OIlOil currently showing daily trend obedience with an OS reading. possible long trade **be careful, political unknowns in play**Longby iainfallowfield4
Crude oil drops on demand concerns After yesterday’s sharp drop, crude oil prices extended their losses first thing this morning, before bouncing off their lows. Oil was already under pressure on fears about demand following the weaker Chinese industrial data that was released on Tuesday and the larger crude build in the US as was reported by API on Tuesday. But prices fell about 3% after official data from the EIA showed a build of 2.7 million barrels on Wednesday, its fourth weekly build. The fact that these macro factors pushed crude oil below key short-term support at around the $84.00 - $84.50 area, this gave rise to further technical selling. Still, with the Middle East situation at the forefront of investors’ minds, the downside could be limited from here. At the time of writing, WTI was testing a key support area just below the $82 handle. Middle East concerns should keep downside limited Today we haven’t heard anything new related to the situation between Iran and Israel. UK’s foreign secretary and former prime minister David Cameron visited Israel’s PM Benjamin Netanyahu to help prevent escalation on Wednesday. Cameron said: "We hope that anything Israel does is as limited and as targeted and as smart as possible. It's in no-one's interest that we see escalation and that is what we said very clearly to all the people I've been speaking to here in Israel." However, Netanyahu wasn’t having it, telling Cameron that Israel would "make its own decisions" over how to respond to Iran’s attack, vowing to do everything necessary to defend the nation. So, there was no fresh support for oil concerning potential supply disruptions in the Middle East, leaving traders to concentrate on other factors. They realised that the demand outlook for oil is not so rosy after all. Demand concerns arose after weaker economic data was released from China on Tuesday, while the possibility of prolonged higher interest rates are also casting a shadow on the global economic recovery, and thus the oil demand outlook. Federal Reserve Chair Jerome Powell's recent more hawkish stance has tempered hopes for significant rate cuts this year, potentially leading to a slowdown in economic growth, which could further dampen the outlook for oil demand. With the US dollar has surging to a five-month high this week, this is amplifying the cost of oil for foreign buyers. Still, the decline in oil prices is likely to be limited. Ongoing geopolitical tensions in the Middle East, particularly concerning Israel's response to Iran's recent weekend attacks, is something that could support prices and push them higher in the event of a strong counterattack by Israel. WTI technical levels to watch While the short-term trend for oil may not appear bullish, the longer-term bullish technical outlook remains intact, and will remain that way until we see a major lower low form. Wednesday’s selling got a boost after prices fell below the technically important $84.00 - $84.50 support area. This $84.00 - $84.50 region is now key in terms of potential resistances to watch moving forward. The next key support level to watch is just below the $82 area on WTI, where the last rally around the end of last month started. Below here is the longer-term bullish trend line that comes in around the $80.00 area or so. -- Written by Fawad Razaqzada, Market Analyst with Forex.com Follow Fawad on Twitter @Trader_F_R by FOREXcom2
USOIL FORECAST Q2 24' : INEVITABLE EFFECTS OF WAR. IRAN JOINS INISRL X PLSTNE Iran has joined the group chat Iran: 💣 💣 💣 Oil market:🧐 History : 📈 📈 📈 👆🏽👆🏽👆🏽 Im expecting price to drive higher sometime soon from this point of resistance as market reactions begin to kick in after these shake outs if this level misses it will be one of the other points belowLongby Bekiumuzi_Dube5
Oil Prices: Geopolitical Tensions and Market DynamicsOil prices have once again surged, reaching nearly $88.00 per barrel, despite a recent minor decline. This uptick in prices is occurring amidst a backdrop of geopolitical tensions and a strengthening US Dollar. However, amidst this volatility, it's essential to dissect the various factors influencing oil prices, from geopolitical unrest to economic forecasts and technical indicators. Geopolitical Tensions and Market Sentiment: Geopolitical tensions often act as a catalyst for oil price volatility. Conflicts in oil-producing regions can disrupt supply chains and lead to uncertainty in the market. Recent geopolitical events have heightened concerns, contributing to the surge in oil prices. However, it's crucial to note that while geopolitical factors can trigger short-term spikes, their long-term impact is contingent on broader market dynamics and economic fundamentals. Impact of Economic Forecasts and Electric Vehicle Market Growth: The International Energy Agency (IEA) recently revised its oil demand forecast for the current year and the next, citing a lackluster economic outlook and the growing market share of electric vehicles (EVs). This adjustment underscores the evolving landscape of energy