- published: 19 Jul 2017
- views: 184
The WTI Crude Oil market rallied during the session on Wednesday, breaking above the top of the shooting star from Tuesday. This is a technically strong signal, and if we can break above the top of the range for the day on Tuesday and Wednesday, that would be a very strong sign that the markets are ready to go higher. Ultimately, I think we would go looking for the $48.50 level next, but I also recognize that a selling opportunity may be presented itself. We will have to see whether we break above these ranges to start buying, or if we get a turn around and start selling. All things being equal, I think the buyers are going to be aggressive in the short term at the very least. I still believe that we have a massive oversupply of crude oil, but the inventory numbers were very bullish during...
The WTI Crude Oil market initially shot much higher during the day on Tuesday but found enough resistance near the $47 level to turn around and form a shooting star. I believe that a lot of traders stepped out of the market as we await the Crude Oil Inventories announcement coming out today. Simply put, this will be a volatile session but I believe longer-term I still have quite a bit of bearish pressure in this market. With that being the case, I look to sell rallies, especially if they feel near the $47 level again. A break above the $47 level could send this market towards the $48.50 level. Alternately, I suspect that we are going to go down to the $45 level, possibly even lower. for more analysis: http://www.dailyforex.com
The WTI Crude Oil market rallied on Monday, showing signs of strength as we tried to go to the $50 handle. However, the move was based upon the idea of Russia and Saudi Arabia suggesting that more production cuts needed in the oil markets might be coming. That of course is bullish for price, but the reality is that production cuts have not held up longer term. Because of this, I believe that the move is probably short-lived. You will notice on the chart that the 61.8% Fibonacci retracement level, the large round number, and of course the 200-day moving average have all conspired to keep prices lower. I’m not willing to short yet, but I’m thinking about doing it on signs of exhaustion. for more analysis: http://www.dailyforex.com
The WTI Crude Oil market initially fell on Friday, but then turned around to form a bit of a hammer. We are sitting right underneath a cluster of noise at the $48 level, and I believe that this was the first signs of the market struggling. Because of this, I look at this chart and see that there could be some short-term bullishness, but I believe it’s only a matter of time before the sellers come back into play. The 200-exponential moving average is just above, so some type of exhaustive candle between here and there would be a nice selling opportunity short-term traders have a little bit of room to move here, but if you have a longer-term trade in mind, you may have to be patient and wait a couple of sessions to get your trade. for more analysis: http://www.dailyforex.com
The WTI Crude Oil market rallied at the beginning of the session on Monday, but found the area near the $47 level to be far too resistive. Because of this, we pulled back to the $46 level, and I think that the market will probably go down to the $45 level which I believe is much more important. If we cannot break above the $47 level, it looks likely that the market will start to roll over and start reaching towards $45 as it is a “lower high.” Alternately, if we were to break above $47, I think that the market could continue to go higher, perhaps $48.50. Ultimately, I think that there is a massive oversupply of crude oil the market, so it’s very unlikely that any rally will be sustained. for more analysis: http://www.dailyforex.com
As the two benchmark products for Crude Oil, WTI (/CL) and Brent (/BZ) are highly correlated to one another. But in times of price increases in Crude Oil, Brent tends to outperform WTI, thereby widening the spread between the two products. Today, tastytrade presents a Futures pairs trade that capitalizes on this movement, Buying /BZ and Selling /CL. Watch this segment to learn the ratio between these two commodity products, the historical spread between them and what a futures trader can reasonably expect in terms of managing this position. See more videos from the Closing the Gap: Futures Edition Series: http://ow.ly/1b9v308EH3F The gap between the self-directed and institutional trader in the world of Futures gets closer as Tom and Tony go head-to-head with one of the Futures market i...
The WTI Crude Oil market initially fell during the day on Friday, but turned around to break above the $46.50 level. In general, I believe that this has something to do with the US dollar rolling over, and of course we have recently seen quite a bit of short covering. I think the $47 level above will offer a bit of resistance, but if we break above there we could go looking at $48, and then eventually $50. I have a very hard time believing that this market can reach above $50 though, it would become an area where I would be looking to start selling. Alternately, if we break down below the $45 level, I think that’s a selling opportunity as well. for more analysis: http://www.dailyforex.com
Carley Garner, experienced broker and author of "Higher Probability Commodity Trading" discusses the process of analyzing the crude oil market using tools such as the Commitments of Traders Report (COT Report), commodity seasonality, technical analysis, and market sentiment analysis.
