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Oil

8.3.2024 Oil Weekend Pre Market AnalysisIt's the weekend. I like to go out to my larger charts and clean off the entire chart and start analyzing the instrument for next weeks trading. We know that price is going to move up or down from where it currently is located, so we just need to make up a game plan to trade it.. Looking out at the 4 hour, 1 hour, and 15 minute charts for our trend and target analysis. Then dialing it down to the 3 minute or 15 minute to look for an entry!
NYMEX:MCL1!
by MoneyDuck_Butch
Caterpillar 344 After earnings ? Caterpillar Inc. (NYSE: CAT) has once again demonstrated its robust market presence, with its stock price soaring past $344 following the release of its latest earnings report. The industrial giant reported impressive financial results for Q1 2024, with total revenue reaching $15.8 billion and a basic earnings per share (EPS) of $5.601. This performance not only exceeded analysts’ expectations but also highlighted Caterpillar’s resilience and strategic growth in a challenging economic environment. The company’s strong earnings were driven by increased demand across its construction, resource, and energy & transportation segments. Caterpillar’s ability to navigate supply chain disruptions and leverage its global footprint has been pivotal in achieving these results. The market responded positively, pushing the stock to new heights and reinforcing investor confidence in the company’s long-term prospects. As Caterpillar continues to innovate and expand its product offerings, the future looks promising for this industry leader. Investors and market watchers will be keenly observing how Caterpillar capitalizes on its current momentum to drive further growth and shareholder value.
NYSE:CATLong
by NYRUNSGLOBAL
USOIL The Target Is UP! BUY! My dear followers, This is my opinion on the USOIL next move: The asset is approaching an important pivot point 74.11 Bias - Bullish Technical Indicators: Supper Trend generates a clear long signal while Pivot Point HL is currently determining the overall Bullish trend of the market. Goal - 75.64 About Used Indicators: For more efficient signals, super-trend is used in combination with other indicators like Pivot Points. ——————————— WISH YOU ALL LUCK
TVC:USOILLong
by AnabelSignals
1
Crude Steps and Forces- all rectangles are potential support/resistance with the last one blue being a probable exception - the 3 marked with dots levels can also become support/resistance, especially the first bottom blueish one, but they can also become like milestones levels or steps in the evolution of the price - the 2 green curves are also potential support/resistance acting as forces pushing the price up or down This snapshot considers the bullish scenario where the price remains above 66, with potential reversal patterns to occur near the red rectangle zone.
NYMEX:CL1!
by nen
WTI Oil H4 | Approaching pullback resistanceWTI Oil (USOIL) is rising towards a pullback resistance and could potentially reverse off this level to drop lower. Sell entry is at 79.03 which is a pullback resistance that aligns with the 50.0% Fibonacci retracement level. Stop loss is at 80.63 which is a level that sits above the 61.8% Fibonacci retracement level and a pullback resistance. Take profit is at 76.38 which is a pullback support. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILShort
by FXCM
USOIL Will Go Higher From Support! Long! Take a look at our analysis for USOIL. Time Frame: 3h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a key horizontal level 78.40. Considering the today's price action, probabilities will be high to see a movement to 79.82. P.S We determine oversold/overbought condition with RSI indicator. When it drops below 30 - the market is considered to be oversold. When it bounces above 70 - the market is considered to be overbought. Like and subscribe and comment my ideas if you enjoy them!
