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CRUDEOIL1! trade ideas

Have the Bulls Regained an Edge in Crude?Crude Oil (September) Yesterday’s close: Settled at 75.23, up 2.03 Price action in WTI Crude Oil Futures settled at the 75.12-75.27 resistance pocket, which now stands as our Pivot and point of balance. We may have seen a shift favoring the bulls in the near term as long as price action can build a floor at the 74.45-74.60 mark. However, if support is surrendered at 73.96, it will signal the early signs of failure. Key takeaways from yesterday’s EIA Crude Oil Inventory Report from Bloomberg: US crude inventories fell for the sixth consecutive week, reaching the lowest since February. The six straight weeks of decline is the longest streak since January 2022. The nationwide decline of 3.73 million barrels takes stocks to around 429 million. Crude inventories at Cushing rose to 30.429 million, a weekly gain of 579,000 that was the largest increase since May 31. Distillate inventories rose above the seasonal average of the past three years, while gasoline inventories rose even as imports fell along the East Coast. Jet fuel inventories recorded their largest draw in nearly four months at 1.1 million barrels, after soaring to a 14-year seasonal high over the last four weeks. Gasoline demand fell for a second straight week. On a four-week basis, gasoline demand ticked lower to 9.114 million barrels a day. Refinery utilization was at 90.5%, a slight improvement from last week. Still, utilization is at the lowest since the pandemic on a seasonal basis. One other nugget from imports data was that flows from Ecuador jumped to the highest this year, somewhat helping to make up Latin American imports after the drop from Mexico that Lucia noted. Bias: Neutral/Bullish Resistance: 76.12-76.40***, 76.87**, 77.62*** Pivot: 75.12-75.27 Support: 74.45-74.60**, 73.96**, 73.46-73.56**, 72.74-72.94***, 72.23-72.42***, 70.703**, 70.00*** 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
Can the HOUSE CAPITALIZE LONG from HTF Discounted Demand Levels?NYMEX:CL1! “The highest human act is to inspire.” - Nip Hussle Tha Great Top of the TOP Fam... As we get ready for the start of a new week and the beginning of a new month, Let's stay focused on our approach and refining our EDGE in the markets. Here in this video I have created a detailed narrative on Crude OIL for the HOUSE to go LONG this week... 1) Being that Sellers have pushed price into HTF Weekly Demand Zone, let's see if buyers can develop the stronger hand and we can get a LTF 15m CHoCh... *** If and when we can get a confirmed 15m CHoCh above price $75.05 Per Barrel. with candle closures above then I'll be compelled to enter the Market LONG from a LTF 15-5m Level of Demand and Target the HTF PIVOT ZONE above.... 2) I'll keep close update as PA develops and we have more data to work with. Remember when it comes to FRM (Financial Risk Management) our job is to manage the downside costs of printing High side returns of $$$ consistently. Let's Keep Steppn!! Stay Focused & Reach Excellence!! #BHM500K #NewERA #Champions
NYMEX:CL1!Long
by TreyHighPwr
Crude Oil Technical Analysis ( 6th AUG) Triangle pattern Current Outlook: Consolidation Crude oil is currently trading sideways around the 6221 support level. Potential Scenarios: Bullish Breakout: A sustained move above the 6245 level could signal a bullish trend, with initial resistance at 6300. Bearish Continuation: A breakdown below the 6210 support may lead to a retest of the 6135 level. Trader Action: Closely monitor price action for a clear breakout signal to determine the next potential move. Disclaimer: This analysis is for informational purposes only and does not constitute financial advice.
MCX:CRUDEOIL1!
