Crude oil intraday

A few CL trades today with Euro unable to hold days highs;

Still no signs of economic growth ahead - oil rallies will remain weak until very strong dollar sell off or change in economic outlook perception.

Hi Livestream,thanks for the reply,i was sort of
hinting that oil was the only thing acting as i would expect,
not that markets act as we expect very often,
looks like you've picked the top of ES,nice.

fully agree jezek,
same experience, got bit lost on USDX with its overshoots on levels (EUR/USD related) so changed to USOil today, just closed nice short from 86.25 and looking for a bit of retrace to re-enter

Just some update technical on crude.

whe have been capped in some trading range demand still seems to be overcomming supply, according volume. Prices have found some equilbrium. But still the tails from market profile seems to been bought demand still overcomes supply myself i been waiting for the breakout. As it looks like whe might been setting up to break to the upside with targets of. $98.66 $100 where the first strong area is where price might reject or capped, or set a new trading range accordinfg wyckoff principles. A more conservative aproach would be to buy the retest of the breakout. Or try to get inside the trading range a entry for the breakout on valua areas.

Hi there and thanks for the thread. I'm pretty new to oil and don't really know much about the fundies but technically WTI looks like it's at a very interesting level. $95 lines up with the 50% retracement and it's also the neckline of a reverse H&S. If this breaks out it could quite a nice trade

Brent on the other hand could be about to bounce off the upper channel, however if this downward channel is in fact a bullish flag on the higher TF then it could break out as well dpeending on how correlated they are..

i was limit buy to oil for short term see chart IN 15 MINUTES To anticipate all trend with 1 hour 4 hour Daily

Regards
MMUDASIR

oil limit execute for now

Hi guys,

Oil is still going up because fundamentally us and europe demand maybe have shrunken a bit but asia his demand is still growing.

On the other crude is great for speculation now with this new middle east threat from iran tensions nuclear program will fuel oil bit more.

Myself i started to look for exits in oil on the longs oil is technically pretty much overbought dont say it cant go higher but whe are now aprouchin areas where i made set up some swing short for the correction. keep a eye on the 98 to 100 area myslef if price and volume gives me some signs open some short back to atleas 90 i see oil correct.

Maybe form some new trading range from 87 90 to 100 then.

Oke take care..

–Still Expects 2012 Oil Demand To Grow By 1.2 Million Barrels Per Day
WASHINGTON (MNI) – The following is the second and final part of
excerpts from OPEC’s Monthly Oil Market Report for November released
Wednesday:
Demand For OPEC Crude
The demand for OPEC crude for 2012 is projected to average 30.0
mb/d, 0.1 mb/d higher than in the previous report. This upward revision
came solely from the downward adjustment in non-OPEC supply. Within the
quarters, 1Q was revised up by 0.2 mb/d and all other quarters were
revised up by 0.1 mb/d. The required OPEC crude is forecast to remain
unchanged in 2012 from this year. 1Q12 is estimated to see growth of 0.3
mb/d, followed by negative growth of 0.4 mb/d and 0.2 mb/d in 2Q and 3Q,
respectively. 4Q12 is forecast to see an increase of 0.3 mb/d compared
to the same period last year.
–
OPEC Crude Oil Production
Total OPEC crude oil output averaged 29.89 mb/d in October,
according to secondary sources, a minor increase of 5 tb/d from the
previous month. Crude oil production experienced a considerable increase
from Libya, while production fell from Iraq, Saudi Arabia and Venezuela.
According to secondary sources, OPEC crude production, not including
Iraq, stood at 27.27 mb/d in October, an increase of 85 tb/d over the
previous month.
–
Non-OPEC Supply
According to preliminary and estimated data, total non-OPEC supply
in the third quarter of 2011 increased by 0.22 mb/d over the same period
a year earlier. During the first three quarters, non-OPEC supply
increased by 0.22 mb/d compared to the same period of the previous year.
On a quarterly basis, non-OPEC supply is expected to average 52.76 mb/d,
51.97 mb/d, 52.17 mb/d and 53.07 mb/d, respectively.
…
Non-OPEC oil production is expected to increase by 0.82 mb/d to
average 53.32 mb/d in 2012. The absolute level experienced a downward
revision of 140 tb/d, mainly due to the revisions undertaken in 2011.
There were minor changes to the 2012 forecast on changes in project
scheduling. The overall outlook for non-OPEC supply in 2012 remains
relatively unchanged with strong growth anticipated from Latin America,
driven mainly by Brazil and Colombia. OECD Western Europe is seen to
have the largest decline in 2012. North America oil supply is expected
to continue to increase in 2012.
FSU oil supply is projected to show an increase in 2012. China oil
supply is anticipated to experience an increase, yet could encounter an
upward/downward revision in the coming period, depending on the output
in the fourth quarter and the restart of the shutdown production.
Canada, Australia, Oman, Ghana, Kazakhstan and Azerbaijan are expected
to continue to drive growth in 2012, in addition to Brazil and Colombia.
On a quarterly basis, non-OPEC supply is seen to average 53.32 mb/d,
53.16 mb/d, 53.22 mb/d and 53.57 mb/d, respectively.

Middle east was a is hill where you give a kick to and then crawls everywhere. and its gonna be bigger it gonna explode gonna be real mess now dont be suprised with oil prices. Things gonna get ugly.

Gonna do testing this week no demand up would be short target 90 second 82.

I guess 101.70 can be called demand so all bets off.

hmm not right away whe are currently in reaccumalation or distrubrution dailly show no supply bar vsa so there is still strength whe could form some cup and handle if it does that whe break so far still intraday trading not setting up swings yet. If i see more weaknes and i have confirmation i will post for swing short. Otherwise the scenario if whe break up. For swing long but then i wanna see a jump over the creek and a test. test is important

oil closed at 109 $ / barrel

Yes crude tensions will rise more in the near future mark 6 dec gonna be important 1 and whe could see a large spike in oil that day depends what the outcome might be. Also q3 is around the corner might come in january 2012 what will be possitive for commodities especially gold.
Need to wait for the green light but most members are hawkish.

If so load and make a huge return

Can you share or point where to find the color MACD?
Thanks.

here is a macd 2 colour with histogram

Cup and handle dailly chart crude whe could form a cup and handle pattern squeezing shorts and break further to the upside to trade on the other side of the pitchfork. Technically seen. So far whe still inside the range so intraday trading with still favours to long setups.
Until the trend shows me other direction.