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UKOIL Long Idea Daily bias switched over to long today. no strong resistance till 85.77 visible. 2 potential entries marked on chart along with all relevant information needed to assess long idea. additional potential entry can be expected at London open. I usually trade just London session but this setup looks too good to pass on if it presents right away. but I will wait till the POC is cleared. whether it does this in next 15 minutes or after London opens up, we will see.
TVC:UKOILLong
by Osiris992
Oil drops on China intervention to ease coal crunchOil prices turned down after the Chinese government flagged it was looking for ways to tame record high coal prices and that it would ensure coal mines operate at full capacity as Beijing moved to ease a power shortage. Chinese coal prices and other commodity prices slumped in early trade, which in turn pulled oil prices down from an uptick earlier in the day. Oil markets had hit multi-year highs earlier in the week on the back of a global coal and gas crunch, which has driven a switch to diesel and fuel oil for power generation. "Ultimately, China's coal output needs to increase to remedy its energy woes," Commonwealth Bank commodities Data. U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.4%, to $82.66 a barrel at 0316 GMT, reversing most of a 52-cent gain from Tuesday. Brent crude futures dropped 43 cents, or 0.5%, to $84.65 a barrel, paring a 75-cent rise in the previous session. The China Electricity Council said late on Tuesday China's National Development and Reform Commission (NDRC) discussed government intervention in coal prices at a meeting of key coal producers. In a separate statement, the NDRC said it would ensure coal mines operate at full capacity and aim to achieve at least 12 million tonnes per day of output, which would be up more than 1.6 million tonnes from late September. The market was also pressured by data from the American Petroleum Institute industry group which showed U.S. crude stocks rose by 3.3 million barrels for the week ended Oct. 15, according to market sources. That was well above nine analysts' forecasts for a rise of 1.9 million barrels in crude stocks, in a Reuters poll. However U.S. gasoline and distillate inventories, which include diesel, heating oil and jet fuel, fell much more than analysts had expected, pointing to strong demand. Gasoline stocks fell by 3.5 million barrels compared with analysts' forecasts for a drop of about 1.3 million barrels, while distillate stocks fell by 3 million barrels, compared with forecasts for a drop of 700,000 barrels.
TVC:USOILShort
by filatovarthur
1
Our second trade in UKOIL!Hello everyone! It’s been a while since I don’t update you my oil trading, so here we go. This trade is going very well, thank you very much, and this pennant was the pullback I was waiting since I booked my profits of our last oil trade. If you missed my last call, the link to them are below. Our trade gave us 45% profits, and I invite you to follow me to keep in touch with our trades and analyses. My TWITTER has some interesting stuff too, go check it there, you will understand better how I trade and how I see the market! As I said in my last analysis, I was waiting for a bullish pattern to confirm my views, and it happened. The price found support at the purple trendline and at one of its previous bottoms (thin red line), and did a triple bottom, a good bullish sign. If you are not entirely comfortable trading the hourly chart (like me), you could’ve bought half of your position using the hourly chart, and the remaining half using the daily chart. Speaking of daily chart, here it goes: And here’s the confirmation a conservative trader wanted! The closure outside the pennant was the ultimate sign, and that’s the point we enter again. Or you can be even more conservative and wait for the price violate the last candle’s high to buy your remaining position, and that’s what I like to do with oil (I don’t like to do that with stocks because they gap a lot). Now, the UKOIL trade 2 is on! Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped. Thank you very much. * LIKE this idea and FOLLOW me, because: - Here, you will see clean charts; - Trades with clear risk management; - The best of Dow Theory, Price Action and Candlestick psychology; - Chart patterns with statistics. * * My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
TVC:UKOIL
by Nathan_The_Finance_Hydra