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WTI Crude Oil Trading

  • #8,301
  • May 26, 2020 10:23am May 26, 2020 10:23am
This current move down feels like it will run out of steam soon. Looking to go long
  • #8,302
  • May 26, 2020 10:33am May 26, 2020 10:33am
Quoting Kwame Freder
This current move down feels like it will run out of steam soon. Looking to go long
Below 34.1 > to 33.25...then potential to 29.xx before a new wave up

I'm long term bullish but chancing shorts here after such rally
COT: The precious data ignored
  • #8,303
  • May 26, 2020 2:47pm May 26, 2020 2:47pm
Oil (CL) and Copper (HG) are trading in very high correlation this week. It's a good sign that the market is more focused on demand factors.
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What happened to the supply glut? I can't get bullish on WTI until the crude futures contract breaks that $35 handle. It's close.
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We must learn who is gold, and who is gold plated
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  • #8,304
  • May 26, 2020 2:49pm May 26, 2020 2:49pm
Anybody concerned with the low volume during this recent rally?
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We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #8,305
  • May 26, 2020 4:13pm May 26, 2020 4:13pm
WTI went up $0.57 or 2% today. This is not much but I'm sure all traders would be happy to have an equity increase of 2% every day
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  • #8,306
  • May 26, 2020 7:05pm May 26, 2020 7:05pm
well well well... that would be a sign that bigger appreciation in price without real demand has its ceiling.

https://www.bloomberg.com/news/artic...premium-europe


https://www.bloombergquint.com/marke...with-opec-plan
  • #8,307
  • May 27, 2020 1:58am May 27, 2020 1:58am
Quoting mario83
well well well... that would be a sign that bigger appreciation in price without real demand has its ceiling. https://www.bloomberg.com/news/artic...premium-europe https://www.bloombergquint.com/marke...with-opec-plan
Well today didn't start well, that is for sure I will be waiting till the up-trend (re)establish itself, before I jump in the market again.
Can you afford to take that chance?
  • #8,308
  • May 27, 2020 2:03am May 27, 2020 2:03am
Quoting MzansiObi
{quote} Hi Auri im actually looking for a drop towards the 26.80 handle, lower time frames are suggesting there may be hidden RSI divergence on the play here, unless we break last weeks high then expecting further weakness till mid week.. with that said, got a couple of pending buy orders waiting on price to dip get filled.... Not looking to sell oil for the next couple of weeks or so Green week to you...
Update: Going Long here at 32.48
SL below28.4


Price managed to break that high from last week as such lookinf for bullish continuation



Green Pips
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  • #8,309
  • May 27, 2020 8:35am May 27, 2020 8:35am
Crude oil was up. but some brokers are still below 10 usd / 1 barrel and get swap fee
  • #8,310
  • May 27, 2020 9:07am May 27, 2020 9:07am
Quoting kuroro001
{quote} Below 34.1 > to 33.25...then potential to 29.xx before a new wave up I'm long term bullish but chancing shorts here after such rally

First support hit

If below....watch out
COT: The precious data ignored
  • #8,311
  • May 27, 2020 9:32am May 27, 2020 9:32am
support is maybe at 23.63 ...
Sniper Shadow
  • #8,312
  • May 27, 2020 9:47am May 27, 2020 9:47am
This looks like it has the potential to be a a 150- 200 pip drop. I will wait to buy when the fall gets exhausted
  • #8,313
  • May 27, 2020 9:52am May 27, 2020 9:52am
Quoting kuroro001
{quote} I'm hedging a small part of my ETF with a short here 34,35 dollars Will see to add more on the way up, or to kill it
I'm out +180 pips

There is another 300 pips down as potential
COT: The precious data ignored
  • #8,314
  • May 27, 2020 4:21pm May 27, 2020 4:21pm
WTI lost $1.39 or 5% today and it wasn't a good trading day; at least for me
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  • #8,315
  • May 27, 2020 4:37pm May 27, 2020 4:37pm
Quoting Hutch
WTI lost $1.39 or 5% today and it wasn't a good trading day; at least for me {image}
dont worry tomorrow will be better. I wanted OIL to drop so i opened 1 small long position to drop it down to 32.50 (brent) so i could add more longs to see real profits

yall don't need to thank me lets see till it drop and lets go north!

If im correct H4 trend line was broken so we shall see some drop
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  • #8,316
  • May 27, 2020 4:58pm May 27, 2020 4:58pm
I am beating myself up for not shorting this. There is still more room to fall though.
Inventories seem to be building up
https://www.energyexch.com/news/1002...gasoline-1120m

Plus Russia is potentially going to decrease the size of the cuts coming months
  • #8,317
  • May 27, 2020 5:11pm May 27, 2020 5:11pm
Quoting tonny47
I am beating myself up for not shorting this. There is still more room to fall though. Inventories seem to be building up https://www.energyexch.com/news/1002...gasoline-1120m Plus Russia is potentially going to decrease the size of the cuts coming months
yeah, on the other hand more easing to lockdowns. Some airlines in Europe start domestic flights from June and July starts across europe. I'm really bullish we need 2USD more drop i guess.

Traffic is back normal in Germany / US following traffic data.
  • #8,318
  • May 27, 2020 5:27pm May 27, 2020 5:27pm
Quoting mario83
{quote} yeah, on the other hand more easing to lockdowns. Some airlines in Europe start domestic flights from June and July starts across europe. I'm really bullish we need 2USD more drop i guess. Traffic is back normal in Germany / US following traffic data.
thats what puts me off from taking position one way or the other. there is a good argument for both directions but some correction would be expected. lol to be fair though, I expected price to drop when oil was 20 dollars, then 25, then 30...
  • #8,319
  • May 27, 2020 6:47pm May 27, 2020 6:47pm
If it doesn’t bounce in this area it will probably give a deeper correction, especially with China Hong Kong tension. Will try a long but will bail if there is further weakness
  • #8,320
  • May 27, 2020 10:04pm May 27, 2020 10:04pm
Quoting auricforecas
{quote} Well today didn't start well, that is for sure I will be waiting till the up-trend (re)establish itself, before I jump in the market again.
It looks like I will extend this stance for at least the next 24h, unfortunately.. So no WTI trading for me atm.
Can you afford to take that chance?
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