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E-mini Light Crude Oil FuturesE-mini Light Crude Oil FuturesE-mini Light Crude Oil Futures

E-mini Light Crude Oil Futures

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Crude oil formed double bottom breakout at 6830 tgt 7460 -7690Crude oil seems to have formed double bottom and is trading above neckline 1. RSI daily and weekly above 60 2. Breakout point at 6830 3. Rounded bottom on daily chart Buy on Dips for a TGT of 7460 - 7690 SL can be either below 6830 or below point "C " Disclaimer: I am not an expert, I just share interesting charts here. Ideas shared are not in any manner an advisory to trade. Please seek expert opinion before investing / trading because investment / trading in market is subject to market risks. I do not hold any position in crude oil as on date.
MCX:CRUDEOIL1!Long
by purisonshuf
1
Crude Oil Inventory Data and Market Analysis:Crude oil inventory data was released on Aug 8th, with expected storage of 0.567M barrels. Actual storage reported was 5.951M barrels, indicating an oversupply compared to expectations. The disparity between expected and actual storage suggests potential market shifts. Supply and Demand Impact: The surplus in crude oil supply suggests weaker demand or increased production. Oversupply can lead to downward pressure on prices due to more available oil than the market needs. Technical Analysis and Price Trends: Crude oil has been trading in a rising channel, indicating an upward trend within a specific range. Price trends suggest that the market has been favoring higher crude oil prices. Divergence in Data and Price Trends: A notable point is the divergence between inventory data and price trends. This could mean other factors beyond supply and demand are influencing the market. Factors like market sentiment, geopolitical events, and speculation might be at play. Waiting for Clarity: Given conflicting signals, a cautious approach is advised. Waiting for more information or confirmation is sensible before making trading decisions. Rapid market changes and various influencing factors must be considered.
MCX:CRUDEOIL1!
by TradingCraftsman
CrudeOil Important Levels to watchCrudeoil important levels to watch are as follows #Support: 6880 Sell below: 6880 only on 15 minute candle closure below the level. Target 1: 6830 Target 2: 6795 #Resistance: 6960 Buy Above: 6960 only on 15 minute candle closure Above the level. Target 1: 7020 Target 2: 7085 #Demand Zone: 6880-6910 may act as a buying zone and price may bounce from the region marked in green on the chart. #Remember each level will act as a support and resistance individually so there is a probability of reversal on either side. Please do your own research before initiating any trade. Always keep stoploss in order to protect your capital. Follow us for more such information and educational ideas. Give it a like if you appreciate the idea. Queries will be answered in comment section.
MCX:CRUDEOIL1!
by InvestyourAsset
CrudeOil Important levels to watch. Crudeoil important levels to watch are as follows #Support:6915 Sell below:6915 only on 15 minute candle closure below the level. Target 1:6850 Target 2: 6770 Target 3: 6670 #Resistance: 6965 Buy Above: 6965 only on 15 minute candle closure Above the level. Target 1: 7040 Target 2: 7090 #A bearish harmonic pattern has been drawn on the chart along with its entry and stoploss level. As per the pattern it can be expected that price may face rejection at the top. Once the top is taken off again it is recommended to exit short positions or the top can be used as a stoploss. #Demand Zone: 6620-6650 may act as a buying zone and price may bounce from the region marked in green on the chart. #Remember each level will act as a support and resistance individually so there is a probability of reversal on either side. Please do your own research before initiating any trade. Always keep stoploss in order to protect your capital. Follow us for more such information and educational ideas. Give it a like if you appreciate the idea. Queries will be answered in comment section.
MCX:CRUDEOIL1!
by InvestyourAsset
CrudeOil Important Levels to watchCrudeoil important levels to watch are as follows #Support:6620 Sell below:6620 only on 15 minute candle closure below the level. Target 1:6560 Target 2:6520 #Resistance:6700 Buy Above:6700 only on 15 minute candle closure Above the level. Target 1: 6760 Target 2: 6850 #Demand Zone: 6620-6650 may act as a buying zone and price may bounce from the region marked in green on the chart. #Supply Zone: 6820-6800 may act as a selling zone and price may reject from the region marked in red on the chart. #Remember each level will act as a support and resistance individually so there is a probability of reversal on either side. Please do your own research before initiating any trade. Always keep stoploss in order to protect your capital. Follow us for more such information and educational ideas. Give it a like if you appreciate the idea. Queries will be answered in comment section.
MCX:CRUDEOIL1!
by InvestyourAsset
4
Crude oil going to correct ?Crude oil appears to be bearish in the near future. This conclusion can be drawn from various data points, which we will examine sequentially: Chart Patterns: Upon examining the continuous contract chart pattern for crude oil futures in the daily timeframe, we notice that the price has reached resistance, as depicted in the accompanying image. Furthermore, the candles have become smaller as the price reached this resistance point, with the most recent candle resembling a doji. This pattern can serve as an indicator of future trends. Relative Strength Index (RSI): The RSI for crude oil in the daily timeframe has reached the upper band of 70, which is considered the overbought zone. This can be interpreted as an indicator that crude oil may weaken significantly over the coming period. Trading Volumes: A careful observation of trading volumes reveals that they have flattened, or even slightly decreased. This can be another signal that crude oil may become bearish in the near future. Crude Oil Inventory Data: By analyzing the crude oil inventory data, we can infer that the supply is not as low as expected. This suggests that while the supply remains consistent, the demand is decreasing, which could lead to a drop in crude oil prices in the future. In summary, considering all these points, we can conclude that the price of crude oil may decrease in the near future.
