#WTI / Weekly & H4 / Triangle Idea
5
Reliable broker for Crude Oil trading 20 replies
making money intraday CL/WTI/OIL - no overnight holds 13 replies
WTI Crude Oil (TRENDSURFING - with the help of the model) 634 replies
Trading Oil WTI to get back all! 18 replies
Hedge WTI and Brent Oil 1 reply
Crude oil prices gained traction during the early trading hours of the Asian session on Wednesday as the upbeat data from China eased fears over a slowdown in the world second-biggest economy, which is also the second-biggest oil consumer.
Chinese economy showing signs of life
After closing the last three trading days in the negative territory and losing nearly 5% in during that period, the barrel of West Texas Intermediate staged a decisive recovery today and was last seen trading at $56.16, adding 4.15% on a daily basis. Earlier today, the monthly Caixin China PMI report showed that the business activity in the service sector at a more robust pace than expected with the Services PMI rising to 52.1 in August from 51.6.
Commenting on the data, “China’s economy showed clear signs of a recovery in August, especially in the employment sector," said Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group. "There’s no need to be too pessimistic about China’s economy, with the launch of a series of policies to promote high-quality growth.”
On the same note, the Chinese cabinet today said that they will maintain a prudent monetary policy and will finetune the policy in a preemptive way with an aim to support the economy and keep consumer prices stable.
With the addition of easing fears of a no-deal Brexit and its potential negative impact on the global economy, risk-on flows continued to dominate the market action and allowed risk-sensitive crude oil prices to stretch higher. Later in the day, the American Petroleum Institue will release its weekly crude oil stock report.
DislikedI opened a short WTI position today near the close and then added to the position in the past couple hours after the China/US trade talk news. A risk asset like crude will need a lot more than a trade deal if both the #1 and #2 economies are slowing.Ignored
DislikedI'm thinking tomorrow's EIA data could be a big one. API showed a surprise build earlier. If we get a surprise build tomorrow, prices could drop big after the recent gains. If you're interested in checking it out, I just posted the preview for tomorrow's data: EIA Weekly Petroleum Data - Sept 5th Preview I opened a short WTI position today near the close and then added to the position in the past couple hours after the China/US trade talk news. A risk asset like crude...Ignored
Disliked{quote} If the data is actually surprising in the opposite way, how much upside will it have, given the huge gain yesterday?Ignored
Disliked{quote} I share the same view with you, but it just got up to 57.25, where will you give up?Ignored
DislikedHi guys, I follow this thread since my passion for WTI started. I think we will see huge drop since china tariff started monday! API shows that no one wanted buy crude the past week. My target is 53.30.Ignored