The WTI Crude Oil market had a volatile session on Monday, using the $42.50 level for support. It looks as if the market could try to find buyers in the short term. However, I’m still very bearish of this market and I recognize that the oversupply continues. I would be more than willing to start selling, on signs of exhaustion and overextension. I believe that the market continues to offer opportunity to short this market but we of course are perhaps a little oversold in the short term. A breakdown below the $42.50 level should send this market to the $40 handle. I believe that the oversupply of crude oil will continue to be a punching bag for hedge funds around the world as they are starting to abandon all hope of OPEC getting a handle on the situation longer term. for more analysis: htt...
Welcome to the Investors Trading Academy talking glossary of financial terms and events. Our word of the day is “WTI Crude oil”. WTI refers to oil extracted from wells in the U.S. and sent via pipeline to Cushing, Oklahoma. The fact that supplies are land-locked is one of the drawbacks to West Texas crude – it’s relatively expensive to ship to certain parts of the globe. The product itself is very light and very sweet, making it ideal for gasoline refining, in particular. WTI continues to be the main benchmark for oil consumed in the United States. WTI is considered “sweet" crude because it is about 0.24% sulfur, a lower concentration than North Sea Brent crude. WTI is high quality oil that is easily refined. Light, sweet crude oil commonly referred to as "oil" in the Western world. WTI...
The WTI Crude Oil market initially tried to rally during the session on Thursday, as we had a stronger than anticipated withdrawal of crude oil inventory announced. However, I think that the market will eventually break down below the $45 level, and when it does it’s time to start selling again. The jobs number of course will have an influence on what happens with the oil markets as it influences on the US dollar. The stronger the US dollar, typically the more pressure that we see in this market. The $42.50 level is my next target, and if we rally from here, I think that signs of exhaustion should be selling opportunities as well. I have no interest in buying this market, and I believe that the $47.50 level above is massive resistance. for more analysis: http://www.dailyforex.com
The WTI Crude Oil market bounced during the day on Thursday, but continues to find resistance near the $43.50 level. Ultimately, this is a market that has a significant amount of bearish pressure on it, and I believe that we are going to reach towards the $42 level underneath. A break above the $43.50 level should send this market looking for the $45 level. I have no interest whatsoever in buying this market, because quite frankly the oversupply issue continues to haunt the market. Once we break down below the $42 level, the market should then go down to the $40 level which is a longer-term support level. Either way, expect a lot of volatility because of the massive pressure that we see in the market. I prefer to sell rallies as it gives us an opportunity to build up momentum. for more an...
The WTI Crude Oil market broke down significantly during the session on Friday, slicing through the $45 level. That’s an area that of course caused a bit of support due to the fact that it is a large, round, psychologically significant number, but this had more to do with the jobs number being stronger than anticipated. In theory, this suggests that there should be plenty of demand due to industrial consumption, but quite frankly I think that longer term we still have a lot of issues. The market breaking below the $47 level and of course the uptrend line should continue to offer resistance above, so I’m waiting to see and exhaustive candles that I can start selling. The signs of the candle during the Friday session was impressive, but quite frankly, after that massive breakdown it’s not th...
The WTI Crude Oil market initially tried to rally during the day on Thursday, but found the area above the 50-day exponential moving average to be far too resistive. The $45 level continues to be massively resistive, and we turned around to form a shooting star. That is a very negative sign, and if we can break below the bottom of the daily range from the Thursday session, the market should then go looking down to the $42.50 handle. We are in a longer-term downtrend, so this makes quite a bit of sense, and I believe that the sellers will of course continue to take advantage of the overall pressure and of course the oversupply of crude oil around the world. If the US dollar starts to pick up value, this market should continue to go even lower. for more analysis: http://www.dailyforex.com
The WTI Crude Oil market initially fell during the day on Tuesday, but turned around to form a very bullish sign. The market broke above the $45 level, and it looks likely that we will continue to reach a little bit higher, but quite frankly with the Crude Oil Inventories announcement coming out today, we could get a massive turn around. Also, if Janet Yellen does anything to send the value of the US dollar higher, that could work against oil as well. Quite frankly, this is a market that I think is a bit range bound with a downward bias, and that is why we’ve seen a downtrend in general. I’m simply waiting for some type of exhaustive candle to start selling, even though I don’t have it yet, that is what I anticipate will be the case going long term. for more analysis: http://www.dailyfore...
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