ANOTHER GOOD CALL
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Disliked{quote} Brakes went on all right , I think bears will be looking to push for a close below 55.30 which looks like tomor pivot atmIgnored
Disliked{quote} Sponge, taking a peek at the daily, this could be up, if the 21 is anything to judge, will check you message, DIgnored
Disliked{quote} Took a little dip Now waiting for the words from "sky" Fed et al. I'm so Fed up with this blah gridlocks, stalls.... #blahajIgnored
Disliked{quote} Man this one is one of the most under-harvested trades I have done in a long time It tortured me through the night but when I exited at rather small profit... It dropped (potentially big profit) like a mofo... Anyway, glad to see that at least one market seems to be moving in the direction it is "suppose to" Well am very curious about what happens tomorrow and till the end of this week.. So I will resist the temptation to enter this market right now... Will either re-affirm or reject the SOUTH trajectory by the end...Ignored
Disliked{quote} Again it's eluding us, trading opps both ways, on further inspection, over the last few weeks, the daily has been in turmoil not knowing a definitive point, looking at previous points way back on the daily chart, the characteristics have not been followed, the traits have not repeated, boundaries have not been hit but think we can all relate to the structured randomness, with the 1% edge, Chinusa is on the table, the US want to be beneficiaries, need I say what I'm thinking but don't follow me, I'm lost too, DIgnored
DislikedAwesome! I traded WTI this morning as my Trade of the Day. posted it on twitter. should follow me @therealpsyence pics of the trade {image} {image}Ignored
Disliked{quote} TC, them lows getting higher and highs getting higher? whats you view, as always welcomed, DIgnored
Disliked{quote} We are seeing a possibly brief downtrend that is in a larger uptrend (lows getting higher and highs getting higher) that is in a larger downtrend. The wedge has existed since June--PA has to break out sometime, or maybe just wander out sideways. I would do nothing in this situation except scalping. {image}Ignored
With the doubts over energy demand and the market’s caution ahead of the key data/event challenging private inventory data, WTI declines to intra-day low of $55.35 during Wednesday’s Asian session.
Prices slipped beneath 100-day Simple Moving Average (SMA) on Tuesday after doubts over the US-China meeting in Chile were resurfaced by Reuters. The reasons spotted include geopolitical tension and fire. Though, the losses were limited by the weekly Crude Oil Stock report from the American Petroleum Institute (API) survey. The report said that the inventory figure for the week ended on October 25 dropped from 4.45 million barrels to 0.592 million barrels.
However, buyers fail to return as China’s objection to the United States’ (US) stand on Xinjiang adds uncertainty to the US-China trade deal. Further, the US House of Representatives recently backed legislation to levy harsh sanctions on Turkey over its offensive in Syria, which in turn added weigh to the market’s risk-tone.
Additionally, investors remain cautious to challenge the energy benchmark’s decline below key SMA as the market’s turn risk-averse before the key central bank meetings and the US Gross Domestic Product (GDP) data.
While macro headlines and the heavy economic/event rush will keep Oil traders entertained, official US inventory data for the week ended on October 25, the Energy Information Administration (EIA) Crude Oil Stocks Change, will also be crucial to watch. Forecasts suggest +0.729 million barrels of prints to follow -1.699 million barrels prior.
Technical Analysis
Not only a 100-day SMA level near $56.00 but the monthly top of $57.00 will also question the quote’s rise. On the downside, an upward sloping trend line since October 10 around $54.20 will be the key support to watch.