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USOIL - An attempt to support the price failsOn 17th August 2022, we warned that the oil market might be positioning itself for a downtrend correction. Accordingly, we said we would pay close attention to the sloping resistance and a potential breakout above it. Then, a few days later, the breakout occurred, and the price of USOIL spiked to 97.65 USD. Meanwhile, we abandoned our bearish price targets due to the OPEC considering production cuts. However, we also stated that the retracement (below the sloping resistance) could be utilized as short position re-entry. Finally, after the OPEC announcement, we said the production cut would have a minimal impact on the market. So today, we would like to update price targets for USOIL. Our new short-term price target is 80 USD, and our long-term price target is 70 USD. Illustration 1.01 The image above shows the daily chart of USOIL. It also depicts the bullish breakout above the sloping support/resistance and subsequent bearish retracement. Technical analysis - daily time frame RSI, Stochastic, and MACD are bearish. DM+ and DM- are bearish. Overall, the daily time frame is bearish. Illustration 1.02 Illustration 1.02 shows simple support and resistance levels for USOIL. The yellow arrow indicates the most recent bearish breakout. Technical analysis - weekly time frame RSI, Stochastic, and MACD are bearish. DM+ and DM- are bearish. Overall, the weekly time frame is bearish. 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. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
26
WTI oil - 80 USD in sight Since our last update on oil, much has not changed. Therefore, we continue to be bearish on USOIL and stick to our short-term price target of 80 USD and a long-term price target of 70 USD. Our views are based on technical and fundamental factors we reiterated throughout 2022. Illustration 1.01 Illustration 1.01 displays the daily chart of USOIL. Additionally, it shows two yellow arrows that indicate natural price retracements toward its 20-day SMA and 50-day SMA (which acted as a correction of the downtrend). Technical analysis - daily time frame RSI, Stochastic, and MACD are bearish. DM+ and DM- are bearish. Overall, the daily time frame is bearish. Technical analysis - weekly time frame RSI, Stochastic, and MACD are bearish. DM+ and DM- are bearish. Overall, the weekly time frame is bearish. 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. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
6
USOIL 23rd SEPTEMBER 2022Oil prices slipped below the US$85 per barrel level after the US central bank, the Fed, announced an interest rate hike. U.S. oil demand over the past four weeks fell to 8.5 million barrels per day (bpd), the lowest since February, according to the Energy Information Administration (EIA). On the other hand, there was a 1.1 million barrel increase in crude oil stocks last week. The European Union is considering restrictions on Russian oil prices, as well as on high-tech exports to Russia, as well as sanctions in the event of an escalation of Moscow's war in Ukraine. On the other hand, China's crude oil demand is also still pressured by tight restrictions due to Covid-19. OPEC crude oil exports have been fairly stable, since the high increase in demand earlier this month for an early winter contract. When Russia refuses to 'restrictions on Russian oil prices', and OPEC starts to 'reduce oil exports', that's we can see prices will tend to be bullish.
TVC:USOIL
by DNP-FX
3
WTI DWINDLES BETWEEN HIGH RATES AND THIGHT SUPPLYWTI remains indecisive. On one hand traders are suspecting continuous increase of the interest rates, after Fed decision in Wednesday. On the other hand, the further escalation by Russia of the war in Ukraine and the thread by the Nigerian oil minister Timipre Marlin Sylva that OPEC+ will decrease production if prices keep falling, are creating fear of tightened supply. All technical indicators are suggesting downtrend for WTI price, with MACD histogram being below the 0 line and RSI being below the neutral 50 line. If price keeps falling, it might test its most recent low at 80.9, but if the trend reverses, it might test its resistance at 89.7 or even the one at 97.2 Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
BLACKBULL:WTI
by legacyFXofficial
WTI BULLISH OUTLOOKWTI increased in value in the start of today's Asia session, following a weakened US dollar and the news that China is easing the COVID lockdowns, which will most likely boost the economy of the second largest energy consumer. On the technical site, the instrument broke the resistance of the triangle pattern, MACD histogram is above 0 line and RSI indicator is above the neutral 50 line. If the trend continues, the price might reach levels of 88.5, on the other hand, if trend reverses, the price might test its previous support at 83.8 Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
BLACKBULL:WTILong
by legacyFXofficial
Bullish H&S inplay for OilPretty self explanatory. With the recent bearish wave in Oil and many other commodities, Oil has recovered it's bullish wedge and has began forming what looks like a H&S pattern. Severely oversold and battered on the 4hr, daily and weekly, Oil might just be making a come back. News aren't bullish at all and most traders are in short positions, this for me usually means that bulls moves are up ahead. In all honesty though, I just can't believe that Oil isn't ultimately going to reach this years high with the Russia situation and the lack of Oil supply and production in the west. Yes China is on a lockdown and there's fears of a recession, but I doubt any western government who can print and control their currency is going to allow a recession to take place in a time like this. I've been holding oil for quite long and for a good reason. Final target for this potential bullish H&S is the conservative target of the distance between the head and the base, with it potentially reaching the yellow resistance drawn. As always, trade at your own risk!
