Due to delays in production cuts by OPEC countries. Oil experienced a slight decline, but some Arab countries decided to reduce production. So oil formed some support after a brief decline. As a resource product. To a certain extent, supply is also lower than demand, and the other is the promotion of geopolitics, so the operation is still based on buying at low...
Upon examining the WTI (West Texas Intermediate) crude oil chart, we observe a robust bullish trend, accompanied by a retracement to the 78.6% Fibonacci level. This significant pullback warrants attention, as price action appears poised for a deeper correction.
In our analysis, we consider historical price swings, taking into account seasonality patterns from...
Yesterday, OPEC and its allies announced plans to extend a voluntary oil production cut of 2.2 million barrels per day through June 2024. Currently, the USOIL trades near $80.20 per barrel, and its structure is undergoing a significant change. Since late November 2023, the USOIL has traded predominantly sideways between $70 and $80 per barrel. However, last week,...
Oil (USOIL) is trading within a Channel Up pattern since the December 13 2023 market bottom and currently is on the 3rd Bullish Leg towards the top (Higher Highs trend-line). This indicates that on a R/R basis, there is greater incentive selling with the price being closer to the pattern's top than the bottom (Higher Lows trend-line).
As a result we are bearish,...
In yesterday’s article I shared with you my ideas for scenarios regarding oil movements. But what has happened recently with oil stocks? What movements can we expect in the case of the XOI in the near future? The answers to these questions appeared in yesterday's Oil Trading Alert. Today, I also share them with you. Have a nice read.
The first thing that catches...
if you had the intention of buying an oil or gasoline car in the following years, think again. The price of oil will skyrocket.
Chart show's the possibilty of the cup and handle pattern and the target.
Hello Traders!
I see a good opportunity to execute a short trade on WTI H1. I expect the BOSS at the price of 77.80 to be taken, and in case of retracement, I will look for a short trade entry.
Traders, if my proposal resonates with you or if you hold a divergent viewpoint regarding this trade, feel free to share your thoughts in the comments. I welcome the...
Asia market session makes compression price, and the next session when UK session is expecting to manipulate the market. The last session US session is expected market to do the distribution/direction. The price is on the strong supply area waiting for the price to break resistance before or do the rejection on the supply zone.
Defying our expectations, the West Texas Intermediate crude oil rose above $75 and began to form a rectangle pattern between $76.16 and $79.25 (following a breakdown of negotiations between Israel and Hamas). Currently, the USOIL is trading near the lower bound of this range, which also coincides with the 20-day SMA that acts as an alternative support level. On...
Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $78.00 on Friday. WTI prices edge higher as the EIA Crude Oil stockpiles report came in just below forecasts and the geopolitical tensions in the Middle East remain uncertain.
Crude oil inventory increased by 3.514 million barrels for the week ending February 16 from the previous...
Momentum has clearly been in favour of bears over the past week for WTI traders, but given it has fallen over 10% from the January high it could be argued the move is oversold (at least over the near term).
A doji formed on Monday to show bears are losing their grip, and the fact it is forming a base above the 2023 open price and $72 handle adds to the case for...
WTI Crude Oil is on a healthy bullish 1D technical outlook (RSI = 61.125, MACD = 0.800, ADX = 42.762), crossing today over the 1D MA200 for the first time in February. 79.75 (R1) is the first Resistance level but once the 1D MA50 broke (as we stated on our prior idea), the target is at least 83.50 (TP), which is what WTI delivered on the August 10th 2023 and April...
Hello Traders!
This is My idea related to WTI M15. I see a retracement from the FVG H1. I see this as a good opportunity to execute a long entry. My target is OB at the price of 76.300.
Traders, if you liked my idea or if you have a different vision related to this trade, write in the comments. I will be glad to see your...
The hopes for higher oil prices were shattered last week with the announcement of a potential Hamas-Israel ceasefire deal, which led to a quick selloff in the oil market. Following the invalidation of a bullish breakout above $76.14, the price of oil kept sliding lower, finally hitting a low of $71.43 yesterday. Currently, the WTI crude oil trades close to $72.80...
Hello guys ,
it seems usoil started a bullish reversal after Breaking the neckline of the double bottom and an important keylevel on the daily tf.
if the price manages to do a pull back towards the area where the trendline + poc + demand zone is it could give a great great buying opportunity .
Update the PULLBACK was done exactly as expected am waiting for...
The United States’ decision to conduct airstrikes earlier this week against targets in Somalia and Yemen provoked more aggression from Houthi rebels, who engaged in multiple new attacks against commercial vessels in the Red Sea and the Gulf of Aden. Following that, Yemen’s rebels claimed a successful hit to the U.S. military ship, which the United States quickly...
