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WTI Crude Oil Outlook: Eyeing Potential Demand Zone RecoveryWTI crude oil is currently trading around $68.25 as of this Tuesday, following a significant gap-down opening to start the week. The move lower was largely influenced by easing tensions in the Middle East, as recent developments suggested a more contained military approach, which alleviated fears of a broader conflict that could disrupt oil supply. Upcoming U.S. Economic Data: GDP and Nonfarm Payrolls in Focus The U.S. economic calendar this week includes key data releases, beginning with the flash Gross Domestic Product (GDP) report for Q3 on Wednesday, projected to show an annualized growth rate of around 3%. A stronger-than-expected GDP figure could bolster the USD, adding pressure to USD-denominated assets like crude oil, as a stronger dollar makes oil more expensive for holders of other currencies. Following the GDP report, Friday’s Nonfarm Payrolls will provide additional insight into U.S. labor market conditions, which could further influence dollar strength and, subsequently, WTI prices. Technical Analysis: WTI Trading in Demand Zone From a technical perspective, WTI crude is currently positioned within a demand zone, where buyers could be eyeing a recovery of Monday's gap-down. This demand zone represents a critical area where traders are observing whether buying interest will drive prices higher to close the gap. A recovery attempt here, with a tight stop loss, could offer a favorable risk-to-reward setup, particularly if data later in the week doesn’t significantly strengthen the USD. Conclusion The WTI crude oil market remains vulnerable to geopolitical developments and U.S. economic data this week, with a stronger USD potentially capping any recovery attempts. However, should the upcoming data align with current estimates or underperform, there may be room for WTI to rally from its demand zone, attempting to reclaim some of the lost ground from the recent gap-down. Traders may want to monitor these key levels and events closely, as they could provide both direction and confirmation for near-term price movement in WTI crude oil. ✅ Please share your thoughts about WTI in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
BLACKBULL:WTILong
by FOREXN1
5
USOil WTI Technical Analysis and Trade Idea👀👉 US Oil has encountered recent selling pressure, which may present an opportunity for short-term traders. In this video, we’ll analyze the price action, evaluate the current trend and market structure, and explore potential sell setups if the price action unfolds as outlined. Risk Disclaimer: Forex trading involves significant risks, and market conditions can change unexpectedly. This content is for educational purposes only and is not financial advice. 📉✅
TVC:USOILShort
by tradingwithanthony
#WTI Crude Oil 4-HWTI Crude Oil 4-Hour Analysis WTI Crude Oil is trading within a falling channel on the 4-hour chart, currently finding support at the channel's lower boundary. This support level could provide a potential buy opportunity, especially if bullish momentum builds. Additionally, a breakout above the channel's upper resistance line would signal further upside, opening the door for more buy entries. Technical Outlook: - Pattern: Falling Channel - Forecast: Bullish (Buy Opportunity) - Support Level: Channel lower boundary - Further Opportunity: Buy more if resistance breakout occurs Traders may look to enter buy positions at the channel support and consider adding to positions if a breakout above the upper resistance confirms additional bullish momentum. Indicators like RSI for oversold conditions or MACD for bullish crossovers can provide extra confirmation before entering.
