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CL1! trade ideas

Crude Oil || BREAKOUT FROM TRIANGLE PATTERN Chart Analysis: Crude Oil (1-Hour Timeframe) Pattern: A symmetrical triangle pattern is forming, signaling potential consolidation before a breakout. The price is approaching the apex of the triangle, indicating that a breakout could occur soon. Key Levels: Support: Around 5,821 (Fibonacci 0.236 level). Resistance: At 5,927 (Fibonacci 0.618 level) and 6,034 (Fibonacci 1.0 level). The 55 EMA (5,874) is acting as dynamic resistance. Long Trade (Bullish Breakout): Entry: Above 5,895 (triangle breakout) Target 1: 5,927 Target 2: 6,034 Stop Loss: 5% - 10% Short Trade (Bearish Breakdown): Entry: Below 5,821 (triangle breakdown). Target: 5,750 Stop Loss: Above 5,862
MCX:CRUDEOIL1!Long
by Shalvisharma5
Crude Oil Buy opportunityLight Crude Oil Futures Analysis – NYMEX (CL) Crude Oil Futures (CL) are presenting a compelling buying opportunity as the price consolidates within a symmetrical triangle, suggesting an imminent breakout. This technical setup often leads to significant upward momentum when the price breaks through the upper resistance. With the current support around $66.18 holding strong, there is a favorable risk-reward ratio for traders looking to enter a bullish position. Technical Indicators Signal Potential Upside: Support Zone: The lower boundary at $66.18 has consistently provided a solid foundation, indicating strong buying interest at this level. Bullish Momentum: A breakout above the $71.30 resistance could confirm a bullish reversal, with targets around $74-$75 in the near term. This setup offers an attractive buying opportunity with minimal downside risk, especially if CL can break through key resistance levels. Given current market dynamics and technical indicators, a bullish outlook appears favorable for the upcoming sessions. Light Crude Oil Futures, NYMEX, bullish setup, buying opportunity, support, resistance, breakout, technical analysis, price action. #CrudeOil #Bullish #BuyOpportunity #OilFutures #TechnicalAnalysis
NYMEX:CL1!Long
by Charts_M7M
WTI Crude Oil 2024: Range-Bound Trends and Key LevelsBig Picture: WTI Crude Oil Futures prices have been largely range-bound for most of 2024 with yearly low of 62.54 and high at 81.75 defining the trading range. Analyzing the Composite Volume Profile since January 2022 reveals that 2024’s price action has been contained within the Composite Value Area High (CVAH) at $79.91 and Composite Value Area Low (CVAL) at $63.57 We further note that while there are many bearish and bullish analyses for crude oil floating from different market analysts, market auction theory and charts point towards further range bound price action for December 2024 and foreseeable 2025 ahead until proven otherwise. OPEC+ meeting is scheduled to take place on December 5th, 2024. It was previously planned to take place on Dec 1st, 2024. The change accommodates the Kuwait Summit, with Saudi Arabia and its allies expected to discuss production quotas—a decision that could influence market dynamics. Additionally, U.S. crude oil production in 2024 has reached record-high levels. Geopolitical issues have not had a major impact on Crude prices as prices remain range bound. Intraday volatility remains amidst geopolitical uncertainty. WTI Crude Oil Key Levels: CVAH : 79.91 CVAL : 63.57 2024 Yearly Mid : 72.15 2024 Yearly Lo : 62.54 2024 CVAH : 75.60 2024 CVAL : 66.97 Market Scenarios: Short Term Resistance (2024 Mid and CVAH) : Price movements toward the upper range (CVAH at $79.91 or $75.60) could signal buyer exhaustion, with limited upside momentum expected. Short Term Support (CVAL and Yearly Low) : Movements toward lower levels (CVAL at $63.57 or $66.97) may indicate seller exhaustion, preventing a significant breakdown. As crude oil remains range-bound, traders should monitor these key levels and the OPEC+ meeting outcomes for potential catalysts. Until then, the market appears set to maintain its current trading range. Disclaimer : The views expressed are personal opinions and should not be interpreted as financial advice. Derivatives involve a substantial risk of loss and are not suitable for all investors.
