Hey Traders,I'm keeping a close eye on crude oil as it appears to be gearing up for an interesting move. Currently, it seems like crude oil is heading towards the $6800 mark.The key level to watch out for is the Chanmep level. If we see a breakout above this level, it could signal the start of a significant rally.Keep a watchful eye on the charts and let's see how...
Crude oil is very bullish, Buy here @6660 with Sl 6400 tgt 7450
Inverse Head & Shoulder pattern is Breaking Out
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.
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🛢️ Time Frame: 1 Hour
📉 Status: Bullish
📅 Date: 12.03.2024
🔸In the hourly timeframe, crude oil appears to be following a parallel channel, trading within a specific range.
🔸Expect upward movement in prices on Wednesday, possibly influenced by production reduction and inventory data.
🔸Expected
Traget 1 - 6554
Target 2 - 6584
Timeframe: 1 Hour
Strategy: Short
🔸WTI crude prices dropped to around $77 per barrel on Monday for the third consecutive session.
🔸Investor caution prevailed ahead of crucial US inflation data and monthly reports from OPEC and the IEA.
🔸Last week, WTI prices fell by 2.45% due to uncertainties in demand despite extended supply cuts by OPEC+.
🔸China's oil...
Classical double top rejection with Triangle patter. It may lead to Short or long as per the level suggestion. It has also volume profile which suggest more selling pressure.
🔸Timeframe: 1 hour
🔸Bearish below 6485, bullish above 6515
🔸Anticipating a bounce from 6413 support; sustained bearish momentum may lead to further downside levels.
🔸WTI crude drops to $78.5/barrel for a second day.
🔸Demand concerns outweigh OPEC+ supply cuts' impact.
🔸China's 5% economic growth target and voluntary cuts influence market sentime
🔸Timeframe: 1 hour
🔸Crude most likey to touch the support at 6560 and move towards upward direction.
🔸OPEC+ may continue to cut oil production beyond Q1 to avoid oversupply.
🔸Commerzbank predicts oil prices will stay strong at $80 per barrel if geopolitical risks persist.
🔸Extending cuts until year-end would signal market tightness and positively impact prices.
📊 CRUDE OIL 20 MAR FUT LEVELS Analysis
🎯 Weekly Range: 393
➡️ Buy: 6543.87, Avg Pos: 6497.5
🎯 Buy T1: 6880.87, Buy T2: 7031
❌ Buyer SL: 6412.87
💰 Sell: 6451.13
🎯 Sell T1: 6395.13, Sell T2: 6245
❌ Seller SL: 6582.13
Analysis:
The CRUDE OIL 20 MAR FUT shows a weekly range of 393. A buy entry is suggested at 6543.87 with average position at 6497.5. Buy targets are...
Crude oil bullish on weekly chart.
Took support on 200 EMA on weekly chart (White Line).
W pattern in making.
Demand Zone is marked as Green shaded horizontal area.
Double Bottom is marked with 2 Stars which makes Demand Zone stronger.
Resistances are marked as red horizontal lines (For Long Term).
Stoploss is marked as orange horizontal line (For Long...
Crude oil is very interesting instrument
Trying to make impulsive move after corrective wave
if it crossess previous month high and sustains then bullish journey may continue
Timeframe: 1 Hour
Strategy: Bearish
Oil Price Decline: Oil prices extended losses due to a larger-than-expected increase in U.S. crude stockpiles, heightening concerns about sluggish demand.
Stockpile Build: U.S. crude inventories rose for the fifth consecutive week, increasing by 4.2 million barrels, surpassing analysts' expectations.
Elevated Interest...
