I am still long for now, the last wick on H1 made me re-think about the planned short
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DislikedNo matter what, someone (or team) doesn't want this to go down at all (even for correction) This is not a healthy market move and it's not base on trades. So we can't explain it by technical analysis. For time being I stay away until I close all my positions with break even.Ignored
Disliked{quote} Well done, would like to get excited a fall could be coming but the gaps in the 1M may well come back to haunt, D EDIT Would like to think my theory was right in previous posts!!!Ignored
Disliked{quote} Actually I wanted to short too base on gut filling, the finger was on the mouse button but last sec I gave up ha ha Good for you mateIgnored
Disliked{quote} Thnx! WTI is to choppy for me right now no clear direction. Although one could play the range between 62.8 and 62.2 {image}Ignored
The price of oil is at a crossroads on a techncial basis with momentum indicators leaning bearish while fundamentals continue to support a bullish argument which brings the 70 handle into the picture - at least that futures price action is pointing towards, on track for the fourth gain in the past five sessions and to roughly five-month highs as markets speculate on a positive outcome between Sino/US trade talks taking place in Washington this week, with an anticipated deal and closure to lengthy trade dispute between the two largest conomies in the world
However, an unexpected rise in U.S. crude inventories with the Energy Information Administration saying that crude inventories rose 7.2 million barrels to 449.5 million barrels in the week ended March 29, leaving them at the five-year average helped to cap prices considering the consensus forecast was for a drop of 100,000 barrels. That, coupled with a bearish technical argument, prices are struggling to get over the line, being the 63 handle ahead of a techncial Fibo target.
WTI levels
Daily stochastics remains overbought and 4HR momentum has extended lower with the price unable to get over the line, being the 63 handle with the 61.8% Fibo as a key target in the 63.70s, meeting Jan 2018 support. Bears could well be inclined to push from here back towards a test of the 200-DMA, and if this does not hold, bulls could well be trapped in a long squeeze to cloud support and the rising wedge's support line. A break of the support line and below $57.80 opens the case for a continuation of the bear trend that would target below the $42 handle and late Dec lows.
DislikedWTI MEETS A KEY TECHNICAL THRESHOLD AND SULKS JUST BELOW 63 HANDLE 4 April 2019, 22:04 Following a dip in yesterday's trade, sparked by an unexpected build in U.S. crude inventories, West Texas Intermediate crude remains under pressure on a techncial basis, although fundamentals lean bullish. WTI is currently trading at $62.21bbls and has travelled in a range of between $61.91bbls and $62.75bbls, spot. The price of oil is at a crossroads on a techncial basis with momentum indicators leaning bearish while fundamentals continue to support a bullish...Ignored
Disliked{quote} Hello timingchain, could you please share the slope of your trend lines, I tried the +/-36.9 as per Ata thread but seems it is a different gradient from the ones in your chart. many thanks v I believe I have found the mistake I was doing. The copy of the original TL with slope keeps the slope always fixed meanwhile the copy of the TL changes the gradient of the slope when the chart is streched. Sorry Many thanks again vIgnored