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WTI Crude Oil Trading

  • #8,841
  • Sep 3, 2020 2:12pm Sep 3, 2020 2:12pm
WTI went down 30¢ today but it was a good trading day.
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  • #8,842
  • Sep 4, 2020 4:48am Sep 4, 2020 4:48am
All I can say is that the last couple of days were a bit of a ride! I've never seen the price not touch the EMA(40) on my hourly charts for so long. Managed to get out with only some mild bruising (2% account loss) but, wow. Good to know these things can, and therefore will, happen!

Was there any one piece of news that people would say triggered the massive sell or has this just been coming for a while?
  • #8,843
  • Sep 4, 2020 5:38am Sep 4, 2020 5:38am
FYI
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persistence and determination alone are omnipotent
  • #8,844
  • Sep 4, 2020 9:11am Sep 4, 2020 9:11am
Oil has taken the lead,gas will follow the down trend accordingly
  • #8,845
  • Sep 4, 2020 9:14am Sep 4, 2020 9:14am
The oil and gas market have great surprise for all traders,check my page for a feel
  • #8,846
  • Sep 4, 2020 9:32am Sep 4, 2020 9:32am
Wouldn't rush to buy just yet. Number of big institution are expecting price to go down to 34-35 level within a month ( Barclays, ING, etc). Some expect even 30. Summer is generally high oil demand period so could be a bit of a downhill from here
  • #8,847
  • Sep 4, 2020 1:06pm Sep 4, 2020 1:06pm
Quoting Kwame Freder
We’ve got a bounce. Will it go all the way back up or stall and come back down
so it stalled and came back down. Looks like a trend downwards, next week should be interesting
  • #8,848
  • Sep 4, 2020 2:10pm Sep 4, 2020 2:10pm
WTI went down by $1.78 today or 4% but it went to $41.60 before going down. In any case it was a good trading day.
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  • #8,849
  • Sep 5, 2020 3:22am Sep 5, 2020 3:22am
Quoting mario83
{quote} it shall go up once USD goes down. I bet OPEC countries have no money to go for another price war at those levels, they will be compliant. Russia is the big question here now, Rurmors they over produce crudeoil atm. Im all long with loss but hoping for coming back to 46USd @BRENT / 44USD WTI cheers
well it didnt work out and i was forced to open opposed position to hedge the loss and next week will be babysitting.

> USD strength
> end of summer driving season
> OPEC+ compliance in cuts and rising risk of another price war due to lack of improving demand for oil and gasoline
> rising COVID cases across the globe and risk of lockdowns
> refineries go into service mode season


My bias moved to bearish and i would not be surprised to see 35USD levels
  • #8,850
  • Sep 6, 2020 3:21pm Sep 6, 2020 3:21pm
Quoting mario83
{quote} well it didnt work out and i was forced to open opposed position to hedge the loss and next week will be babysitting. > USD strength > end of summer driving season > OPEC+ compliance in cuts and rising risk of another price war due to lack of improving demand for oil and gasoline > rising COVID cases across the globe and risk of lockdowns > refineries go into service mode season My bias moved to bearish and i would not be surprised to see 35USD levels
One more bearish news from Saudi Arabia
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  • #8,851
  • Sep 6, 2020 9:19pm Sep 6, 2020 9:19pm
Wti( oil) sell 39.54
sl 40.26 tp 38.20
09.38.23.39.69
  • #8,852
  • Sep 7, 2020 12:57am Sep 7, 2020 12:57am
#BRENT & #WTI / H4
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  • #8,853
  • Sep 7, 2020 5:30am Sep 7, 2020 5:30am
Hmmm the 1 hour chart is indicating we may get a move up. Could Just be a pullback
  • #8,854
  • Sep 7, 2020 1:33pm Sep 7, 2020 1:33pm
Quoting Kwame Freder
Hmmm the 1 hour chart is indicating we may get a move up. Could Just be a pullback
It should be interesting. Crude CME contract is looking week. An uptick in volume accompanied last week's pullback. Now that it's under $40, we could get a long overdue retracement. Demand still isn't looking very promising. As long as the transportation sectors aren't coming back, I can't see supply cuts as enough to keep oil prices elevated. At the same time though, it's surprising that $40/bbl is considered elevated. Crazy times.
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  • #8,855
  • Sep 7, 2020 2:07pm Sep 7, 2020 2:07pm
Quoting Kwame Freder
Hmmm the 1 hour chart is indicating we may get a move up. Could Just be a pullback
Well the 1 hour chart ended up in a pullback of 36¢ today but I hope WTI will move up.
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  • #8,856
  • Sep 7, 2020 4:08pm Sep 7, 2020 4:08pm
Quoting TuanXM
Wti( oil) sell 39.54 sl 40.26 tp 38.20 09.38.23.39.69
I am sure you remember that Weekly PP: 40.90 (and BTW Demark's WPP: 40.51)

About attachment:

first to 40.50-41.10 zone and than down???
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dolce vita
  • #8,857
  • Sep 8, 2020 3:33am Sep 8, 2020 3:33am
Quoting babayaga
{quote} I am sure you remember that Weekly PP: 40.90 (and BTW Demark's WPP: 40.51) About attachment: first to 40.50-41.10 zone and than down??? {image}
Why should the price go to PP first before falling down?
  • #8,858
  • Sep 8, 2020 4:00am Sep 8, 2020 4:00am
Can anyone explain what is the resistance limit where the oil should stand? $ 37.08? Or we go to 0 again like in the spring
Is there any hope for buyers like me ?
  • #8,859
  • Sep 8, 2020 4:16am Sep 8, 2020 4:16am
Quoting kstiks
Can anyone explain what is the resistance limit where the oil should stand? $ 37.08? Or we go to 0 again like in the spring Is there any hope for buyers like me ?
Limit is not 0. Price went to negative $37 or so few months back. Nobody here can tell you how low the price will go no matter how confident they are
  • #8,860
  • Sep 8, 2020 9:45am Sep 8, 2020 9:45am
$36 level is important (CME contract). If it doesn't hold above that it looks like we could test $30.
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