Overview: After several tentative, finally the trend line has been broken. Yesterday's CoT report (Commitment of Traders) highlighting that commercial and not commercial are reducing their net long positions in options. This could be a signal that area $73/$75) is an accumulation's area, at least for the current conjuncture, confirming our strategy. Eye on API crude oil stock tonight.
Technical signals: RSI and Stochastic in positive area.
Trends analysis: After the movement of the last days we redraw the technical analysis and the trends perspective. A clear head & shoulder closed with the today's breakout of the neck line, and potential extension till $81.50/$82.00. So this is the updated reading: primary(purple): downward impulsive structure wave 4 with target @$80.00/$82.00, intermediate(green): corrective structure wave C, minor(yellow): upward impulsive structure wave 2.
Strategy: Neutral delta, following a potential technical pull back till $75.70! Then positive looking for the upward trend extension till area $79/$80/$82. Stop: not set.
----->>Today's session corrections: @$76.97 from +0.69 to -0.03
Our current delta: @$76.46: -0.12
Technical signals: RSI and Stochastic in positive area.
Trends analysis: After the movement of the last days we redraw the technical analysis and the trends perspective. A clear head & shoulder closed with the today's breakout of the neck line, and potential extension till $81.50/$82.00. So this is the updated reading: primary(purple): downward impulsive structure wave 4 with target @$80.00/$82.00, intermediate(green): corrective structure wave C, minor(yellow): upward impulsive structure wave 2.
Strategy: Neutral delta, following a potential technical pull back till $75.70! Then positive looking for the upward trend extension till area $79/$80/$82. Stop: not set.
----->>Today's session corrections: @$76.97 from +0.69 to -0.03
Our current delta: @$76.46: -0.12
Comment:
Our overview: API report that this week crude oil inventories in the United States fell by 817,000, gasoline inventories also fell by 898,000 barrels, and distillate inventories rise by 2.806 million barrels. Let's see if the official EIA report will confirm the "not so brilliant" crude oil stockpile, and the OPEC+ decisions in the upcoming meeting, will be able to give more steam to the market for a Christmas rally.
Technical signals: RSI and Stochastic in positive area.
Trends analysis: Positive with a potential extension till $81.50/$82.00, if OPEC+ will confirm a robust production's cut. So this is the updated reading: primary(purple): downward impulsive structure wave 4 with target @$80.00/$81.00, intermediate(green): corrective structure wave C, minor(yellow): upward impulsive structure wave 2.
Our strategy: Delta barely negative, following a potential technical pull back till $75.70! Then positive looking for the upward trend extension till area $79/$80/$82. Stop: on breakout @$70.00 and reverse delta to moderately positive(at least +0.30)
Our current position's delta: @$76.46: -0.12
Target @$77.90
Target @$78.60
Target @$79.75
Stop on breakout @$70.00
Target @$75.75
Target @$74.60
Target @$73.30
Technical signals: RSI and Stochastic in positive area.
Trends analysis: Positive with a potential extension till $81.50/$82.00, if OPEC+ will confirm a robust production's cut. So this is the updated reading: primary(purple): downward impulsive structure wave 4 with target @$80.00/$81.00, intermediate(green): corrective structure wave C, minor(yellow): upward impulsive structure wave 2.
Our strategy: Delta barely negative, following a potential technical pull back till $75.70! Then positive looking for the upward trend extension till area $79/$80/$82. Stop: on breakout @$70.00 and reverse delta to moderately positive(at least +0.30)
Our current position's delta: @$76.46: -0.12
Target @$77.90
Target @$78.60
Target @$79.75
Stop on breakout @$70.00
Target @$75.75
Target @$74.60
Target @$73.30
Comment:
Our system on breakout $70.00 switch to long the position. Our current delta: @$77.10: +0.35
----->>Today's session corrections: @$77.10 from +0.07 to +0.35
----->>Today's session corrections: @$77.10 from +0.07 to +0.35
Comment:
..errata corrige: Stop on breakout @$77.00 (typing error)
Comment:
...just rebalance the delta @77.82 from +0.57 to +0.03
Comment:
... rebalance @$76.35 from -0.39 to +0.05
Comment:
...other rebalance @$75.73 from -0.23 to +0.03
Delta Zero team.
by Alessia Ferrari (Chef Analyst)
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