WTI: Speculative Setup

FX:USOIL   CFDs on Crude Oil (WTI)
1604 19 48
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Comment: TODAY's ECONOMIC EVENT (Risk Trade)
CRUDE OIL INVENTORIES: (10:30 a.m. N.Y Time)
The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.

If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected.
If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected.
Well done, I had held long since the bottom Tuesday morning, today was all gravy. My hats off. If you have your crystal ball out ,tomorrow I would love to hear what you see for Thursday.
Wow, nicely done anticipating the rise sir, regardless of whether the buy spot was hit! I bow down to you... And in the face of a rising DX, well done!
nope, it never hit your area, missed call
GianB MattGraham
Still to early to tell. It's still in the wave and the channel. Nothing is impossible with oil
I liked your analysis.
+1 Reply
Thanks a lot Ambrish! :)
+1 Reply
AMBRISH SignalSwiss
Don't thank me, you have done great job of research and analysis. its short term buy @ 42/42.50.
+1 Reply
Victor.Y.F PRO SignalSwiss
Thank you! Nice chart! I think it's still in a grand cycle 4th wave and will last for years. Harmonic patterns would be better in complex waves for speculation trades. The 5th. wave could be very short lived and it could be targeting 20 in 5 years future.
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Great analysis as always, thank you!! Unless the FEDS raise interest rates this month (unlikely) I believe that USDCAD will remain rangebound strong and wit rangebound weak. Possible 39-45 6 week range.
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