by Shalvisharma5
1
Oil (CL) Should Continue Lower to Build an Impulsive StructureShort Term Elliott Wave View in Oil (CL) suggests that cycle from 4.12.2024 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 4.12.2024 high, wave (1) ended at 72.48 and rally in wave (2) ended at 84.55. The commodity has turned lower in wave (3) with internal subdivision as another impulse in lesser degree. Down from wave (2), wave (i) ended at 83.07 and rally in wave (ii) ended at 83.45. Oil then extended lower in wave (iii) towards 81.25 and wave (iv) ended at 82.16. Final leg wave (v) ended at 80.81 which completed wave ((i)) in higher degree. Wave ((ii)) unfolded in an expanded flat structure where wave (a) ended at 83.74. Wave (b) lower ended at 80.22, and rally in wave (c) ended at 83.82 which completed wave ((ii)). Oil has turned lower in wave ((iii)) ended at 76.40 low. The market built an expanded flat correction as wave ((iv)) finishing at 78.60 high and turned lower again. CL broke below wave ((iii)) to end wave ((v)) of 1 at 74.59 low and also we ended wave 1 of (3). Up from wave 1, the market bounce in a zig zag correction ending wave 2 at 78.88 high and starting wave 3 of (3) to the downside. After 5 swings lower, wave ((i)) of 3 completed at 71.67 low and currently we are calling 3 swings higher to end wave ((ii)) pullback before resuming lower. Therefore, we expect further downside to complete wave ((iii)) of 3. Near term, as far as pivot at 78.88 high stays intact, expect rallies to fail in 3, 7, or 11 swing for further downside.
NYMEX:CL1!
by Elliottwave-Forecast
8.3.2024 Oil Weekend Pre Market AnalysisIt's the weekend. I like to go out to my larger charts and clean off the entire chart and start analyzing the instrument for next weeks trading. We know that price is going to move up or down from where it currently is located, so we just need to make up a game plan to trade it.. Looking out at the 4 hour, 1 hour, and 15 minute charts for our trend and target analysis. Then dialing it down to the 3 minute or 15 minute to look for an entry!
NYMEX:MCL1!
by MoneyDuck_Butch
Crude Steps and Forces- all rectangles are potential support/resistance with the last one blue being a probable exception - the 3 marked with dots levels can also become support/resistance, especially the first bottom blueish one, but they can also become like milestones levels or steps in the evolution of the price - the 2 green curves are also potential support/resistance acting as forces pushing the price up or down This snapshot considers the bullish scenario where the price remains above 66, with potential reversal patterns to occur near the red rectangle zone.
NYMEX:CL1!
by UnknownUnicorn903284
CrudeoilM1! ShortThis is Crudeoil Short Trade; In This Trade you Clearly looks for "Mother Setup" - (Trend+Momentum+PriceAction+Strength) How i Identify this Trade: First of All, I look in 125 min chart: This is a Sync of Strength + Trend(Long&Short), Then Can be Bullish or Then can be Bearish; after that, If I Find a Good Sync of Strength + Long Trend + Short Trend (in this Case, We find Bearish) then, i Go for Smaller TimeFrame(15min): in Smaller Chart, There Should be a Same Sync as in Long TimeFrame; means(in this Trade) --> Both the Clouds are Bearish and Strength is Also Bearish in Table How i Plan the Trades: For Execution: first of All i plot Pivots of All Time Frame; like Traditional(Auto, Daily, Weekly, Monthly) + Fibbonaci(Auto, Daily, Weekly, Monthly) then i mark all the levels near price; we can also use Fibbonacci Retracements or Extensions for finding levels After Major Breakdown i Enter to the Trade(Bearish Trade) with BgRainbowMomentum ; After Major BreakOut i Enter to the Trade(Bullish Trade) with BgRainbowMomentum ; Targets are Major Levels; Sl will be Last 3 Candles(Entry candle+2nd last+3rd Last) Highest point of Entry Candle(Bearish trade) This i Very Simple and Quite Good Setup to Trade; because there are All the Keys to Success: Trend + Momentum + PriceAction + Strength
MCX:CRUDEOILM1!Short
by growbharat2005
CRUDEOIL - INTRADAY SETUP - AUG 2ndTechnical Analysis: Crude Oil (1-Hour Timeframe) Short-Term Outlook: Bearish Trade Setup: Entry: Below 6410 Target: 6360 Stop Loss: 6436 Rationale: The price is currently below the crucial level of 6410. A break below this level suggests a potential bearish trend. The target of 6360 represents a potential downside move. However, if the price moves above 6436, it invalidates the bearish setup. Risk Management: The stop loss at 6436 is placed to limit potential losses if the market moves against the trade. Disclaimer: This is a technical analysis based on the provided data and should not be considered financial advice. Trading involves risk, and past performance is not indicative of future results. IF THIS WILL HELP YOU PLEASE LIKE THE POST
MCX:CRUDEOIL1!Short
by Shalvisharma5
3
WEEKLY FOREX FORECAST July 29-AUG 2: OIL INDICES GOLD SILVERThis is Part 1 of the Weekly Forex Forecast JuLY 22 - 26th In this video, we will cover: S&P500 NASDAQ DOW GOLD SILVER US OIL Enjoy! May profits be upon you. Leave any questions or comments in the comment section. I appreciate any feedback from my viewers! Like and/or subscribe if you want more accurate analysis. Thank you so much! Disclaimer: I do not provide personal investment advice and I am not a qualified licensed investment advisor. All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this channel, expressed or implied herein, are committed at your own risk, financial or otherwise.