BLACKBULL:WTILong
by PIPSFIGHTER
Market Analysis: WTI Crude Oil Eyes RecoveryMarket Analysis: WTI Crude Oil Eyes Recovery Crude oil is recovering and might rise toward the $73.85 resistance zone. Important Takeaways for Oil Price Analysis Today - Crude oil is recovering losses and trading above the $70.50 support. - There was a break above a connecting bearish trend line with resistance near $70.00 on the hourly chart of XTI/USD at FXOpen. WTI Crude Oil Price Technical Analysis On the hourly chart of WTI Crude Oil at FXOpen, the price found support near the $68.15 zone against the US Dollar. The price formed a base and started a recovery wave above $70.00 and the 50-hour simple moving average. The bulls were able to push the price toward the 50% Fib retracement level of the downward move from the $75.61 swing high to the $68.13 swing low. Besides, there was a break above a connecting bearish trend line with resistance near $70.00. The hourly RSI is near the 70 level, but the price is struggling near $71.85. The next resistance is near the 61.8% Fib retracement level of the downward move from the $75.61 swing high to the $68.13 swing low at $72.75. A clear move above the $72.75 could send the price toward the $73.85 resistance. Any more gains might send the price toward the $75.60 level. Conversely, the price might start a fresh decline from the $71.85 resistance. Immediate support sits near the $70.50 level. The next major support on the WTI crude oil chart is $68.15. If there is a downside break, the price might decline toward $66.00. Any more losses may perhaps open the doors for a move toward the $65.00 support zone. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen
2
WTI Dips as Israel Avoids Targeting Iran’s Oil: What’s Next?The West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $70.60 during Thursday's London session. The price edged lower following reports that Israel has assured the United States it will not target Iran’s nuclear or oil facilities in its planned retaliatory attacks. This news, as reported by senior Biden administration officials and the Wall Street Journal, came after the US sought to prevent further escalation in the Middle East to avoid a potential surge in oil prices. Geopolitical Tensions in the Middle East and Oil Prices Oil markets have been on edge due to geopolitical tensions in the Middle East, particularly following the conflict between Israel and Hamas. Any potential retaliation involving Iran has been closely watched, given Iran’s role as a major oil producer in the region. Had Israel planned to target Iran’s oil infrastructure, it could have led to significant supply disruptions, pushing oil prices higher. For now, traders are breathing a sigh of relief with the promise from Israel to avoid targeting these facilities, but geopolitical tensions still remain a key factor that could influence WTI in the near future. Should tensions escalate further, WTI prices could quickly rebound on supply concerns. OPEC and IEA Cut Global Oil Demand Forecasts This week also brought another major development for oil markets as both the Organisation of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) lowered their forecasts for global oil demand growth in 2024. The IEA now estimates global oil demand will grow by 1.2 million barrels per day (bpd), bringing total demand to 104.3 million bpd next year, which is 300,000 bpd below previous estimates. These cuts are being driven by several factors, including the weakening global economic outlook and persistent challenges in key oil-consuming regions. In particular, China’s economic stimulus measures have failed to provide a meaningful boost to oil demand, further weighing on oil prices. This downward revision in demand growth expectations has created additional headwinds for crude oil prices, contributing to the recent decline in WTI. Technical Outlook: Bearish Sentiment But Potential Long Retracement From a technical standpoint, WTI is currently trading within a key demand area, suggesting that some buyers may step in to support prices. While the forecast based on seasonality points toward a bearish trend in the near term, there are some indications that a deeper long retracement could occur. The Commitment of Traders (COT) report shows that institutional investors, also known as "smart money," are maintaining long positions, indicating potential underlying support for oil prices. This dynamic suggests that while prices may experience further pressure in the short term, a retracement to the upside could occur if demand for oil begins to pick up or if geopolitical tensions resurface with greater intensity. Conclusion: WTI Traders Remain Cautious Amid Mixed Signals For now, WTI remains in a delicate position, influenced by a mix of geopolitical risks, lower global demand forecasts, and technical factors. The assurance from Israel that its retaliatory strikes will avoid targeting Iran’s oil infrastructure has alleviated some immediate concerns about a spike in oil prices. However, the ongoing geopolitical situation remains fluid, and any sudden escalation could quickly reverse the current price trajectory. At the same time, the reduced demand growth outlook from both OPEC and the IEA creates a bearish overhang for crude prices. With China’s stimulus measures failing to spark a meaningful recovery in demand, traders will be closely watching for any new developments that could shift the balance of supply and demand in the oil market. In summary, WTI may continue to face downward pressure in the short term, but a potential long retracement remains on the table, especially if market conditions or geopolitical tensions shift in the coming days. For now, traders are likely to stay cautious, awaiting clearer signals before taking decisive positions. ✅ Please share your thoughts about WTI in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
