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WTI Crude Oil Trading

  • #1,361
  • May 21, 2019 11:29am May 21, 2019 11:29am
SPX approaching upper trendline on H4
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persistence and determination alone are omnipotent
  • #1,362
  • May 21, 2019 2:40pm May 21, 2019 2:40pm
Price breached the uptrend line and EMA20 to the downside, but it does not have the appearance of a decisive break. PA is still in a range from last week.
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  • #1,363
  • May 21, 2019 3:22pm May 21, 2019 3:22pm
On a 4 HR Chart , I feel that WTI has a very , very good chance to hit $62.30 area within the next 24 hours.

Sincerely ,
GreenEarth
"Define the risk OUT of your trade"--Mark Douglas
  • #1,364
  • May 21, 2019 4:22pm May 21, 2019 4:22pm
Quoting riclater211
{quote} Hey All, I have been receiving more than a few private messages saying I really should be posting WTI instead of Brent. To be honest, it is not much of a difference other than the actual pricing. However, I have no issue with it so here we go. My analysis is the same. Same Strong Trend lines exist, different levels for the Trade Boxes ( 64.00 to 76.00 long & 60.00 to 52.00 short side) but you can see by my newly created WTI chart that it looks nearly identical to the old Brent. Price is still getting crushed. "Which is going to go first?...
Price continues to tighten and the high/low levels are shrinking each day. Price is stalling as we play a waiting game. Traders are taking up positions and money is pooling around 63.00. End of month is coming soon. Look out for fake outs of re-balancing, Sell-offs/buy-backs and position taking. It is a wait and see until price breaks out.

- Ric
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Be humble or get humbled
  • #1,365
  • May 21, 2019 9:40pm May 21, 2019 9:40pm
Oil slips on rising US output

  1. US oil stocks rise by 2.4 mln barrels to 480.2 mln last week.
  2. US-Iran tensions will likely restrict downside in oil prices.

Oil prices on both sides of the Atlantic fell on Wednesday after industry showed an uptick in US crude oil production.
Brent crude fell 0.30% to 471.75 per barrel and West Texas Intermediate (WTI) slipped lower by 0.54% to $62.61 per barrel.
The American Petroleum Institute(API) said on Tuesday that US crude inventories rose by 2.4 million barrels last week, to 480.2 million barrels, topping the expectations for a decrease of 599,000 barrels by a big margin, according to Reuters news.
The black gold may further drop later today if the US Energy Information Administration's reports a big jump in the oil stockpiles.
The price dip, however, could be short-lived, courtesy of escalating tensions between the US and Iran. President Donald Trump on Monday threatened Iran with "great force" if it attacked US interests in the Middle East. Further, acting US Defense Secretary Patrick Shanahan said threats from Iran remained high.

persistence and determination alone are omnipotent
  • #1,366
  • Edited May 22, 2019 5:17am May 21, 2019 11:39pm | Edited May 22, 2019 5:17am
Quoting Marco-Kanto
Inverse H&S may be in play. 64.50 target. Bigger target 64.80. {image}
Make or break for my IHS gameplan. Long from WPP. A close below the shoulderline invalidates the pattern.

*edit out -15.
Focus.
  • #1,367
  • May 22, 2019 5:26am May 22, 2019 5:26am
I still have mixed signals but the bigger frames are saying bear in my opinion

62 could support but I think limited upside / sideway if it stays above, bear below

On the side at the moment
All charts/ideas based on UK time zone
  • #1,368
  • May 22, 2019 7:24am May 22, 2019 7:24am
Quoting Fx4Lving
According to Abonacci NPDs , Oil will fall down to 62.16 {image}
Nicely hit the target . I am out of any position for Oil now.
  • #1,369
  • May 22, 2019 7:48am May 22, 2019 7:48am
Quoting Fx4Lving
{quote} Nicely hit the target . I am out of any position for Oil now.
Nice call
All charts/ideas based on UK time zone
  • #1,370
  • May 22, 2019 7:52am May 22, 2019 7:52am
EIA: Commercial crude oil inventories increased by 4.7 million barrels from previous week
22 May 2019, 17:34

In its weekly petroleum report for the week ending May 17, the Energy Information Administration announced that the commercial crude oil inventories in the U.S. increased by 4.7 million barrels.
Key takeaways from the press release

  1. Gasoline production decreased last week, averaging 9.9 million barrels per day.
  2. Distillate fuel production decreased last week, averaging 5.2 million barrels per day.
  3. U.S. crude oil imports averaged 6.9 million barrels per day last week.
  4. Total products supplied over the last four-week period averaged 19.9 million barrels per day, down by 2.7% from the same period last year.

persistence and determination alone are omnipotent
  • #1,371
  • May 22, 2019 7:55am May 22, 2019 7:55am
Channel still intact
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persistence and determination alone are omnipotent
  • #1,372
  • May 22, 2019 7:59am May 22, 2019 7:59am
WTI----$61.20 ish is not out of todays picture yet.
Interesting.

Regards ,
GE
"Define the risk OUT of your trade"--Mark Douglas
  • #1,373
  • May 22, 2019 8:27am May 22, 2019 8:27am
Quoting Fx4Lving
According to Abonacci NPDs , Oil will fall down to 62.16 {image}
Can you tell me what Abonacci NPD'S are please
All charts/ideas based on UK time zone
  • #1,374
  • May 22, 2019 8:45am May 22, 2019 8:45am
I've been looking for downside targets

60.60, 59.56, 57.43 anyone ?

Edit ..61.44 support / resistance ...could stop the rot
All charts/ideas based on UK time zone
  • #1,375
  • May 22, 2019 8:49am May 22, 2019 8:49am
If it follows through, 58 next stop, me personally, had a better run with the hype, feel it may not be a clean cut fall so staying away, good luck, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #1,376
  • May 22, 2019 8:54am May 22, 2019 8:54am
Quoting sponge
I've been looking for downside targets 60.60, 59.56, 57.43 anyone ? Edit ..61.44 support / resistance ...could stop the rot
I don't know why the massive drop but if 61.00 is broken , $60.43 COULD be the next region of support.

Regards , GE
"Define the risk OUT of your trade"--Mark Douglas
  • #1,377
  • May 22, 2019 8:56am May 22, 2019 8:56am
Quoting detector
If it follows through, 58 next stop, me personally, had a better run with the hype, feel it may not be a clean cut fall so staying away, good luck, D
I crapped out at + 48 not bad I've been waiting all day
Attached Image
All charts/ideas based on UK time zone
  • #1,378
  • May 22, 2019 2:30pm May 22, 2019 2:30pm
A lot more momentum than I expected after crossing EMA20.
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  • #1,379
  • May 22, 2019 4:21pm May 22, 2019 4:21pm
Quoting riclater211
{quote} Price continues to tighten and the high/low levels are shrinking each day. Price is stalling as we play a waiting game. Traders are taking up positions and money is pooling around 63.00. End of month is coming soon. Look out for fake outs of re-balancing, Sell-offs/buy-backs and position taking. It is a wait and see until price breaks out. - Ric {image}
Price still bouncing along the same levels. No change. Waiting for breakout or something.

- Ric
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Be humble or get humbled
  • #1,380
  • May 22, 2019 10:44pm May 22, 2019 10:44pm
60.84 possible support this morning

overall still bearish I think

Looking for buy setup on Dow today
All charts/ideas based on UK time zone
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