WTI Crude Oil Trading

Well, to be honest myself.. I do not have firm view on anything, for the rest of the week, because I suspect some big thing coming tomorrow... Whenever the market is stall... refering to eurusd since I "know" it best (bur derive other markets from this)... we are hit by some BIG surprise/spike... and all the cascade (counter) effects this might trigger... I will make some firmer belief after this week is over and maybe after markets stabilises in the week that follows... Would then pretty much extrapolate from there.. at least for the rest of the SEP and end of OCT... At the end of OCT, we are expecting some (potentially) BIG party (brexit and all)... I wonder how it would play out

Seems it’s living up to expectations, I’m still away so cannot see my system hence the scalp yesterday, with just short of my higher target it could well conform with what the daily is showing, let the bun fight continue,D

WTI HAS DROPPED HEAVILY ON BEARISH FUNDAMENTAL COMBO
11 September 2019, 22:19

 

1. OPEC cut its forecast for growth in world oil demand in 2020 due to an economic slowdown.
2. The 23.6% level at 53 the figure is critical should 54.80 give out.

WTI has dropped heavily, down -3.41% at the time of writing. WTI has travelled from a high of $58.27 to a low of $55.63 on the day so far. Indeed, oil was on the backfoot on Wednesday, despite U.S. government data showing a fourth straight weekly fall in domestic crude supplies. Oil futures suffered a sharp decline on Wednesday, settling at their lowest in just over a week following a report that President Donald Trump discussed easing sanctions on Iran raised the potential return of Iranian oil to the market.
Trump is seeking to secure a meeting with Iranian President
Trump is seeking to secure a meeting with Iranian President Hassan Rouhani later this month, with news that U.S. National Security Adviser John Bolton, a hawk on Iran and Venezuela, who advocated for pushing Iranian oil exports to zero, would also step down. Additionally, weighing on oil prices, OPEC cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude. Subsequently, in a combination of all of the above, West Texas Intermediate crude for October delivery dropped $1.27, or 2.2%, to $56.13 a barrel on the New York Mercantile Exchange.

WTI levels
A daily doji had been painted on the daily time frame and the price has subsequently fallen over in a big way. The 23.6% level at 53 the figure is critical should 54.80 give out. On the upside, the Sep to Dec 2018 lows are located at 59.50 guarding the 78.6% Fibonacci retracement levels of the July swing lows and highs with the 60 handle on the radar.

cl love the weekly pivot lines

The preceding post by Ll1979 covers the situation well.

Red Arrow is boss.

WTI has some downside risk IMO. We may have hit a top earlier this week. This reversal has seen some high selling volume on the CME.

WTI was rather unaffected by this news that triggered big moves in gold and some currencies. It ticked up slightly, but no volume either.

Here's a better look at the move or lack thereof:

WTI is finally starting to move up on the sentiment of trade war tensions might be easing. Smaller move so far than I would have expected.

WTI drops back below $ 56 ahead of OPEC meeting
12 September 2019, 10:38

 

1. Oil pares gains as US-China trade optimism-led risk-on cool-off.
2. Focus on US-Iran geopolitical tensions and OPEC meeting for fresh direction.

Having witnessed a volatile session on Wednesday, WTI (futures on Nymex) attempted a minor recovery from three-day lows of $ 55.62 on Thursday.
However, the black gold lacked follow-through on the 56 handle, as markets turned cautious ahead of the key OPEC Joint Ministerial Monitoring Committee (JMMC) due later today.
US-China trade optimism offset by OPEC meeting nervousness
The barrel of WTI saw a steady recovery mode in the Asian trades after the risk sentiment was boosted on fresh US-China trade optimism, spurred by the goodwill trade gestures from both the US and China. The US President Trump delayed tariffs on Chinese good by two weeks in response to China’s exemptions of 16 US products from its tariffs list.
However, the recovery stalled in Europe, as the sellers returned amid expectations that the US could ease its stance on Iran, a move that would potentially boost global crude supply at a time of rising concerns about oil demand, as underscored by the latest OPEC monthly oil market report.
Meanwhile, increased nervousness heading into the key OPEC+ meeting on the output policy and oil market keeps the bulls on the edge. Despite the latest downtick, the prices are likely to find support from declining US crude stockpiles.
The US Energy Information Administration (EIA) revealed that the US crude oil stockpiles fell last week to the lowest in nearly a year to 416.1 million barrels, down 6.9 million barrels in the week to Sept. 6.
All eyes remain on the fresh developments surrounding the US-Iran geopolitical conflict and US-China trade front for fresh trading impetus ahead of the OPEC meeting outcome.

That's totally understandable! I'm glad you were able to get out without too many losses.

I lucked out with all of the latest string of news that hit that markets!


PHEW!

Nice insight! Thank you Moty!

Attachment g

I see the rsi divergence as well, so want to buy in, but it is not near any supply and demand zone, so a little bit worry

On the other hand, if it didn't touch 55, then we have a better bias on the bullish side.

I'll stay, don't if oil will mind go down another point and even 2 down.
i Admit that my entry was poor, but I was expecting a slightly bigger fix to the upside

Saudi Energy Minister: Willing to continue with lower oil output than 10 million bpd until end year
12 September 2019, 13:18

Saudi Arabia's energy minister crossed the wires in the last minutes saying that they are willing to continue with lower oil output than 10 million barrels per day until the end of the year. "Oil exports will remain in the border of 7 million barrels per day," the minister added.
These comments failed to help crude oil recover its losses. As of writing, the barrel of West Texas Intermediate was trading at $55.30, losing 1.2% on a daily basis.
"Discussions with Kuwait over the neutral zone are positive," the minister said. "Within 2 months, things will be clear over the restart of the neutral zone fields."

Just buy at 55, hopefully it is a good support

cl loves the weekly pivot lines
Each journey begins with a small step

hahaha i knew it , crooks never sleeps