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WTI

100-SMA challenges Crude Oil buyers at three-week highWTI crude oil has ended its four-day rise as prices fall from their highest level since July 19, due to a slow start on Tuesday morning in Asia. The oil price has moved back from the 100-day simple moving average (SMA). Still, closing above the 200-day SMA, positive MACD signals, and a strong RSI suggest buyers might push prices past the $80.15 mark. If they succeed, the next resistance levels are around $81.40 and $82.50, which will be key for sellers to defend. If oil prices drop below the 200-day SMA support at $77.90, sellers might take control. If prices stay weak and fall below $77.90, they could move towards June and August lows of $72.40 and $71.70. If prices go below $71.70, they could reach the late 2023 low of $67.70. Overall, buyers are likely to stay in control, but the potential for price increases seems limited.
TVC:USOIL
by MTradingGlobal
Crude Oil rebounds toward 200-SMA as the key week beginsWTI Crude Oil posts more than 1.0% intraday gain early Monday, after declining in the last three consecutive weeks, as energy traders brace for a rollercoaster week comprising multiple central bank announcements and top-tier data. In doing so, the black gold takes clues from a nearly oversold RSI (14) amid cautious optimism in the market. However, bearish MACD signals and the quote’s sustained trading beneath the 200-SMA keep the oil sellers hopeful of visiting the 61.8% Fibonacci retracement of its December 2023 to April 2024 upside, near $75.30. Following that, a seven-month-old upward-sloping support line surrounding $74.40 will be a crucial level for the bears to conquer to keep the reins. In a case where the commodity prices remain bearish past $74.40, it becomes vulnerable to drop toward the previous monthly low of around $72.40. Alternatively, the WTI Crude Oil buyers’ ability to provide a daily close beyond the 200-SMA hurdle of $78.40 won’t give them the throne as a downward-sloping resistance line from early July, close to $79.50, will challenge further advances. Also restricting the commodity’s run-up is the $80.00 threshold and a two-month-old horizontal resistance region near $80.30-60. If the energy benchmark manages to remain strong past $80.60, the 23.6% Fibonacci ratio of around $83.00 and the monthly high of $84.50 will lure the bulls. Overall, the market’s consolidation allows WTI crude Oil to lick its wounds but the bullish trend is far from the reach.
TVC:USOIL
by MTradingGlobal
Crude Oil retreats from 11-week high as eventful week beginsWTI Crude Oil remains pressured after reversing from an 11-week high the previous day, especially when the US Dollar posts a corrective bounce ahead of this week’s top-tier data/events. The black gold’s retreat also highlights the importance of the support-turned-resistance line stretched from mid-December 2023 and a downward-sloping trend line from late September last year. It’s worth noting that the RSI’s pullback from the overbought territory and the receding bullish bias of the MACD signals also favor the energy benchmark’s latest consolidation. With this, the quote will likely extend the latest fall toward testing the 10-SMA support of $82.50. However, the 50% Fibonacci ratio of the commodity’s late 2023 fall and the 100-SMA, respectively near $81.40 and $80.40, quickly followed by the $80.00 psychological magnet, will challenge the Oil bears afterward. In a case where the prices remain weak past $80.00, an area comprising tops marked from mid-November 2023 to January 2024 near $79.70-25, will be the last defense of the buyers before giving control to the bears. Meanwhile, a downward-sloping resistance line from September 2023, close to $84.10 at the latest, guards the immediate upside of the black gold. Following that, the previous support line from late 2023 will test the oil buyers near $84.70. It’s worth noting, however, that a 9.5-month-old falling resistance line surrounding $86.50 appears a tough nut to crack for the commodity buyers, a break of which will allow them to challenge the yearly high of $87.60. Overall, Crude Oil is likely to witness further consolidation in prices as Fed Chair Jerome Powell’s bi-annual Testimony and the US Consumer Price Index (CPI) loom.
TVC:USOIL
by MTradingGlobal
Impending “Death Cross” lures Crude Oil sellersCrude Oil struggles to defend the previous two-week uptrend early Monday, after reversing from a seven-week high on Friday. Even so, a 13-day-old rising support line restricts the black gold’s immediate downside to around $80.30. Also challenging the energy sellers are the bullish MACD signals and upbeat RSI (14) conditions, not overbought. However, the looming “Death Cross”, a moving average crossover of the 200-SMA to the 50-SMA suggesting a sell-off, joins the firmer US Dollar to lure the WTI crude oil bears. It’s worth noting, however, that the $80.00 threshold and the SMA convergence of around $79.30 will act as the final defenses of the Oil buyers before giving control to the sellers who can aim for the previous monthly low of nearly $76.20 and then the monthly bottom surrounding $72.40. On the flip side, a daily closing beyond the latest peak of $81.75 will aim for the mid-March swing high near $83.10. Following that, late April’s top close to 84.42 and multiple hurdles near $85.00 could test the WTI crude oil buyers before directing them to the yearly high of $87.60. In a case where the energy buyers occupy the driver’s seat past $87.60, the $90.00 psychological magnet and last annual high of $95.00 should gain the attention. To sum up, Crude Oil buyers should wait for a fresh monthly high before adding new positions while the sellers are likely to enter beneath $80.00 and can portray a short-term downside.