BLACKBULL:WTILong
by FOREXN1
1
NKD: Japan Beyond Carry TradeCME: Nikkei 225 USD Futures ( CME:NKD1! ) Tokyo: The Ministry of Internal Affairs reported last Friday that the Consumer Price Index (CPI) in Japan increased 2.5% in September year-on-year, down from 3.0% in August. The CPI excluding fresh food rose 2.4%, down from 2.8%, during the same period. The core inflation measure, which excludes both fresh food and energy costs, rose slightly to 2.1% in September from 2.0% in August. Service prices, considered a crucial indicator by the Bank of Japan (BOJ), gained 1.3% year-on-year, slowing from 1.4% in August. To counter the recent economic slowdown, the Japanese Government rolled out subsidies on electricity and gas prices. These fiscal measures were a major contributor to the cooling inflation, estimated to have shaved 0.55% off the annual inflation rate. The BOJ is widely anticipated to maintain its interest rate at 0.25% during its upcoming policy meeting on October 31st. Despite the dip in inflation, BOJ has signaled that further rate hikes may still be on the table if inflation continues to align with its projections. However, policymakers are cautious following criticism of their July rate hike, which triggered a market downturn. As the US Federal Reserve will have its rate-setting FOMC meeting on November 7th, the all-important interest rate spread between the US and Japan could continue to narrow: • With the Fed Funds at 4.75%-5.00% and the Japanese Interest Rate at 0.25%, the US-Japan interest rate spread is currently at 450 basis points (our calculation takes the lower bound from the US policy rate range) • According to CME Group FedWatch Tool, as of October 20th, the futures market expects a 99.3% chance that the Fed will cut 25 basis points in November. If that happens and the BOJ maintains its current rate, the spread will narrow to 425 bps • If the Fed pushes for a supersized 50bp cut again, same as they did in the last meeting, the interest rate spread could further shrink to 400 bps • Over the course of the next 2-3 years, I expect the Fed to normalize interest rates to 3% or below, to a level not restrictive to economic activity. Meanwhile, the BOJ could maintain the 0.25% rate throughout this period. If that is the case, the US-Japan rate differential could further move towards the 200-250bp range, in my opinion Carry Trade May be a thing of the Past Two years ago, I published a market commentary, “Land of Rising Sun and Falling Yen” on November 7, 2022, and received TradingView Editors’ Picks. In that writing, I discussed Carry Trade, a wildly popular FX strategy. In a nutshell, a trader would borrow Japanese Yen with ultra-low interest rate, exchange the fund into Australian Dollar or US Dollar and earn a higher return. At the end of the investment horizon, the trade would exchange the proceed back to Yen and pay back the loan. The differential between the investing interest rate and loan rate would be the return from this strategy. With 50x to 100x leverage common in FX trade, carry trade could be hugely profitable. Carry trade carries two significant risks. The first is the appreciating yen. The trader may need more dollars to exchange back to yen and pay back the loan. The loss from exchange rate changes could eat up all the interest earning profit. In the last writing, I commented that Yen at 150 may have bottomed out, and explored the idea to take cover for carry trade. Over the following two months, the Yen sharply rose 15% to 127. A trade that earned 3% in interest would have been wiped out completely and may incur huge losses if executed with high leverage. In the present time, we are observing the second risk, a shrinking interest rate spread. Carry trades may have 400-bp interest spread in 2023 and could see the spread narrowing to 200 bps in the next two years. With central banks around the world cutting interest rates, and volatility of exchange rates on the rise, this is probably not a good time for carry trade. The Japanese Stock Market on Focus While the currency play may be out, the Japanese stock market could offer both a good return and diversification for an investor’s portfolio. The Nikkei 225 index is the main stock market index for Japan. At 39,290, its year-to-date return is 17.9% as of last Friday. It is lower than the 22.7% YTD return for S&P 500. However, Nikkei was initially up 27.6% in July. When the BOJ raised rates, the Japanese stock market entered a huge correction, wiping out all the gain. Since then, the Nikkei popped up about 17% in the past six weeks. Japan is the world’s third largest economy with GDP of $4.2 trillion in 2023. Comparing to the other large nations, Japan is more intertwined with the rest of the world. We would explore two trading strategies based on Japan’s unique economic fundamentals. The first aspect: Japan has an export-oriented economy. Its