USCRUDEOILCFD trade ideas
TP REACHED ON CL/US OIL/CRUDE OILYesterday I posted to sell on CL/CRUDE OIL/US OIL and today the market have reached our TP.
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Decision time for crude oilCrude oil was little-changed in early trade this morning, with a slight downside bias. This follows on from Tuesday’s sell-off which saw front-month WTI continue to pull back from Monday’s peak, just above $78 per barrel. This marked a near two-month high for WTI and represented the top of an 18% rally from the lows seen less than a week previously. Just one month before that, front-month WTI had briefly broken below $65 per barrel to mark its lowest level since May 2023. This was also notable for oil being more oversold than in nearly a year, according to the daily MACD. The rally since then has been sharp. While the escalation in hostilities across the Middle East can be viewed as a trigger, crude was already in a very precarious position, with a large number of short sellers weighing on prices. Ultimately, many have been forced to cover, thereby giving additional energy to the rally. Now the market will show us whether it is about to recommence its downside trend, or if the current move is a small pullback before there’s more of a rally. Yesterday the US Energy Information Administration (EIA) announced a downward revision to its outlook for global oil demand, citing weaker manufacturing growth and industrial production from both the US and China. Add in the fact that China is switching away from oil and towards natural gas as an energy source, and it would suggest that crude prices may remain under pressure.
usoilOn weekly usoil formed a double bottom indicating a buy pressure, with current escalation in middle east price of oil could be heading up
USOIL Will Go Up! Buy!
Take a look at our analysis for USOIL.
Time Frame: 9h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 74.20.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 77.51 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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[OIL] Still within the triangleTVC:USOIL made a big move last week, 8.5% gain. On the weekly chart however, it still have the trendline as a resistance to break.
So bullish if the price can move up beyond the trend line ($ 80 and up).
USOIL 10/9/24💡
Outlook: USOIL has made big correction on our 5hr time frame inside this Daily range. To me this is a re-accumulation since we have take out a swing low on the 5hr time frame. But price has shown bullishness and protected lows behind price. I would like to see price impulse above EMAs and show conviction for me to be interested in longs.
Bias: Neutral. sidelined until we start showing conviction on our 5hr time frames above the EMAS.
Falling towards 50% Fibonacci support?WTI oil (XTI/USD) is falling towards the pivot and could reverse to the 1st resistance which has been identified as pullback resistance.
Pivot: 73.01
1st Support: 70.37
1st Resistance: 77.51
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
US OIL update - Oct 08 2024US oil has followed previous analysis very well and due to current geopolitical tensions in the middle-east, the second target (78.3) was hit quickly.
After precisely hitting TP2, US oil price has had a sharp drop towards the support zone of 72.0. If the chart forms a base in this area, it's expected to see the continuation of the rise towards 82.0 level which is considered the main scenario. #USOIL
USOUSD Short - 1h - October 8th 2024Based on the weekly chart, price is expected to push lower after jumping higher at the opening. Looking at the short term PF, price should pull back up to the 0.5 parallel to retest which is now a resistance after the harsh daily rejection. After that, we expect it to continue lower and fully form the bottom wick of the weekly candle. We can see we have some confluence between the 50 EMA cloud and the ceiling mentioned above which makes a good entry for sells.
Oil Slammed Down To Key Long Zones..Key Price Action, Reversion Of Price almost 5% off the open. Touching into key early MA's.
What's not to like?
Trade in proportion to equity, in case you are wrong.
WTI - Let's Short This!Wow! That was an impressive rally in WTI last week. The oil price rose by almost 16 % due to geopolitical tensions in the Middle East and the start of hurricane season in the USA.
However, WTI has now reached an important resistance area and the RSI is also showing clear bearish divergences.
We are taking advantage of this to open a short position.
Our price target is conservative and lies above the 38.2% retracement of the most recent upward impulse.
SELL USOIL/CRUDEOILOur entru today on Crude Oil is a short one, you can sell with TP and SL as set on the chart.
For more questions, don't hesitate to ask!
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Crude Oil Technical Analysis - October OutlookCrude oil is showing a notable recovery from its recent lows, currently trading around the $72 mark. A few key observations based on the price action and indicators:
Price Pattern and Trend:
The chart shows a classic descending wedge pattern, which signals a potential bullish reversal. The breakout from the wedge is accompanied by a price surge above the 20-day and 50-day moving averages, suggesting a short-term trend change.
Key Support Levels:
Immediate Support : Around $70.64, marked by the breakout level.
Strong Support : At $68.23, where significant buying interest has been observed in the past, reinforced by a bullish consolidation zone.