TVC:USOIL
by MTradingGlobal
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
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
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
Crude Oil: Bullish Momentum ContinuesCrude Oil (MCX) Current Market Price: Approximately 7005 We have observed a significant bullish trend in crude oil over the past few weeks. Unfortunately, due to certain reasons, we were unable to provide updates during this period. Nevertheless, it is never too late to analyze the market. We remain optimistic about crude oil's prospects today. Crude oil has recently experienced a notable breakout, leading us to believe that it may reach levels of 7260 and 7590 in the coming days. For the time being, we will set our stop-loss at 6670, and upon reaching the levels of 6900-6910, we may consider adding positions. Stay tuned for further updates as the market progresses.
MCX:CRUDEOIL1!Long
by iamrk7
WTI: Bears Are Outnumbering BullsWTI has been forming a flat A-B-C correction. According to Elliott's wave projection, the oil future looks bearish. Oil Future has accomplished wave A at 193.17 , and sub-wave (c) of wave ((B)) is creating an ending diagonal. The ending diagonal is a formation of five waves. WTI is to occur in wave 5 of an ending diagonal. If you are a safe trader, you can trade after the breakdown of wave 4 at 110 . Your target will be 105-99-93 . Aggressive traders can sell when the price falls below 119 . If it goes above the parallel channel, wait for levels to appear. Thank you @Money_Dictators
MATBAROFEX:WTI1!
by Money_Dictators
WTIOCUSD(Crude) make or break levelCrude oil making a bearish pattern and still showing the sign of bullishness. Fight between Bull and Bears for the trend to continue. Which way will It go? Crude respects the levels we analyzed In early posts, shows a good move over the period. The up-trend move after the breakout of the price mark of $87.894, was slowed down after the price tried to breach the overhead resistances of $90 that we suspected to be a major resistance zone. But moreover, there was a diversion which you can see in the picture created on 27/10/22 ( Diversion was found with the help of an indicator known as RSI). When we see in the 1H chart, the price is showing bullish movement by making pin bars which can mean buyers are getting active around the $87.89 Price mark. But the price will be concerned bullish only when the price sustains above the $90 zone then we can say the view of the counter is bullish and look for buy on dips. But on another side of the coin, you can see a bearish Head And Shoulder pattern and if the pattern is triggered then I believe Crude can be seen trading in the $83-$84 range shortly, and the view can be changed to sell on really. Until then you need to decide the strategy technics for trading this counter this is my view on the counter until I see the price breaching my analyzed levels
OANDA:WTICOUSD
by rajbhilarkar2000
Update on the WTICOUSD(Crude Oil) WTICOSUD(Crude Oil) is showing some interesting movement on major levels. Major upper and lower levels could be breached in the future. Crude Oil is showing a strong upward movement in the 1Hour chart breaching the level of $87.894. It seems that the counter is consolidating, if the price retests the levels of $87.80 and makes any type of bullish pattern or sign, then the counter can be stated to buy on dips. However, if the price cuts under the $87.80 price mark you can say it’s a falls breakout. It seems to me that the levels from $87.894 to $82.117 are the consolidation zone because of the major support mark of $83.204 to be pressed as per ‘Hourly’ charts like 1H,2H,3H, and 4H respectively. If the price retests the $87.80 mark shows singings of a bullish move. I see overhead resistances at the price mark of $90.00 and $94.00. • $90.00 can be considered as overhead resistances since the recent fall after the first structure change breakout. Price was rejected twice from the zone of $90.189 to $89.826 and a major fall was seen, hence the mark of $90 as per the hourly chart • $94 mark was considered, because of the major fall seen from this mark after the first structure change breakout. After the signs of a retest of the $87.80 mark, the counter can be considered as “Buy On Dips”(BOD). Then after the First Structure Change in the 1Day chart if the price sustains above the price mark of $94 you can consider the counter going in an uptrend. There is also the major possibility of the breakdown of crude, considering fundamental things. The major support level that you can see as of now is $83, if the price breaches the zone of $83.204 to $82.117 this counter can be considered as a sell-on really and the price can be seen touching the support levels of $79.418 & $76.571 as well. In my opinion, if the price breaches the mark of $76.5 and continues to move, and also if the major level in the 1day chart breaks down, then Crude would continue the Downtrend and we can say that this was just a consolidation phase. Furthermore, support levels in daily and weekly charts are $66.391, $62.069, $33.501 & $11.104 as far as I can see, after creating a Multi Time Frame view(MTF) from an “only chart analysis perspective”. practically speaking these levels aren’t possible in today’s economical times. “WTICOUSD” is the code for ‘crude oil’ on the ‘trading view’ platform source known as “OANDA” to see the chart I’m talking about.