NYMEX:CL1!
by RT_Money
2
US Crude Oil Prices Hover at $82: Bearish Setup in Sight?US crude oil prices continue to fluctuate within a sideways trading range, currently hovering around the $82.00 mark. This consolidation phase has presented an intriguing supply area, suggesting a potential bearish movement in the near term. In this context, it's essential to consider the positions of various market participants. Commercial traders, who often include producers and large institutions, are maintaining a bearish stance. This bearish sentiment from the commercial side contrasts with the behavior of retail traders, who are currently in buying mode. This divergence between commercial and retail positions can be a significant indicator of potential market direction. Given the current market conditions, we are monitoring this supply area for a bearish setup. On a daily timeframe, the possible targets for this bearish movement are the next demand areas. These zones represent potential levels where buying interest might re-emerge, providing support to the prices. While there isn't a strong seasonal trend supporting a bearish continuation, statistical analysis suggests that there could be a bearish impulse lasting until mid-August. This potential decline aligns with historical patterns, even though the current market lacks a definitive seasonal bias for a prolonged bearish trend. The interplay between commercial and retail traders' positions provides a nuanced view of market sentiment. Commercial traders' bearish outlook, combined with the retail traders' bullish stance, creates a dynamic environment that could lead to significant price movements. This scenario highlights the importance of closely monitoring market sentiment and positioning to identify potential trading opportunities. In conclusion, US crude oil prices remain in a sideways range around $82.00, with an interesting supply area indicating a possible bearish movement. The contrasting positions of commercial and retail traders add complexity to the market outlook. Despite the absence of strong seasonal trends, statistical analysis suggests a potential bearish impulse until mid-August. Traders should remain vigilant and consider these factors when developing their trading strategies in the current market environment. ✅ Please share your thoughts about Crude Oil in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
NYMEX:CL1!Short
by FOREXN1
1
Short WTI Possible level to go short off on WTI Crude oil. Price coming back up into a trendline, resistance level (previous swing low), and low volume cave with the 200 ema acting as resistance and confirming trend. Also have yesterdays volume profile closing as a b shape with POC at lows and lower than pervious day. OBV is creating bearish divergence within this zone on the 30 and 5 min. Wait to see if we can get a good breakout through this CTL and support level with an increase in volume
NYMEX:MCL1!Short
by ElGore18
ES Oil the last day of the month.... almost.... we have one more day but I'm not redoing the video. I wanted to talk about the last high or low pattern that I learned years ago when it really resonated with me in a significant way to change my thinking. the es is set up to go possibly a lot lower. I was asked to look at the oil as a long trade and I think that it is a reasonable long trade but not an easy trade. patterns like this can create very nice reversals that go in your direction, but it's easy for trades like this to turn on you and stop you out of the market and that's what would concern me about this trade especially when I look at the larger time frame it compare easier trades for much larger profit this trade. you know where your stop should be on this Market and if you can take the stop this could be a nice trade.... as long as you know that if it turns against you where you have a small stop... it's no big deal he gets stopped out. because the market is at a support area when I can compare the chart to the left my bias is to look to be a buyer not a seller even if I think the market can easily trade lower.... plus I like the ABCD pattern down to the support. I would not scale into a long trade and add a long position if it trades lower with the thought that it can only have a very small move lower.in other words if it moves significantly lower get out of the trade, sit on your hands and give the market some time before you enter back in the market.
NYMEX:CL1!
by ScottBogatin
1