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WTI Oil H4 | Falling to multi-swing-low supportWTI oil (USOIL) is falling towards a multi-swing-low support and could potentially bounce off this level to climb higher. Buy entry is at 66.90 which is a multi-swing-low support. Stop loss is at 66.23 which is a level that lies underneath the 127.2% Fibonacci extension level. Take profit is at 68.51 which is an overlap resistance that aligns close to the 50.0% Fibonacci retracement level. 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. 64% 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 (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% 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:USOILLong
by FXCM
Technical Analysis of Crude Oil (WTI) on the Daily Timeframe 1DOn the daily chart, we can observe the formation of a symmetrical triangle pattern , where the price has reached the bottom of this pattern, aligning with a key support level at $66.06. This level has historically acted as strong support, preventing further declines. Additionally, the Stochastic oscillator is near the oversold zone , indicating a potential decrease in selling pressure and a likely rebound in demand at this level. Considering these factors, I anticipate that the price will break out of the triangle to the upside and continue its bullish movement toward the next resistance level at $78.10 . However, as always, there is no certainty in the market, so proper risk management is essential. This analysis is intended for educational purposes and as an idea for further exploration. The final trading decisions are the responsibility of traders. Targets: Resistance ahead: $78.10 Stop-loss: A break and close below the $66.06 support level What are your thoughts on this analysis?
BLACKBULL:WTILong
by bir368
3
USOIL CLEAR TRIAGLEThe outlook for USOIL is extremely bullish as it is potentially completing the Elliott Wave B as a contracting triangle. This pattern often signals a powerful continuation toward the primary trend once Wave C begins. The Ending Triangle structure indicates that the market has been consolidating in a compressed, corrective pattern, and we are likely nearing the final stages of this consolidation. As Wave B nears its end, it sets the stage for a strong breakout to the upside. Given that oil experienced substantial upward momentum nearly 2 years ago, the market is positioned for a significant surge once Wave C unfolds. The key to this bullish outlook lies in the fact that Ending Triangles often lead to sharp moves in the direction of the dominant trend, which in this case is upward for USOIL. Once Wave C begins, it could propel prices toward new highs, potentially breaking through key resistance levels and establishing a fresh bullish trend. Moreover, the wave structure suggests a well-organized market, with, I believe institutions building large positions in the energy sectors for a larger move. The completion of Wave B indicates the final corrective phase before an explosive rally, providing an excellent opportunity for traders to position themselves for a breakout. The market is poised for a major upward thrust, and the overall sentiment is aligned with a potential rise in oil prices.
TVC:USOILLong
by FreedomBuilder
Bearish drop?WTI/USD has reacted off the resistance level which is a pullback resistance that aligns with the 50% Fibonacci retracement and could drop from this level to our take profit. Entry: 68.74 Why we like it: There is a pullback resistance level that aligns with the 50% Fibonacci retraecment. Stop loss: 70.41 Why we like it: There is a pullback resistance level. Take profit: 67.09 Why we like it: There is a pullback support level that aligns with the 127.2% Fibonacci extension. Enjoying your TradingView experience? Review us! Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). 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 Everest Fortune Group.
VANTAGE:USOUSDShort
by VantageMarkets
Oil prices rebound on expectations of Chinese economic stimulus Oil prices rebounded as Chinese authorities demonstrated their strong will to stimulate the economy. Chinese authorities announced that they will continue to respond to the economy with a more active fiscal policy, focusing on expanding domestic demand and stimulating consumption. Meanwhile, Aramco announced it would cut its OSP for Asian refineries to 90 cents lower per barrel. This is the lowest since Jan 2021, when global demand was weak due to the pandemic. USOIL briefly broke below the support at 67.60 but rebounded, compensating some of the decline. However, the price stays within the downward channel, maintaining bearish momentum. If USOIL breaks below 67.60 again and the channel’s lower bound, the price may fall further to 64.80. Conversely, if USOIL breaches above EMA78 and the channel’s upper bound, the price could gain upward momentum toward the 70.00 threshold.
TVC:USOIL
by inkicho_exness
A case for oil to rise/rally. Xmas period + world turmoil I took a position in USOUSD a couple of days ago on Friday, I felt it reasonable that oil was undervalued & with more money starting to flow back to households with reduced interest rates worldwide, albeit Australia and soon to become a 'banana republic' as it was supposed to become a a couple of decades ago. So, oil I tip may be breaking out and if you take a position in USOUSD as I have, well you might be keen to know that if price plays out for USOUSD as I think it will because of the bullish head n shoulders on the daily chart, forget the 15m chart HnS's pattern because this is on the Daily and its a mammoth pattern that if triggered very soon as I think it will later in the week, take price up to 90+ in a heartbeat. Take a look at the chart Daily. The bullish story is there including a strong Bottom 3 pattern which price is launching from currently. Below, 15 minute chart USOUSD showing price-action bouncing off the triple bottom acting as strong support, price is keen to move upwards in the next pattern. H&S's pattern will nudge price to 90+ possibly by end of next week.
