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WTI Crude Oil 3 Month Spread Synthetic

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5A1! trade ideas

Oil Set to Re-test $82.71 Amidst Market ConsolidationOil prices are currently in a consolidation phase and are expected to test the $82.71 level by the London session. This price action suggests a continuation of the uptrend. For those already in the market, it's advisable to seek sell opportunities in line with your trading strategy. For instance, if you trade using Supply and Demand principles, identify supply zones towards $82.71. Once the market tests this zone and it holds, look for buy signals as confirmation of the continuing uptrend. Oil recently hit a fresh two-month high, driven by mounting geopolitical risks in Europe and the Middle East, as well as the threat of a hurricane in the Caribbean. With these factors in play, a significant drop in prices is unlikely. Therefore, it's crucial to monitor for sell setups towards this re-test zone and then prepare to capitalize on the anticipated upward momentum. There is potential to capture substantial moves towards the upside.
NYMEX:MCLQ2024Long
by yojavi
Oil Price Rally Eyes April HighThe price of oil may continue to retrace the decline from the April high ($87.67) as it carves a series of higher highs and lows. Crude Oil Price Outlook The price of oil extends the advance from the previous week to push the Relative Strength Index (RSI) to its highest level since April, with a close above $83.30 (23.6% Fibonacci retracement) raising the scope for a move towards $85.20 (61.i% Fibonacci retracement). A breach above the April high ($87.67) may lead to a test of $88.10 (23.6% Fibonacci extension) but failure to extend the bullish price series may push crude back towards $80.70 (38.2% Fibonacci retracement), with the next area of interest coming in around $78.50 (50% Fibonacci retracement) to $79.00 (50% Fibonacci retracement). --- Written by David Song, Strategist at FOREX.com
NYMEX:CL1!
by FOREXcom
Constructively Above $80Crude Oil (August) Last week’s close: Settled at 81.54, down 0.20 on Friday and up 0.81 on the week WTI Crude Oil futures have been building a floor out above the psychological $80 mark. The June 18th breakout above 80.11-80.61 has failed to extend gains significantly but has remained robustly constructive above support. Headwinds have come from the fear of rising production from OPEC+ and the U.S. Also, despite weak Manufacturing PMIs from China over the weekend Crude Oil is bid to $82 this morning and finding taiwlinds from Hurricane Beryl. Price action stuck its nose above major three-star resistance at 82.24-82.35 Friday, and we still view this area as significant, with a close above likely inviting added buying. Bias: Bullish/Neutral Resistance: 82.24-82.35***, 82.72*, 84.00*** Pivot: 81.85 Support: 80.97-81.21***, 80.11-80.36***, 79.72-79.97**, 78.61-78.94*** Check out CME Group real-time data plans available on TradingView here: www.tradingview.com Disclaimers: CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
NYMEX:CLQ2024
by Blue_Line_Futures
Will oil plummet? Or is this chart primed for a reversal?Oil ended april as a first red month, in which case may id be looking for sell high, they kept price suppressed and didnt attempt to make any significant higher highs this month, since there was no real place, except the start of may, to sell high, (and fundamentals somewhat driving my thesis) i would expect them to keep trapping volume down low for the frontside move of the week, and shift momentum to the upside later in the week ending as a first green month (closing the month above previous month close 81.15 (CL1!) - after attempting to continue going lower in a previous downtrend) friday was a first green day, so mondays thesis would be to look for a buy low in any 1 of the 3 sessions. past 3 weeks have been inside week for the most part, this is primed for a serious reversal. May the markets be with you all!!
NYMEX:CL1!Long
by thesturdygentleman
2
2024-06-25 - priceactiontds - daily update - oilGood Evening and I hope you are well. wti crude oil comment: Trading range at the highs but bears printing bigger bars and they broke out of the bull channel that started 2 weeks ago. Measured move down would bring us to around the breakout retest price area 78.5 / 78.8. Bulls still want to break above 82 for 83/84 and test the bear trend lines again. current market cycle: Trading range key levels: 80 - 82 bull case: Bulls still see this as a second leg of a pullback around the lower bull trend line and they want to start their third leg (W5) up to 83/84. They need to keep it above 80 or bears might get cheeky and want to push it to the daily ema around 78.8, which would also be a breakout retest. Invalid below 80. bear case: Bears are not able to print two decent looking consecutive bear bars on higher time frames. Until they get much stronger or give up again, best they can probably hope for is sideways around 80. Selling today looks like a leg inside a trading range and not a stronger pullback below 80. short term: Neutral 80-82. It’s moving sideways. Don’t make it more complicated. medium-long term: We are seeing the big triangle playing out between 72 and 86 (could also be 87 but for now I see the spike above 83 as a failed breakout of the triangle. We hit the lower trend line and now we will test back up to above 83. —will update this Wednesday current swing trade: None trade of the day: Buy low, sell high and scalp. Clear key levels given
NYMEX:MCL1!