OLong
by SkyTrees
USOIL 5th SEPTEMBER 2022The standoff over Russia's gas and oil exports escalated on Friday after Moscow promised to close its main gas supply pipeline to Germany and G7 countries announced plans for price caps on Russian oil exports aimed at squeezing Russia's war chest in Ukraine. This latest closure of the Nord Stream pipeline, which Russia says will last as long as it takes to make repairs, adds to concerns over winter gas shortages that could pull major economies into recession and lead to energy rationing. Europe accuses Russia of weaponizing energy supplies in what Moscow calls an "economic war" with the West following Russia's invasion of Ukraine. Moscow blames Western sanctions and technical problems for supply disruptions.
TVC:USOIL
by DNP-FX
6
USOIL 8th SEPTEMBER 2022Oil prices fell sharply on Wednesday (September 7th), slipping below levels seen before Russia's invasion of Ukraine as dismal Chinese trade data and growing fears of a global economic recession hurt fuel demand. West Texas Intermediate (WTI) oil futures for October delivery plunged US$4.94 or 5.7 percent. With lower prices this time it is a good opportunity to supply companies that are optimistic about surviving the recession and tightening monetary policy. This week, OPEC+ is scheduled to discuss oil production cuts as part of their future strategy. OPEC+ revised the market balance this year and expects demand to lag supply by 400,000 barrels per day (bpd) compared to the previous estimate of 900,000 bpd. However, the group of major oil producers expects the oil market to be in deficit by 300,000 bpd by 2023.
TVC:USOILLong
by DNP-FX
11
The oil market bows to the tactical strategy of the FEDSpeculators and oil giants seized the moment to maximize their oil profits the past months. With a mixture of war fears, supply fears and the increased demand for crude oil after the Corone pandemic and bad supply chains, a broad panic wave had broken out. Let's have a short overview about the current situation: Europe's situation: With India and China importing massive amounts of oil from Russia at very favorable conditions, capacity is freed up on the world market. The new routes have now established themselves, an equilibrium in price and efficiency has now settled in. The same applies to LNG. Global Supply Chains: They are healing, freight costs are falling, although demand for freight containers remains consistently high, as do increased kerosene prices. An equilibrium is more or less reached. Wars and conflicts due to lack of food : The grain agreement for fertilizer and grain exports from Ukraine has improved the situation on the world market and avoided narratives for conflicts in poor countries that might lower down oil exports. Summer session is over : As is known, midsummer is the time when most people in the world travel, especially now after the corona pandemic, many people left by car or plane for the first time since years. The season high is over. The FED is just trying its best to lower the price below a tactical zone so that speculators are technically afraid to long oil markets. This is to mitigate a price-oil spiral. I expect we will see a 75bps interest hike this month as well to push oil prices below the MA trend lines. Oil prices will fall another good 20-40% in the coming months. There is no way the FED will allow it to pop back above 100$ for the next months, otherwise the mild recession might become a deeper one. Disclaimer: The information mentioned in my post should be taken with a grain of salt. They are only my personal opinion and do not form facts. They are also not a call or recommendation to open trades, do trades or close positions.
OShort
by Lobotto
1