WTI Crude Oil Trading

Breakout from the channel with HoD of 58.48. The top is at the second upper band (UB2), which shows significantly overbought.

Or a new leg up.

Could easily be the case. There might be a pause at the current level.

Been lots of hawkish news about deeper cuts for longer and the end of the waiver period for countries trading with Iran.

I tend to believe in divergence Fib 50 and reversal back to at least 38,2

OPEC: February oil output fell by 221,000 bpd m/m to 30.549 mln
14 March 2019, 15:10

In its monthly oil market report, OPEC, citing secondary sources, noted that the oil output in February decreased by 221,000 barrels per day to 30.459 million barrels per day amid the supply drop in Venezuela and the OPEC+ output cut agreement.
Key quotes (via Reuters)

1. OPEC raises 2019 non-OPEC oil supply growth forecast by 60,000 bpd to 2.24 million bpd.
2. Strong growth in 2019 non-OPEC output highlights need for OPEC+ producers in supply-cutting deal to continue supporting market stability in 2019.
3. OPEC sees 2019 demand for its crude averaging 30.46mln bpd, down 130,000 from previous forecast.
4. OPEC leaves it’s 2019 global oil demand growth forecast unchanged at 1.25mln.
5. OPEC urges oil producers to prevent return of surplus this year.

more info info in the monthly report:

https://www.opec.org/opec_web/en/publications/338.htm

BEYFOR , I agree.
Oil is overdue for a pullback.
What level do you think oil will pullback to ?

Regards ,
GreenEarth

WTI oil finds a resistance around the 200 day EMA at the 59,00 level. Besides the moving average and the round number level, around the same zone we can find the 55 week EMA and the 200 week EMA. WTI oil may try to correct to the downside, but a breakout above the 60,00 level, its next resistance could be the 65,00 level.

Correction can start from here,
I sold @ 58.58 SL: BE TP: 50.00

WTI turns negative around $58.20 ahead of data
15 March 2019, 15:39

 

1. Prices of the WTI retreats after hitting fresh 2019 highs.
2. US-China trade concerns weigh on crude oil prices.
3. Driller Baker Hughes’ oil rig count coming up next.

Prices of the barrel of the American reference for the sweet light crude oil are losing some ground after climbing to fresh yearly highs just below the $59.00 mark earlier in the session.

WTI looks to trade, data

Prices of the WTI seems to have met resistance in the vicinity of the $59.00 mark per barrel today following four consecutive sessions with gains.

Crude oil has faded part of the onoging sharp up move after some pessimism around the US-China trade dispute resurfaced on news that the Trump-Xi meeting has been pushed back to next month.

However, the upbeat sentiment in crude oil remains well and sound for the time being, with a larger-than-expected draw in US supplies adding extra legs to the rally, as per the latest EIA report.

Looking ahead, Baker Hughes will publish its usual weekly report on the US drilling activity later in the European evening.

What to look for around WTI
Crude oil is extending the rally and clinched fresh 2019 peaks in levels just shy of the $59.00 mark today, always bolstered by a softer buck and a generalized better tone in the risk-associated universe. The underlying bullish view in crude oil remains firm, in the meantime, on the back of the so-called ‘Saudi put’, tight conditions in the US markets (amidst US net imports in historic low levels and the rising activity in refiners ahead of the summer session), the current OPEC+ agreement to cut oil output and ongoing US sanctions against Iran and Venezuela crude oil exports. However, uncertainty around the US-China trade dispute (as per recent events) remains a threat to this view and could undermine further bullish attempts.

WTI significant levels
At the moment the barrel of WTI is down 0.45% at $58.18 facing the next support at $56.89 (10-day SMA) seconded by $55.51 (38.2% Fibo of the October-December drop) and then $54.37 (low Mar.8). On the flip side, a breakout of $58.86 (2019 high Mar.15) would expose $59.63 (50% Fibo of the October-December drop) and finally $61.97 (200-day SMA).

Unfortunately theres still up volume on WTI per the 60m....so the bears still arent in.

End of week update. The chart has changed to the April contract: GCLK9.

check my previous post up above March 15th.....heres more....

Advance & consolidate pattern continues. Downtrend line (red) broken, price action remains above EMA20 and uptrend line (blue).

Median line is drifting through the uptrend line (blue), but also into the pennant corner. It could do anything here.

1030 ET - Crude Oil Inventories
1400 ET - FOMC Statement

WTI might not do much before the FOMC.

Curious .... what happens on the daily chart while approaching FIB 50

I dont see any serious refuse of the zone, i think it will continue higher.