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CRUDEOIL1! trade ideas

LCRUDE celebrates its continued rise after the 4th of JulyThis day is Non-Farm Payrolls release day. U.S. employment growth has shown a slowdown with the unemployment rate holding steady at around 4% which gives the Fed room to control inflation without risk of recession. Today's Friday showing that annual wage growth is rising at its slowest pace in three years could put inflation on track to rise with Fed tightening. Jerome Powell this week made it appear that the country is on a "disinflationary path" and experiencing a "soft landing." During the Asian session, oil prices have traded virtually unchanged and on track for a fourth consecutive week of gains heading towards end-April levels. Hopes of increased winter demand and supply have been pushing Brent up 7% in recent weeks and West Texas Intermediate up 9%. Yesterday the US session was closed for its 4th of July celebration with little trading and no settlement for WTI. The bullish sentiment has been supported by intensifying geopolitical tension in the Middle East. US consumption expectations are high during the summer and hence oil has remained bullish.In addition, inventory data showed a severe drawdown of 12.2 million barrels against expectations of 700,000 barrels.In addition, Russian companies Rosneft and Lukoil will reduce their exports from the Black Sea this month. On the other hand, Saudi Arabia's Saudi Aramco (TADAWUL:2222) has already started to cut the price of its Arab Light crude which will sell to Asia for $1.80/bbl, above the Oman/Dubai average which puts pressure on OPEC producers as supply increases outside the grouping.Looking at the chart since February this year, WTI (Ticker AT: LCrude) has formed a range moving between $87.19 and $70.59.At the moment, the bell shape has a triple structure with the checkpoint zone (POC) very much centered at $81. The RSI is currently oversold at 49.26% so a search to highs this summer would not be uncommon.The breakout zone at the highs is complicated, because of the selling debate between suppliers and it is most likely to see a continuation in the same range. Ion Jauregui - Analyst ActivTrades ******************************************************************************************* The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication. All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
LLong
by ActivTrades
Crude Oil BullishCrude breaking daily chart trendline and showing a U shape breakout. Everything Points to testing previous highs and price continues to make higher highs and higher lows. Not sure what could be the catalyst but there is the beginning of a repeating pattern from last June. Key resistance is at 85-87 and if price can push past this level its likely that a retest of support levels of 84 before a continuation higher. The next magnetic level after 85 is at the bearish order block level at 94.5.
NYMEX:CL1!Long
by supertokki52
Can we SHORT OIL from Daily Supply Zone / 78.5% Daily Fib Level?NYMEX:CL1! "The One Most Adaptable to Change is the One that Survives." -Charles Darwin As I've been paying close attention to OIL, we may have an opportunity to go SHORT from this un-Mitigated HTF Daily Supply Zone / 78.5% Daily Fib. Level.... 1) What I'll be looking for is for buyers to push price up into this Daily Supply Zone and hit $83.00 Per Barrel which would be the EQ Level of the Overall Daily Supply Zone and this pricing would line up perfectly with the Daily Fib. Level 78.5% Kill-Zone!! 2) Now if we can see buyers push price up into these levels ($83.15) Per Barrel, then I'll drop down to a LTF 5-15m Confirmation entry to SHORT and Target 62.0% Daily Fib. Level ($80.85) Per Barrel. Roughly around +230 points in our favor SHORT! 3) I'll keep close update as PA develops and we have more data to work with... Remember when it comes to FRM (Financial Risk Management) our job is to manage the downside costs of printing High side returns of $$$ consistently... Let's Keep Steppn!! Stay Focused & Reach Excellence!! #BHM500K #NewERA #Champions
NYMEX:CL1!Short
by TreyHighPwr
Crude Oil Analysis and Investment StrategyTechnical Analysis Price Action: Current Price: $83.14 The chart shows a symmetrical triangle pattern forming over the past year, indicating a potential breakout soon. The price is currently testing the upper boundary of this triangle, suggesting that a breakout could be imminent. Moving Averages: The 20-month simple moving average (SMA) at $60.84 is well below the current price, indicating a long-term bullish trend. Volume: Volume trends show steady trading interest, which is typical before a significant price movement. Fundamental Analysis Market Supply and Demand: Supply: OPEC+ has announced plans to gradually unwind output cuts, which could increase supply in the market. However, this will be contingent on market conditions, and adjustments may be made based on demand​ (IEA)​​ (IEA)​. Demand: Global oil demand growth has been adjusted lower for 2024, reflecting a modest increase of 1 million barrels per day (mb/d) in 2025. This subdued outlook is due to weaker economic growth, an expanding electric vehicle (EV) fleet, and efficiency gains​ (IEA)​. Inventories: Recent