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WTI Crude Oil’s pullback appears elusive beyond $78.00WTI crude oil pares the biggest daily gain in a week while posting mild losses near $79.50 early Tuesday. Even so, the black gold holds onto the previous trading beyond the 200-SMA and a downward-sloping resistance line from late April. Also keeping the energy buyers hopeful are the bullish MACD signals and upbeat RSI (14) line. It’s worth noting, however, that a 15-week-old horizontal resistance area surrounding $80.50-81.00 appears a tough nut to crack for the bulls. Following that, the quote will aim for the late April swing high of around $84.50 before challenging the yearly high marked in April near $87.70. Alternatively, the WTI crude oil’s further decline could highlight the seven-week-old resistance-turned-support line surrounding $78.50 for sellers. However, the energy bears remain off the table unless witnessing a clear downside break of the 200-SMA support of nearly $77.90. Following that, the previous monthly bottom of $76.15 will try stopping the downside before allowing sellers to challenge the yearly bottom of $72.48 marked earlier in June. Overall, the WTI Crude Oil price remains on the bull’s radar unless portraying successful trading beyond the 200-SMA. The upside move, however, needs validation from $81.00 and the fundamentals.
NYMEX:CL1!
by MTradingGlobal
US OIL ANALYSISFX:USOILSPOT Hello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. wait for more Smart Money to develop before taking any position . I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied... Keep trading Hustle hard Markets can be Unpredictable, research before trading. Disclaimer: This trade idea is based on Smart money concept and is for informational purposes only. Trading involves risks; seek professional advice before making any financial decisions. Informational only!!!!
FX:USOILSPOT
by Phinics
Crude Oil buyers brace for a bumpy road ahead, focus on $79.50WTI Crude Oil picks up bids to reverse the previous day’s retreat from a seven-week-old falling resistance line, close to $78.65 by the press time. In doing so, the black gold recovers from a 50% Fibonacci retracement of December 2023 to April 2024 upside, near $77.70. Given the bullish MACD signals and upbeat RSI conditions underpinning the commodity’s rebound, the buyers are likely to overcome the immediate trend line resistance surrounding $78.65. However, a convergence of the 100-SMA and the 200-SMA, around $79.50 at the latest, appears a tough nut to crack for the energy bulls. Also acting as an upside filter are the $80.00 threshold and late May swing high of $80.60. It should be noted, however, that the quote’s successful trading past $80.60 enables the optimists to aim for the support-turned-resistance line stretched from late 2023, near $83.50 as we write. On the contrary, a daily closing beneath the 50% Fibonacci ratio of $77.70 could quickly fetch the WTI crude oil prices to the previous monthly low of around $76.20. If the black gold remains bearish past $76.20, the monthly bottom of around $72.40 and the $70.00 psychological magnet will lure the sellers. It’s worth observing that the energy benchmark’s sustained weakness past $70.00 could make it vulnerable to a slump toward the previous yearly low of around $63.60. Overall, WTI Crude Oil appears all set to post the biggest weekly gain since early April but a daily closing past $79.50 will be crucial for bulls to retake control.
TVC:USOIL
by MTradingGlobal
2
Long CRUDEOIL | TARGETS 7000 & 7300 in 1-2 monthsBased on technical analysis, I believe crude oil is likely to break through the minor rejection trendline and move upwards towards the higher trendline. At the current stage, our entry point is around 6500, with target levels set at 7000 and 7300. Furthermore, I anticipate that this time it will break through the major trendline, initiating Wave 3 and potentially aiming for 8000. Imp. Note: This analysis is provided for informational purposes only and does not constitute a direct recommendation to buy or sell stocks. Investors should conduct their own research and consult with financial advisors before making any investment decisions, as market conditions and individual circumstances may vary. Market Risk: However, it's important to acknowledge the inherent risks associated with investing in the stock market, including but not limited to volatility, economic downturns, regulatory changes, and unforeseen events that can impact stock prices. It's crucial for investors to remain vigilant and diversify their portfolios to mitigate potential losses.
MCX:CRUDEOIL1!Long
by NaveenTTR
Crude Oil bears attack key support despite upbeat OPEC+ verdictWTI Crude Oil prints a four-day losing streak while falling to over a week’s low early Monday. In doing so, the black gold fails to justify the OPEC+ decision to extend the supply cut agreement toward the end of 2024 and gradually withdraw it in 2025. It’s worth noting, however, that a four-month-old horizontal support zone surrounding $76.20-75.80 will join the nearly oversold RSI (14) line to challenge the energy bears afterward. Should the commodity drop beneath the stated key support region, the $74.20 might act as an intermediate halt during a southward trajectory targeting February’s bottom of near $71.40-35. Meanwhile, the Crude Oil recovery remains elusive unless the quote jumps back beyond the 61.8% Fibonacci retracement of February-April upside, near $77.60. Even so, a convergence of the 200-SMA and a two-month-old descending trend line, close to the $80.00 threshold, will be a tough nut to crack for buyers before taking control. In a case where the commodity prices remain firmer past $80.00, the odds of witnessing a gradual run-up toward the late April swing high, around $84.45, and then to the yearly peak of near $87.63, can’t be ruled out. Overall, Crude Oil ignores the latest bullish catalyst to approach an important support as energy traders now focus on US PMIs and NFP data.
FX:USOIL
by MTradingGlobal
Keep An Eye - Breakout Soon - OIL📊 Script: OIL 📊 Sector: Crude Oil & Natural Gas 📊 Industry: Oil Drilling / Allied Services Key highlights: 💡⚡ 📈 Script is trading near at its resistance level which is 645. 📈 Script should give closing above 645 level so that we can see good rally. 📈 Script is trading at upper band of BB. 📈 MACD and Double Moving Averages are giving crossover. 📈 Right now RSI is around 59. 📈 One can go for Swing Trade only above 645. BUY ONLY ABOVE 645. ⏱️ C.M.P 📑💰- 636 🟢 Target 🎯🏆 - 691 ⚠️ Stoploss ☠️🚫 - 625 ⚠️ Important: Always maintain your Risk & Reward Ratio. ✅Like and follow to never miss a new idea!✅ Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes. Eat🍜 Sleep😴 TradingView📈 Repeat 🔁 Happy learning with trading. Cheers!🥂
NSE:OILLong
by radha_23
Crude Oil Week April 29 to May 03 Time Frame: 1 Day 1. Rejection candles from Support zone and 50 EMA. Price has not allowed to break these key levels 2. Previous trend is bullish. Level breakout and under retracement 3. 50 and 200 EMA golden crossover Time Frame: 4 Hr Crude oil has bounced from previous key level(Resistance converted to support zone) 1. Trend is Bullish 2. Filled FVG and taken support for 50 EMA 3. Bounced from 200 EMA. Entry above : 7046 Target: 7257 ( 211 Points) Stoploss:6916 (130 Points)
MCX:CRUDEOIL1!Long
by Swinging_Inside_the_BAR
1
Crude Oil AnalysisHello Friends, Hope you find doing well. As there are so up down in market now a days because of many reasons Elections, war, Global data, USDINR, DXY. So based on following all parameter i am trying to analysis crude oil price action, hope it helpful for all commodities trader. As we can see in chart it is making bullish flag pattern on 4hr timeframe. So we will se break out up side and we can make better position according. It may trigger by global data or by war declare. Plan your trade according your analysis. I do not recommended to do as i said. I just analysis chart pattern and data which make positive price action. Best of luck Regards.
FX:UKOILLong
by apstockanalysis