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 $79.50 will be crucial for bulls to retake control.
USCRUDEOILCFD trade ideas
Crude WTI our trailing SL hit we get 4$ profit avoid buy nowDisclaimer -
This information is only for educational purposes, this is not for any buy or sell recommendations .
On Our Harmonic pattern indicator
based trade setup take trade as explained below :-
Early trades Buy or sell below/ above 23.6 %, safe trades buy or sell above / below 41% , after taking trade next upside or downside levels will be target ,
When reverse buy or sell signal appear then book profit on Target or trail SL to 23.6 % If trailing SL hit then early trade can be taken above or below 23.6 and safe trade can b taken above/ below 41% ..
Please note:-
It's working on news based and volitile market very well so exit if SL hit
Crude WTI buy given at 74 $ hold buy trade 4 $ profit running Disclaimer -
This information is only for educational purposes, this is not for any buy or sell recommendations .
On Our Harmonic pattern indicator
based trade setup take trade as explained below :-
Early trades Buy or sell below/ above 23.6 %, safe trades buy or sell above / below 41% , after taking trade next upside or downside levels will be target ,
When reverse buy or sell signal appear then book profit on Target or trail SL to 23.6 % If trailing SL hit then early trade can be taken above or below 23.6 and safe trade can b taken above/ below 41% ..
Please note:-
It's working on news based and volitile market very well so exit if SL hit
WRI Crude Oil Future Weekly Analysis 10-14 June, 24📈 US Oil Future Technical Chart Analysis
📆 Weekly Levels for 10-14 June, 2024:
📊 Weekly Movement Point: 75.35
📉 Weekly Range: 4.91
📈 Buy Above: 75.46
💼 Average At: 74.89
🎯 Buy Target 1: 78.38
🎯 Buy Target 2: 80.26
🛑 Buyer Stoploss: 73.82
💰 Sale Below: 74.31
🎯 Sale Target 1: 72.32
🎯 Sale Target 2: 70.44
🛑 Seller Stoploss: 75.95
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US OIL Trading RecommendationInstrument: USOIL
Position: Buy
Entry: 73.30
1st Target: 74.24
2nd Target: 76.20
Stop Loss: 72.40
Rationale:
USOIL is exhibiting signs of a bullish trend, supported by recent price action and fundamental factors.
Targets:
Our primary target stands at 74.24, representing a significant resistance level where we anticipate a price reaction. The secondary target is positioned at 76.20, indicating further potential upside momentum.
Stop Loss:
To manage risk effectively, a stop loss is placed at 72.40, just below the anticipated support level. This ensures a controlled exit in case of unexpected market movements.
Disclaimer:
Trading carries inherent risks, and this recommendation should be considered alongside individual risk tolerance and market analysis. It is advisable to employ proper risk management techniques, including the use of stop-loss orders, to mitigate potential losses.
USOIL ORDER BLOCK | LONG TRADE [SWING TRADE]Hi Traders,
This is Usoil 1hr + 4Hr Order block trade we can see Buying from
this level..
At this level we can see some Liquidty pool.
Here we can take trade with 5 min CHoCH.
5 min CHoCH is best to take Long Trade
Note - Only for education Purpose
Follow for Daily Forex Update
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.
Crude WTI sell continuesly given from 86 , now start buy on dip Disclaimer -
This information is only for educational purposes, this is not for any buy or sell recommendations .
On Our Harmonic pattern indicator
based trade setup take trade as explained below :-
Early trades Buy or sell below/ above 23.6 %, safe trades buy or sell above / below 41% , after taking trade next upside or downside levels will be target ,
When reverse buy or sell signal appear then book profit on Target or trail SL to 23.6 % If trailing SL hit then early trade can be taken above or below 23.6 and safe trade can b taken above/ below 41% ..
Please note:-
It's working on news based and volitile market very well so exit if SL hit
USOIL ORDER BLOCK | SHORT TRADEUSOIL ORDER BLOCK | SHORT TRADE
Hi Traders,
This is Usoil 1hr Order block tarde we can see selling from
this level..
At this level we can see some Liquidty pool.
Here we can take trade with 5 min CHoCH.
5 min CHoCH is best to take Short Trade
Note - Only for education Purpose
Follow for Daily Forex Update
Oil turnaround to upside ?Recent developments in the US oil market have sparked optimism among analysts, as prices appear to be finding solid support on a macro trendline when viewed on a weekly timeframe. This suggests that after a period of volatility, oil might be gearing up for upmove.It might check the levels to upside from here with targets of 80,82,84 above.
US OIL WTI : Bullish - Falling wedges + inverse Head & ShouldersUS OIL WTI : Bullish - 2 falling wedges + Head&Shoulders
Wti crude oil can rise higher because of current geopolitical tensions. OPEC countries have reduced their daily production of barrels of oil.
Technically:
The wolf of Zurich has detected 2 "Falling wedges" and an " inverse head & shoulders" .
These chartist patterns could raise the price of WTI oil around 96$-98$ and even up to 106$ ;
However a divergence with their ROC ( Rate fo Change ) has been detected and we could go back down to the levels indicated on the graph 81$- 79$- 73$ ,and then 67$ dollars.
To monitor EMA.50 and EMA.200 on different timesframes
be careful !
have a good day to all
Crude - A good support to Reliance now !!!!worldwide Crude has been given buy calls and its expected to move up which usually lifts Reliance and sometime good spikes. This time Crude is taking support and moving up because of bullish trend and new ATH in US equity. Bullish economic outlook and expected FED rate cuts lifting crude now. Its Buy call worldwide now.