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CL

This is my plan for Crude Oil.Crude Oil is one of my favorite assets to trade . My trading strategy on the commodity is about waiting for the price to reach key levels, then waiting for clear corrections in those areas, and finally developing setups on the breakouts of those structures towards the next relevant support/resistance level. The timeframes I use on Crude Oil most of the time are Weekly, Daily, and 4hs. What is my view from the current levels? After a huge bullish movement, caused mainly by the Russia-Ukraine crisis. We have observed a consolidation in the current zone for the last 40 days. From here, it's clear to me to define the long-term bullish target(140.00) and the long-term bearish target (80.00). At the moment, I'm not interested in developing setups on the bearish side. However, I see a trading opportunity on the bullish side that I will definitely take if all the conditions go as expected. You can see my setup in the following picture: The strategy here is to wait for a breakout, wait for a retest, and trade the retest on a new local high. Those retests I'm speaking about tend to take between 4 to 10 days. It's really important that you can define the setups you are interested in in advance, so you can study all the different variations or situations you may go through and get ready for them. This will improve your trading results. Also when you define the scenarios you want to trade, you are indirectly saying that you will avoid trading in all the other places. Thanks for reading! I will keep updating this idea. Feel free to share your view in the comments.
NYMEX:CL1!
by ThinkingAntsOk
2
Some thoughts on the great oil panic of 2022The average cost to fill up a car tank is currently over $50. The average cost to charge an EV is currently around $11. From the data I can gather, this is the widest spread ever between the two. I am actually in agreement with Cathie Wood - and yes, I am aware that a lot of people give her a hard time. Her ARKK funds have been crushed as of lately, and she said crude oil would go back to $12. Those are not great calls and she has been wrong. So I kind of understand the criticism, but she has also built one of the largest actively managed funds in an industry of mostly males. I like to think of myself as a contrarian at times, and what she's done is amazingly contrarian. Against all odds she has $20+ billion in AUM. But, back to the point, electrical vehicle adoption has been rising pretty fast. Some estimates see 25% of all vehicles being EVs in the next few years. And now oil is rising, headlines everywhere. What does that mean? I like to think it will be more bullish marketing for EVs. Think about what Covid did to tech adoption from video calls to company chats. Monumental events like this can speed up adoption curves up even more. I also understand what a shock to supply can do to the demand curve. Suddenly there is less supply of oil, but the demand curve remains, and oil prices has no other option to go up. But one thing I have always observed time and time again, no matter how bad a situation is - humans are pretty clever and usually find a way to do things better, faster, and more efficient. In the short-term I am thinking about all the oil in the world today. Is it possible to drill for oil and go green at the same time? I think so. America, Canada, and Mexico are sitting on some of the largest oil deposits on planet Earth. If you go into South America, both Brazil, Colombia, and even Ecuador have oil. So my view is that these kinds of events can sometimes also shift things really fast. Bullish Latin America? Bullish Canada? Is there another country or company out there looking to fill the void? All interesting things to consider. I will be scanning and looking for interesting ideas globally that fit this criteria. Anyways, I am not making any bold claims about going long or short anything. But I am definitely betting on the side of innovation, especially EVs as a tool to combat prices in the long-term. Short-term panic and mania, long-term calm and collected. I'll have more later, so stay tuned. I have thoughts about wheat and other commodities. Thanks for reading!
