The median line did move below last weeks lower bound, but PA is just choppy sideways.
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Oil prices were on the offer yesterday following Russia’s finance minister reportedly questioning his country’s participation in a production-cut deal led by, although the supply was shortlived and prices have stabilised on Tuesday while fighting in Libya and falling Venezuelan and Iranian exports have raised concerns over tightening global supply.
Meanwhile, traders await the weekly petroleum data, which, however, may reveal a fourth straight weekly rise in U.S. crude inventories be the next catalysts for a restest of the downside below a 61.8% Fibo retracement level.
U.S. crude inventories are expected to have risen by 1.9 million barrels last week, the fourth straight weekly increase. The first of this week's stockpile reports are due at 4:30 p.m. EDT (2030 GMT) from the American Petroleum Institute.
However, it seems that there are many supply threats that outweigh which has been supporting the bullish outlook, and with trade talks on the brink of firming a solution between Beijing's and Washington's trade spat, the market mood will likely be underpinned and that should support prices over the coming weeks. However, on a technical basis, a push below the 61.8% fibo could be all that is needed to sustain a correction lower in the meantime.
DislikedWTI CLINGS TO $64 HANDLE AHEAD OF TODAY'S CRUDE INVENTORIES 16 April 2019, 21:31 Bears looking for a test to the downside although fundamentals should support prices in the long run. WTI is currently trading at 64.00 bbls within the range of between 63.02 and 64.09. Oil prices were on the offer yesterday following Russia’s finance minister reportedly questioning his country’s participation in a production-cut deal led by, although the supply was shortlived and prices have stabilised on Tuesday while fighting in Libya and falling Venezuelan and Iranian...Ignored
Disliked{quote} Loving your analysis and the effort you put in Ll1979. Thanks mate.Ignored
DislikedHi guys! In my opinion don't rush to trade, see what happened under 60.00 line, a 1-week consolidation before the next move. We have to wait for a "corrective structure" here under 65 too to show us the "next long term" direction. Of course, we can take many short term trades in this consolidation (Preferably sell) for small profits too, but the real down move / deep pullback depends on the pattern of daily consolidation. The bigger and the longer the consolidation the faster and longer-term move after {image} For another example please check out...Ignored
DislikedLooking at the Daily i notice we still hovering around 61.8 fib levels, ranging between 64,67 and 63,15. Curious about what happens to the RSI trendline {image}Ignored
DislikedHello everyone, I'm really enjoying this little community of traders. It's always good to bounce ideas of each other in my opinion. Here is my contribution I hope you find it of some use. {image} Thanks JackIgnored
Disliked{quote} Hello data.trade, could you please explain how to use the Implied Volatility many thanks vIgnored
DislikedHello everyone, I'm really enjoying this little community of traders. It's always good to bounce ideas of each other in my opinion. Here is my contribution I hope you find it of some use. {image} Thanks JackIgnored