OIL ABC CorrectionUsing Elliot wave and Fibs I show where I expect oil to move in the near termLongby TheUniverse6181
WTI To 78.9$WTI oil is opening with green gap this week, Probably it’s going to go down to 78.9$ level this week testing this level. Therefore we will wait to test this level then take another look at chart.Shortby Trader_Manager1
Crude Oil upward trajectory !!NYMEX:CL1! Crude oil is moving upwards by marking HH @ 95 and HL @ 81.5, 81.5 is .786 fib support from previous low), Curved parallel channel suggests that max downward should be around 79; which is .886 fib level from 77.71), 97 & 104 will be crucial level in coming weeks as resistance. Longby wasif870
Crude Oil CrashesMy prior Crude Oil post noted that an important top may have been made at the 09/28/23 top. In 7 – trading days Crude Oil declined 13% Stochastics indicates it could soon bounce. Longer – term there’s potential for much more decline. Crude Oils seasonal patterns are bearish into December. Shortby markrivest447
[Positional] CrudeOil Contranian Buy IdeaAlthough I had posted sell idea and it came to profit finally after unlimited loss, I am taking a contranian buy with small stop loss as a retracement bet. Note - One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells at "where" to act in "what direction. Unless it triggers, like, let's say the candle doesn't break the level which says "Buy if it breaks", You should not buy at all. ======= I use shorthands for my trades. "Positional" - means You can carry these positions and I do not see sharp volatility ahead. (I tally upcoming events and many small kinds of stuff to my own tiny capacity.) "Intraday" -means You must close this position at any cost by the end of the day. "Theta" , "Bounce" , "3BB" or "Entropy" - My own systems. ======= I won't personally follow any rules. If I "think" (It is never gut feel. It is always some reason.) the trade is wrong, I may take reverse trade. I may carry forward an intraday position. What is meant here - You shouldn't follow me because I may miss updating. You should follow the system I share. ======= Like - Always follow a stop loss. In the case of Intraday trades, it is mostly the "Day's High". In the case of Positional trades, it is mostly the previous swings. I do not use Stop Loss most of the time. But I manage my risk with options as I do most of the trades using derivatives. =======Longby Amit_Ghosh3
Will Crude Run Again?Crude-oil futures are having their worst week since March, but some traders might think about buying the pullback. The first pattern on today’s chart is the price area around 83.50. It represented the peak for CL1! in December and April. It’s also near the spot where prices stalled in early August before continuing higher in early September. Black gold is now sitting near that price. If it continues to stabilize, chart watchers may think old resistance has become new support. Second, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA in late-August. That may suggest the longer-term trend is bullish. Third, the current pullback dragged stochastics into oversold territory. Finally, CL1! has retraced about half its move during the entire third quarter. TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more. Important Information TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means. This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates. Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com . by TradeStation119
Oil dangerously close to retreating into its old rangeFor the longest time, the $82/83 level was a hard ceiling for Oil. When it broke through it did so with a vengeance. Only to hit the next ceiling at $94/95 and bounced down like Dennis Rodman was on defense against it. Now the question is weather or not the old ceiling is the new floor. Lets hope it is, otherwise we will see the low 70's of the previous range come back into play. So how determined is OPEC+ to keep prices high & how determined are western governments to kill inflation and domestic demand. Are they willing to do enough damage to their own economies to bring global demand back down? If so for how long? Personally my guess (we just make guess's) is we see a pullback to the low 70s/high 60's after one more 0.25 hike by the FED this year. Remember, the market leads the economy, so i think the signs are there already. Aside from Energy and Big Tech, the markets are already telling us the recession is here, its just a matter of waiting for the backward looking numbers to be reported. Look to end of the first quarter of '24 to show us what we are missing today. Keep your guns loaded my friends, and don't bring a knife to a gun fight.by caugfour2
WTICO: Potential Bullish 5-0 Looking to Take USOIL Up to $105.30USOIL has recently retraced to the 0.382 from the PCZ of a Bearish Shark, but now it's looking to try and hold the 200 SMA and the 38.2-0.50% zone with Hidden Bullish PPO Divergence and an impending PPO Bullish Confirmation. If it does hold here, it could confirm a Potential Bullish 5-0 and if this 5-0 plays out, I think it could take USOIL above $100 and likely up to $105.30, as that would be the 61.8% retrace from high to low.Longby RizeSenpai3
CrudeOil movement for next 2 hours . time should be noticedPrices should move according to time factor. further updates will be published after few hours . keep checking.by ChartsXtrapolated0
WTI to test 84.10$ todayWTI oil is green today and going to test 84.10$ level. We should wait price movements after testing this level.Longby Trader_Manager4
US Oil 06/10 MovePair : US Oil - Crude Oil Description : Completed the Breakout of the Corrective Pattern " Exp FIAT " and Daily Ascending Trendline in Short Time Frame if it Retest then it will Reject from the Trend Line and if it Breaks then it can Reject from Previous Support Zoneby ForexDetective2
Oil to bounce to test $94I think oil will now bounce to test $94. I'm short term bullish; medium term bearish. Oil took a hard dive "low liquidity run" through the previous swing-low which was taken out. The next swing-low is $77-ish. But we are hitting 20 week MA and prior old highs at the same time. Thus the slow stochastic weekly losing embedded (was above 80 now falling below 80) means a run to the 20week MA was likely. The next few days will show whether or not this confluence of old highs and 20week is strong enough to arrest oil's fall towad the liquidity pool (swing low) of $77. My trade has been to open longs using credit-puts below that $77 level where there should be much stronger resistance than the confluence already mentioned. Counter thesis is that the price cheese-knife's toward the $77 liq pool which could accelerate a sell-off. 20 Week is the "hold the line" for the trade.Longby DarthTrader13571