reports indicate that global oil inventories have been building, with significant increases in on-land stocks. This suggests a well-supplied market, which might pressure prices in the short term​ (IEA)​​ (EIA Homepage)​. Geopolitical Factors: Geopolitical tensions and regulatory policies, especially those affecting major oil producers and consumers like the U.S. and China, can significantly impact crude oil prices. For instance, ongoing geopolitical risks have supported prices despite higher inventories​ (YCharts)​. Economic Indicators: U.S. crude oil production is forecasted to grow by 2% in 2024 and 4% in 2025, setting new records. This increase in production, primarily from the Permian Basin, will add to the supply side pressures​ (EIA Homepage)​. Investment Strategy Buy Scenario: Entry Point: Consider buying if the price breaks above the upper boundary of the symmetrical triangle, confirming a breakout. A confirmed breakout above $85 with strong volume would be an ideal entry point. Stop Loss: Set a stop loss just below the breakout point, around $78, to limit downside risk. Take Profit: Target the previous high around $100. If the breakout sustains, further upside could be expected towards $110. Sell Scenario: Entry Point: Consider selling if the price fails to break out and falls below the lower boundary of the triangle, indicating a breakdown. A confirmed breakdown below $78 with increasing volume would be a signal to sell. Stop Loss: Set a stop loss just above the breakdown point, around $83, to limit potential losses. Take Profit: Target the next support level around $70. If the bearish trend continues, prices could further decline towards $65. Conclusion Crude oil presents a compelling investment opportunity with potential for significant movement either way due to the current technical setup and fundamental factors. Monitoring key price levels and volume will be crucial in deciding the right moment to enter or exit the market. The market is well-supplied with a cautious demand outlook, but geopolitical and economic factors could drive volatility and provide trading opportunities.
NYMEX:CL1!
by PTD85536
Crude Oil "Triangle Pattern" Target 7100 and "Wolf Wave Target"A "Triangle Pattern" has formed in Crude Oil and Downtrend has "Breakout". So market is Bullish Trend. And the Target is Triangle's Top Trendline at INR 7100. Additionally, Expect a Breakout of the Triangle Pattern. Don't miss the "Wolf Wave Target" Opportunity. If Breakout the Triangle Pattern, then the Next 2nd Target is Wolf Wave. Refer to the below image for Wolf Wave Target Achieved in Ethereum. Guess 3rd Target ??? I want to help people Make Profit all over the "World". Additionally, I am Eager to Receive Money form Worldwide because of my Potential. Thank you
MCX:CRUDEOIL1!Long
by SasikumarMani
Re-Test Zone Held: Bullish Momentum Signals Time to BuyOil has successfully tested and held the key re-test zone between $82.40 and $82.90, breaking structure to the upside and signaling a strong continuation of the uptrend. With this confirmation, the market appears ready to advance towards $85 per barrel. For those already in the market, now is an opportune moment to consider buying opportunities based on your trading strategy. Whether you trade using Supply and Demand principles, moving averages, or any other technical approach, this bullish momentum presents a favorable environment. Crude oil futures have been bolstered by a confluence of factors, including geopolitical risks, seasonal demand expectations, and potential inventory draws. The initial drop earlier this year following OPEC+ production cuts has been reversed, and prices are now holding above $80 per barrel as traders anticipate further upward movement. As always, it's essential to trade responsibly and base your decisions on thorough analysis and understanding of the market. If you see the same bullish signals that I do, this could be a prime opportunity to capitalize on the anticipated rise to $85 per barrel. However, trading comes with inherent risks, and it's important to take full responsibility for your trades. Keep an eye on market developments and be ready to adjust your strategy as needed. The potential for substantial moves towards the upside is strong, but ensure that your decisions align with your own analysis and risk tolerance. Happy trading!
NYMEX:MCLQ2024Long
by yojavi
Gold silver Bitcoin Tesla July 2nd 2004 this video started with Tesla because I thought Tesla was going to go lower and now it went higher, and I'm wondering if this is the climactic move that's going to reverse lower even though there are reasons to think that this is a reversal pattern that will go lower..... and yet the price action is bullish. nobody that I know really likes to get out of the market early and then that Trader has remorse for exiting prematurely. personally I think markets are designed to attract you to make a trade decision that looks like a good decision until you get killed by the trade..... remember don't eat gingerbread cookies from a strange woman if it isn't your mother... unless you're pretty sure she hates you. THE market is filled with behaviors that are intended to attract you to the wrong trade decision when you don't know what you're doing.
