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Crudeprice

Crude oil - the turning point - about 20USD (15-25)increase of stocks - new record, all time high 356 635 thousand barrels – September 26, 2014, 494 920 thousand barrels – January 26, 2016 oil production is still high despite of decreasing rig counts decrease of managed money positions - 184 317 – October 13, 2015, 69 755 – January 12, 2016, 110 432 – January 26, 2016 Murrey math lines: monthly chart 1/8 – Fast reverse line – support: 25 4H chart, daily chart 3/8 – Lower trading range – resistance: 34,38, 1/8 – Fast reverse line – support: 28,13 , 0/8 – Hardest line to fall below – support: 25,01 , -1/8 Oversold line – support: 21,89 , 2/8 minimum of scale – support: 18,77 Moving average EMA200: 4H chart – 34,38 – resistance Harmonics pattern: monthly chart – end of reversal zone 16,62 minimum from 1998 – spot price about 10 , real price (inflation adjusted) 14-15 source: www.finila.com
NYMEX:CL1!Short
by lubmir
Crude under pressureCrude (22.05.2015) traded lower as per our expectation as mention in our previous article, however it fail to reach to $55.70 mark & bounced back with current week inventory support. Now crude is trading around $60 mark & as we can see on charts, crude trying to retest the broken trade line of ascending channel. The bounce was supported by volume as well as pattern is not very ideal for recovery. On elliott wave count , crude probably trading under 1st downside wave with probably V wave down now. However the count is not very ideal still there is no other probability available this time. On fundamental side, although we witness a good withdrawal last week, total inventories still roaming around all time high while strong dollar likely to continue. Based on above technical picture , crude probably move downward once again. Level $55.70 & then $51.50 will be on radar. MCX -> S2(3610) S1(3724) cmp(3832) R1(3910) R2(3980) Note - Above technical analysis is not a buy/ sell recommendation. Read more articles here www.mantracommodity.blogspot.in
FX:USOILShort
by mantracommodity
Crude can hit back again.Crude(25.03.2015) broken downside & traded lower towards $43 mark as mention in our last analysis. However the recovery was quite sharp to resistance zone once again. Now crude is trading around $47.50 & as we can see on charts, its approaching to the broken tradeline of last symmetrical triangle pattern. This recovery seems to be a corrective one due to less volume & weak candlestick structure. However small timeframe charts showing some positivity but day & weekly charts are still bearish. To convert this rally into a reversal crude must provide a close above $55 mark otherwise a deeper fall may occur this time. On fundamental side nothing have changed. Crude inventory & production still on higher levels while next OPEC meeting due on 5th june 2015 at Vienna, Austria is far away. Based on above studies, we will prefer to stay on sell side & may witness a fall back towards $44 mark & may be followed by $41 in coming weeks. MCX -> S2(2810) S1(3020) cmp(3130) R1(3300) R2(3560) Note - Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us Call Us : 088890 34986 www.mantracommodity.blogspot.in
FX:USOILShort
by mantracommodity
Crude waiting for breakoutCrude (10.03.2015) fall more than 60% in last 6 months & now consolidating in tight range , probably looking for another big move. Crude is trading around $50.80 & as we can see on charts it is trapped in a range & producing a symmetrical triangle pattern. Generally these patterns appear before a big move & provide a either side breakout in 50-75% length range. Candlestick pattern are neutral with RSI. Decreasing volume from last few weeks hint for the same. On fundamental side, upcoming crude inventory will decide future direction while Greece uncertainty & dollar strength will keep pressure on oil prices. Based on above studies, we will prefer to go with the breakout of current symmetrical triangle while $58 mark on upside & $43 on downside act as profit booking levels. MCX -> S2(2810) S1(3020) cmp(3130) R1(3300) R2(3560) Note - Above technical analysis is not a buy/sell recommendation. More reports available here www.mantracommodity.blogspot.in
FX:USOIL
by mantracommodity
1
Crude Cuts Up LongsI haven't posted about crude in a few weeks because the fundamentals and technicals simply have told the same story over and over again. Bulls get bullish because A) they believe the global economic growth falacy or B) it's so oversold it must go higher. My charts did not change, and, yes, it has played out well technically to the downside. It is ever closer to the $42.13 longer-term trend line (purple dotted line). OPEC... or Saudi Arabia, rather, will continue to put the big hurt on US shale plays. The EIA crude inventory report shown a surplus of 8.9 million barrels, following a increase of 10.1 million barrels the following month. The API data was even more bearish, suggesting an increase of over 12 million barrels. US shale companies will continue to pump, even as rigs fall to multi-year lows. Even given the 120+ days of declining gas prices, demand is still not there. Potential long accumulation could be interesting in low $42, perhaps lower. However, $80/90 barrel oil is not even going to be possible. $55/60 seems more realistic.
NYMEX:CL1!
by CommoditiesTrader
4
Corrective bounce ahead Crude (12.9.2014) fall sharply in last few weeks & reach to the $90 sociological level. Now crude is trading around $92.40 & the bounce $90 mark is well supported by many factors like 261.8% feb ret. , a lower tradeline of descending channel as well as a very strong positive divergence. All this together providing a buying opportunity at current level. On fundamental side , continue demand for sanction on russia putting a dent on crude production future. Based on above studies , crude possibly move towards $94.80 & then $96.50. a day close below $89.50 will delay the forecast. MCX -> S2(5550) S1(5550) cmp(5678) R1(5740) R2(5833) Note - Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us Call Us : 088890 34986
FX:USOILLong
by mantracommodity