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WTICOUSD *For Swing Traders:
The Daily is still in Bullish (directional Market Bias.

Price action has been tightly and widely consolidating since the long bearish drop to form the Swing Low of 65.015. That was on June 24th.

As the bulls rallied earlier from the S&R Zone (that starts at 66.314) and Bullish Pressure Zone (from the lower wicks of three candles in succession), a Shooting Star formed, which is a top reversal pattern.

A drop down from the Shooting Star can be towards the S&R Zone and potentially further towards the Swing Low of 65.015. If that doesn't happen, the bulls can rise from the S&R Zone for a breakout from the Inside Day's high of 68.860 and potentially breach the Swing High of 69.975.
Snapshot

WTICOUSD On the 4-Hour chart, it is in Bearish (directional) Market Bias.

After the Shooting Star showed up at the top of the rally - a signal that it's in Overbought territory, a tall and trending bearish candle dropped the market down.

A further drop can be towards the Swing Low of 65.628. If the bears can't even reach or breach the Swing Low with a candle close past 65.628, then the bulls can rally next.
Snapshot


Arhaan9787 this is what I mean…
+ I’ll leave beyond50 and mustafabeercan to be the judge of this as they have experience in similar situations lol

My post: OIL_CRUDE might be headed o 66.45

to 66.00 to 65.60 wait for confirmation

Your following post after saying USOILSPOT I guess we can see 67.8 today by NY session close. What say?: USOILSPOT Ready for reversal in sometime.

My post: OIL_CRUDE
Just a thought looking at the charts I think we might have a bullish gap down on Monday. Meaning we might see a gap down but buy orders could cover shorts leading to another bullish run. This is not a financial advice. I can see this happening as there is a bearish CRT on the 2D Timeframe and 12H timeframe and a bullish BOS fair value gap around 65.80 on the 12 hour timeframe frame.

We tested the opening of previous 12H bearish candle (67.60) and rejected so it might drop further on Sunday evening ahead of Monday session towards the Bullish order block also around 65.40-65.80 before it loads up for another run

If you want to adjust pricing to USOIL add 90-95 cents onto the values shown above.

Have a great weekend and Happy Friday!! 🙏🏽

Your post: USOILSPOT I was scanning the chart on the 1-hour TF. I found some interesting patterns. As per my analysis, it could again fall to the 64 level and then rise towards 75.

Or else we are done with 64 levels, and it's gradually moving towards 75. We can probably see it in the coming days.

What does your analysis say?

Only difference:
I haven’t spoken about crazy speculation of 75.
You mentioning 64 level when you replied to my post saying I do not think it will go below 66.00

I just see a lot of inconsistencies…

USOILSPOT I was scanning the chart on the 1-hour TF. I found some interesting patterns. As per my analysis, it could again fall to the 64 level and then rise towards 75.

Or else we are done with 64 levels, and it's gradually moving towards 75. We can probably see it in the coming days.

What does your analysis say?


OIL_CRUDE
Just a thought looking at the charts I think we might have a bullish gap down on Monday. Meaning we might see a gap down but buy orders could cover shorts leading to another bullish run. This is not a financial advice. I can see this happening as there is a bearish CRT on the 2D Timeframe and 12H timeframe and a bullish BOS fair value gap around 65.80 on the 12 hour timeframe frame.

We tested the opening of previous 12H bearish candle (67.60) and rejected so it might drop further on Sunday evening ahead of Monday session towards the Bullish order block also around 65.40-65.80 before it loads up for another run

If you want to adjust pricing to USOIL add 90-95 cents onto the values shown above.

Have a great weekend and Happy Friday!! 🙏🏽



WTICOUSD The current bearish candle on the Hourly will either drop more to break through the Bullish Trendline (in green dotted line) or use it as support for a retrace upwards.

If there's a continued move down by the bears to cross the trendline, then the market bias would flip from bullish to bearish with the most profitable moves being to the downside.

*Side Note:
To make it official that the Hourly is in Bearish Market Bias, the current candle forming would first need to break the trendline, then another bearish candle in the new hour has to "clear" past it, which means it no longer touches the trendline in going down.
Snapshot