top 3 trading partners are • China: exports were $153 billion in 2021, accounting for 21% of the total ($728 billion) • United States: $137 billion, 19% of the total • The European Union: $97 billion, a 13% share These top 3 partners contribute to 53% of Japan’s exports of goods and services. In essence, economic growth in its trading partners will result in more demand for “Made-in-Japan”, while economic slowdown could spill over to Japan. In my opinion, there is more tail wind than head wind on the way. The US is already in a rate-cutting cycle. Its economy has been resilient during the high-rate environment. The economic health would continue to improve with lower cost of capital. I would also point out that Japan’s export data did not tell the whole story. Most Japanese cars are now made in the US. The data does not show up on Japan’s GDP, but is included in the profit of Toyota, Honda and Nissan. Many of the Japanese car makers are component companies in the Nikkei 225 index. China is implementing massive economic stimulus. Hundreds of business-supportive new rules and trillions of yuan are putting in the economy. I expect China to revive in Q4 and in 2025, which would lead to higher demand for Japanese goods. To summarize, I consider the Nikkei 225 has room to grow. A long position in CME Group’s Nikkei 225 Futures could be deployed to express this view. The second aspect: Japan is a net importer of natural resources • Japan, ranked fifth-highest consumer of oil in the world, relied on imports to meet 97% of its demand in 2022. Japan imports crude oil primarily from Saudi Arabia, United Arab Emirates, Kuwait, Qatar, and Russia. In 2022, Japan’s crude oil imports increased to 2.5 million barrels per day, up from 2.3 million b/d in 2021. Not only does Japan depend on foreign oil, but it also sources crude oil from regions with heightened geopolitical tensions. If the conflicts in the Middle East escalate further, crude oil production and/or shipping routes could be interrupted. The chart below shows an inverted relationship between Nikkei 225 and WTI crude oil price trends. This suggests that a spread trade could be constructed. For most of 2024, Nikkei moved up as crude oil trended down, except for the BOJ rate hike disrupting the trend. If geopolitical crisis escalated, oil prices could soar while the Nikkei would tank. For someone holding this view, a long position on WTI Crude Oil futures ( NYSE:CL ) and a short position on CME Nikkei futures ($NKD) could be deployed to express such a view. Introducing CME Micro Nikkei USD Futures On October 28th, CME Group will be launching a USD-denominated and Yen-denominated Micro Nikkei futures. The new contract has a notional value of $0.50 times the Nikkei index. At Friday closing price of 39,150, each contract would be worth $19,575. The Micro contract is 1/10th the size of the standard Nikkei futures ($NKD). It will provide a new way to access broad-market Japanese index exposure with greater trading precision and lower capital commitment required. The timing of the new contract launch is critical. It is a week before the US presidential election (November 5th) and ten days before the next FOMC meeting (November 7th). Let’s watch this space to explore the trading opportunities presented by the standard Nikkei futures and Micro Nikkei futures. Happy Trading. Disclaimers *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
CME:NKD1!Long
by JimHuangChicago
Light Crude Oil Futures: Bulls vs. Bears – Big Moves ComingAlright, trading fam, let me set the scene. We’re sitting at $69.40 right now, and the market is coiling like a wave that’s either going to barrel or wipe out everyone trying to ride it. This is one of those setups that makes you lean in because, whichever way it goes, it’s going to be a ride. You ready? Bearish Path – Things Could Get Real Slippery If the price slips below $62.30, it could open up a steep drop to as low as $17.12. Yeah, that’s a long way down. It’s like paddling into the wrong break and realizing there’s no way out without eating sand. If the bears manage to break that key support, all bets are off. Think demand drops, rising inventories, or a stronger dollar that sends oil spiraling lower. Traders who’ve been short are already eyeing this level—if it breaks, they’ll be riding that wave all the way down. Bullish Path – Eyes on the Double Top But here’s the flip side: if the bulls show up and break through $89.10, we’re talking about a potential double top formation. And if that double top gives way? It’s all gas, no brakes, with $129.25 in sight. It’ll take some momentum to push through—maybe supply cuts or geopolitical tensions—but if the bulls catch that wave, it could be a smooth ride to higher levels. What’s the Move? Right now, it’s all about staying patient and reading the flow. If $62.30 holds, you know the bulls still have some fight in them. But if they lose that level, the bears are going to have a field day. On the other hand, if the bulls break through $89.10, it’s game on to higher highs. This is one of those trades where the chart is giving us clear levels, and now it’s just a matter of who takes the wheel. If this breakdown gave you some clarity, follow, share, and pass it along to anyone else riding these markets. Let’s keep an eye on these levels and catch the right wave when it comes. Mindbloome Trader
NYMEX:CL1!