NYMEX:CL1!
by EdgeClear
Elliott Wave View: Oil (CL) Short Term May See More DownsideShort Term Elliott Wave View in Oil (CL) suggests that cycle from 10.8.2024 high is in progress as a 5 waves impulse. Down from 10.8.2024 high, wave 1 ended at 66.72. Wave 2 rally ended at 72.89 as the 1 hour chart below shows. It has then turned lower again in wave 3. Down from wave 2, wave (i) ended at 70.94 and wave (ii) bounce ended at 71.64. Wave (iii) lower ended at 66.94 and wave (iv) rally ended at 69.39. Final wave (v) lower ended at 66.61 which completed wave ((i)). Oil then rallied in wave ((ii)) with internal subdivision of a zigzag. Up from wave ((i)), wave (a) ended at 70.15 and wave (b) ended at 68.75. Wave (c) higher ended at 71.51 which completed wave ((ii)). Oil has turned lower and structure of the decline looks impulsive. Down from wave ((ii)), wave i ended at 70.4 and wave ii ended at 71.24. Wave iii lower ended at 68.57. Expect wave iv to end soon and then it should turn lower in wave v to complete wave (i). Afterwards, expect oil to rally in wave (ii) in 3, 7, or 11 swing before the decline resumes. Near term, as far as pivot at 72.89 high stays intact, expect rally to fail in 3, 7, 11 swing for more downside.
NYMEX:CL1!
by Elliottwave-Forecast
Crude Oil - High Tide Pt.2Pt 1 found here . This is an extremely critical market at this time. What must be understood, is NYMEX light crude oil is not its' own independent market, but rather a BENCHMARK for a larger market for crude oil globally, and its' derivatives. Consider a Kenyan bank, that owns a loan on a Kenyan gas station. What is the best instrument to hedge their investment? Well, obviously the answer is NYMEX:RB1! , NYMEX gasoline futures. The sovereign bond of gasoline prices so to speak. Examining the market technically, we see that it appears bullish. The market experienced a severe panic in price during 2020, as demand and logistics collapsed in face of a global epidemic. However the price has recovered considerably, due to OPEC controls and the global necessity for this commodity. In fact, the market has even retested attempts made at reaching its 2008 high. Many local market do not have access to global markets as might be expected, such as the NYSE and CME to conduct their day-to-day affairs. This highlights the importance of NYMEX:CL1! globally, not only for the physical delivery of light crude in the United States. But the global marketplace for light crude oil and its' derivatives, such as plastic containers, heating oil and cosmetic products. The reference price for such items by suppliers, is naturally the most liquid benchmark available to them. Which is to say, they will sell their product based on the most available market for their ingredients. A notion common in all business, to be examined at a global level to understand the relevance of this market into the future. This market exists in the United States, which is what underpins the importance of the US Dollar as this principle applies to all commodity and equity benchmarks. Furthermore, the principle of liquidity remains relevant all through history, where commodities as long as trade exists have been priced according to the most liquid benchmark. The relevance of the US Dollar can most clearly be observed in global bond markets. As capital becomes scarce as Quantitative Easing globally comes to an end, and begins to flow towards the USA, creating the rally in $TVC:DXY. Rates in sovereign debt markets in the US and abroad have risen, and prices have fallen. A lack of demand in sovereign debt outside the USA is being realized, as FRED:RRPONTTLD RRP usage has risen since the beginning of the war between Ukraine and Russia. Because the USA is also the global benchmark for interest rates, due to its deep liquidity. Banks all around the globe balance and hedge their local debt based on this proxy market. For all intents and purposes, this is the only game in town. It may seem odd that the price of crude oil in US Dollars has risen, given that the value of the US Dollar has risen significantly worldwide. Inflation domestically might dictate that the price of NYMEX:CL1! should fall, but this has not been the case. There is something beneath the surface, that indicates a deep value in this trade yet to be realised. Despite governments and activist organisations fighting against the product, its relevance in commerce has not diminished. Coupled with the importance of this global benchmark, the whole of oil-based product globally appears as important as ever. The market indicated last week the potential for a turning point, as it has capitulated. Traders should consider the market will likely make another low, but appears to be setting up for a rally.