consumption, with EVs exerting pressure on traditional oil demand. As such, forecasts of slower growth in oil demand highlight the need for adaptability within the energy sector. Technical Analysis and Trading Strategies: Technical analysis plays a pivotal role in navigating oil price fluctuations. Assessing indicators such as the Relative Strength Index (RSI) and Fibonacci levels provides insights into market sentiment and potential price movements. Currently, the confluence of signals, including RSI divergence and overbought conditions, suggests caution. Additionally, the absence of a significant retracement to the 78.6% Fibonacci level warrants a strategic approach to setting stop-loss levels and identifying potential entry points. US Dollar Strength and Interest Rate Differentials: The recent rally in the US Dollar Index (DXY) underscores market expectations of a widening interest-rate differential between the Federal Reserve (Fed) and other central banks. This divergence in monetary policy influences currency movements and has implications for commodities priced in dollars, such as oil. Understanding the interplay between currency dynamics and oil prices is essential for informed decision-making in trading and investment strategies. In addition to fundamental and technical analyses, seasonality patterns offer valuable insights into market behavior. By examining historical price trends during specific times of the year, traders can identify recurring patterns and optimize their trading strategies accordingly. Incorporating seasonality analysis alongside other analytical tools enhances the robustness of decision-making processes and mitigates risks associated with market volatility. Shortby FOREXN1Updated 339
🛢USOIL - BEARISH SCENARIO 📉Hi Traders ! The USOIL Price Formed a Double TOP Pattern. So, Let's Expect The Bearish Scenario: If The Market Breaks and Closes Below The Neckline, We Will See a Huge Bearish Move 📉 TARGET: 81.35🎯Shortby Hsan_BenhmedUpdated 9927
USOIL1. Massive H&S on US Oil Daily. 2. I believe oil will now resume it's macro downtrend. 3. Exact same pattern on the DXY is forming. 4. Never seen sentiment so low or fearful in a bull market. 5. Risk onShortby PistolPeteno17
Crude Oil - In Range- Crude oil is currently trading in a range after a bullish move. - Buy stop and Sell stop orders are in place for potential breakout move. - High of the range is 87.101 and low of the range is 83.993.by AnalytixEdgeByQasimUpdated 1
Usoil-Analysis and Forecasting After oil breaks through 80, my target is 85. Now the upward momentum is still strong, so you can wait for the support point to buy. The lowest support point on Tuesday was 84, yesterday the support point was around 84.2, and the important support point was around 83.5. But this month I think oil may start to adjust around 87. It is expected to be in the 86.4-86.7 range, and may adjust to the important support point 83.5, or even reach the 80-82 range. Join me and I will continue to analyze the next trendby UnknownUnicorn68604160Updated 4
Usoil flipped droped yesterday Hey there on 1htF the USOIL has slipped over the yesterday and continue seems to be fall as there support level 80.00 and 79.00 so we can see continue waterfall and we will see soon over next target Shortby DvsTraderfirm1
Oil could go to $90 and higher if this happens...Since the eruption of the war between Hamas and Israel in early October 2023, we have been occasionally reporting on some of the developments in the oil-rich region. In one of the more recent articles, we outlined how Israel’s deadly airstrike against Iranian generals in Damascus, Syria, was likely to provoke retaliation from Iran and its proxies. On Saturday, Iran followed through and launched a large-scale attack on Israel. Per media reports, Iran sent approximately 170 drones, 120 ballistic missiles, and 30 cruise missiles, most of which were intercepted outside of Israel’s airspace with the help of Israel’s allies, including the United States. The attack sparked a discussion of retaliatory strike against Iran within Israel’s war cabinet, with officials not being able to agree on a timeline. Initially, it was announced Israel would reciprocate aggression in a window of 24 to 48 hours. However, just shortly before the futures market opened on Monday, Israel’s officials backtracked their plans, noting the country was not looking for significant escalation of the conflict while leaving a possibility of payback on the table. Besides the attack, there was also news concerning Iran’s seizure of the Israel-linked MV MSC Aries cargo ship (operated by Geneva-based Mediterranean Shipping Company and owned by Gortal Shipping) off the Strait of Hormuz. At the moment, it does not seem very probable there will be some sort of disruption to cargo or tankers transiting through the area, but keep in mind that about 21 million barrels per day were transiting through here in 2022, which is about three times more than oil passing through the Red Sea before the start of the Israel-Hamas War. All in all, the geopolitical situation in the region progresses from bad to worse, carrying many unknowns. But judging by how things are unfolding, there is a high chance of a conflict passing beyond a point of no return, which, in turn, has profound implications for the oil market and could see the oil price rise above $90 per barrel (and potentially to the upper $90 per barrel). Illustration 1.01 Illustration 1.01 shows the daily chart of USOIL and simple support/resistance levels derived from past peaks and troughs. Technical analysis Daily time frame = Bullish Weekly time frame = Bullish Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade. Longby TradersweeklyUpdated 13
