Short-term Fundamental Watchlist for US OIL:
1) Small rumor that OPEC members and allied countries recently WARNED that producers may begin CUTTING output once again.
(2) Russian News reported that Russia and Saudi Arabia are in bilateral talks to create or orchestrate ANOTHER ROUND of output cuts WHEN PRODUCERS meet in December.
Interesting stories:
www.cnbc.com/2018/11...s-because-of-me.html
www.cnbc.com/20...trike-back.html?recirc=tab...
Iran Oil Production:
tradingeconomics.com...crude-oil-production
Forecasts:
tradingeconomics.com...-production/forecast
Comments:
The sanctions on Iran went into affect this week. Trump's action to give exemptions to several countries the right to buy oil from Iran helped the slide in oil. Before, there was fear that the decline in Iran exports (supply) exceeded OPEC's remaining leftover storage capacity. That's gone now.. because Trump allowed exemption for several countries to buy from Iran. The market must find another reason for oil to rally.
Technical Analysis:
s3.amazonaws.com/tra...shots/o/OPhxfKDE.png
USOil is overextended, but it has not overreacted. It has fallen 28 days, but I've seen 48 days...
s3.amazonaws.com/tra...shots/7/7D9NLsuf.png
USOil has not made a single long-term intraday high.
Oddly, every single day for two weeks from the opening price to the middle of the day around 11am EST, oil rises about 6 - 12 cents. I expect to occur again November 9, 2019. However, I believe that patterns break and maybe the trend will change or some consolidation.
Capturing the swings of the stock market & currency market. It's a dirty job and equity/currency traders must do it.