EIGHTCAP:USOUSD
by Easy_Explosive_Trading
Oil Ready for a Breakout? Oil fell 1.7% on Friday to close at 2 week lows of 67.21, as traders digested OPEC+’s decision from the day before, to postpone planned production increases from January to April 2025. While this OPEC+ move was widely seen as a positive attempt to address the current expected Oil surplus moving into next year, it seems the initial assessment was that it’s probably unlikely to go far enough to absorb extra production from the Americas and a slowdown in Chinese demand in the short term. So, could this negative sentiment continue to weigh on Oil? It’s a big week ahead, with the Bank of Canada (BoC), Swiss National Bank (SNB), and European Central Bank (ECB) all expected to cut interest rates between 25bps (0.25%) and 50bps (0.5%), which may provide a boost to Oil prices from Friday’s closing levels. However, any potential impact remains uncertain and will depend on broader market conditions and other economic factors. Also, tomorrow China reports its trade data from November at 0300 GMT, which will provide an update on global and domestic demand. Then on Wednesday, top Chinese leaders will attend their annual Central Economic Work Conference, where they are expected to discuss the country’s growth target for 2025, alongside new stimulus measures to help hit that number. While this is a closed door event, any headlines outlining what was discussed could have a positive or negative impact on Oil prices later in the week. On the technical front the charts also look interesting. Since the 65.63 low in Oil on September 10th 2024, a period of choppy sideways activity has developed, as buyers and sellers have matched one another. This has been reflected by a converging triangle pattern, the extremes of which to start the week outline the 67.08 level as possible support, and the 69.46 level as potential resistance. The converging trendlines on the chart above, suggest that while buyers have appeared at a slightly higher level each time, the steeper slope of the downtrend connecting recent highs, indicates it takes less of a rally in price for sellers to appear once more. This selling pressure following Wednesday’s test of the downtrend on the chart above, saw last week end with fresh tests of the 67.08 trendline support, which is now the focus this week. How this level is defended on a daily closing basis, may offer clues to future directional moves. Of course, there is no indication when or if a breakout from this pattern will materialise and no guarantee that if one is seen, it will result in a sustained move. However, closes below 67.08 may see more extended weakness, but that is very much dependent on future price trends. If a confirmed break lower does materialise, the risks could be to test what might prove next support marked by the 65.63 September 12th low, possibly even towards 63.68, the May 2023 extreme. We stress breaks of support haven’t yet materialised, and while this holds, its possible strength can be seen once more to challenge the 69.46 downtrend resistance level. If activity is to turn towards possibilities of a more extended recovery, closes above this 69.46 level are required, which may in turn lead to tests of what could be resistance marked by the 71.57 November 25th session high. The material provided here has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Whilst it is not subject to any prohibition on dealing ahead of the dissemination of investment research we will not seek to take any advantage before providing it to our clients. Pepperstone doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. It does not take into account readers’ financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of Pepperstone, reproduction or redistribution of this information isn’t permitted.