OANDA:WTICOUSD
by rajbhilarkar2000
About WTICOUSD(Crude) Will Crude “Break Down” Or “Rise”? The current crude chart raises a lot of questions..... Will wticous(crude) break the recent low, or will it show recovery for an upward movement? Is the support level of 83 valid? Are the fibo levels in the 1hour chart working in the favor of a bullish move? If at all the price breaks the 83 mark or support, where would it head? In June, WTICOUSD(Crude) was trying to hit a new high and failed. After 8Th June 2022 price started to fall after hitting the price mark of 124.418. The fall continued till 27 September 2022 with the price hitting 76.571. After this, the first bullish sign was seen in the 1-hour chart, when the breakout of the 1st structure change happened, at the price mark of 83.204. This was retested on 18th October 2022, and the price started to show bullish movement. The current price movement seen in the chart, it is showing all the correct forms of bullishness, may it be any time frame 1hour, 2hour, 4hour or 1Day. If the price breaks the level mark of $83 to $82.50 and sustains the breakdown, then the downtrend will continue. It will result in the price heading towards the levels of $79.418 & $76.517 which you can see in the 4hour chart below. The first bullish sign in WTICOUSD(Crude) will be seen if the price sustains above $88. Keeping in mind that the market is the boss. Technical analysis has given us two significant levels to look out for, $88 & $82. These levels were marked important by the author with the help of simple tools like Horizontal ray, Trend line, fib retirement filter, and simple price action of 1 hour, 2 hours, 4hour and 1 day. On the trading view platform. OANDA:WTICOUSD
OANDA:WTICOUSD
by rajbhilarkar2000
2
Crude oil eyes to revisit sub-$100 area as recession fears escalFailures cross the key SMAs join descending RSI line, not oversold, to keep crude oil sellers hopeful amid economic slowdown chatters. The black gold, however, needs to stay below the weekly support line, around $107.00 by the press time, to direct bears towards the last monthly bottom of $101.00. In a case where the energy benchmark fails to recover from $101.00, the odds witnessing a south-run towards May’s low of $97.57. On the contrary, recovery moves remain less convincing until staying below the weekly top of $112.70. Ahead of that, the 50% Fibonacci retracement (Fibo.) of May-June upside and convergence of the 100-SMA, 200-SMA and 38.2% Fibo, respectively near $109.60 and $112.10-20, could entertain short-term buyers. Even if the crude oil prices cross the $112.70 hurdle, multiple resistances near $116.00 will challenge the commodity bulls before directing them to June’s peak of $121.43. Overall, crude oil’s latest break of the short-term support line keeps sellers hopeful amid economic pessimism. That said, today’s Eurozone inflation and US ISM PMI will be important to watch for clear directions.
FX:USOILSPOT
by MTradingGlobal
Strong reversal showing WTI 1 hr Chart Fundamental Development : Oil was up on Tuesday morning in Asia opening higher after falling sharply during the prior session. WTI futures were up 0.97% to $99.50. Both Brent and WTI benchmarks ended the previous session down around 4%, with Brent tumbling as much as $7 a barrel during the session and WTI falling roughly $6 a barrel. China will keep liquidity reasonably ample in financial markets, the People's Bank of China said in a statement on Tuesday, a day after the central bank announced a cut to banks' foreign exchange reserve ratio to support the economy. Short Term Technical View: As per bollinger band indicator WTI future is taking strong reversal at support level 95.80 , Technically RSI Indicator also indicate reversal in the chart and showing bullishness above 50 level and increasing volume at support level showing strong buying , As per my view If WTI break today days high of 99.85 and CB Consumer Confidence data release in U.S. Session also indicate positive so it will be great opportunity to buy WTI futures above 99.85 with the target of 101.75 and take a stop loss at 98.68 . Alternative Scenario : If WTI future will not sustain above 99.50 level and break today low 95.80 and CB Consumer Confidence data release in U.S. Session also indicate negative so it will be great opportunity to short sell WTI futures below 95.80 level with the target of 93 and take a stop loss of 97.50 .
NYMEX:CL1!
by RATONYCNC
1