WTI Crude Oil Trading

This could sound mad, a quick calc on daily movement and where we are with indicators & Sponge's prediction, 600+ point rise, which would equate to 4 days, given we see 150 point daily range could bring an eclipse, set your sell limits LOL, D

Brent oil trades above 100-day MA as Russia reaffirms commitment to output cuts
28 October 2019, 05:41

 

1. Brent oil is trading above the 100-day average for the first time in over a month.
2. The upside is being capped likely due to comments by the US Energy Secretary.

Brent oil is currently lacking a clear directional bias, having closed above the 100-day moving average on Friday.
The black gold is trading above the long-term average for the first time since Sept.24. As of writing, a barrel of Brent is changing hands at $61.94 and the 100-day MA is located at $61.68.
Russia’s energy ministry said on Friday it is continuing close cooperation with the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers to enhance market stability and predictability, according to Reuters.
The alliance, known as OPEC+, entered into a deal in January to cut output by 1.2 million barrels per day (bpd) to support the market. The pact is scheduled to run till March 2020.
Russia's comments are likely helping Brent hold above the 100-day MA in Asia. Further, a statement from the United States and China that they are closing on a partial trade deal could be supporting prices.
The upside, however, is being capped likely due to comments by the US Energy Secretary that Global markets are awash in crude and the record US production looks set to continue.

I am hopeless with fundies

I am bearish and looking for a sell signal, possibly with the next push up, could take a while

Good luck

Looks like we'll get a test of Friday's pivot

The recent rally is supported by the positive looking of the trade deal outcome, and the possibility of OPEC to cut production down...... isn't it?

Testing now, think it's short below but no signal for me yet

easy money

Failure to break the blue action line could signal trend reversal.

Good call !

h1

h1 close up

Yeah man, just checked and it does seem to be a good SHORT option... Just not sure if I would be confident to play with it this week...

Red action line was crossed today; a new Red Arrow is a possibility if downward movement continues.

Sponge, I'm still in with the forecast, the indis are aligned now, as of 6 days before the gap up, (700points) ok I said 600, but the daily range was about 150, we have Chinusa about in the bag, all a recipe to explode this which would just about fit the bill of the turn, sorry if my post came over a little tongue and cheek but it was genuine,D

Took a little dip Now waiting for the words from "sky" Fed et al. I'm so Fed up with this blah gridlocks, stalls.... #blahaj

Lol, nice play on words.....

Im looking for a daily close above 57.08 and then look to challenege 58.25 between now and mid November bud......
Buy Dip mode....

Not sure where you are at D ??

This market is bearish at the moment and it looks like the time signal 29/30 Oct could turn it down.

I'm losing the plot but I think the prediction came from the higher frames ie monthly/quarterly in which case we could wait many months for target.

Send me a screen shot of your charts please.

I have a buy signal on the smaller frames at the moment.

But still berarish, 56.17 to change view for now.

Rabbit in the headlights at the moment

Will 55 put the brakes on ?

New Red Arrow shows lots of down potential.