATE THIS ANALYSIS?????? your feedback is my inspiration... If you love my ideas please LIKE, FOLLOW and SHARE FOR MORE ACCURATE ANALYSIS.Longby masterscalper2
OIL Swing Expecting price to react from this area and continue to trend downwards from this figure level @80.000.Shortby newsy110
Crude bouncesCrude oil has put in quite a turnaround over the last couple of trading sessions. At the end of last week, Brent and WTI had sliced through support and looked as if they were set to head lower. Both had broken down through the lower ends of their respective trading ranges that had been building since the beginning of this month. But prices suddenly turned higher and Brent and WTI are now comfortably back within their ranges once again. This has seen front-month WTI head back towards $80 per barrel, a level which has held as resistance this month. The daily MACDs on both contracts have been in oversold territory since early this month. But these had flattened out recently and turned higher, suggesting a rally could be on the cards. Well it has now happened, but not before support there was a break of significant support. There are meetings between OPEC and OPEC+ members this coming weekend. The expectation is that the group will extend its current production cuts from June through to the end of September. Before then, there’s an update on the Fed’s preferred inflation measure, Core PCE. This has the potential to upset investors if it were to come in above expectations, and thereby reduce the possibility of Fed rate cuts this year. by TylerNorcross2
Oil long soonI love this Oil long chance here, Aiming for 87-90 area or anywhere in the rectangle. Conservative traders can wait for a break of the channel to get long. I will do the same. Longby TechknowLobsterUpdated 6
OIL W. LongI expect oil to rise in the next few weeks. On the daily chart we see liquidity (circles) and a very very strong saport at 77.40. I expect oil to start rising from 78.09 or the aforementioned 77.40. At each level I will watch the Order Flow Chart. in case you don't have O.F.CH. so watch the level if the price closes above or below the level it will tell you if the price will continue to the level above or below. In case the price falls below 77.40 and closes below this level we are looking at lower levels which are shown in the chart. I wish you lots of rich success and don't forget about money management because it is the only way to make money .-) Rocket will be very pleased and will motivate me to further public analysis. Longby wennousUpdated 10
crude oilCrude oil is currently on main wave B of an A,B & C correction, pair has completed sub-wave A & now its currently on towards sub-wave B is about to be confirmed as pair is expected to breakout towards minor-wave 5 of sub-wave C on main wave BLongby Nhlanhla_luck_IV3
USOIL sell 78.8-79.5 tp 78.4/78.1 It is in the rising stage, but the current performance is slowing down, and it needs to retrace and accumulate strength before continuing the upward trend, so we sell first, in the 78.8-79.5 range, tp 78.4/78.1Shortby RobertGuide1
USOIL, dailyOil prices remained stable after a significant weekly decline, with attention on the upcoming OPEC+ meeting and the start of the US summer driving season. OPEC+ is expected to extend supply cuts into the second half of the year to counteract high U.S. output and support international crude prices. The decision to hold the OPEC+ meeting online suggests a continuation of existing policies without major changes, aiming to maintain current quotas and support crude prices. Strong US demand ahead of the Memorial Day weekend, indicated by record flight activity and robust gasoline demand, is expected to provide support to oil prices. Despite geopolitical risks and OPEC+ production cuts, oil futures have decreased since mid-April as concerns about Middle East conflicts disrupting oil flows have eased. On the technical side, the price has re-entered the trading channel between the $77.50 - $79.50 area and is currently testing the area of the 20-day moving average. The scenery is kind of mixed since the Stochastic oscillator is not indicating any overbought or oversold levels while the moving averages are not pointing to any direction in the short term. The 50-day moving average is trading above the 100-day line while the 20-day has crossed below the 100-day in the previous week. On top of everything the Bollinger bands have contracted greatly in the last 5-6 sessions hinting that volatility is dried-up therefore the most probable scenario for the coming sessions is for the trading range to continue until there is a new catalyst in the market for crude oil. by Exness_Official0
WTI OIL Bullish Divergence aiming higher.WTI Oil (USOIL) has been consolidating within the 1D MA200 (orange trend-line) and the 1W MA200 (red trend-line) for a full month. We have previously seen the same king of consolidation in mid-2023 and then November 2023 - January 2024. On both occasions, the price then entered a medium-term Channel Up. Also on all occasions, the 1D RSI was on Higher Lows, while the price has been on Lower Lows, which is an indication of a Bullish Divergence. It is the exact same formation that Oil is currently on. As a result, we turn bullish on Crude for the medium-term, targeting $84.00 (just above the 0.618 Fibonacci retracement level and on the Lower Highs trend-line). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇Longby TradingShot13
WTI TO GO BULLISH!Price may go bullish if we can get a price offer at 78.450. Following the upcoming U.S. pce news coming up, price surged higher today & made 0.25% increase. A buy opportunity is envisaged when price drops to 78.450 Target is 79.00Longby Cartela1