Impact of Fed's Interest Rate Hikes on Gas and OilOn October 4, 2023, the OPEC+ ministerial panel did not make any changes to the group's oil production policy after Russia and Saudi Arabia announced continued voluntary supply cuts to support the price of black gold. However, Brent and WTI crude futures have fallen more than 13% over the past week on concerns that central banks could raise interest rates again to more aggressively fight inflation. In addition, rising unemployment and the slower pace of China's economic recovery are also putting further pressure on oil prices. On the other hand, the US and European Union economies remain strong despite numerous problems, including high inflation and geopolitical tensions due to the military conflict between Russia and Ukraine. Thanks to stronger-than-expected consumer spending, global economic growth continued into the third quarter of 2023. From the point of view of technical analysis, we believe that on September 28, the global wave (3) was completed, which, as it should be, was the longest and strongest wave, which is also reflected in the fact that this asset attracted the attention of the mass public. On October 5, 2023, wave A was completed, which belongs to a larger corrective pattern of the (4) wave, implying a continuation of the downward movement of the Brent crude oil price after reaching a strong resistance zone in the $89-$90 range. By the end of the fourth quarter of 2023, we expect the price to reach $77-$78. In addition, global oil prices are under pressure, partly because gas storage facilities in Europe are full. It should be noted that oil prices and the US Dollar index (DXY) are often inversely correlated, meaning that when the DXY rises, oil prices usually fall and vice versa. So, in recent weeks, the dollar has been strengthening, making oil more expensive for countries using other currencies, which reduces demand for it and, as a result, oil prices.by AisenQuantum116
Thank you to all my Incredible 5000+ Followers To my incredible 5000 followers, I'm so grateful for your support over the months. I couldn't have reached this milestone without you. I Got this 5k+ Family Achievement in Just 6 Months Only 💥🚀 I love sharing my strategies with you all, and it means the world to me to know that you enjoy it. Your likes, comments, and shares keep me motivated and inspired to give more strategies. Thank you for being a part of this Trading community . I'm so lucky to have you all as my followers. Here's to 5000 more! Sincerely: @Jagadheesh_JPby Jagadheesh_JP2224
Silver Oil10.5.23 We took a look at silver it was set up to go higher but it's coiling at the base and we'll just have to see what happens. This was not an easy trade. It might break a little bit lower but it could still be a decent long trade if it extends a little bit lower but then finds Buyers. I thought it was important to look at the monthly chart to see if there are likely patterns to suggest there's more upside to silver. Since I hadn't been talking about oil for a while I wanted to show how one might have use the tools to find the patterns and determine where the buyers and sellers are as this market moved higher. The single most important thing to do this video was around a fulcrum when deciding on an ABCD pattern setup.... and also to show the difference between a market that's pressing in an organized way taking a good amount of time as it does that in the range box and then when the market breaks lower you have more price action and you get to the target almost immediately in one bar. If you didn't take the short at the fulcrum you're going to miss that trade as a seller if you weren't already in the market. since the market got to an ABCD pattern and a support... now that the market traded to the bottom of the lower range box I would be looking for buyers for the market to move higher. Always keep the stop small... but be cautious with the entry and wait for evidence of buyers.20:01by ScottBogatin5
Oil at key support areaThere is some consensus that the oil trade is over. I'm watching this last area of support before coming into agreement. Price fell through the VWAP anchored to this summers breakout and wicked down to test the VWAP anchored to the June 2022 high. As long as we are seeing price close above this level I will lean toward this being a correction to an uptrend.Longby Ben_1148x20
CL1! Crude Oil Day Trade 5-Oct-2023TRADE DIRECTION: SHORT; as indicated by the downward trendline (red line) and the market structure. KEY LEVEL: Round numbers S&R with 50 ticks range between each level. TRIGGER SIGNAL: Broke bearish pennant with the confluence from 2 trend continuation candles (red arrows). RR: 1:1.7 SL: 88 Ticks TP: 150 TicksShortby TheDemonTraderUpdated 0
WTI to 85$ by the end of the weekWTI oil is going to test 85 level. Probably it will back to downtrend after testing this level. But we should wait after testing for 1-2 days then we can determine the price movements.Longby Trader_Manager1
CRUDE OILIf you want more areas, you can half the distance between these areas, but they are less important. Preferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas. With your likes and comments, you give me enough energy to provide the best analysis on an ongoing basis. And if you needed any analysis that was not on the page, you can ask me with a comment or a personal message.. Enjoy Trading... ;)by sepehrqanbari2
Oil wave analysisOil price show clear impulse wave analysis I think Zigzag corrective is already finish by the Elliott Wave Theory rule that Wave C structure is : - 100% of Wave A: This means Wave C is the same length as Wave A. - 161.8% of Wave A: Wave C is 1.618 times the length of Wave A. Sometimes, Wave C can even extend to 200% or 261.8% of Wave A, though these are less common. Now price is down in C lag about 261.8% already So this is OK place to bet because if we count it right we can hold until next impulse happen with good RRLongby tofinse2
Crude Oil (WTI)This looks like it is poised to head back into a well established $70-$80 range (and then some!). Anticipated long-term USD strength, as well as extended Global economic weakness bodes well for an enduring price weakness outlook. Technically, Crude is at a major pivot, both, at the top of a rising daily channel, as well as at the top of a descending weekly channel trend line, resulting in a significant confluence region - both of those having price-negative connotation. The Daily (main signal); SHORT on any reversal! ... and the 240 min. (secondary signal); by Nemo_ConfidatUpdated 227
Risky long setup 10:1Long on 5min time frame. Big volume on low TP to PoC 30min volumeLongby trendtom220