Energy commodities are mostly hard commodities that are mined or extracted. They include fossil fuels like Coal, Oil (in various blends and grades) and Natural Gas. The price of these commodities is one of the most watched economic indicators by traders, economists, governments and businesses given the correlation between economic growth and energy consumption. Their price is influenced by global economic up- or downturns, by production cuts or increases and by emerging green energies. Their price influences other commodities since it takes energy to produce them.
Energy commodities are widely used in industrial applications and they drive inflation, which makes them an effective hedge against it. You can trade or invest in energy commodities through futures contracts, options, exchange-traded funds and stocks of companies in the energy sector. Oil is the most widely traded commodity worldwide and the Oil room is one of the most popular custom chats on TradingView. We also have an active Natural Gas room where traders talk in real-time about where the market is going.
We have reached our near term target level 53.20.
Lack of Global Oil demand
Slowing down global economies
And now China's Plan to tax US Oil starting September 1.
As I mentioned in my previous Oil report, China- Iran Oil Trade Plan could be validated soon.
After the false breakout of the triangle, we see WTI retesting the triangle. WTI needs to make Daily...
Week update for week ending 23 August 2019
In Bear territory.
Projected range for upcoming week 55.87 - 49.81
Price Projection:
HMA: Strong Bear
Bull RSI: Neutral
Bear RSI: Bearish
BSI: Bearish
5 RSI: Negative
Consolidation: In Consolidation between 50.55 - 60.91
Price-Trend: .79x ATR
Daily for 23 August 2019
In Bear territory.
Price Projection: 51.89 -...
Looking at 78 to 88% down to a lower D point.
Observing 10.00
FYI I dont trade this. Just learning about new markets and behaviors and posting for back testing. Thanks everyone.
Risk appetite reverses on trade escalation, again TRADE WAR ESCALATION, not because of the FED and its interest rates. However, we "the old traders" are keen on Jackson Hole speech. Now, just keep in mind the consumer sector is the hero of the U.S economy but with trade war in front of us, prices will rise and finally impact the consumer sector. What does it mean...
oil trade very orderly until the tweet(did not check assuming tweet, but does not matter same effect) drop early this AM. and now we have a interesting situation. 1) we can retrace a little and keep moving down, I will be watching my Red zone. 2) that like other times we retrace the entire move back to location at time of tweet. Again watching close my red zone...
Since I am in a short position, I really enjoyed today's tumble in WTI. I now see an Inside bar forming. The only question now is will it continue to drop or will it rebound?
BCOUSD, Sell on H1.
H1:
- Test resistance D1 and move down
- Downtrend forming
- Tendency: Downward
- Below resistance and 2 EMA
-> Waiting re-test resistance
--> Give signal candle
==> Sell ( Continuous downtrend - Minor downtrend)
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Using the Bonfire indicator to locate strong trends to follow, break up, or fail along the path. Pivots marked with vertical lines, should show some price action
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