Resistance Levels:
First Resistance: $72.11, which has been tested, with potential room for the price to move higher if momentum sustains.
Critical Resistance : $77.23, which coincides with a strong historical supply zone. A close above this level would signal further bullish momentum
.
Volume Profile Insight:
A noticeable shift in the volume profile near the $70 mark suggests accumulation by institutional investors, hinting that buyers are stepping in to defend this level.
RSI Indicator
: The Relative Strength Index (RSI) has bounced back from oversold levels and is now showing early signs of positive divergence, supporting the case for an upward move.
Geopolitical Factors:
With rising tensions in the Middle East, as highlighted in the annotation, traders and investors are pricing in potential supply disruptions, contributing to the recent spike in oil prices.
Conclusion:
Oil prices may continue to rise in the short term, with $72.11 being a key level to watch. If sustained above this, the next target would be $77.23. However, if prices fall back below $70, we could see a retest of support at $68.23. Given the geopolitical uncertainty, traders should remain cautious of potential volatility.
USOIL Double Bottom Short-Term Target (Long)An observation of a double bottom pattern on USOIL 1H Time-Frame. Short-term I expect the price to make a small correction before moving upwards to 77.90 - 78.00 level.
WTI OIL 1D MA200 rejection giving the perfect sell.WTI Oil (USOIL) hit our 76.00 Target as presented on our September 24 idea (see chart below):
Today even though the price breached the 1D MA200 (orange trend-line), it has since been forcefully rejected. This is not a surprise as all medium-term rallies coming off a Support level bounce since June 2023, were all rejected on the short-term on the 1D MA200. The July 13 2023 one got rejected back to its 0.382 Fibonacci retracement level, while the January 29 2024 one dived lower to the 0.618 Fib.
The 1D RSI (red circles) indicates that we are currently exactly on such a rejection sequence. As a result, we turn bearish on WTI, expecting at least a 1D MA50 (blue trend-line) breach at 72.50, which is a Target marginally below the 0.382 Fib.
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WTI Oil H4 | Falling to 38.2% Fibonacci supportWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 74.06 which is a pullback support that aligns with the 38.2% Fibonacci retracement level.
Stop loss is at 72.18 which is a level that lies underneath a pullback support and the 50.0% Fibonacci retracement level.
Take profit is at 77.20 which is a multi-swing-high resistance.
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USOIL This setup presents a potential downside move for USOIL. The current market structure suggests a retracement, with price action showing signs of exhaustion. With key levels for Entry, Take Profit, and Stop Loss clearly defined, this trade aims to capitalize on a possible pullback. Keep an eye on how price reacts to these areas as momentum shifts. Stay patient and stick to your risk management strategy for the best results.
US/OIL Resistance Rebound (potential for higher moves)Minor fall in Oil leading to some gains taken.
Requiring larger falls for any re-buys. Sentiment sustaining up move due to middle east tensions.
Levels of note labelled.
USOIL TF 4H 81024wait till price come into the zone and break out with big green/red candles
entry (TF 2h,4h)
SL at previous low/high
TP at Fibonacci
Oil Poised to Rise Further Amid Middle-East CrisisOil Poised to Rise Further Amid Middle-East Crisis
In this video, I provide a detailed analysis of the potential price development of oil from both a fundamental and technical perspective.
Yesterday Biden commented that they were negotiating with Israel about attacking Iran's oil facilities.
What's Next? Is the OIL Growh supported also by a technical perspective?
You may watch the video for further details!
Thank you and Good Luck!
Oil Prices Surge Amid Middle East TensionsOil Prices Surge Amid Middle East Tensions
Oil prices extended their gains, with Brent crude nearing $80, building on last week’s steepest weekly jump since early 2023. This surge is driven by fears of a wider Middle East conflict and potential disruptions to exports from the major oil-producing region.
Israel has issued several warnings about targeting Iran’s oil tanks, significantly contributing to the rising oil prices. This marks the first time in a long period that oil prices are aligning with fundamental factors, considering OPEC’s previous control over prices despite the ongoing conflicts involving Israel, Hamas, and Lebanon.
The mere news of a possible attack on Iran’s oil tanks has supported the rise in oil prices above $72.50, and further increases are likely.
You can find more details on the chart!
Thank you and Good Luck!
Bullish reversal off overlap support?WTI oil (XTI/USD) is falling towards the pivot which is an overlap support and could reverse to the pullback resistance level.
Pivot: 74.75
1st Support: 73.07
1st Resistance: 78.53
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