by Mindbloome-Trading
WTI USOUSD Short day tradingBearish Arguments VANTAGE:USOUSD Previous Month Low (PML) is holding strong. Previous Week Low (PWL) remains unbroken. Previous Day Low (PDL) is respected. Daily Bearish Fair Value Gap (FVG) is acting as resistance. Monthly Bearish FVG is also being respected. 4H Bearish FVG is holding. 4H Swing High is capping price action. 4H Swing Low is holding as a short-term support, but may break down soon. Trade Management Risk-Reward Ratio (RR): 2 Stop-Loss (SL): Placed near the 4H FVG to protect against upward moves. Take-Profit (TP): Targeting the swing low (SSL). Although price could extend lower, securing profits in this zone ensures gains in case of a rebound. Risk: 3%
VANTAGE:USOUSDShort
by Jaytradermb
WTI Crude Oil: Navigating Market Waves with Technical PrecisionH ello, West Texas Intermediate (WTI) Crude Oil is a major benchmark for oil prices in the U.S. It's widely used as a reference price for oil trading and is a key indicator of global oil market trends. Chart Explanation Moving Averages 5-day Moving Average: $74.80 20-day Moving Average: $73.50 50-day Moving Average: $72.00 200-day Moving Average: $70.00 The price is currently above the 5-day, 20-day, and 50-day moving averages, indicating a short-term bullish trend. Technical Indicators Relative Strength Index (RSI): 65 (Neutral to Bullish) MACD (Moving Average Convergence Divergence): 2.0 (Bullish) Stochastic Oscillator: 70 (Overbought) Chart Patterns Candlestick Patterns: Recent patterns show a mix of bullish engulfing and doji, suggesting indecision in the market but with a slight bullish bias. Support Levels: $72.00, $70.00 Resistance Levels: $78.00, $80.00 Analysis of Sentiments At present, sentiment on WTI Crude Oil is rather neutral. The sentiment from the technical indicators is ‘buy’, but there is a little bit of energy demand concern as US consumer sentiment has fallen in recent weeks. This calls for a mixed sentiment in which there is hope of price rises but also provides for fears of drop in demand. News Sentiment Information from the latest news has been provoking nervy WTI Crude Oil sentiments. The volatility and the love-hate relationship with the Iran issue have fueled wild price speculations and tensions in the Middle East. Commentators are careful in their assessments arguing in these present price levels that there are wear and tear global political forces, however, all expect a way out that will either break prices up into summits or down into bottoms. Conclusion In the current prices of WTI Crude Oil, one is able to note that there is a steep bullish movement in the short run. Supported by the key indicators, an uptrend of the market is forecasted. Nonetheless, the stock has neared its peak levels and therefore caution should be taken in regard to possible corrections. The price areas close given as $72.00 and $70.00 can present purchasing chances, if any, while selling pressures, if any, at the price boundaries given as $78.00 and $80.00 will be significant to watch. Regards, Ely
TVC:USOILLong
by Elysian_Mind
Market Analysis: WTI Crude Oil Price Target Additional GainsMarket Analysis: WTI Crude Oil Price Target Additional Gains WTI Crude oil prices are gaining bullish momentum and might even test $78.00. Important Takeaways for WTI Crude Oil Price Analysis Today - WTI Crude oil prices extended gains above the $72.40 and $73.50 resistance levels. - There was a move above a connecting bearish trend line with resistance at $72.75 on the hourly chart of XTI/USD at FXOpen. WTI Crude Oil Price Technical Analysis On the hourly chart of WTI Crude Oil at FXOpen, the price started a fresh upward move from $71.15 against the US Dollar. The price gained bullish momentum after it broke the $72.40 resistance. