Oil and Natural Gas

Seems we hit ii, now up to iii?

I have a Bull Call Spread which expires in 20 days. Hope CL hits 53 before that.

It's down on a deep retracement b yellow at the moment, could be a bit tight getting to 53.00 in 20 days, but possible.

thanks

Orders missed by few pips... perhaps next week.

test sell, tight sl.
update: new high reached, exited 1/2 sell position...

Would NGAS heads down towards Fib retracement 0.6182 x wave 1, for a setup on resuming trend 3rd wave ?

Oil prices are struggling despite increased efforts by the OPEC to cut down global production. Yet in face of these cuts, the chance of oversupply is still real with increasing production from the US. US crude inventories have been on the rise becoming a worry for the stability of oil prices.

Thanks skyhook, short from 3.198, thinking to sell at 3.05and re-load again..., anyway see you at 4.30 at least... ( :

OPEC extended the output cut till march 2018 but market was disappointed and expected more cuts. Is it the over production from US which is dragging the oil price down or big boys manipulating the charts. I guess oil will be in range of 53-46 till next time OPEC decides about the output.

Everybody having a good time today?

Sure, sold 60% at 3.05 in hope to repurchase..., but it happened premarket, didn't catch it. the rest sold at today's bottom. Thinking to 10 dma up then down again...

Yes, natural gas was more behaving today.
Oil caught me off guard already a couple of times today... That's why I ask.
k

entry:48.10
sl:49.10
tp1:47.00
tp2:45.90

On the daily chart of Brent oil it seems that the fib 61 8% is being respected, pin bar forms on the daily chart. I am gonna go long without stoploss to ensuresl not to be stopped out by the entry of next week. I expect the price to reach 53.60 next week for a re-test of previous high..

Stay green everyone!

48.10==>important..resistance
over==>48.15==>
Suggest alternative (in case of change of the price) when prices broke above the 48.25 price move up towards 48.65 at first, and then begins 49.15.

OIL good buy from here on retracement medium-term towards at least 55.00

Both Brent crude futures and U.S. WTI future were broadly higher during Monday’s Asian session as Saudi Arabia, Egypt, Bahrain and the United Arab Emirates broke ties with Qatar on fears that Doha’s connections to terrorism would cause issues of national security. Qatar has long supported the Muslim Brotherhood, the world’s oldest Islamist movement. The country is also the biggest global supplier of liquefied natural gas (LNG) and a prominent seller of condensate, a form of liquid fuel that is derived from natural gas. The world’s largest gas field, South Pars, is shared between Qatar and Iran, a collaboration which many countries think joins the two countries not just in business dealings but also ideologically.
U.S. WTI futures were up 1.20 percent as of 6:02 a.m. GMT on Monday, to $48.23 per barrel, while Brent crude futures were up 1.24 percent to $50.55 per barrel.
Terrorist attacks in England over the weekend prompted the denunciations of Qatar with Saudi Arabia accusing the country of backing militant groups and spreading their violent ideology. Bahrain, a close Saudi ally, also accused Qatar of undermining regional stability. The UAE gave Qatari diplomates 48 hours to leave the country.
After the weekend attacks the sterling struggled in early Asian trade but later recovered most of its losses to trade within range at $1.2868. The dollar was slightly higher against the yen, up 0.25 percent to 110.68, despite U.S. non-farm payroll reports which showed an increase of only 138,000 jobs, down dramatically from the 185,000 expected. The NFP report out last Friday showed that the U.S. labor market may be slowing down. U.S. unemployment now stands at 4.3 percent, a 16-year low.

OVER==>48.60===>49.20

Brent oil is retesting the 49.00 mark, seems to be a nice resistance (look on the hourly chart for structure).. I am looking to take a long position back to the 50.40 of even the 51.00 area..fib retracement tool used to calculate these numbers..

EDIT: we may also see a trend reversal if structure holds at 49.00.. it has been tested before

just my 2 cents

IMO oil is heading to sub 45 levels with doors open to 43.50