Crude**CrudeOil:**
This week's forecast is for the price to rise to the lost pivot at 83.41 and reverse the trend after that test.
CL1! trade ideas
6/30 | $CLContinuing to grind higher from last week's breakout. Not interested in touching it until a zone is tapped. Sidelines for now.
short /CLBear flag forming on the crude futures. Just playing it short for a quick scalp. Bunch of contracts would be very lucrative return.
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!!
CRUDE OIL FUTURESWe are currently above the pivot point.
It is wise to wait for the price to continue doing green candles above the pivot point and tcontinues going up above the yellow line of 81.82 for going long and to the next structure above the current one.
Otherwise, if the price makes red candles below the pivot point and continues going down below the yellow line of 80.51 we can go short to the next structure below the current one.
Crude Oil upward trajectory !!NYMEX:CL1!
Crude oil is moving upwards by marking HH @ 95 and HL @ 81.5,
81.5 is .786 fib support from previous low),
Curved parallel channel suggests that max downward should be around 79; which is .886 fib level from 77.71),
97 & 104 will be crucial level in coming weeks as resistance.
Short MCLQ2024. sell at 80.92. stop at 81.49. limit at 80.15Daily chart of the MCLQ is showing consolidation/weakness. Lower time frames showing down trend. RSI on 8hr weakening.
support at $80. Need to get out of trade before MCLQ hits $80.
CrudeOil trading in a 100 points range for long time. As we see a massive up move in stock market it is time keep eye on range breakout for oil.
As soon as range breakout happens a minimum 100/200 point move is expected.
CL (Oil) Long Idea - Bullish Divergence Buy at MarketAnalysis on hourly and 15 minute time frame
S/R marked on hourly, trade execution on 15 minute time frame
Looking for CL(Oil) to continue uptrend holding hourly support
Entry at 0xurrent price targeting the highs as TP and SL below hourly support level
1:1.5 RR Trade
Avoid FOMO of oil being bullish Until the price is below 7000 mark we cant say oil has turned bullish
there is volume imbalance and bearish fvg on daily time frame around 6887 to 6771
where there is high probability price to get reject
those who are in long trade before try to trail your stop
and those who are looking for fresh long AVOID !!
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
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***
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Disclaimers:
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*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.
Crude Oil live trading with Weis Wave Indicator (Wyckoff)Indicator is provided by VolumeDayTrader.com
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Crude OilPair : US OIL - Crude Oil
Description :
Completed " 12345 " Impulsive Waves and " A " Corrective Waves
Demand Zone
Fibonacci Level - 61.80%
Consolidation Phase in Short Time Frame
Break of Structure
Turbo Tuesday Crude OiLSo carrying on from our Bullish Bias I am expecting price to move to the Daily +oB and have an bullish reaction to PDH
Closer to NY open I will be looking for this to happen
Daily FVG CE is the target...
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+.
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.
CRUDE OILPreferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas.
With your likes and comments, you give me enough energy to provide the best analysis on an ongoing basis.
And if you needed any analysis that was not on the page, you can ask me with a comment or a personal message..
Enjoy Trading... ;)
CRUDE**CrudeOil:**
This week's forecast is for the price to rise to the lost pivot at 83.41 and reverse the trend after that test.
6/23 | $CLA very strong past couple weeks for crude oil. Would like to see a pullback into daily demand ~ $78 for a potential buying opportunity. I believe we eventually shoot for untested supply above ~ $84.
Crude coinciding with OXY setupCrude broke the downward trend with conviction after a multiple week correction. This gives me more confidence for my potential long-term OXY trade setup next week. These stall candles signal accumulation and contraction. After the initial run multiple EMAs are used for supportive structure including candle bodies and wicks. I am late to the party on crude (but I dont trade futures), Oxy is lagging so that is my preferred method. This will be much like my previous trade , likely a multiple week/month hold, slow layered entry.
#202426 - priceactiontds - weekly update - oilGood Evening and I hope you are well.
wti crude oil futures
Quote from last week:
bull case: Strong week by the bulls with 3 pushes up but still a lower high. Their next target is to get back above 80.22. Right now they have momentum going but big down, big up mostly creates confusion and that means trading range. Above 79.5 I will probably long for 80. They need to stay above 77 or odds favor a retest of the lows below 74.
comment: Bulls just had amazing follow through since Monday and have bought everything on lower volume. The tight bull channel is valid and Monday or Tuesday could set up another good buying opportunity. I don’t think bears want to die on that 82 hill and bulls can bring this easily back to 82.5 or 84.5 where two upper bear trend lines run through.
current market cycle: big trading range or smaller bull trend inside of it. Triangle is still playing out.
key levels: 72-84
bull case: Another very strong week. Can only look for longs in oil currently, until bears show up again. Bulls had two big legs up and want a third one to around 83.5/84.5. The current pullback could continue 1-3 days before more up but bulls should not let it break the lower bull channel around 79.7ish
Invalidation is below 79.5.
bear case: Bears clearly see the pattern and only doing small intraday scalps until the market get’s nearer to either bear trend line as drawn. The big one started 2 years ago, so you can be sure, there will be a reaction. Not saying bears will be strong enough to reverse it directly but at least stall it around that price area. As of now, bulls are in full control and far above the daily ema. Don’t look for shorts unless strong momentum.
Invalidation is above 82.1.
outlook last week:
“short term: Neutral right under the bear channel line and daily ema at 77.5. Can break to either side.”
→ Last Sunday we traded 78.45 and now we are at 80.73. Not a good outlook but I would always write the same. As strong as it was before last Monday, it was the high of the trading range and it could have been the top for some days.
short term: More sideways to down movement expected (not much down, max 79.7ish) before bulls try the third leg up. Can’t be anything but bullish looking at this chart until bears build bigger selling pressure.
medium-long term: We are seeing the big triangle playing out between 72 and 82/84. The high of the triangle got tested until mid of April and we have now tested the lows around 72.5. Market did indeed reversed hard over the past 3 weeks and we are almost at the top of the triangle again, where I expect more sideways movement until one side clearly wins again. Odds favor the bears if they stay below 85.
current swing trade: None
chart update: Bear channel was clearly broken and therefore removed. Tight bull channel with a 5-wave series added.