NYMEX:CL1!
by ScottBogatin
Oil Approaching Key Re-test Zone Amid Market VolatilityOil prices are currently approaching the re-test zone between $82.40 and $82.90, indicating a potential continuation of the uptrend. For those already in the market, it's advisable to seek sell opportunities in line with your trading strategy. For instance, if you trade using Supply and Demand principles, identify supply zones around this range. Once the market tests this zone and it holds, look for buy signals as confirmation of the continuing uptrend. Crude oil futures are holding above $80 per barrel ahead of summer energy demands, driven by factors such as geopolitical risks in Europe and the Middle East, and the threat of a hurricane in the Caribbean. Traders are also weighing the impact of demand uncertainty and production decisions by OPEC+. Oil initially dropped earlier this year after OPEC+ announced production cuts, but prices have since rebounded. The recent move up is partially due to summer demand expectations and inventory draws, which could push Brent crude back into the high $80s to $90s range. Given these dynamics, a significant drop in prices is unlikely. Therefore, it's crucial to monitor for sell setups towards this re-test zone and then prepare to capitalize on the anticipated upward momentum. There is potential to capture substantial moves towards the upside, with prices possibly heading towards a new high of $85 per barrel.
NYMEX:MCLQ2024Long
by yojavi
Oil Set to Re-test $82.71 Amidst Market ConsolidationOil prices are currently in a consolidation phase and are expected to test the $82.71 level by the London session. This price action suggests a continuation of the uptrend. For those already in the market, it's advisable to seek sell opportunities in line with your trading strategy. For instance, if you trade using Supply and Demand principles, identify supply zones towards $82.71. Once the market tests this zone and it holds, look for buy signals as confirmation of the continuing uptrend. Oil recently hit a fresh two-month high, driven by mounting geopolitical risks in Europe and the Middle East, as well as the threat of a hurricane in the Caribbean. With these factors in play, a significant drop in prices is unlikely. Therefore, it's crucial to monitor for sell setups towards this re-test zone and then prepare to capitalize on the anticipated upward momentum. There is potential to capture substantial moves towards the upside.
NYMEX:MCLQ2024Long
by yojavi
Oil Price Rally Eyes April HighThe price of oil may continue to retrace the decline from the April high ($87.67) as it carves a series of higher highs and lows. Crude Oil Price Outlook The price of oil extends the advance from the previous week to push the Relative Strength Index (RSI) to its highest level since April, with a close above $83.30 (23.6% Fibonacci retracement) raising the scope for a move towards $85.20 (61.i% Fibonacci retracement). A breach above the April high ($87.67) may lead to a test of $88.10 (23.6% Fibonacci extension) but failure to extend the bullish price series may push crude back towards $80.70 (38.2% Fibonacci retracement), with the next area of interest coming in around $78.50 (50% Fibonacci retracement) to $79.00 (50% Fibonacci retracement). --- Written by David Song, Strategist at FOREX.com
NYMEX:CL1!
by FOREXcom
Constructively Above $80Crude Oil (August) Last week’s close: Settled at 81.54, down 0.20 on Friday and up 0.81 on the week WTI Crude Oil futures have been building a floor out above the psychological $80 mark. The June 18th breakout above 80.11-80.61 has failed to extend gains significantly but has remained robustly constructive above support. Headwinds have come from the fear of rising production from OPEC+ and the U.S. Also, despite weak Manufacturing PMIs from China over the weekend Crude Oil is bid to $82 this morning and finding taiwlinds from Hurricane Beryl. Price action stuck its nose above major three-star resistance at 82.24-82.35 Friday, and we still view this area as significant, with a close above likely inviting added buying. Bias: Bullish/Neutral Resistance: 82.24-82.35***, 82.72*, 84.00*** Pivot: 81.85 Support: 80.97-81.21***, 80.11-80.36***, 79.72-79.97**, 78.61-78.94*** Check out CME Group real-time data plans available on TradingView here: www.tradingview.com Disclaimers: 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 *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. Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
NYMEX:CLQ2024
by Blue_Line_Futures
Will oil plummet? Or is this chart primed for a reversal?Oil ended april as a first red month, in which case may id be looking for sell high, they kept price suppressed and didnt attempt to make any significant higher highs this month, since there was no real place, except the start of may, to sell high, (and fundamentals somewhat driving my thesis) i would expect them to keep trapping volume down low for the frontside move of the week, and shift momentum to the upside later in the week ending as a first green month (closing the month above previous month close 81.15 (CL1!) - after attempting to continue going lower in a previous downtrend) friday was a first green day, so mondays thesis would be to look for a buy low in any 1 of the 3 sessions. past 3 weeks have been inside week for the most part, this is primed for a serious reversal. May the markets be with you all!!
NYMEX:CL1!Long
by thesturdygentleman
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