PEPPERSTONE:SPOTCRUDE
by Pepperstone
Crude oil struggles onCrude oil is a touch firmer this morning. This has lifted front-month WTI back to where it started a week ago. Overall, last week split cleanly into a positive first half which saw WTI briefly break above $70 a barrel, and a dismal second half which saw it drop back to $67. In between there was a delayed OPEC+ meeting and the ousting of Assad from Syria. The former saw the cartel extend its production cuts until April next year, as expected. This is helping to put a floor under crude prices, and should continue to do so. Front-month WTI has generally found some support around $66.50 since October, while the low of $65 has held since May 2023. At the same time, there has been a succession of lower highs since September 2023. Prices have come under continued downward pressure thanks to plentiful supply, and weakening demand. China’s economic slowdown following its property crisis must take the blame for the latter, although demand across Asia as a whole is down significantly this year. Perhaps equity investors should take more notice of lower oil prices, and consider what these prices are telling them about the economic outlook
TRADENATION:WTI
by TradeNation
CRUDE OIL (WTI): Support & Resistance Analysis Here is my latest structure analysis and important supports and resistances on WTI Oil on a daily. Horizontal Structures Support 1: 65.2 - 66.9 area Resistance 1: 67.7 - 62.2 area Resistance 2: 69.9 - 70.5 area Resistance 3: 71.2 - 71.5 area Resistance 4: 72.2 - 72.9 area Vertical Structures Vertical Resistance 1: Falling trend line Consider these structures for pullback/breakout trading. ❤️Please, support my work with like, thank you!❤️
FX:USOILShort
by VasilyTrader
2
Market Analysis: WTI Crude Oil Faces Continued StrugglesMarket Analysis: WTI Crude Oil Faces Continued Struggles Crude oil is showing bearish signs and might decline below $66.80. Important Takeaways for Oil Price Analysis Today - Crude oil prices failed to clear the $70.00 region and started a fresh decline. - There is a connecting bearish trend line forming with resistance at $67.50 on the hourly chart of XTI/USD at FXOpen. Oil Price Technical Analysis On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to clear the $70.00 resistance zone against the US Dollar. The price started a fresh decline below the $68.80 support. The price even dipped below the $67.80 level and the 50-hour simple moving average. The bulls are now active near the $66.80 level. A low was formed at $66.78 and the price is now consolidating losses. If there is a fresh increase, it could face resistance near the 23.6% Fib retracement level of the downward move from the $70.10 swing high to the $66.78 low. There is also a connecting bearish trend line forming with resistance at $67.50. The first major resistance is near the $67.80 level, above which the price could rise and test the 61.8% Fib retracement level of the downward move from the $70.10 swing high to the $66.78 low at $68.80. Any more gains might send the price toward the $69.60 level. Conversely, the price might continue to move down and revisit the $66.80 support. The next major support on the WTI crude oil chart is $66.00. If there is a downside break, the price might decline toward $63.50. Any more losses may perhaps open the doors for a move toward the $61.20 support zone. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen
WTI recovered slightly, the outlook tilted to the downsideWTI TVC:USOIL increased slightly in the Asian trading session on Monday (December 9), trading around 67.50 USD/barrel. Oil prices fell sharply last Friday, closing near their lowest level, mainly due to expected declines in global demand. However, expectations that the Federal Reserve will cut interest rates in December increased following the release of US nonfarm data. According to CME Group's FedWatch, federal funds rate futures trading points to the possibility of a 25 basis point rate cut by the Federal Reserve. point in December was nearly 90%, which will provide some support for oil prices. Currently, uncertainty about the geopolitical situation increased again at the weekend, making the medium-term recovery of oil prices still not optimistic. In the short term, crude oil traders need to continue to observe whether the pressure brought about by the geopolitical situation on the supply side will support oil prices to continue to recover. Essentially, this week will continue to focus on changes in inventory data and whether demand-side pressures ease. This week, the financial market in general and the crude oil and WTI crude oil trading market in particular will focus on US CPI data. On the daily chart, WTI TVC:USOIL although it recovered slightly in the opening Asian trading session today (December 9), it still has all the technical factors supporting bearish expectations. With the long-term trend being noticed by the price channel followed by the short-term price channel, it has both a long-term and short-term trend of decreasing prices. On the other hand, WTI crude oil is also under main pressure from EMA21 along with the 0.236% Fibonacci retracement level. In the short term, if WTI crude oil is sold below 65.28USD, there will be a prospect for a new downtrend to open, and the technical point of 68.34USD is the closest resistance currently. The relative strength index also maintained price activity below the 50 level, which should be considered a negative signal for WTI crude oil technically. During the day, the technical outlook for WTI crude oil on the daily chart leans bearish with notable points listed below. Support: 66.44 – 65.28USD Resistance: 68.34 – 69.51USD
TVC:USOILShort
by Xayah_trading
USOUSD (OIL), key support remains in play Thanks for checking our latest update. Today we are looking at oil on its daily chart. The key questions we are asking today from a technical perspective are: Will we see key support continue to hold, and will the rough looking ending diagonal pattern confirm, setting off a new rally? Or could sellers finally break the discussed key support area, setting off a new leg lower? Key support: $67 - $66.50. As always, traders must remain vigilant and stay abreast of the latest updates from OPEC and geopolitical influences, as these factors can significantly impact the market. Good trading from Eightcap.
EIGHTCAP:USOUSD
by Eightcap
Falling towards pullback support?USO/USD is falling towards the support level which is a pullback support that aligns with the 127.2% Fibonacci extension and could bounce from this level to our take profit. Entry: 66.96 Why we like it: There is a pullback support level that aligns with the 127.2% Fibonacci extension. Stop loss: 65.52 Why we like it: There is a pullback support level that lines up with the 127.2% Fibonacci extension. Take profit: 68.66 Why we like it: There is a pullback resistance level that lines up with the 50% Fibonacci retracement. Enjoying your TradingView experience? Review us! Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). 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 Everest Fortune Group.
VANTAGE:USOUSDLong
by VantageMarkets