Crude Oil Trading Plan Our forex trading signal is to stay bearish below $68.40 with a stop below $68.60 and a take profit of $67.85. Good luck!
What’s on the technical side? As you can see on the daily chart, crude oil has dropped below 70, crossing 50 periods EMA from the upper side. For the moment, it’s trading above a bullish trendline support at $66. The leading indicator RSI is entering the sell zone.
If there has been such a large one week draw on supply, then why are WTI prices heading south? The big reason is news out of Saudi Arabia. Production for June spiked significantly, upwards of 500,000 barrels per day. Traders have latched on to this piece of news, predicting a glut of oil to hit the market in coming months. As a result, we may get a shot to take a...
Today $73 is a very crucial trading level and crude oil can stay bearish below this level to target $72.10 and $71.75. Good luck!
EIA reports are published at 10:30am EST today, these usually move price significantly. The report along with various sentiment can be viewed here www.investing.com Short Term: After a failed bearish breakout yesterday, price maintained itself in a bullish channel during asian trading. Today's reports will probably determine which way it breaks out. With...
I typically look at 10:00 EST for weekly direction as that is when the genscape crude inventories estimate comes out. That point is the green arrow and the market took a tumble after that, so I assume there will be a large crude draw, seeing as genscape is much more reliable than API data. Looking at a slightly lower low to confirm bear move tomorrow, around...
Oil backed off at 50% Fibonacci retracement / resistance. #EIA report today 1030 AM. $USOIL $WTI $CL_F #OIL #OOTT $USO $UWT $DWT
WTI might go down after US crude oil inventories, since there is high expectation for a consecutive declining week in inventories, but unless the inventories draw surprises investors, the most possible scenario results in a lower price for the WTI.
Hey guys, here are some thoughts for today :) So oil prices advanced in the Friday morning and head for the best gains since mid-May thanks to the production cuts in the US underpinning hopes for market rebalance. According to the Energy Information Administration (EIA), the US oil output fell by 100,000 barrels per day to 9.3 million barrels per day last week...
Trade scenarios considering OPEC Vienna and #EIA. EPIC the Oil Algorithm Chart May 23, 2017 446 AM FX $USOIL $WTI #OIL $USO $UWT $DWT $CL_F #OOTT #Algo
Yesterdays EIA drilling report was bearish suggesting increase in natural gas production. Suppl is rising but demand is seasonally low. It early to rise electricity consumption and summer is going to be relatively cold as well. More info for cofutrading premium subscribers.
Yesterdays EIA drilling report was bearish suggesting increase in natural gas production. Suppl is rising but demand is seasonally low. It early to rise electricity consumption and summer is going to be relatively cold as well. More info for cofutrading premium subscribers.
US Crude WTI Trade, looking to go long from the recent uptrend, currently pulling back from a monster rally, I believe it will test 61.8 fib, once we have confirmation after crude API and EIA numbers this week, I will be looking to enter once results have been confirmed and consolidation is confirmed on the 0.5 or 0.618 fib.
Today, prices hit the H (March) chart daily demand line; Although I am still bearish looking for prices to test near the 48 and possibly 46 level, in the interim, I believe we may see prices validate resistance between 52.8 and 53.3. 52.82 demand level was created following the 12/14 daily close on the March contract. If prices see a daily close below 51.66 I will...
Global demand growth revised lower is downside pressure for oil and more bad news for the commodity.. Short cad or oil are firm proxies to play this. 44.7 next target lower before 43.6. Weve seen oil move 2% lower on the day already on the back of the news, more downside today may struggle but I wouldnt be surprised. Fed/ weak dollar may hinder further downside...
This trade Idea is a transfer of our open short from prior published idea. Summer is over so it's time to track our action on our daily chart. The old charts remain available but get too busy with notes. Our transferred short was entered over the last two months at an average of $47.10. Its clear that this summers consumption has done little to reduce available...