NYMEX:CL1!Long
by FPS_Denny
Could oil prices fall to $60?Could oil prices fall to $60? This week, oil markets remained stable with WTI crude futures closing at $68.5 per barrel. Investors were alert to positive economic data from China and the upcoming OPEC+ meeting. Chinese manufacturing activity is reported to have picked up for the second consecutive month, at a faster pace than in the past five months, indicating a recovery in the world's largest oil importer. At the same time, Saudi Arabia announced a reduction in crude oil prices for Asian buyers starting in January, bringing them to their lowest level in four years. The OPEC+ meeting that was originally scheduled for this week has been postponed, and further discussions are expected to be required before a decision on increased production is made. Geopolitical tensions in the Middle East are also impacting the oil market. Although there has been a ceasefire agreement, Israel has resumed attacks on Lebanon, and Iran is supporting the Syrian government after rebels took control of Aleppo, the country's largest city. In addition, there is concern that Saudi Arabia may increase production if other countries do not do the same to keep prices stable. The OPEC issue is again at the center of discussions, with some countries trying to gain an advantage by producing more oil than agreed upon. During a telematic meeting, OPEC representatives blamed Iraq for exceeding its daily production limit of 400,000 barrels in August according to data provided by S&P Global Ratings, and Kazakhstan, which expects to increase production due to the return of the Tengiz oil field to 720,000 barrels per day. “There is no point in adding new stocks if there is no demand for them in the market,” one of the representatives said during the call. “It is important that all states respect the agreements set by OPEC+ and keep quiet.” In recent months, oil prices have fallen by 9 percent across all major benchmarks. Despite OPEC+'s efforts to stabilize oil markets, prices continue to fall. Although the group has proposed several extensions of production cuts, this has not prevented prices from falling further. According to IEA data, OPEC's market share has declined to 48 percent this year, down from 50 percent in 2023 and 51 percent in 2022. Competition is expected to intensify next year, with projected increases in production in the United States, Guyana and Brazil, which could lead to an increase of more than 1 million barrels per day in global supply. Although Brazil joined OPEC+ this year, they have stated that they will not participate in production cuts to maintain their market share. According to my forecast, we will see oil prices fall to new lows of around $60 in the coming quarters, with a possibility in 2025 of seeing prices even lower than $50 per barrel if a dispute within OPEC occurs. The crude oil futures curve still shows a contango trend, which means it may be advantageous to consider instruments such as ETFs for long-term investing. However, it is advisable to avoid direct investment in the oil stock sector at present, as the value of the dollar is strong and prices of companies in the sector are very high. If you would like to be notified whenever I post a new article, just click on “FOLLOW” at the top. Also, if you would like to elaborate on a particular topic or need some advice, please comment below the article and I will be happy to help you.
NYMEX:CL1!
by Antonio_Ferlito
Analysis of Crude Oil - Breakdown? Analysis of Crude Oil (1-Hour Timeframe) The chart shows crude oil trading within a descending channel, indicating bearish sentiment in the short term. Price is currently consolidating near the lower trendline, showing potential for a pullback or a continuation. Key Levels: Resistance Levels: 5,829 (55 EMA level): Immediate resistance to watch. 5,860: Upper trendline of the descending channel. 5,900: A breakout above this could signal bullish momentum. Support Levels : 5,780: Current local support near the recent low. 5,720: Next critical level below if the downtrend continues. Potential Scenarios: Bullish Breakout: If the price breaks above the descending channel and sustains above 5,860, it could rally towards 5,900 and beyond. Bearish Continuation: Failure to break 5,829 and a move below 5,780 could push the price towards 5,720. Risk Management: Set stop-loss orders to protect your position against unexpected price reversals. Disclaimer: This analysis is based on available data and should not be considered financial advice. Always manage your risk responsibly.
MCX:CRUDEOIL1!Short
by Shalvisharma5