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $77.89 swing high to the $71.16 low. Besides, there was a move above a connecting bearish trend line with resistance at $72.75. The price even climbed above the 50-hour simple moving average. It tested the $75.30 resistance zone and the 61.8% Fib retracement level of the downward move from the $77.89 swing high to the $71.16 low. The RSI is now near the 60 level and the price could aim for more gains. If the price climbs higher again, it could face resistance near $76.30. The next major resistance is near the $77.90 level. Any more gains might send the price toward the $79.50 level or even $80.00. Conversely, the price might correct gains and test the $73.50 level. The next major support on the WTI crude oil chart is near the $72.40 zone, below which the price could test the $71.15 zone. If there is a downside break, the price might decline toward $70.00. Any more losses may perhaps open the doors for a move toward the $68.50 support zone. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen
2
Holding WTI buys. H4. 10.10.2024🛢 Holding WTI buys On oil in a private channel gave a zone for buying at 72.20. I myself bought a little higher at 72.50, but the accuracy is small, but the result is already there. I will hold the buy until the take profit at 80 with intermediate fixation of 50% at 78. If there will be another escalation of the conflict between Israel and Lebanon on the weekend, as well as natural cataclysms in the USA, it will be a positive signal for oil, as it will prevent the delivery of oil products. So buy hold and squeeze with private channel subscribers with it profit to the fullest. BLACKBULL:WTI
BLACKBULL:WTILong
by KovachTrader
USOIL Rallies, Tensions Rise, Could Price Soar More??Here I have TVC:USOIL on the Daily Chart! Starting with Technical, we can see Price has formed a Double Bottom at a Support Area that's kept Price afloat for quite some years now, but was last visited and acted as Support for Price back in the Spring of 2023! Price has Broke the Confirmation of Pattern @ $72.36 and is now Breaking the Local Falling Resistance from prior July & August 2024 Highs. Regardless, Price Action has Broken Structure and created Higher Highs and Lows, confirming Uptrend, starting with the Higher Low of the Double Bottom on Oct. 1! - Currently we want to see this Bullish Rally continue Breaking Above the Falling Resistance and staying above the ( $71 - $72 ) Range that Price has been interacting with Signaling Bulls in fact are in control, then for a Test of the Break of Confirmation of Pattern and Test of the Break of Local Falling Resistance! * Once successful, we will see Price rise to the next Falling Resistance created from the Highs of Sept. 2023 & Apr. 2024! - Massive Bullish Volume enters on the 2nd Low of the Double Bottom on Oct. 1 - Price on RSI is Above 50 with the Break of the Confirmation of Pattern Now Fundamental, the biggest factor that seems to be at play for TVC:USOIL is all the Geo-political confrontation stirring up. Not only is the Russia/Ukraine war still ongoing, the tensions between Israel/Iran are seeing massive implications across the board! - Oct. 1 being the beginning of the Iran missile attacks on Israel www.tradingview.com - Now worries arise that Iran's Oil Facilities may be in danger as a possible Retaliatory Israeli Strike Target! With Iran eyeing Israel's Energy Infrastructure, Power Plants, Refineries and Gas Fields! www.tradingview.com * Oct. 7th is the Year Anniversary to the Israel/Hamas conflict and suspicions arise that we could be looking at things intensifying further!
