WTI Crude Oil Trading

I think a big move is coming today sparked by the upcoming news. Based on the consolidation I would lean on it moving south to give a 200 - 300 correction

Would have guessed that price went down after inventory build.
perhaps 38.85 area result in some resistance on H4

i think now crude oil is in a support zon without bullish power

bias was wrong its north bound. lets see how far it up it goes

wti made a new high but also had a strong rejection at the top, still thinking some sort of correction is coming

You might be right but WTI went up by $0.88 today or 3% and the trading range of $2.08 produced a few good trades.

#WTI & #BRENT / H1

Suspected this was coming. Now wondering how far down this will go.

WTI went down by $2.44 today or 7%. However, with the largest trading range of the month ($3.15) there were plenty of good trades available.

What is the fundamental backing this drop??
Powell's comment about 2nd corona wave?

This feels like a correction to oil after a huge rally

Powell is an idiot, you dont go out and tell the public things like that unless you have a benefit from market collapse. Oh second wave might happen and it might not, oh we have instruments to battle the economic drop and oh we dont have shit... and later saying, we cannot close the entire economy again. Make up your mind you dumb fuck.

#BRENT / H4

Hi folks. Any ideas on USOil predictions? Had a "kind of" double bottom but now so uneasy about putting a trade on!! Read yesterday, it could go down to 34 but unsure. Anyone have any ideas? Thanks.

Current price action feels like an elastic band being pulled back. Staying out of the market for now

Thank you for that reply. Could I just ask - and I know its all an individual's choice, but what price would you be prepare to go back in at - as a buy! How low do you think it could go.... How long is a piece of string....I know :-)

We are having the awaited correction

Energy prices are reflecting the recent rise in coronavirus cases, a possible 2nd wave. Looking at crude (CME futures) on the daily chart, I wouldn't be surprised to see a retest of $30 next week. I don't have much confidence in these types of rallies that aren't accompanied with higher than avg volume. Additionally, if we get more confirmation that the 2nd wave is hitting the US, especially in Texas, we could see oil prices gap down at the open next week.
Stay safe out there fellas and preserve capital. Have a nice weekend.

We had some downward pressure this week with yesterday giving us the biggest one day drop since mid April however there seems to be an underlying bullish presence with every push down being bought. I suspect we could get a surprise rally next week. My advice to bears would be not to walk away from any trade cause they could end up underwater in a hurry

WTI went up by $0.57 today but had a very good trading range of $2.46.

Another week of massive buying for oil traders.
More dip ahead?