NASDAQ:TSLA
by scheplick
13
Crude oil take profit +165%An explosion of volatility on oil, due to a mix of factors and obviously amplified by the situation in Ukraine. I closed my position on the ETC this morning which reflects the performance of the CL1 futures with a profit of 165% In my opinion, this volatility should be exploited, even though we are aware of no longer finding an entry price like this, this profit had to be taken home, also considering the general context. A major retracement is possible soon, as soon as the conflict ends … hopefully as soon as possible. Happy trading LazyBull DISCLAIMER: I am not a financial advisor nor a CPA . These posts, videos, and any other contents are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
MIL:CRUD
by LazyBull5
CL broke the oblique resistance - Bullish trend CL broke the oblique resistance and made the retest of trend and PP, we see the accumulation on the volume profile in the area of 89.43 and 89.67. The 90.89-91.01 area is the resistance area (rather polarity area) for CL to continue the bullish wave it needs to break it to go long with intraday and swing targets. The retest again of the support area or oblique is still an excellent opportunity to go long. Translated with www.DeepL.com (free version)
NYMEX:CL1!Long
by blackrocksn
Elliott Wave View: Oil (CL) Wave 5 Near CompleteThe short-term Elliott wave view in WTI (CL) shows that we are looking for more upside to complete a 5 waves impulse structure, before a 3 swings pullback at least. The impulse move started from 81.90 low to end wave 1 at 89.72 and pullback in wave 2 ended at 86.75. Oil then resumes higher in wave 3 with internal subdivision as another impulse in lesser degree. Up from wave 2, wave ((i)) ended at 88.20, dips in wave ((ii)) ended at 87.30, wave ((iii)) rallied to 90.99 and a short pullback appeared as wave ((iv)) ended at 90.61. The last push higher to finish wave ((v)) ended at 93.17. This completed wave 3 in higher degree. Wave 4 pullback ended in a double correction at 90.73 and Oil started the last wave 5 higher to finish an impulse. We are looking an extension in this wave. In lesser degree, wave ((i)) of wave 5 has ended at 92.37 then wave ((ii)) correction completed at 90.88 and Oil has continued to the upside. Expect CL to extend higher and break wave 3 peak to complete wave 5. A possible area to complete this structure comes in 93.76 – 94.69 zone calculated using Fibonacci inverse retracement tool, where Oil could find seller to begin at least a correction or an important new cycle.
NYMEX:CL1!
by Elliottwave-Forecast
2
CL - 4 Hour UTL / DX Crude Oil has been an RT Sell on every contact with the Upper Trend Line within a large grind up from the 62s. 200+ BPS in the DX has provided further cover for the Energy Complex to extend beyond the Inflation / Safety Trade. ___________________________________________________________________________ Build after build has had little to no impact upon Price. Oil remains in a large trading range: 76.4% 114.76 61.8% 94.07 50% 77.35 38.2% 60.63 Price is now approaching the Top of the Resistance Range at the .618 as the 77's found support on the 2nd Test and Break. ____________________________________________________________________________ CL remains in overbought territory @ 77.56 Daily RSI $ Flow continues to Chop, we will see if the push to our PO @ 94.
NYMEX:CL1!
by HK_L61
WTI - CL - Above Probable Range Consensus is $100 WTI - everyone is talking about it, maybe it happens. From a technical standpoint - its overdone. Note the green arrows. This week comments Nancy Pelosi sent crude screaming higher. Obviously geopolitical issues will supersede technicals when it comes to oil prices. That said I expect these comments to fizzle away - now that all shorts have been obliterated. WTI up over $3 on Friday alone at its peak. US Dollar was down this week which also pushed oil higher - personally looking for DXY to move up as well, which will also support lower oil prices in USD. Only the Euro rallied, both the Canadian Dollar and British Pound were lower. Daily chart shows oil was divergent on this latest rally - and looked like $88 was likely the top, and it looked weak, with all the shorts in place, they thrust oil higher. Looking for oil to pullback to about $83
NYMEX:CL1!Short
by Maximilianned
Could Oil be giving us an early warning sign?This is the monthly chart of CL futures. Will history repeat itself? Back in April of 2000 CL set off a monthly bearish spike alert and around that same timeperiod NQ & ES made there last ATH's until Sept 2016 & April 2013 respectively. The long term non-horizontal monthly trend lines (blue lines) also look eerily similar. The blue lines run along the monthly candle "bodies" after making ATH's and you can see they both break out on the 3rd hit of the blue line. I know, I know...this time is different but is it? Only time will tell if this is really "a clue". All I know is that I'm going to be on high alert to see if the ES can break out on the monthly from its Jan 2022 ATH at 4,808. Remember, most market tops before a longer term bearish trend takes over could take 3-6 months of consolidation before breaking to the downside so there is no reason to short the market at this point as the market is still overall bullish and has not given us any signs of slowing. Another possible similarity...NQ's high in March of 2000 was 4,884, ES is currently at 4,808. NQ didn't make it to 5,000 until Jan 2017. Will the market give us the same sort of rejection to this number this time around? This analysis is purely visual with the help of spike alerts created by @norok
NYMEX:CL1!
by Vixtine
2