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  • #8,321
  • May 28, 2020 3:34am May 28, 2020 3:34am
Good morning everyone.


SR levels working like a charm so far. Still looking for 32.50 as i keep whining for this price level for last couple of days. So far charts look good. Added small position @33.80 and adding much more @32.50
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  • #8,322
  • May 28, 2020 7:31am May 28, 2020 7:31am
Quoting mario83
Good morning everyone. SR levels working like a charm so far. Still looking for 32.50 as i keep whining for this price level for last couple of days. So far charts look good. Added small position @33.80 and adding much more @32.50 {image}
Are you buying or selling?
  • #8,323
  • May 28, 2020 8:06am May 28, 2020 8:06am
Ok well it appears we are on our way back up again I’m expecting inventory numbers to give this a further boost and end with a new high
  • #8,324
  • May 28, 2020 8:51am May 28, 2020 8:51am
Quoting Kwame Freder
Ok well it appears we are on our way back up again I’m expecting inventory numbers to give this a further boost and end with a new high
Private survey data shows 8 mil of crude build up so unlikely to be good
  • #8,325
  • May 28, 2020 9:37am May 28, 2020 9:37am
Quoting tonny47
{quote} Are you buying or selling?
I'm buying. I'm not so brave to short OIL I'm looking for up move till 43-45USD @BRENT following easing and business reopening. Traffic data almost back to normal, at least major European cities.

Concerning WTI the increase in distillates might be caused by refinaries supporting holiday seasons and providing enough gasoline for higer demand. Cushing stocks are lower so the buildup seems to be out of the table (for now). The real factor would be new drills coming back online and pumping new oil, however they need higher price so i'm also quite optimistc here that there will be no reopening before price is satisfying.

I hope no second wave hits us soon and governments would be more sceptic to all that COVID histeria. They cant lock us down anymore since cost is extremely huge for economy.

Just my 2cents.
  • #8,326
  • May 28, 2020 9:48am May 28, 2020 9:48am
Quoting mario83
{quote} I'm buying. I'm not so brave to short OIL I'm looking for up move till 43-45USD @BRENT following easing and business reopening. Traffic data almost back to normal, at least major European cities. Concerning WTI the increase in distillates might be caused by refinaries supporting holiday seasons and providing enough gasoline for higer demand. Cushing stocks are lower so the buildup seems to be out of the table (for now). The real factor would be new drills coming back online and pumping new oil, however they need higher price so i'm...
You are right, Cushing oil is not building up but crude oil inventories overall are piling up.

I don't think Russia and Saudi want higher prices for now because now they can squeeze out US. That means that in my opinion, they will ease cuts from July as they originally planned. Why would they cut their production to the benefit of other countries? But hard to tell
  • #8,327
  • May 28, 2020 10:09am May 28, 2020 10:09am
Quoting tonny47
{quote} Private survey data shows 8 mil of crude build up so unlikely to be good
Pretty spot on... didnt selloff very much as this came out yesterday evening (hence selloff yesterday). Let's see where it decides to go now
  • #8,328
  • May 28, 2020 10:17am May 28, 2020 10:17am
Quoting tonny47
{quote} You are right, Cushing oil is not building up but crude oil inventories overall are piling up. I don't think Russia and Saudi want higher prices for now because now they can squeeze out US. That means that in my opinion, they will ease cuts from July as they originally planned. Why would they cut their production to the benefit of other countries? But hard to tell
very good point! Saudis wants to kill US oil so they can export more, However trump already sent them info to not play with him and threaten to take out army from SA. Lets see what happens. We still need to remember that demand is picking up as lockdowns are eased across the globe.
  • #8,329
  • May 28, 2020 11:02am May 28, 2020 11:02am
there's substantial resistance in this area, would like to see it broken before weeks end and a 200 pip move up. or maybe it happens next week.
  • #8,330
  • May 28, 2020 12:01pm May 28, 2020 12:01pm
#BRENT & WTi / H1
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  • #8,331
  • May 28, 2020 4:15pm May 28, 2020 4:15pm
WTI went up by $1.42 or 5% today and within the daily range of $2.70 there were possibilities for a few good trades.
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  • #8,332
  • May 29, 2020 2:38am May 29, 2020 2:38am
Quoting auricforecas
{quote} It looks like I will extend this stance for at least the next 24h, unfortunately.. So no WTI trading for me atm.
WTI was seemed to recover yesterday, but not fully and I am extremely cautious today, since something (temp) could seriously disturb the market(s)...
Too many high-profile "speeches" scheduled for today... https://www.energyexch.com/market

So I say NOP to WTI trading for today... Specially since we saw it can be completely unpredictable... Not trading strategy atm.
Can you afford to take that chance?
  • #8,333
  • May 29, 2020 5:59am May 29, 2020 5:59am
Quoting Hutch
WTI went up by $1.42 or 5% today and within the daily range of $2.70 there were possibilities for a few good trades. {image}
price of something went up. could have had some good trades.

insightful, helpful and well rounded comment as usual..... what a cock.
  • #8,334
  • May 29, 2020 1:31pm May 29, 2020 1:31pm
Quoting Kwame Freder
there's substantial resistance in this area, would like to see it broken before weeks end and a 200 pip move up. or maybe it happens next week.
finally i got my wish. nice move to finish the week and i am out
  • #8,335
  • May 29, 2020 1:37pm May 29, 2020 1:37pm
S@@T!!!
  • #8,336
  • May 29, 2020 4:18pm May 29, 2020 4:18pm
Quoting Vape
{quote} price of something went up. could have had some good trades. insightful, helpful and well rounded comment as usual..... what a cock.
By the way I don't trade oil using a H1 chart since I got burned many times. I prefer trading CFDs using Renko charts and today I only had one good trade.

WTI went up by $1.66 or 6% today within a $2.94 range which was the best range this week.

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  • #8,337
  • May 30, 2020 2:20am May 30, 2020 2:20am
correct above 45.58 for limit test 5039 to bear continue as most probable PA brent ,wti target 41.73 , limit 42.40 . take care
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #8,338
  • May 30, 2020 8:55am May 30, 2020 8:55am
i did not follow the market yesterday but quite happy with the outcome. What was the trigger for that rise?
  • #8,339
  • May 30, 2020 9:01am May 30, 2020 9:01am
Quoting mario83
i did not follow the market yesterday but quite happy with the outcome. What was the trigger for that rise?
dont see what was driving that to be honest.

rig count has gone down, high was broken which i think triggered stops of those who were short. nothing else i can think of....
  • #8,340
  • May 31, 2020 1:58am May 31, 2020 1:58am
WTI seemed to up the game (at last)... But will wait for the next week(s) to see if this will last... If I had to choose now, would bet on BUY of course... Take care.
Can you afford to take that chance?
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