WTI Crude Oil Trading

WTI IS HEADING TOWARDS A CLOSE WITH A 5% GAIN ON THE DAY
20 June 2019, 22:28

1. WTI trades 5.10% higher and climbed through the 20-D EMA and the 50-D EMA.
2. Tensions between Iran and the U.S. as the attacks in the Strait of Hormuz have escalated.

West Texas Intermediate oil rallied on Thursday on an increasingly concerning situation over the tensions between Iran and the U.S. as the attacks in the Strait of Hormuz have escalated to what now appears to be Iran attacking US military drones in the area. It has been reported that Iran shot down the U.S. drone and U.S. President Donald Trump said in a tweet that "Iran made a very big mistake!"

However, he was also claimed to have said that the Iran incident was ‘probably a mistake’ by an individual person and that he doesn’t feel like his administration is ‘pushing him towards conflict’. Either way, the price of oil is telling us what the markets feel about the situation and a barrel of oil is 5% more expensive on the day.

Meanwhile, the Energy Information Administration reported yesterday that U.S. crude supplies dropped by 3.1 million barrels following two straight weeks of gains. Meanwhile, OPEC and its allies are scheduled to hold meetings on July 1-2 were extensions of cuts are expected which is also supporting the bid.

WTI levels
WTI climbed through the 20-D Experiential Moving Average, (EMA), and the 50-D EMA, now en route for the 200-D EMA. A break there will expose the 30th May highs of $59.67 and of course the $60 psychological level. However, if the price can't sustain a bid, bears wi target back down to the 200 weekly EMA and the 61.8% Fibo. A full breakdown opens prospects for a correction to back towards the14th Jan 50.41 low and then the 26th November lows at 49.44.

A powerful day. Changed contract due to June expiration.

PS.
Bond yields continue to decline. Someday equities will notice this.

Another bet against USD. Not such a good close--some pips slipped away.

WTI: Short, near-term entry
Chart @ H4 TF: HA candles & Oscillator @ D1TF

WTI facing some resistance on 57.3x area (fib 38.2 + tops feb mar 2019) on the Daily

Shorter indi's a bit streached but I think it will hit 58 today

Indices are becoming interesting near all time highs. Do you have some interesting picks on your peaky radar atm?

Not really I was in short EU this morning but closed before the news -7

Wti + 22, Gold -50 Flat for now

The indices have a sell signal on the daily but I don't trust it, weekly/monthly still look long to me. I still feel the S&P will top 3000 / 3300 but it's just a hunch

DAX would he been a hell of a trade with the detector sponge setup

You have mail

you 2

sponge,

the Crude Oil "railroad" for wave "4" (a-b-c).

Sixer

Hi all, just opened a short WTI 57.40 (speculative) indicators showing signs of exhaustion (well to me ) sorry for missing the board of late,(I have a note of absence) couldn't commit but been looking in, will have a look around the comments, good chess everyone, D

I think when the news drops out of WTI, It's day is done, I was silly enough not to keep my long trade but as I have always maintained, it never sat well being long, with a possible push to 58.50+ unless war breaks out, I cannot see it sustaining, unless production is cut significantly, then we swap organic for artificial, just my opinion, D

Li, does a close below 89 on any timeframe work in with your plan or is it just 5 min, opps, was going to say the 15 is below as I type, D

Normally only use it on 5M

Great, looks like it's there now, volume spiking, whats your verdict, looking short? cheers D
EDIT

I don't like the consolidation in the chart (green box) it makes me cautious

break of support (red line) might trigger sell

MMM yeah, thought it may have hit 56.70 before and if it was to continue, cautious is the word, D
EDIT
Unless the news is going to set it away it loos to be trending down maybe, the Dow done soething similar before the push Wednesday, D