MCX:CRUDEOIL1!Short
by TradingCraftsman
Crude Oil important levels to watchCrude Oil important levels to watch are as follows #SUPPORT: 6670 #RESISTANCE: 6720 #buy above 6720 with a strict trailing Stoploss as per your risk appetite. Expected targets mentioned below: Target 1: 6755 Target 2: 6800-6810 #Sell Below 6670 with a strict trailing stoploss as per your risk appetite. Expected targets mentioned below: Target 1: 6620-6600 Target 2: 6540 Please note that each targets may act as a support and resistance so trade accordingly. Also, this is only an educational idea and not a buy or sell recommendation please follow your own trade setup before initiating any trade. Follow us for more such information and give it a like if you appreciate the idea. Queries will be answered in the comment section.
MCX:CRUDEOIL1!
by InvestyourAsset
2
Crude Oil important levels to watchCrude Oil important levels to watch are as follows #SUPPORT: 6500 #RESISTANCE:6600 #buy above 6600 with a strict trailing Stoploss as per your risk appetite. Expected targets mentioned below: Target 1: 6690 Target 2: 6810 #Sell Below 6500 with a strict trailing stoploss as per your risk appetite. Expected targets mentioned below: Target 1: 6450 Target 2: 6290 Please note that each targets may act as a support and resistance so trade accordingly. Also, this is only an educational idea and not a buy or sell recommendation please follow your own trade setup before initiating any trade. Follow us for more such information and give it a like if you appreciate the idea. Queries will be answered in the comment section.
MCX:CRUDEOIL1!
by InvestyourAsset
Crude Oil Analysis -01 AugHaving completed the month of July with a large price movement, we are starting the august cautiously. Refer the Channel and go with the flow. For positional traders, the crude is still bullish having the Brent crude oil sustaining above $80.Below $79, could see selling pressure. For MCX traders intraday, refer the channel and above the channel line go long. Any weakness at the channel will be opportunity to for short. Disclaimer: Ideas listed are My Trading analysis and Notes/journals. Not a RA These are NOT recommendations for Buy /Sell. Do your own analysis before jumping into any trade/Investment. Learn and then Earn.!
MCX:CRUDEOIL1!
by iTechnIndica
Crude Oil important levels to watchCrude Oil important levels to watch are as follows #SUPPORT: 6440 #RESISTANCE: 6475 #buy above 6475 with a strict trailing Stoploss as per your risk appetite. Expected targets mentioned below: Target 1: 6530 Target 2: 6600 #Sell Below 5440 with a strict trailing stoploss as per your risk appetite. Expected targets mentioned below: Target 1: 6390 Target 2: 6340 Target 3: 6270 Please note that each targets may act as a support and resistance so trade accordingly. Also, this is only an educational idea and not a buy or sell recommendation please follow your own trade setup before initiating any trade. Follow us for more such information and give it a like if you appreciate the idea. Queries will be answered in the comment section.
MCX:CRUDEOIL1!
by InvestyourAsset
Crude Oil on Fire ..Weekly bullish divergence seen 3 days beforeCrude oil bullish divergence is a valuable concept in technical analysis that can help traders identify potential trend reversals and make more informed trading decisions. This article will explore what bullish divergence is, how to spot it on crude oil price charts, and practical tips for incorporating it into your trading strategy. Understanding Bullish Divergence: Explain the concept of bullish divergence in detail, emphasizing how it occurs when the price of crude oil makes lower lows while the RSI indicator makes higher lows. Emphasize the importance of this pattern as a potential early signal for a trend reversal. Identifying Bullish Divergence: Provide step-by-step guidance on how to spot bullish divergence on crude oil price charts. Include annotated examples to illustrate the concept visually, making it easier for readers to understand and apply. Confirming with Other Indicators: Highlight the significance of using multiple indicators to confirm bullish divergence signals. Suggest pairing RSI with other technical indicators like Moving Averages, MACD, or Stochastic Oscillator to strengthen your analysis. Timeframe Considerations: Explain how the timeframe you choose can impact the significance of bullish divergence. Discuss the differences in signals and reliability between shorter-term and longer-term charts and how this may influence your trading approach. Risk Management and Stop Loss: Emphasize the importance of risk management when trading crude oil based on bullish divergence signals. Encourage readers to set appropriate stop-loss levels to protect their capital in case the trade doesn't play out as expected. Fundamental Analysis: Acknowledge that technical analysis, including bullish divergence, is just one piece of the puzzle. Encourage readers to also consider fundamental factors such as geopolitical events, supply and demand dynamics, and economic indicators that can affect crude oil prices. Backtesting and Practice: Suggest the use of backtesting to validate the effectiveness of the bullish divergence strategy over historical data. Encourage readers to practice on demo accounts before implementing the strategy with real money. Real-Life Examples: Share real-life examples of successful trades using bullish divergence in the crude oil market. This can help readers relate to the strategy and see its potential application in live trading scenarios. Patience and Discipline: Stress the importance of patience and discipline when trading based on bullish divergence. Remind readers not to rush into trades and to stick to their trading plan, avoiding emotional decisions. Conclusion: Summarize the key points of the article and reiterate the value of understanding and using bullish divergence in crude oil trading. Remind readers that mastering this powerful tool requires continuous learning, practice, and adaptability to changing market conditions.
MCX:CRUDEOIL1!
by digitaltrader003