WTI Oil has indeed finished its second leg and retracted back to a significant order block zone. This is often a signal for potential accumulation before another ascent. Based on current patterns, it's poised to climb back up towards the previous decline pivot, setting up an interesting play for those watching the oil markets.
Using momentum indicators (keltner channel) I've been watching this weekly rally and recent correction. Using the close, and the last wave, oil price could climb to astronomical levels in USD. There is a momentum shift of the correction, and the bull market for oil appears to be underway. At this pace, 200 by june is not far fetched. I expect the Dollar to lose...
WTI has recently broken out from daily bearish trendline and i expect a bullish continuation in the next few days. It's going to complete a retest of the trendline and the level it's actually playing is also an important support zone. Target $94
Strong support (major pivot) and bullish technical indicators.
As the four major inventories continue to decrease. U.S. oil continues to rise. WTI quotation as of closing: 79.153 U.S. API crude oil inventories for the week to March 8 (10,000 barrels) (-5.221 million barrels) U.S. EIA Cushing, Oklahoma crude oil inventories for the week to March 8 (-1.536 million barrels) EIA crude oil inventories in the United States for...
The WTI light crude oil benchmark is currently navigating a complex landscape, trading around $83.50 amidst a convergence of factors influencing its trajectory. At present, the market finds itself within a critical juncture, characterized by the interplay of supply dynamics, geopolitical tensions, and currency movements. Recent market movements have seen WTI...
Hello 👋 📊West Texas Oil Analysis Analysis in the short and medium term is in the style of Elliot waves. Due to the formation of 5 rising waves, the market can enter correction, which will be formed in the form of ABC wave, which is currently expected to complete wave A, and any high can be a correction to continue falling. $82.0 range resistance Support and target...
Crude oil is currently facing resistance on a 1-hour time frame. We've established an upper and lower zone for trading. On the weekly candle from last week, the price closed above the previous week's level, which indicates a possible uptrend towards higher levels around 83. If there is a significant gap in the price on Sunday, we should watch for how the...
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...
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...
Price break the trendline in Asia session and did the retracement at the trendline level. No decision to be taken since no confirmation or direction from the market. Decision point on the trendline if price going down then wait for retracement at the trendline. Or if price going up and breaks trendline, wait for the price to retrace at the support marked support...
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.
In D1, price is currently making a retracement after making swing high. In the lower time frame, price is currently making sideways especially in H1 time frame. Currently price is coming back at the support area in H1 make it as a third time of retest support before. If the price break H1 trend line upward. Price may move up and the support before. There is...
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...
💹 Forex Quick Check: #USOIL 📉 Trend: Bearish 🚀 Action: SHORT @ 78.83 🎯 TP: VIP ROOM 🔍 Insights: Hey traders. Welcome to Anna Trade Charts. Here we had another analysis for #USOIL. #USOIL will go down soon. Reason behind to this is that it reached to a most sell zone. We will enter in trade after looking any confirmation according to the LTF. 📊 Time Frame: 4...
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...
The core bias remains for a move up to $77, but as price action during the current rally on the 1-hour chart is choppy and has stalled near resistance, we're looking for a dip lower to around $73. Also note that the weekly and monthly pivot points are hovering above the 10/20-day EMAs, which adds conviction that an interim top may be about to form.