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WTI Crude Oil Trading

  • #3,901
  • Sep 18, 2019 5:50pm Sep 18, 2019 5:50pm
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Oil held the 53 dollar level which was also neckline from previous breakout and currently has broken out of short term wedge . If it could manage to continue to trade above the moving average and poke thru the 64 dollar level, then a re-test of the 76 dollars is probable in the next few months. Both RSI and MACD on the daily and weekly are good. If my thesis is wrong then a re -test of 53 is doable.
  • #3,902
  • Sep 18, 2019 6:45pm Sep 18, 2019 6:45pm
I'm slightly surprised oil didn't go even higher on the attack. There's not much risk premium for further middle east instability. What if the Saudi's get hit again? What if there's a war with Iran?

I concede a lot of people have a better understanding of Middle East politics than me, but it seems like things could spiral out of control here and oil is only up about $4 from last Friday before all of this happened.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #3,903
  • Sep 18, 2019 9:14pm Sep 18, 2019 9:14pm
Anybody thinking that WTI still has some downside pressure to fill more of that Sunday gap?
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  • #3,904
  • Sep 18, 2019 10:42pm Sep 18, 2019 10:42pm
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yes yes yes
  • #3,905
  • Sep 19, 2019 12:59am Sep 19, 2019 12:59am
Quoting Ef5
I'm slightly surprised oil didn't go even higher on the attack. There's not much risk premium for further middle east instability. What if the Saudi's get hit again? What if there's a war with Iran? I concede a lot of people have a better understanding of Middle East politics than me, but it seems like things could spiral out of control here and oil is only up about $4 from last Friday before all of this happened.
I am no Middle East expert either but in the last couple of years the US really cranked up it's oil production making Saudi Arabia less dominant then before.
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persistence and determination alone are omnipotent
  • #3,906
  • Sep 19, 2019 4:24am Sep 19, 2019 4:24am
Quoting EventsTrader
Anybody thinking that WTI still has some downside pressure to fill more of that Sunday gap? {image}
I went long from 58 yesterday, but closed it now.

Any short term move in the future is very dependable on the news regarding the recovery of the production. In very short term, if there is no good news, I expect the price will be holding above 58. Equally I don't see any support to make it fly high, so I will go short if it goes to 60 for no good reason.

Long term view, the gap will be filled, and should come at the time that production is recovered mostly
  • #3,907
  • Sep 19, 2019 5:17am Sep 19, 2019 5:17am
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yes yes yes
  • #3,908
  • Sep 19, 2019 6:27am Sep 19, 2019 6:27am
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yes yes yes
  • #3,909
  • Sep 19, 2019 10:45am Sep 19, 2019 10:45am
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yes yes yes
  • #3,910
  • Sep 19, 2019 11:46am Sep 19, 2019 11:46am
Very little from WTI in way of movement, thought the gap would have been a good opportunity for the MM, (market makers) to drop the price and catch the other side out like Sunday, other than sentiment of late I cannot see a driving force to move the price beyond the highs, still keep my stance on it falling back, keeping out at the mo, shorting the Dow for a punt, energy and tech's keeping it buoyant, seeing a slowdown in other sectors, (source of the news) so pinning a fall, just my opinion, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #3,911
  • Sep 19, 2019 12:38pm Sep 19, 2019 12:38pm
I TOOK SHORT , H&S
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yes yes yes
  • #3,912
  • Sep 19, 2019 12:59pm Sep 19, 2019 12:59pm
Chinese industrial production was dropped in the last reading and I think this will push the oil price down
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  • #3,913
  • Sep 19, 2019 1:30pm Sep 19, 2019 1:30pm
Very tempted to go long, 58.30 seems to be a support.
  • #3,914
  • Sep 19, 2019 2:21pm Sep 19, 2019 2:21pm
Quoting detector
Very little from WTI in way of movement, thought the gap would have been a good opportunity for the MM, (market makers) to drop the price and catch the other side out like Sunday, other than sentiment of late I cannot see a driving force to move the price beyond the highs, still keep my stance on it falling back, keeping out at the mo, shorting the Dow for a punt, energy and tech's keeping it buoyant, seeing a slowdown in other sectors, (source of the news) so pinning a fall, just my opinion, D
Closed Dow short+115 pips
I don't need to be good at the game, only good enough to beat my opponent,
  • #3,915
  • Sep 19, 2019 2:38pm Sep 19, 2019 2:38pm
Possibly closed out the Dow a little early, if it passes through this current point it could hit 27000, that being the case WTI could follow down, just a thought, D
EDIT
Taken another short position for a last ditched push, speculative 27000 target
EDIT
56 target for WTI if all goes to plan, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #3,916
  • Sep 19, 2019 2:44pm Sep 19, 2019 2:44pm
Resumed my tit-south view for CRUDE oil... Just from (now) higher position/offset

BYW I love this song... I "heard" they have "gas stations" everywhere in Saudi... They just put the tube in the ground and put it into the car directly, so it's like wi-fi

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BTW I love "EJ EJT" too A8 and Sprite... Wait a minute...
Can you afford to take that chance?
  • #3,917
  • Sep 19, 2019 2:52pm Sep 19, 2019 2:52pm
Quoting detector
Possibly closed out the Dow a little early, if it passes through this current point it could hit 27000, that being the case WTI could follow down, just a thought, D EDIT Taken another short position for a last ditched push, speculative 27000 target EDIT 56 target for WTI if all goes to plan, D
Dow could be heading for another drop looking at the 4hr, any thoughts fellow rooks?D
EDIT
may well hold my short, if the 4rh confirms, my target 25900 speculative, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #3,918
  • Sep 19, 2019 3:29pm Sep 19, 2019 3:29pm
i exit my short . loss 3 $ .
looks like it want to go up
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yes yes yes
  • #3,919
  • Sep 19, 2019 3:31pm Sep 19, 2019 3:31pm
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persistence and determination alone are omnipotent
  • #3,920
  • Sep 19, 2019 4:11pm Sep 19, 2019 4:11pm
Consolidation is another word for nobody knows what to do.
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