TVC:USOILLong
by SignalProvider
1
WTI crude oil recovered nearly 5%, supported but still limitedTVC:USOIL rebounded sharply nearly 5% on Wednesday, far from the nearly 2-month low reached on Tuesday after the assassination of the leader of Hamas in Iran, investors fear the conflict in the Middle East could widen and the volume US crude oil inventories boosted. The Federal Reserve sent the market a signal in September to cut interest rates, and the US Dollar index dropped sharply, also creating momentum for oil prices. Government data showed US crude inventories fell by 3.4 million barrels last week, while the market expected a decline of 1.1 million barrels. Crude oil inventories fell for the fifth consecutive week, the longest consecutive decline since January 2021. The news that Hamas leader Ismail Haniyeh was assassinated in Iran has increased tensions in the Middle East overnight. The US Dollar Index fell 0.4% on Wednesday, which also supported oil prices. The Fed kept interest rates steady but left open the possibility of reducing borrowing costs at its next meeting in September. The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ alliance consisting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia will meet today (Thursday). The alliance is expected to maintain current production policies and lift some output cuts starting in October. During this trading day, investors also need to pay attention to deeper market developments regarding the Federal Reserve's interest rate decision, pay attention to new news on the geopolitical situation, pay attention to the US ISM manufacturing PMI for July and initial unemployment numbers. US claims for the week ending July 27. On the daily chart of WTI crude oil, despite a very strong recovery since the lower edge of the confluence price channel with the 0.786% Fibonacci retracement level, WTI crude oil is currently limited in its recovery by the Fibonacci 0.50%. Meanwhile, the bearish structure is still unaffected with the price channel as the main trend and pressure from the 21-day moving average (EMA21). As long as WTI crude oil maintains price activity within the channel and below Ema21, the technical outlook remains bearish with notable technical levels listed below. Support: 77.10 – 75.07USD Resistance: 78.52 – 79.94USD
TVC:USOIL
by Xayah_trading
WTI recovered after hitting a 2-week low TVC:USOIL prices recovered after hitting a nearly two-week low after a surge in U.S. refining activity last week pushed gasoline and crude inventories down more than expected. US crude inventories fell 3.4 million barrels in the week ended July 5 to 445.1 million barrels, far exceeding market expectations for a decline of 1.3 million barrels. Gasoline inventories fell 2 million barrels to 229.7 million barrels, much higher than market expectations of a decline of 600,000 barrels during the July 4 holiday week. EIA data showed distillate inventories, which include diesel and heating oil, rose 4.9 million barrels to 124.6 million barrels, compared with forecasts for an increase of 800,000 barrels. EIA said crude inventories at the Cushing, Oklahoma distribution center fell by 702,000 barrels last week. EIA said refinery processing capacity increased by 317,000 barrels per day last week and capacity utilization increased by 1.9%. Gulf Coast refinery capacity utilization reached its highest level since June 2023. Federal Reserve Chairman Jerome Powell said he is not ready to declare inflation defeated, but he believes the US is still on track to achieve stable prices and low unemployment. The Federal Reserve will make interest rate decisions "as needed," downplaying suggestions that a September rate cut could be seen as a political move ahead of the presidential election in the fall. Investors are betting on an interest rate cut in September, which could boost economic growth and oil demand. Expectations that the Fed will cut interest rates by 25 basis points in September rose to 74% from about 70% on Tuesday and 45% a month ago, according to CME FedWatch data. OPEC on Wednesday maintained its forecast for relatively strong global oil demand growth this year and next, saying resilient economic growth and air travel would support summer fuel use. However, news about the geopolitical situation can still put pressure on oil prices. The Israeli delegation arrived in Doha to hold four-party negotiations on a ceasefire in Gaza. This trading day will focus on changes in the US CPI and initial jobless claims in June, as well as speeches from Federal Reserve officials and news related to the geopolitical situation. The general market focus still revolves around macro data, inflation, Fed, interest rates, and geopolitical situation. Technical outlook analysis of TVC:USOIL On the daily chart, after WTI crude oil corrected to the downside, it took support from the 21-day moving average (EMA21) to