TVC:USOILLong
by Novi_Fibonacci
Crude oil saved by the 200-day MA (for now)A combination of factors saw crude oil snap its 5-day winning streak on Tuesday. China's equity markets plunged at double-digit levels when traders realised no new stimulus from China was to be unveiled after golden weak. US production forecasts were lowered by the EIA and concerns over the Middle East receded somewhat. An elongated bearish engulfing / outside day formed after its daily high met resistance at the September 2023 trendline. Yet the 200-day MA came to the rescue. For now at least. Given the 4-hour bullish hammer at the 200-day MA and weekly R1 pivot, alongside a heavily oversold RSI (2) on that timeframe, I suspect a cheeky bounce could be in order. Bulls could cautiously seek dips for a move to $75 or $76. Yet the magnitude of Tuesday's selloff suggests bears may be lurking at higher prices to re-enter upon any such bounce. Bears could wait to fade into such levels in anticipation of a return to the $70, near a high-volume node (HVN) and 61.8% Fibonacci level. MS
NYMEX:CL1!
by CityIndex
USOIL Price Analysis: Double Bottom Breakout Targets $78.37🛢️ USOIL Price Analysis: Double Bottom Breakout Targets $78.37 and $83.67 USOIL (WTI Crude Oil) shows a bullish reversal pattern on the D1 timeframe , with a double bottom breakout signaling potential upward movement. Traders are eyeing key targets, with the first at $78.37 and the second at $83.67 . Here's a breakdown of the setup: 🔍 What is a Double Bottom Pattern? A double bottom is a bullish reversal pattern that forms after a downtrend. In this pattern, the price hits a support level twice and bounces back. This suggests that sellers have been exhausted, and buyers are stepping in to increase prices. The breakout occurs when the price closes above the peak between the two lows, confirming the pattern. 🚀 Key Price Targets for USOIL With the double bottom confirmed, here are the following potential price targets: 1. First Target – $78.37: After the breakout, the immediate upside target is $78.37 . This level is based on a measured move from the bottom of the pattern to the breakout point, giving traders their first profit-taking zone. 2. Second Target – $83.67: Should the bullish momentum continue, the next target to watch is $83.67 , where further resistance is expected. A move toward this level would signify a more extended upward trend in USOIL. ⛔ Stop Loss – $66.23 To manage risk, traders should consider placing a stop loss at $66.23 . This level is below the pattern's low, where a breakdown would invalidate the bullish outlook and potentially trigger further downside. 📊 Factors Influencing USOIL Several factors could affect the success of the breakout: Global Supply and Demand: Changes in OPEC policies, US shale production, and geopolitical tensions can significantly impact oil prices. Economic Growth: A robust global economy often increases oil demand, increasing prices. USD Strength: Since oil is traded in US dollars, a stronger dollar can put downward pressure on oil prices, while a weaker dollar may support further gains. 🛠 Trading Strategy For traders looking to capitalize on this breakout, consider the following: Entry Point: After the breakout, buying near the current price with targets of $78.37 and $83.67 could provide a favorable risk/reward ratio. Risk Management: Place your stop loss at $66.23 to protect against unexpected market reversals. 💡 Conclusion The double bottom breakout on the D1 timeframe suggests that USOIL is poised for a potential rally towards $78.37 and $83.67 , with a protective stop at $66.23 . To navigate this opportunity effectively, traders should stay vigilant of key market factors and global developments. 🔔 Stay tuned for more updates on USOIL and other fundamental market movements.
