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WTI Crude Oil Trading

  • #9,681
  • Jul 19, 2021 9:15am Jul 19, 2021 9:15am
Quoting shnackattack
Hutch, where do you see oil Mon-Fri next week?
https://www.energyexch.com/#detail=121885 - OPEC+ drama

Oil prices started dropping last week after the announcement that the UAE and Saudis had reached an informal agreements. Then, the OPEC+ meeting on Sunday made it official, oil prices again started dropping after the open. I don't think the increased supply has been fully priced in yet. That along with uncertainty from the Delta variant is making WTI look a little shaky.

I think it's got some downside risks. It's breaking all kinds of support on the daily (CME CL):
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At the start of the US session some pretty hefty selling came into the futures contract(s):
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We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,682
  • Jul 19, 2021 9:22am Jul 19, 2021 9:22am
Serious sell-off...

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  • #9,683
  • Jul 19, 2021 3:50pm Jul 19, 2021 3:50pm
Quoting BTCmailman
{quote} Agree with you here, long 2 x MCL @ 72.93. Will look to take some profits around $76. Had to give the new CME micro Crude contracts a whirl, the spreads are pretty tight (largest I've seen is $0.02) and the volume is pretty good so far!
Got extremely lucky here since I bought the August contract which expired on Friday, saved me from a much bigger loss. Might be chasing it here but bought 1 X MCL @ $66.08, I think this selling is overdone.
  • #9,684
  • Jul 19, 2021 4:25pm Jul 19, 2021 4:25pm
Quoting shnackattack
{quote} Based on technical analysis though, seems its going south at the moment?
Well it more than seemed going south today as WTI took a southern vacations
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  • #9,685
  • Jul 19, 2021 4:36pm Jul 19, 2021 4:36pm
WTI went down $5.05 today with the highest ATR that I've seen in many years producing 17 winning trades, 5 break even trades and a losing trade. Unfortunately the best trade of the day was from a false signal at 16:05 EET that caught me by surprise since there was no trend at the time since the Half Trend was flat.
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  • #9,686
  • Jul 20, 2021 9:30am Jul 20, 2021 9:30am
Crude futures (CME CL) finding some support at the $65 handle:
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We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,687
  • Jul 20, 2021 9:42am Jul 20, 2021 9:42am
Nice bounce off of $65. resistance around $67 may kill the move. would like to see it break north.
  • #9,688
  • Jul 20, 2021 4:36pm Jul 20, 2021 4:36pm
WTI went down 16¢ today with an average ATR that produced 14 winning trades, 3 break even trades and 1 losing trade. Again today a false signal produced a losing trade (closing the previous trade) and a winning trade (for traders that opened the next trade). Does anyone know why WTI moves around so much these days?
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  • #9,689
  • Jul 21, 2021 8:37am Jul 21, 2021 8:37am
anticipating we will be back over $70 shortly. seems the big boys have shaken off what ever was causing the slump.
  • #9,690
  • Jul 21, 2021 9:05am Jul 21, 2021 9:05am
Quoting Hutch
Does anyone know why WTI moves around so much these days? {image} {image}
Can't say for sure but the OPEC drama along with the recent uncertainty surrounding the delta variant has had some impact. Delta variant concerns sent markets in a little risk off mode early this week which put further downward pressure on WTI prices. Today, along with equity markets, WTI is back in rally mode. After touching that $65 handle it's done nothing but rebound. I still don't think the market is accurately pricing in the increasing supply coming later this year. We'll see.
Attached Image (click to enlarge)
Click to Enlarge Name: SNAG-0057.png Size: 18 KB
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,691
  • Jul 21, 2021 1:27pm Jul 21, 2021 1:27pm
long order in @ 69.75
In tea leaves we trust!
  • #9,692
  • Jul 21, 2021 4:17pm Jul 21, 2021 4:17pm
WTI went up $3.84 today with an extremely high ATR that produced 3 winning trades and 1 break even trade. At least the market wasn't as volatile as the last 2 days so there wasn't a need to break the chart in two parts.
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  • #9,693
  • Jul 22, 2021 5:35am Jul 22, 2021 5:35am
Quoting Mcbeaners
long order in @ 69.75
6.88, not close enough. i did buy some last night when i could see it wasn't coming down. sadly not enough though.

tp - i'm looking for 71.62 ish.

and i'm looking to buy any dip here.
In tea leaves we trust!
  • #9,694
  • Jul 22, 2021 6:37am Jul 22, 2021 6:37am
Quoting Mcbeaners
{quote} 6.88, not close enough. i did buy some last night when i could see it wasn't coming down. sadly not enough though. tp - i'm looking for 71.62 ish. and i'm looking to buy any dip here.
got more @ 70.68
In tea leaves we trust!
  • #9,695
  • Jul 22, 2021 11:19am Jul 22, 2021 11:19am
Quoting Mcbeaners
{quote} 6.88, not close enough. i did buy some last night when i could see it wasn't coming down. sadly not enough though. tp - i'm looking for 71.62 ish. and i'm looking to buy any dip here.
needed uk close to get this one moving. still looking for 71.62
In tea leaves we trust!
  • #9,696
  • Jul 22, 2021 11:42am Jul 22, 2021 11:42am
Quoting EventsTrader
{quote} Can't say for sure but the OPEC drama along with the recent uncertainty surrounding the delta variant has had some impact. Delta variant concerns sent markets in a little risk off mode early this week which put further downward pressure on WTI prices. Today, along with equity markets, WTI is back in rally mode. After touching that $65 handle it's done nothing but rebound. I still don't think the market is accurately pricing in the increasing supply coming later this year. We'll see. {image}
It's just not stopping since hitting $65. What a rebound.
Attached Image
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,697
  • Jul 22, 2021 11:44am Jul 22, 2021 11:44am
Quoting Mcbeaners
{quote} needed uk close to get this one moving. still looking for 71.62
hit 71.58, might have missed my off load op.

let's see
In tea leaves we trust!
  • #9,698
  • Jul 22, 2021 11:51am Jul 22, 2021 11:51am
Quoting Mcbeaners
{quote} hit 71.58, might have missed my off load op. let's see
pulling my sell order and putting it back @ 71.78
In tea leaves we trust!
  • #9,699
  • Jul 22, 2021 11:54am Jul 22, 2021 11:54am
it will probably go up more but i'm out, probably for the week too. hopefully it continues next week
  • #9,700
  • Jul 22, 2021 1:00pm Jul 22, 2021 1:00pm
Quoting Mcbeaners
{quote} pulling my sell order and putting it back @ 71.78
gots me 71.78 and out.

no doubt there will be some profit taking tomorrow. anyway good enough for me.
In tea leaves we trust!
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