USOIL trade ideas
CRUDEOILAs crude oil is continuously moving in an undecisive manner, not giving many moves to go long now, we can see a good move from it.
the triangle breakout will give us a good long and short position in the upcoming weeks.
Levels that are holding the immediate support are 85.50 for the short-term period and 82.00 for the long-term period.
levels that are resisting the crude are 90.00 immediate resistance and 93.50 major resistance on the upper side.
Thus, the panic between OPEC+ , RUSSIA , and the USA is making the Crude more indecisive and making the crude market move slower .
In the upcoming days, we can see a one-sided move after the breakout of the triangle pattern .
BELOW 82.00 we can see the targets of 78.00.
Above 90 our first target is to be up to 93.50 and then 95.
NOTE- All the levels are based upon my analysis you should do your analysis and then confirm your trades before taking the trade.
WTICOUSDT(Crude Oil) make or brake Crude makes a fool of traders by giving a falls breakdown. Price respecting levels of the trend line. very important day for crud to trade because of today’s news/data reviling ceremonies. Why will crude react to the data/news in high volume?
Crude shows a shocking move by giving a falls breakdown of a bearish head and shoulder pattern and triggering stop-loss of traders rather than achieving targets as we analyzed in our previous analysis by the way which you can check out by clicking on the hyperlink or the document below. Anyways taking losses or enjoying targets/profits is just part and parcel of the game really what matters is how well we understand the market and trade accordingly. And in my experience when you analyse the market you can miss out on one or two minor ways to see or analyze the market which can eventually be the reason for the price to react at that point.
In the past 2-3 days the price has moved towards the $90 price mark which we analyzed as a “major supply zone”, respecting the levels of the trend line drown from the lowest point of the major fall (which can be seen in the 1day chart) with reference to the lowest point of the fall of first structure change (which you can conform in 1/2hour chart) which you can conform in the following image (image is in 2hour time frame)
Today is a very interesting day for crude and rather every other commodity and currency pair because of the news/data of Crude’s inventory @8:00pm, and the FOMC Statement @11:30pm. Crude is considered as a highly volatile counter and seems it is on a very interesting level looking at the date/news that is going to occur in today’s venue, which means the highest volatile counter with high volatility data can make a high volume trading session with a big range. Important things to remember are to mark important levels in the time frame you are comfortable trading in and make a view in which direction you think the market will make a move based on the previous analysis. Good luck with today’s session.
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
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.
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
$UsOil If Hold Below 85$ Will See Further Downside 74$/67$!$UsOil If Hold Below 85$ Will See Further Downside 74$/67$!
USOILPrice has brocken out of the channel, we expected price to continue sell side after the consolidation
$Usoil Bounced From Key Zone 85$ Holds This Level To See 97/104$$Usoil Bounced From Key Zone 85$ Holds This Level To See 97/104$!! Lose 74/67$!!
Oil down gain...!I think oil can go back down here.It will take the horizontal resistance at 90.risk reward is favorable for short target 86 and than 83.60
$UsOil Is At Key Zone 87/85$ !! Bounce O Dead!!$UsOil Is At Key Zone 87/85$ !! Bounce O Dead!! Decision TIme
Crude is preparing to go downThis is creating a head and shoulders pattern in 4 hours time farm strong resistance 83.55
Crude oil may fall again..!It will take 82.50 resistance. RSI diversion will also happen.No Fundamental Buying for Crude Solutions Right Now
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support
Why we like it
Price trading the 4hr resistance
moving to the next level support
waiting for bearish candlestick formation
Trading in channel
1st support:
76.58
Next Zone area & horizontal swing Low support
1st Resistance
85.62
Zone area & horizontal swing high resistance
Crude oil expecting reversal in 2-4 weeksAs per Fibonacci fan analysis. Expecting reversal of crude oil from 72-76 levels.
WTI SHORT OPPOTUNITY ??WTI seems to be in the flip zone. May be it could go further down breaking the previous support.
Loooks Like US oil can touch 77-77.5 $ PRZ Harmonic - Bullish Loooks Like US oil can touch 77-77.5 $ PRZ
Harmonic - Bullish Bat Pattern is suggesting this levels. Let's C When can we get this levels
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support
Why we like it
Price trading the 4hr resistance
moving to the next level support
waiting for bearish candlestick formation
Trading in channel
1st support:
79.58
Next Zone area & horizontal swing Low support
1st Resistance
90.62
Zone area & horizontal swing high resistance
Crude expect range of 92-93$ from here if its sustain above 87$crude under selling pressure but expect bullish trend first level 87$ then expect 92-93$
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support
Why we like it
Price trading the 4hr resistance
moving to the next level support
waiting for bearish candlestick formation
Trading in channel
1st support:
79.58
Next Zone area & horizontal swing Low support
1st Resistance
90.62
Zone area & horizontal swing high resistance