FX:USOILLong
by amzadlak
Crude Oil Falls to $70.30 as Market Awaits Possible ReversalOil prices have extended their losses for the second consecutive day, with crude trading around $70.30 per barrel on Wednesday. The decline in oil prices has been largely driven by the potential resolution of a political dispute in Libya, which has temporarily halted exports, along with growing concerns over a slowdown in global demand growth. Adding to the negative market sentiment, data from the Institute for Supply Management (ISM) indicated that US manufacturing continues to struggle. Although there was a slight improvement in August, with the ISM Manufacturing PMI rising to 47.2 from 46.8 in July, it still fell short of market expectations of 47.5. This marks the 21st contraction in US factory activity over the past 22 months, underscoring the persistent weakness in the manufacturing sector. From a technical standpoint, oil has entered a strong demand area, where seasonality data suggests a potential increase in volume, hinting at the possibility of a reversal. Additionally, the latest Commitment of Traders (COT) report shows that retail traders are heavily short on oil, further supporting the potential for a rebound. However, it's important to note that commercial traders, often seen as the "smart money," continue to hold lower positions, adding a layer of uncertainty to the reversal outlook. Moreover, oil prices are facing additional pressure due to the Organization of the Petroleum Exporting Countries and their allies (OPEC+) planning to increase production in the upcoming quarter. This move could weigh on prices, making a sustained recovery less certain. While there are signs of a possible reversal in oil prices, the data remains inconclusive, and traders should exercise caution as market dynamics evolve. ✅ Please share your thoughts about WTI in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
BLACKBULL:WTILong
by FOREXN1
1
USOIL / BREAKOUT THE CHANNEL / 4HUSOIL / 4H TIME FRAME HELLO TRADERS The asset has broken out of a channel and is experiencing bullish pressure. This suggests that the asset’s price is moving upwards after a period of consolidation. The asset is trading above a supply zone around 74.37 to 73.69. A retest of this zone may occur before prices begin to rise again, targeting a higher supply zone between 76.85 and 77.60. If the price breaks 73.59, it indicates a potential move to a Fair Value Gap (FVG) between 73.07 and 72.15 , his is a zone where price inefficiencies may exist. If prices stabilize below the FVG zone, it could lead to further declines towards a demand zone between 73.07 and 72.12. This suggests a potential bearish reversal. Supply Zone : 76.85 and 77.60. Demand Zone : 73.07 and 72.12. FVG : 73.07 and 72.15.
TVC:USOILLong
by ArinaKarayi
WTI Crude Surges After Iran’s Missile Attack, Supply Fears BoostWTI crude oil prices edged higher following news that Iran launched missiles at Israel in a direct attack, sparking fears of potential supply disruptions in the oil-rich Middle East region. The escalation of conflict has heightened concerns about stability in the region, with the risk of a broader war possibly threatening oil production and distribution, sending prices upward. From a technical perspective, the price movement has played out exactly as predicted in our previous forecast, which can be seen in the following link: In that analysis, we anticipated a rebound from a key demand area, driven by concerns over geopolitical tensions and possible oil supply disruptions from the conflict. As the situation between Israel and its neighboring countries intensifies, the fear of significant interruptions in oil supply is pushing prices higher. Looking ahead, the bullish momentum in WTI is expected to continue, possibly driving prices above our initial take profit target. Traders should remain alert for further developments in the region, as any escalation could further fuel the upward pressure on oil prices, potentially leading to even more significant gains in the near term. In conclusion, WTI prices are on an upward trajectory, fueled by the geopolitical risks stemming from the direct attack on Israel. Our technical forecast of a rebound from the demand zone has been validated, and with the ongoing threat of supply disruptions, the bullish outlook remains strong. Further gains could push WTI prices well beyond our take profit levels if the conflict persists. ✅ Please share your thoughts about Oil in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
BLACKBULL:WTILong
by FOREXN1
1
Q4 Kickoff - US down, VIX Up, Oil Drama, China RipQuick video recap to highlight what's the latest and greatest in the markets. Oct 1 - Happy Q4 US Big Tech in "big red" today US Energy in "big green" today - thanks for a wild bid on USOIL China continues to rip "green" and it's playing catchup quickly US will have to deal with employment news, inflation news, earnings news, all before the US Election and Nov 7 FOMC Rate Decision (expecting another 25 bps cut) Major levels to the downside if there's a US market pullback, FOMC lows, gap fills, and up trendline levels (50 period SMA, 100 period SMA, 200 period SMA) but we'll see Stay frosty out there :) Thanks for watching!!!
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AMEX:SPY
by ChrisPulver
2