The outlook for WTI crude oil in the next 3 months is mixed. On the one hand, global oil demand is expected to continue to grow, as economies around the world recover from the COVID-19 pandemic. This will put upward pressure on oil prices. On the other hand, supply of oil is also expected to increase in the coming months. OPEC+, a group of oil-producing...
Perfect entry point from technical point of view, I suggested this trade before too. You should target $71 and $74 as TPS. The market will tighten in the second half of 2023 partly due to ongoing OPEC+ supply cuts and Saudi Arabia's voluntary reduction for July. The combination of robust demand reduced exports, and a larger-than-expected drawdown in inventories...
For Friday, the 67.08 level can contain selling through next week, above which 73.28 attainable within a full week of activity, possibly yielding 76.98 within 2 - 3 weeks. Upside Friday, 70.80 can contain session strength, while closing above 70.80 signals 73.28 within 2 - 3 days, able to contain buying through the balance of next week and the point to settle...
For Thursday, the 67.65 - 67.08 region can contain weekly selling pressures, above which 74.29 remains a weekly target, 76.88 attainable within 2 - 3 weeks. Upside Thursday, 72.36 can contain intraday strength, while pushing/opening above 72.36 allows 74.29 intraday, able to contain session strength. Closing today above 74.29 signals 76.88 within several...
A two-sided framework continues through summer between 62.14 long-term support, and 82.33 long-term resistance, both regions able to contain seasonal activity. Downside, a weekly settlement below 62.14 indicates 53.87 within several months, longer term Fibonacci support able to contain selling into later year. Upside, a weekly settlement above 82.33...
Crude oil is cheap again. It bounced from this support previously, looking at the daily chart. Traders await the FED policy meeting and new interest rate announcement. They should pause the hikes for the foreseeable future. Targeting $71+ and $74+.
For some time now, we held the view that the price of West Texas Intermediate crude oil would remain volatile, trapped within a wide range between $70 and $82. Then more recently, we stated that the oil price was likely to break below $70 as the U.S. administration sought to unload more crude oil from its Strategic Petroleum Reserves. Today, we would like to...
Crudeoil intraday trading alert 3 simple steps to find a quality setup ! Risk Reward Ratio 1: 2 Anyone same idea with me? BUY Crudeoil Good luck traders..
A technical outlook for the week ahead! -------------------------------------------------------------------- Please, support my work with a like, thank you!
At present, oil continues to fluctuate in the 70-83 region. Last month, OPEC suddenly announced a production cut and opened higher. After a month of fluctuation, the gap was finally filled last week. Then the top-bottom conversion to the 75.7-75 region has become an important support in the short term. As for crude oil short orders, there is no rush to participate...
The trend on the 1h time-frame is broken, but until the resistance (green line) is bearish because part of the GAP has not yet been completely closed and we can have a rise up to the resistance from which a rejection can follow and then a closing of the gap and barely then a climb with breaking resistance, so I would wait now to see what happens. But I'm looking...
Hello everyone. After having an isolated sequence of 5 waves, oil was able to recognize (for the moment) the DP support, entering the reversal bar. We take position. == SPANISH == Hola a todos. Luego de tener una secuencia isolada de 5 ondas, el petroleo pudo reconocer (por el momento) el DP support, dando entrada en la reversal bar. Tomamos posicion.
CRUDE OIL intraday trading alert 3 simple steps to find a quality setup ! Risk Reward Ratio 1: 2 Anyone same idea with me? SELL Crude oil Good luck traders..
This is the March-April, 2023 playbook , focused on four (4) markets - so far -, highlighting potentially important plays, including a longer-term position (weekly/monthly time frame). (One should never maintain more than a maximum of three (3) positions, simultaneously , as there is no possible justification for trading more than 3 instruments at the same time!...
My take on crude oil monthly wave structure. Working on the idea of classic motive pattern to the upside to complete wave I of (V). What do you think?
The decline in U.S. crude oil inventories and the suspension of exports from the Kurdistan region of Iraq have supported the upward trend in oil prices, overshadowing the smaller-than-expected pressure on Russia's supply cuts.At the same time, five OPEC+ representatives said that the alliance may stick to the existing oil production reduction agreement at Monday's...
YOU will have the opportunity of buy and sell. just wait for the momentum change on small time frame. price has to come down in order to take orders and take new bees stop losses. follow the trades and enjoy.. Happy trading
Just a near term play here on the anticipated, transitory USD weakness. The main chart ought to be self explanatory - just follow the arrows. (The dates in the chart are only denoted because I am building a sizable option position here, one part of which consists of diagonal spreads.) Fundamentally, Russian oil companies have already figured out - and are using...