Disliked{quote} TC, always noticed the pattern on your chart, when the arrow appears the price advances then pulls back to the magenta then carries on, remarkable free services is this thread as I've often said, as always DIgnored
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Disliked{quote} TC, always noticed the pattern on your chart, when the arrow appears the price advances then pulls back to the magenta then carries on, remarkable free services is this thread as I've often said, as always DIgnored
Disliked{quote} Still thinking along these lines BRN tested 64.20 yesterday, 67 target if we break, WTI would follow with new symmetry target at 58.10 support at 56.92 could change view. BRN turn date 27th so could happen Fri/Mon. Good luckIgnored
DislikedBRN 63.72 WTI 57.40 (maybe 56.22 for now) Need to break these bu##ers if your a bullIgnored
Disliked{quote} Heading north ???? I think if we can just see BRN break {image}Ignored
Disliked{quote} Hi Li , do you ever think alternatives? I mean are bound to your system ?Ignored
DislikedBRN 63.72 WTI 57.40 (maybe 56.22 for now) Need to break these bu##ers if your a bullIgnored
Buyers continue to lurk just below the 56 handle, prompting a tepid bounce in WTI (futures on Nymex) over the last hour, but the bulls lack follow-through amid a cautious market sentiment heading into the crucial US-China trade talks.
The recent trade-negative comments delivered by the US President Trump weigh on the investors’ sentiment, as the US-China trade talks are set to resume on Tuesday. Trump said China might not want to sign a trade deal until after the 2020 US election. Further, oil traders watch out for any trade progress when the two trade teams meet this week.
The downbeat tone around the black gold can be also attributed to growing global economic slowdown concerns and its eventual impact on the demand outlook for oil. Meanwhile, broad-based US dollar strength, in the wake of upbeat US Q2 GDP data and a smaller Fed rate cut this week, continues to keep the recovery in check.
Middle East tensions, drop in rigs count offer support
However, the barrel of WTI manages to defy the gravity, as it derives continuous support from the supply disruption risks, with Middle East tensions around the Strait of Hormuz, still remaining high.
Further, a drop in the US Rigs Count also keeps the sentiment somewhat buoyed around the commodity. “The US energy companies last week reduced the number of oil rigs operating for a fourth week in a row, putting the rig count down for an eighth consecutive month, as cited by Reuters”.
Looking ahead, the US-China trade-related developments will have a major impact on the oil-price action while the US weekly crude supply reports are also closely eyed for fresh insights on the US supply-side scenario.
Disliked{quote} Closed with minuscule profit at bed time. Price dropped to ~8002, then move to ~8031.Ignored