USOIL gets rejected at the trend line, heading to $79USOIL gets rejected at the trend line and heading back to Fib support price of $79. 📉🐻 We should see a bounce at that level with a upside price target of $89. 📈🐻 If the support line breaks down then price heading towards $73 🧭🎯Shortby JK_Market_Recap3
WTI Ready for round 2 WTI has recently broken out from daily bearish trendline and i expect a bullish continuation in the next few days. It's going to complete a retest of the trendline and the level it's actually playing is also an important support zone. Target $94Longby CryptoForexGem6
USOIL - Moving On Up SoonUSOIL Continues in this choppy descending channel that probably signals weakness to the downside. Notice the RSI is now at a depth where previous corrective phases completed. Could be moving on up soon 👍. Not adviceLongby dRends35Updated 1110
US OIL 4HR // 15 April 2024 AnalysisUS OIL broke above the 85.00 price level earlier in April and has been between the 85.00 and 90.00 level. We can see the 85.00 level holding as a strong support level. Waiting to see what price does here. Looking for buys if it bounces back off again, if it breaks down from this price, will look for a retest before selling. by thebrowntraderUpdated 5
experiment w/ macd. experimenting w/ macd indicator. connecting trend for SMA. Crude oil see if it has any predictive properties by citsvarUpdated 0
USOIL Potential LongPrice Flow Strategy FLOW(Weekly/Daily): UP flow(4hr/1hr): down. Sells is validated in my opinion i-Flow: The intention of the BUYER FLOW looks good to me with the engulfing candle entry: Always set Stop Loss Disclaimer: This is only my opinion of what the market can do or not do. Use risk management and manage your trade according to your trading plan. Tips: Be patient and let the trade show before you act.Longby tarati.lorenzoUpdated 112
USOILUS Oil is another name for West Texas Intermediary (WTI) Crude Oil. WTI is the benchmark for Atlantic basin crude oils because of its location in the Gulf coast and central US. Longby HavalMamar10
Oil traders are making big bets..ooh, no...not really so🛢🔴Oil traders are making big bets amid geopolitical uncertainties! 3 million barrels worth of options contracts were snapped up by speculators, with 3,000 lots of June $250 call options in US crude oil trading for just 1 cent each. Is this a Hail Mary or a well-calculated move?🤔 (Source: www.bloomberg.com). The headline is very clickable, however let's look at the actual data from the exchange. It is evident that 25 putts were traded at the same time. This raises the question of whether oil prices will decline further or if we are facing a similar situation to March 2020. It is unclear what the player's expectations are and whether this is related to foreign policy or part of an arbitrage strategy.by ClashChartsTeam1
US Oil bearish retracement Ideas not advice A technical outlook for the days Double top rejection at resistance Distribution cluster formed and sharp rejection to downwards 150EMA has been it's support in the past If it breaks below distribution lows, it will confirm that it is bearish Unless all of this is either mitigated by Retail sales news or accentuated Goodspeed y'all Shortby DvnielTradingUpdated 6
Oil is still negativeWelcome . Analysis of the oil market. On the clock frame. Everything is explained in the analysis. Please comment if there is ambiguity in the analysis. Or you didn't understand anything. I will be happy to respond. Good luck everyoneShortby inv_market09Updated 9922
USOIL... keep close the channel, whats next??USOIL... still valid short below that channel. that is mentioned on chart. a straight drop expected below that region, keep close it and dont buy oil until market below that channel good luck trade wiselyby AdilHussain731333Updated 2211
DXY Hits Top of Channel, Gold/Silver Steady, Crude Oil Potty?DXY Hits Top of Channel, Gold/Silver Steady, Crude Oil Potty? The big indexes are crappy today to. Oil being down does not make sense. Gold and Silver as for sure a safety net for big money (and small money) as it's holding steady today. Manipulation to the extreme right now. If the DXY bounces down off top of channel easy money on recovery. by cowboycraig0
Crude Oil Targets $83.08 After Double TopCrude oil prices are expected to decrease from the $86.00 range to a target of around $83.08. The trend was twice rejected at the upper level of $87.70, forming a double top pattern. This pattern is confirmed as the price broke the higher low of $84.50. Now, a retracement from the $86.00 level to the target level of $83.08 is expected. Targeting : 83.08 Stop loss fixed : 87.70 (Above) Shortby ClearTradingMindUpdated 4