rebound, and the upside recovery is also being limited by the Fibonacci retracement level. retreat 0.236%. If WTI crude oil can continue to recover to take price action above the 0.236% Fibonacci retracement level, it has the conditions to continue to increase in price with a target level then around 84.43USD in the short term. Meanwhile, as long as WTI crude oil remains within the price channel and above the EMA21, it still has a bullish technical outlook. For the bearish case, WTI crude oil sold off below the 0.382% Fibonacci level, this also confirmed the trend price channel was broken to give way to a downtrend with a target of around 77.70USD. During the day, the technical trend of WTI crude oil is bullish with notable technical levels listed as follows. Support: 81.24 – 80.04USD Resistance: 82.94 – 84.43USD
TVC:USOIL
by Xayah_trading
Factors supporting WTI crude oil, weekly outlook analysisThis week, the crude oil market, especially WTI crude oil, experienced a series of fluctuations, ultimately ending the weekend trading session with a slight decrease in WTI crude oil futures prices. Despite pressure from a stronger US Dollar, growing US oil demand and falling fuel inventories supported crude markets, while geopolitical tensions added to market uncertainty. The strength of the US Dollar has had a significant impact on the crude oil market. The dollar hit a seven-week high against major currencies, making dollar-denominated crude more expensive for holders of other currencies, potentially curbing oil demand. Global. However, strong US economic activity, especially business activity hitting a 26-month high in June, has provided some support to oil demand. WTI crude oil increased 3.23% this week to 80.52 USD/barrel. Brent crude oil increased 2.53% this week to $84.18/barrel. Supply and demand dynamics: Data from the US Energy Information Administration (EIA) showed that total petroleum product supply increased significantly last week to 21.1 million barrels per day, indicating that the US oil market is tightening. The arrival of the summer driving season, along with falling inventories, has pushed U.S. gasoline futures higher, reflecting growing demand. Geopolitical factors: Geopolitical tensions, especially the conflict between Israel and Lebanon and Houthi attacks in the Red Sea, have added pressure on crude oil markets. These events have raised concerns about supply disruptions, which could pressure oil prices. General opinion: Rising oil demand over the summer and rising geopolitical tensions in the Middle East are likely to be key factors that continue to drive crude oil markets, especially WTI crude. In addition, readers also need to pay attention to outstanding developments in the Fed's monetary policy because it will also affect oil prices because crude oil is priced in US Dollars. Technical outlook analysis of TVC:USOIL On the daily chart, WTI crude oil is gaining important upside potential with an uptrend formed and noticed by the price channel. On the other hand, WTI crude oil is still stable above the 0.382% Fibonacci level, showing the possibility that it will continue towards the next Fibonacci level at 0.236% in the near future. Along with that is support from the EMA21 moving average. In the short term, as long as WTI crude oil remains within the price channel, above the EMA21, and the RSI has not reached overbought levels, it still has a bullish technical outlook. Notable levels will be listed again as follows. Support: 80.04 – 77.70USD Resistance: 82.94USD
TVC:USOIL
by Xayah_trading
Finally time for bullish oil? $USO to $120 then $300+People have been calling for the oil bull market to begin for the past two years and the trade largely hasn't worked as we've gone sideways to down. However, based on the chart, it looks like we're finally ready for a run. This would also line up with my bearish equity thesis. Oil looks to have broken out of an inverse head and shoulders pattern and althought it's a diagonal pattern which are less reliable, the indicators that I have seem to support the narrative. I think there's a possibility that we could see a 4x move over the next year or so. Let's see how it plays out.
AMEX:USOLong
by benjihyam
10
WTI extends rally to form bullish signI think today's big reversal qualifies as a key reversal day on oil. The rally means WTI is forming a three-bar reversal pattern on its daily time frame. Prices have been supported by further sharper-than-expected drop in US oil stocks, suggesting US driving seasons is well and truly underway. A close above the shaded area on the chart in the next couple of days would further boost the appeal of WTI on the long-side. Longer-term, we will need to see a clean breakout from the converging trend lines for prices to establish a clear directional bias. By Fawad Razaqzada, market analyst at FOREX.com
FOREXCOM:USOILLong
by FOREXcom