Light Crude Futures - 14:39:56 (UTC) Mon Apr 6, 2020
the early session has been all long and is balancing near teh highs so will be watching for a test of the lower balance (Red low) for a continuation long or a break lower, So that lays out plan a and plan b. Everything will depend on how we respond off the lows. and in the event we only test the high will look for break that retests for a long.
Today is simple due to the oil report and think we stay inside the red zone until report. however if we do break the zone will still wait till post report, I think we will soon start to see some big inventory builds
oil has been moving up but is now testing its entire current range and the bottom of this range is critical to the bull case for the day. W also could be expanding the chop zone to include yesterday and today, we will know this better by days end. I will be looking for the long and short inside the red zone until the red zone is broke and at that point trading in...
All arguments are my subjective opinion 1. In such a large amount of oil is necessary to nobody. Supply exceeds demand 2.Transition to electricity 3. Shale oil - another attempt at manipulation 4.Saudi Aramco - largest capitalization company in the world (another bad call for me) Many fundamental arguments can be made, but this is a virtual trading chart and it...
Crude Oil Monthly Chart. Looking for a hold of 19.85 if not expecting next monthly on the chart.
The pre regular hours trading has oil seeing new lows however is forming a bottom heavy balance that looks to be pointing to lower levels. Upon RTH open can see oil bouncing up a little before dropping firmly into the teens. I will be ready for this bounce part to not happen additionally will remain leaning short if the Red zone top can not be moved past.
The Green arrow is where i think oil gets to if the new bottom is broke, this is not only a nice swing short but also could be the location for a bigger long side trade. but before taking the long will need to see some basing clues.
The session started consolidated then broke to the down side and now looks like it wants to test the low of this current drop. there is a bottom test range of 20.80 and 21.70 that could cause oil to chop around before looks at lower levels. The red bottom could also act as some support. Will be leaning short but also will be ready to change long if we get back...
Oil has been moving all over the place but has come right back to yesterdays trade range, So a balance inside a bigger balance. I will be looking for the first balance break (red zone) and then watch at the big balance area from a few days back for rejection or a confirmation of bigger picture direction. Oil can remain in a small choppy range for some time but I...
Oil has moved up in early session and has now pull back to top of yesterday range, this is the spot i would look for a long if this market is going to move higher, the next long confirmation then is when we move above red top. A move back into yesterday range I then can see oil moving back to the lows of yesterday and maybe further. I personally find it hard to...