by priceactiontds
Can Crude Surge Into Month-end?Please note the chart above is continuous front-month Crude, and we are referencing the August contract below. Crude Oil (August) Yesterday’s close: Settled at 81.63, up 0.90 WTI Crude Oil futures rebounded well to start the week, responding to a critical area of technical support. Furthermore, the healthy consolidation at and above the psychological $80 mark could be a launchpad for a strong finish to the month, bringing Crude Oil its best month since September. We have two layers of major three-star support at 80.61-80.86 and 80.11-80.36, and we believe a hold above here sets a constructive path for higher prices. Bias: Bullish/Neutral Resistance: 81.79**, 82.24-82.35*** Pivot: 81.17-81.40 Support: 80.61-80.86***, 80.11-80.36***, 79.72-79.97**, 78.61-78.94*** Check out CME Group real-time data plans available on TradingView here: www.tradingview.com Disclaimers: CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
NYMEX:CL1!
by Blue_Line_Futures
Crude Oil live trading with Weis Wave Indicator (Wyckoff)Indicator is provided by VolumeDayTrader.com The Weis Wave Indicator, often referred to as the Wyckoff Wave Indicator, is a technical analysis tool based on the principles of Richard D. Wyckoff. It was developed by David Weis and aims to visualize price and volume relationships to better understand market dynamics. This indicator is particularly useful in identifying accumulation and distribution phases, as well as the strength of trends. Key Components of the Weis Wave Indicator Wave Counting: The Weis Wave Indicator aggregates volume for each price wave (a directional move in price). This aggregation helps in understanding the strength and duration of each wave, providing insights into supply and demand dynamics. Volume Analysis: By associating volume with price waves, traders can discern whether a wave is supported by significant buying or selling pressure. High volume on an upward wave suggests strong buying interest, while high volume on a downward wave suggests strong selling pressure. Trend Identification: The indicator helps in identifying the direction and strength of trends. Consistent high-volume upward waves indicate a strong bullish trend, while consistent high-volume downward waves indicate a strong bearish trend. How to Use the Weis Wave Indicator Identify Waves: The indicator identifies price waves by aggregating volume for each directional move. These waves are then displayed on the chart, often as histograms or bars representing the cumulative volume for each wave. Analyze Volume Patterns: Look for patterns in the volume associated with each wave. For example, increasing volume on successive upward waves suggests increasing buying pressure, while decreasing volume on upward waves might suggest weakening demand. Assess Market Phases: Use the indicator to identify accumulation and distribution phases. During accumulation, you might see lower volume on downward waves and increasing volume on upward waves. During distribution, you might see the opposite. Confirm Breakouts: When the price breaks out of a trading range, use the Weis Wave Indicator to confirm the breakout. A breakout with high volume on the wave suggests a strong move, while a breakout with low volume might indicate a false move. Practical Applications Trading Range Analysis: In a trading range, analyze the volume associated with up and down waves. Increasing volume on up waves within the range can indicate accumulation, while increasing volume on down waves can indicate distribution. Trend Confirmation: Use the Weis Wave Indicator to confirm trends. In an uptrend, look for higher volume on up waves and lower volume on down waves. In a downtrend, look for higher volume on down waves and lower volume on up waves. Entry and Exit Points: The indicator can help identify potential entry and exit points. For example, enter a long position when an upward wave with high volume breaks a resistance level. Conversely, exit when a downward wave with high volume breaks a support level. Conclusion The Weis Wave Indicator is a powerful tool for traders looking to apply Wyckoff’s principles to modern markets. By focusing on the relationship between price movements and volume, the indicator provides valuable insights into market behavior, helping traders make more informed decisions. Whether you're identifying market phases, confirming trends, or pinpointing entry and exit points, the Weis Wave Indicator can be an essential part of your technical analysis toolkit.
NYMEX:CL1!Short
by VolumeDayTrader
Long CL @ 80.20 - Test of SupportOil has had a large run-up of $10 over the last two and a half weeks. I believe Friday's selloff was mostly due to exhaustion and the start of consolidation after this large rally. Given the continued geopolitical risks. I expect oil to re-test the $80 level before increasing back to the upside. There is large resting liquidity around the $80 - $80.30 levels, so if we get down there I think CL will find major support and return to $81+.
NYMEX:CL1!Long
by SkyIsCalling
Weekend Wizardry On Crude OilRight now It makes no sense in my mind why the market would want to return to being bearish. Yes we are in a premium and after a couple days of upwards movement there can be some stagnent action for traders who like to take more than 25-40 ticks ona single move. So again why would market want to move lower on a htf bases as pointed in my arrows we have a Daily FVG whcih I will be watching price to respect and create a discount in that FVG The wicks from Friday and Monday Daily chart show immediate rebalance and a propell higher is what I am looking for. Given Monday can be opposing price to what Tues and Wed Provide... wink wink Magnet shows my target for next week. to revisit this and whilst in fvg how do we close? Daily fvg CE? I really do look at price on the day to day basis weekly targets yes but this is a subconscious thought when im trading pacific times of the day.
NYMEX:CL1!Long
by IamThattrader