Predict oil price with AI

Oil Price Forecast Score: -3 (Moderate Bearish)

Key Observations

From the 240-minute Chart (Crude Oil Futures):

Oil price below key levels:
- The price of oil is currently at $70.43 trading below:
  - today stands at 70.60 $.
  - today stands at 70.57 $.
  - POC Thursday at $70.40.
- Oil prices below these key levels indicate that sellers are still in control, indicating bearish sentiment.
VWAP and oil price volatility:
- Today's VWAP for crude oil at $70.77 and the POC at $70.92 are immediate resistance levels.
- New selling pressure could have pushed oil prices to those levels.
Delta's analysis of oil futures:
- The latest 240-minute bars have negative delta changes along with bearish price action:
  - High selling volume at lower price ranges indicates continued selling pressure in crude oil futures.
  - Delta SL remains negative, confirming the continued dominance of sellers in the oil market.
Crude rates under oil prices:
- $69.84 (Thursday's VAL) is a key upside target where short positions in crude oil could profit.
- Further below is $69.65 (VWAP Wednesday) and $69.50 (POC Wednesday).
- These levels could become magnets for the price of oil if selling pressure continues.

From the 30-minute crude oil chart:

Price Action and VWAP Slope in Oil Futures:
- The oil price is still below the VWAP today at $70.77, and the slope is clearly down, confirming the bearish trend for crude oil futures.
Delta Verification and Volume in Oil Trading:
- Multiple bars show negative Delta Change and high selling volume, indicating active selling in the oil market.
- Despite occasional green bars in crude oil prices, they lack persistence and are accompanied by a weak or negative delta, indicating that buyers do not have a strong presence.
Immediate stance and support for oil prices:
- Resistance Levels: $70.60 (VAL), $70.77 (VWAP), and $70.92 (POC).
- Support levels: $70.32 (current local low), followed by $69.84 (VAL Thursday), where oil price may encounter temporary buying pressure.

Summary for Oil Traders and Investors:

Bias for Oil Prices: Moderately bearish (-3).
Near-term outlook for oil: Crude oil futures price may test $69.84, with key resistance at $70.77 (VWAP) and $70.92 (POC).
Oil Trading Note: Traders may wait for oil prices to $70.75 (just below VWAP) for better short entries, as sellers are likely to defend that range in crude oil trading.

Use Case Reminder: This oil price forecast shows directional bias but does not provide accurate trade entries. Use key levels and order flow data to plan precise entries and exits when trading crude oil futures. Exchange oil at your own risk and visit ForexLive.com for additional views.

This article was written by Itai Levitan at www.forexlive.com.

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