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Ll1979 Nov 8, 2019 6:13am | Post# 4941

Crude Oil News Prices: challenging lows near $56.00
8 November 2019, 13:11

 

  1. WTI recedes to lows near $56.00.
  2. Higher greenback, trade weigh on prices.
  3. Latest EIA build in supplies hurt sentiment.

Prices of the barrel of WTI are trading on the negative ground at the end of the week and are testing lows in the $56.00 neighbourhood.
WTI moves lower on trade rumours

Crude oil has resumed the upside on Friday as traders appear more cautious on the positive outcome of the US-China trade negotiations. In fact, optimism that both countries could sign the ‘Phase One’ deal in the very near term has faded somewhat in past hours, sparking some selling pressure.
In addition, another build in US crude oil supplies as reported by the DoE on Wednesday keep weighing on the traders’ sentiment and collaborate with the downside. In the same direction, the persistent rally in the buck also keeps occasional bullish attempts in crude oil limited.
Later in the session, driller Baker Hughes is expected to publish its weekly report on US oil rig count, which has shown a persistent decline in past weeks.

WTI significant levels
At the moment the barrel of WTI is losing 1.52% at $56.27 and a breakdown of $56.02 (100-day SMA) would expose $55.49 (55-day SMA) and finally $53.71 (low Oct.31). On the upside, the next resistance lines up at $57.50 (monthly high Nov.5) followed by $60.00 (psychological handle) and then $60.94 (monthly high Jul.11).


luckyvictor Nov 8, 2019 7:57am | Post# 4942

{quote} No I have my own method. I think volume is very much a "thinking" indicator you don't just get a signal arrow or a crossover as with ma's ect. Here's a simple method on a random chart monthly/weekly.....carry these through to the lower time frames. Always good with hindsight of course but I'm sure you'll get the idea. Wyckoff sucks...just my opinion {image} {image}
Thanks sponge for your sharing

Moty Nov 8, 2019 10:05am | Post# 4943

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breakdown
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asgcorp Nov 8, 2019 10:21am | Post# 4944

another home run in progress, posted 18 hours ago. click play to recap.
as always, get subbed to get the latest updates.
https://www.tradingview.com/chart/UK...4-00-BUY-DIPS/

luckyvictor Nov 8, 2019 10:32am | Post# 4945

Buy at 55.90, seeing a large support

Moty Nov 8, 2019 10:44am | Post# 4946

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luckyvictor Nov 8, 2019 12:01pm | Post# 4947

Buy at 55.90, seeing a large support
Close now at 57.18

sponge Nov 8, 2019 12:08pm | Post# 4948

{quote} Close now at 57.18
That was a beaut

detector Nov 8, 2019 12:12pm | Post# 4949

Didn't follow through with the long after the break, the swing would have been a pain, well done profiteers, D

auricforecas Nov 8, 2019 12:21pm | Post# 4950

I still bet on the SOUTH but would avoid making firm(er) predictions for at least till some other markets consolidate and the possible new trends kicked in with enough fresh data to model them...

luckyvictor Nov 8, 2019 12:32pm | Post# 4951

{quote} That was a beaut
Thanks sponge, it is quite difficult to trade now, it is purely driven by news.

This is another reason why I am more interested to read the chart from price action and volume aspect

Ll1979 Nov 8, 2019 1:01pm | Post# 4952

{quote} Close now at 57.18
Nice trade champ!

Ll1979 Nov 8, 2019 1:14pm | Post# 4953

United states baker hughes us oil rig count: 684 vs previous 691

auricforecas Nov 8, 2019 1:19pm | Post# 4954

I think we are still on the SOUT trajectory with temporary corrections... I believe I will have much more detailed estimates of future trends by the end of the next week.. Basically re-confirming the SOUTH... Just need to re-validate, if for no other reason, to raise the confidence level The next week might be very important... to see where we are headed... accounting also the annual cycles of the WTI...

sponge Nov 8, 2019 1:35pm | Post# 4955

Check this wee guy out

Inserted Video

luckyvictor Nov 8, 2019 2:14pm | Post# 4956

I think we are still on the SOUT trajectory with temporary corrections... I believe I will have much more detailed estimates of future trends by the end of the next week.. Basically re-confirming the SOUTH... Just need to re-validate, if for no other reason, to raise the confidence level The next week might be very important... to see where we are headed... accounting also the annual cycles of the WTI...
I have this long term view as well, but the whole market is driven by news, any optimism from the trade deal may underpin this market

timingchain Nov 8, 2019 5:13pm | Post# 4957

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WTI spent a week churning sideways, up about one point overall.
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timingchain Nov 9, 2019 7:26am | Post# 4958

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WTI D1 Chart

The wedge remains intact, but with price near the descending line. An exit could go upward or sideways.

Price action could remain bounded between ~51 (blue line) and ~60 (yellow line) even with an upward breakout, consistent with the past week's volatile sideways action.
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Moty Nov 9, 2019 2:49pm | Post# 4959

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auricforecas Nov 10, 2019 6:05pm | Post# 4960

Looks SOUTH to me, still... but as I was explaining also.. this eurusd to 1.1 has to happen in order for certain parameters/correlations show us the way of future (3-6months) trend... Just has to... markets are in consolidation, certain things are still main drivers and is reflected in the main markets, as in the one I mention...
So as soon as this price gets crossed, I believe, after of course certain, after-shocks/burns possible... where others markets would like to go in correlation to main ones...

So... if I would have to choose NOW, would be on SOUTH, but will re-confirm by the end of the week, just in case... Suspect many/"mighty" things could happen this week, 11-15NOV...


Oh and yeah, didnt want to mention other market (eurusd), but it very important for this 1.1 to happen... Can not explain why atm, but trust me (just not too much)... Since you known "trust", "sure"... are fools words in markets but still... This time... I will use it... Have a reason


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