CRUDE OIL / CORRECTION IMPULSEThis idea here is about Crude Oil swing trade. Oil confirmed its bullish intentions and came out of a bullish structure to move upwards for a short term.
WTI trade ideas
USOILThis trading idea focuses on a long position for USOIL. The setup is based on a favorable market structure, indicating potential upward momentum. Key levels for entry, take profit, and stop loss are already determined and visible. This trade aims to capitalize on a bullish outlook, with the expectation of further price appreciation. Risk management is in place, ensuring protection against sudden reversals. Keep an eye on key support and resistance zones, as they may play a critical role in the success of this trade.
TrendlineGet in the trade and enjoy the ride
This is my personal view and I am not a financial advisor
So do your own analysis before entering a trade
USOIL D1 Analysis - Bearish Pair Name = USOIL
Timeframe = D1
Analysis = technical + fundamentals
Trend = Bearish
Pattern = Symmetrical Triangle
Details:-
USOIL will keep following the bearish trend. Currently Facing a good Support. From this support level USOIL will Stay here for Few More day. It will Move Between the level 65 to 70. But when breakout confirm Price will hit 55 to 57 price level
WTI CRUDE OIL: Best buy opportunity in more than a year.WTI Crude Oil is almost oversold on its 1D technical outlook (RSI = 36.459, MACD = -2.670, ADX = 29.899) and coupled with the the price breaching inside the S1 Zone, the market is giving the best long term buy opportunity in more than 1 year. The S1 Zone is in place since March 15th 2023. Additionally, the 1D RSI has made a Double Bottom (DB), which has a 100% success record out of 3 times since March 2023. Every rebound to the LH trendline (pattern is a long Descending Triangle) approached the 0.786 Fibonacci level. Our TP = 78.00.
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OIL - OPEC CUTS & RecessionSince June 1st, 2023 I have been educating people on trading oil properly. OPEC cuts are never a reason to buy oil.
The opposite is true, OPEC cuts mean the oil demand is maxed out for the world economy. Yet I had ignorant people tell me about EIA reports (which were worthless), My oil education was NOT educational, (because to them they can't analyze fundamentals beyond the last trade on oil price) or resort to intuitive INCORRECT sound bites that "less oil available = higher prices" ALL WRONG!
Here is the link for your viewing pleasure time-stamped on TV.
Fast forward to Sept 11 2024 and we can all now see I was 100% right! Oil went nowhere! OPEC Cuts did nothing to raise the price of oil. Not even a war in Russia and the Middle East could help raise the price of oil. Further underscoring how important the global economy is to Oil.
Currently, there is a lot of pessimism about the future of the global economy. Rightfully so in my view.
If you are an oil bull this is a good risk-reward point.
If you are a bear You should not be shorting in the hole.
It is always important to understand the difference between macro analysis and micro. Never mix the two.
Remember I am a MACRO guy.
RR = 2 Buy ideaprice bounce on previous support level + formation of a falling parallel channel + bullish crab pattern + strong Bullish RSI divergence : Potential reversal scenario
PS never risk more tha 2% of your capital per trade
USOIL: Quick Buy Opportunity After Weekly Support BreakUSOIL has broken through a significant weekly green line support, presenting a potential buy opportunity for a quick retest of the previously broken zone. Watch for price action around this area to gauge the strength of any potential bounce or continuation.
Interested in how this setup unfolds? Drop a comment and follow for more trade ideas and updates!
Disclaimer: This is not financial advice. Always trade responsibly!
Oil continues to slide lowerCrude oil suddenly became a newsworthy talking point yesterday as Brent fell below $70 per barrel to trade at its lowest level since December 2021. Front-month WTI also fell again, taking it back to levels last seen in May 2023. No one is willing to stand underneath this torrent of selling, as significant buyers continue to stand aside, even after last week’s decline which saw Brent lose 10% and WTI 8% to record their worst week in eleven months. Having said that, prices are a touch firmer this morning on concerns that Tropical Storm Francine could disrupt supply. But the daily MACDs for both Brent and WTI show that oil has fallen even further into oversold territory and momentum remains to the downside. This downtrend, which began in April, reasserted itself in July and which has accelerated over the past fortnight, feels relentless. There has been no change in the dynamics which have driven prices lower: supply remains plentiful, while evidence of a slowdown in global demand growth continues to stack up. That won’t change just because the Fed stands ready to cut rates by 25 basis points. There will come a time when oil is ready to rebound. But timing that turnaround will require more luck than skill. Triggering it will require deep pockets.
OIL/USDA falling wedge is a technical chart pattern formed by drawing two converging trendlines that slope downward. It is characterized by decreasing price highs and decreasing price lows, with the upper trendline having a steeper slope than the lower trendline. This pattern typically signals a bullish reversal after a downtrend, as it suggests that selling pressure is weakening and the market may be preparing for an upward move. Traders often look for a breakout above the upper trendline as a signal to enter long positions, with stop-loss orders placed below the lower trendline. As with any technical pattern, it's important to consider other indicators and factors before making trading decisions.
