WTI Crude Oil Trading

WTI looks like a roller coaster

WTI held up at the 200-day moving average, guarding prospect to $60.00
29 July 2019, 21:04

 

1. WTI spot prices are around 0.90% higher since the open, supported supply risks.
2. There is the potential of progress towards a trade deal this week, but unlikely.

Following last week's rises of around 1.5% for both the U.S. benchmark and Brent, global prices of a barrel of oil were a touch firmer at the start of the week as US-China trade talks are back on the table.

There is the potential of progress towards a trade deal this week as the world’s largest economies and the nation's trade negotiators get together for their first in-person talks since a G20 truce last month. However, most of the media is reporting the likelihood of such positive prospects to the contrary considering the meting's past performances that have only highlighted their inability to find common ground.

Businesses are hoping Washington and Beijing can at least detail commitments for “goodwill” gestures and clear the path for future negotiations. However, with the 2020 presidential elections around the corner, even Trump has acknowledged the likelihood that the Chinese will prefer to wait it out to see if they can avoid making a deal altogether with Trump. “I think that China will probably say, ‘let’s wait,’” Trump told reporters in the Oval Office. “When I win, like almost immediately, they’re all going to sign deals.”

Supply concerns stem from the Strait of Hormuz

Nevertheless, for today, with decent summer fundamentals helping to place a floor on crude prices along with ongoing supply concerns stemming from the Strait of Hormuz risk, West Texas Intermediate crude for September on the New York Mercantile Exchange added 25 cents, or 0.4%, to trade at $56.45 a barrel. Spot prices are around 0.90% higher since the open this week having travelled from a low of $55.73 to a high of $56.76bbls.

"Ongoing efforts to secure the navigation for crude tankers in the Strait of Hormuz highlight that the geopolitical situation remains volatile as the US-led coalition deploys additional warships to the region, adding some tail risk to the upside for prices," analysts at TD Securities explained.

WTI levels

Technically, the price has been capped by the 200-day moving average but a break there will open risk towards 57.40 and the 50-day moving average which guards the 20-week moving average. Bulls will then look to the 60 handle and double top in the 60.80s. On the downside, a break of support located on the rising support line of the channel at 55.80, opens 54.60, (61.8% Fibo.).

Trading at 63.96 at the moment, looking for support 63.72 now but more sideways/down below this level imo, near resistance 64.20 upside target 65xx a trend line break would taget 67.45

WTI following similar pattern with upside targ 60 however possible turn date Thurs 1st August, this one could be a continuation signal rather than a turn.

Just my 2p

Good luck

WTI break out on H1

WTI rises 1% to test $ 57.50 ahead of API data, trade talks
30 July 2019, 13:14

 

1. Oil rises on potential Fed rate cut, fuel demand growth optimism.
2. US-China trade talks, US API crude stocks data to offer fresh direction.

WTI (futures on Nymex) extends its four-day winning-streak on Tuesday, as the sentiment remains lifted by a likely Fed rate cut on Wednesday, the first-rate cut by the US central bank in a decade.

Focus on Fed
Markets believe that the likely Fed rate cut would help boost the global economic growth and in turn support fuel demand growth in the second half of this year. The US Fed begins its two-day meeting later on Tuesday, with the rate cut decision due to be announced on Wednesday.

Markets also remain hopeful ahead of the US-China trade talks, as the latest report by the Global Times cites that a partial trade deal could be reached between the two countries later this year. A trade deal would ease global growth concerns and render oil-positive.

Further, supply disruption risks, with Middle East tensions around the Strait of Hormuz, still remaining high, lend support to the latest move higher in the black gold. However, the dollar gains could limit further upside, as the focus now shifts towards the US American Petroleum Institute (API) weekly crude stockpiles data for the next direction on the prices.

WTI Levels to watch
“Technically, the price has been capped by the 200-day moving average but a break there will open risk towards 57.40 and the 50-day moving average which guards the 20-week moving average. Bulls will then look to the 60 handle and double top in the 60.80s. On the downside, a break of support located on the rising support line of the channel at 55.80, opens 54.60, (61.8% Fibo.),” FXStreet’s Analyst, Ross Burland notes.

shorted wti on m5

H4 looks bearish (still needs to be confirmed on candle close)

Hi Sponge made some trades today?

Crapped out of my long swing, 57.83 could tempt me back in

News out tomorrow UK time

out wtih some loss but still up for the day

tonight api numbers (not in calendar)

What time ?

Li where is the best place for oil news ....except here of course

22:30 GMT+1

give some additional info

https://www.plus500.com/Instruments/EconomicCalendar

Anyone got a bull head on ?

Price bounced from ma200.
Seem bullish to me (still needs candle conformation)

long 57.44 stop at b/e (WTI)

Resistance 57.86 target 60.10

No risk let's see how the wind blows

It turned !

I wonder if Gann or Elliot Wave had the same date ?

Really interested in timing the markets but on a KISS basis

Time for bed I've locked in 10 points still looking for uside 60

Good luck all