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Crude Oil Futures WTI (CL1!)

WTI OIL Channel Up rejection at the top. More selling ahead?WTI Oil (USOIL) almost hit our $93 target on our last idea two weeks ago (see chart below) and yesterday reached the top (Higher Highs trend-line) of the 3-month Channel Up: The first reaction is so far a rejection that has already taken the price to the 4H MA50 (blue trend-line). This is the first contact with it in 3 weeks but it's not a confirmed sell yet as during the previous Higher Highs run it got breached several times and still rebounded. The confirmation came when it broke below the 4H MA100 (green trend-line). As a result, we are only willing to take a confirmed break-out sell below the 4H MA100 and target $85.00 which is the bottom (Higher Lows trend-line) of the Channel Up (-8.68% from the top). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
4
WTI 's rally could just be getting startedThe more we look at market positioning on WTI, the more we suspect that oil may be dominating headlines as we head into 2024. In recent weeks we can see that large speculators and asset managers have been increasing long exposure and reducing shorts, which is the ideal scenario for a bullish trend. Yet net-long exposure for both sets of traders remains low by historical standards, and therefore shows no immediate threat of the move higher being extended. If anything, it could look underbought considering OPEC's desire to support prices. And when you consider oil is rising despite the stronger US dollar, you get to appreciate how strong the rally could get if the dollar's rally were to falter. Either way, with a rising US dollar and oil prices, 2024 could get messy and perhaps risk assets will get their reckoning once more.
NYMEX:CL1!Long
by CityIndex