OIL, wave c reached 161% of wave aOIL, wave c reached 161% of wave a. Looking for long entry. ICMARKETS:XTIUSD
USOIL / TRADING ABOVE SUPPORT LEVEL - 4HUSOIL / 4H TIME FRAME
HELLO TRADERS
The First Scenario , The support level at 65.35 acts as a critical threshold; as long as prices remain above it, buyers dominate, pushing the price towards 68.74 and then 69.98. This rise reflects increased confidence in an uptrend. For the trend to be fully confirmed, prices must stabilize above 69.98, signaling sustained momentum, which could lead to a further increase to 71.59.
The Second Scenario , if the price breaks below 65.35 and stabilizes, it indicates a shift in market sentiment, with sellers gaining control and potentially driving the price down to 63.35, followed by 62.65 This technical analysis underscores the importance of price levels in predicting future market movements and investor behavior.
UPWARD TARGET :
68.74 , 69.98 , 71.59 .
DOWNWARD TARGET :
63.35 , 62.65 .
WTI Oil H4 | Potential bearish reversalWTI oil (USOIL) is rising towards an overlap resistance and could potentially reverse off this level to drop lower.
Sell entry is at 68.80 which is an overlap resistance.
Stop loss is at 71.65 which is a level that sits above the 50.0% Fibonacci retracement level and an overlap resistance.
Take profit is at 65.24 which is a swing-low support.
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Short trade
Sellside trade
Pair WTICOUSD
LND to NY Session AM
(NY time)
10.00 am
Entry 67.869
Profit level 57.359 (15.49%)
Stop level 68.625 (1.11%)
RR 13.9
Oil Price Analysis: Key Areas to WatchOil Price Analysis: Key Areas to Watch
In this video, I explain the current price position of oil and the possible scenarios from a weekly perspective.
The short-term trading charts are not showing any clear signals at the moment.
For more details, you can watch the video.
Thank you:)
US Oil London Session Movement expectedThis is a place where you can identify the possible movement in mentioned session. Entry activated only when a candle closes above or below the drawn level, And the next candle creates a wick down(for up movement) or up(for down movement) and breaks the candle high or low.
When entry is activated SL will be below or above the 30 minute candle.
USOIL remains under pressureFrom a technical perspective, USOIL extended its decline within the descending channel. MACD is holding below the zero threshold, indicating further downside potential. If USOIL sustains its bearish momentum, a further drop toward the 60.00 support might occur. Conversely, a break above 70.00 could prompt a further pullback toward the 80.00 resistance and descending channel's upper bound.
From a fundamental perspective, USOIL remains under pressure after OPEC downgraded its demand forecast for the second time in two months. The new projections indicate that global oil demand is expected to rise by 2 million barrels per day (bpd) in 2024, 80,000 bpd less than anticipated. For 2025, OPEC has reduced the forecast to 1.7 million bpd, a reduction of 40,000 bpd. These revisions are driven by weak consumption in China and the growing adoption of electric vehicles, dampening traditional fuel demand. Despite the bearish sentiment, losses were somewhat tempered by fears of Tropical Storm Francine, which threatens to disrupt oil and gas production and refinery operations along the Gulf Coast.
CRUDE OIL STRONG SUPPORT AHED|LONG|
✅CRUDE OIL keeps falling
In a strong downtrend and
Oil is locally oversold so after
The retest of the horizontal
Support level below at 62.50$
We will be expecting a local
Bullish correction
LONG🚀
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USOIL: Continue the downtrend?Very simple setup on crude oil. Looking for a small correction to the previous support. This is not only from last week, but also from many months ago.
Entry at 67
Target at 62.95
Dead OilWow Wow.... oil has been rallying downwards since the last week of August... dropping from 70-69 levels to 64.8 today! we are already at -12% since last Tuesday.
As per the graph u can clearly see that we have dropped from 68.3 till 64.8 one way ticket, breaking every single support!
64.8 December 2021 low was hit today which makes it promising for bulls.... we have reached 64.2-64.8 a very strong area that oil would need to hold for some upward move.
I would suggest staying on the sidelines until Supp/Resist is reached.... Please remember "the trend is ur friend!".
Hint: below are two scenarios I am expecting to take place.... I would go for the scenario where oil drops.. tests support and bounces again! (GREEN ARROW)
Trade safe and green peeps! Amen.
US Oil near Strong Support ZoneHI Traders.
US Oil is very bearish these days.
But overall at the HTF we can see that we are still in a bigger corrective structure after a big bullish impulse. At the Moment we are near a strong support zone but the LTF development doesnt show any bullish buyers yet. so be patient and watch how this progress.
CRUDE OIL, bleeding Using the Elliott wave trading method, it indicates that the bears are in control of the oil market. Keep a close eye
