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Crude Oil Markets Seems Try to Recover After Initially FallingRecently, the oil market follow the general run of risk sentiment. However, oil markets are still weaker this morning despite the rebound in risk sentiment. The last main story in oil markets was the news over the weekend of the discovery of new oil reserves by Iran. They were reported to have discovered an oil field containing the equivalent of 53bn barrels of oil. However, it is not clear how much of that is new or commercially viable. The last thing OPEC needs is more oil discoveries given oil’s current level of abundance... In spite of a large inventory build the net long oil positions on US crude increased last week for the third consecutive week mainly due to the tariff rollback headlines. So without a reaffirmation of progress between the US and China, these new contracts remain susceptible to headline risk and even a long position squeeze. Technically, on the daily chart the West Texas Intermediate Crude Oil market initially fell towards the $56 level underneath before turning around and showing signs of strength. At this point, the market looks very likely to turn around and try to reach towards the $58 level. Breaking through that level of course would be very bullish but will run into a significant amount of trouble near the $60 level. In that area is located 78.6% Fibo retracement level (of the fall from the Sept. high 63.68 to the October low $51.06) at $60.77. To the downside, there is a significant amount of support near the 200-day EMA which is closer to the $55.40 level. Underneath there, the $54 - 53.70 area be targeted for support as well. Looking at the overall market though, we are essentially in a massive consolidation area.
OANDA:WTICOUSD
by ForexTrendline
Crude oil - eyes on $67Price now ranging in strong monthly supply box until momentum picks up. Crude oil should slowly go up towards $62 - $68 monthly supply or "range of interest". For those that want to go long, green box should be zone to place buy orders with ~ $67 as a take profit . MACD suggests that breakout should come in any direction quite soon on weekly/monthly basis. *Keep in mind that this is a multi-week swing trade* This is not a financial advise. Have a great day!
TVC:USOILLong
by Patrikas10
Saturn Oil - WTI - 60% price increase expectedNobody has the small Canadian oil producer on their screen. With relatively low production costs and high margins, the production volume has been successively expanded over the last 12 months. Last year I traded the share from 0.12 to 0.24 CAD and now I will be back from 0.13 to at least 0.24 CAD. If this mark is cracked, then new highs above 0.30 CAD would not surprise me and I take them with me gratefully. Important! limited buy order
SLong
by StefanBode
2
W&T Inc. P-Modeling Pt 1. Harmonic Strings of the Illusive CajunWelcome to Extreme Long Range Prediction Modeling of W&T OFFSHORE INC. I am your hyperspace archaeologist Glitch420. Welcome to the Hyperspace. This hyperspace is underdeveloped and does not contain important components of the protocols. This is a bare bones framework presented. The protocols used here were developed to help navigate quantum hyperspaces across any 2D analog. This is an extreme prediction model of USOIL that is very experimental. I do not expect to be right. However, I am posting this public to instill curiosity in hopes you may ponder the unknown with me. As shown in my Bio. I have only one true belief here. Failure is a necessary component of success. Watch me fail with a smile on your face. I bet your already laughing at my chart. :) I laughed with you. Just know that. But how curious are you? Maybe a lot... Maybe not at all... Sure is a colorful cool looking thing. But does it function? Is it valid? Guess, we have to wait and see.. Traditional Technical analysis is old. Very old. It was founded in the early 1930s + and developed from a stem of theories still used today. Although much has improved over the decades in a variety of TA domains. The times are changing and classical analysis is not as powerful as it use to be.. Technology is rapidly evolving into algorithms capable of manipulating markets like never before. In 2019, we must develop the tools to decode the ones that seek to control us. We must raise an army and take back the power that rightfully belongs to the people. There is more powerful way to model 2D analogs then Traditional TA. A more accurate way to predict the future... Metric charting has evolved in advanced statistics and theoretical mathematics.Theory Evolves... There are hidden strings visible, plain as day in the data... Yet 100 years of Traditional TA only skirted the true ecosystem lying in the background. The quantum one. The following chart is a trial of decoding the future, both in FA News and in Trend. Laugh with me. Laugh at me.. I do not care. Just follow along. Technical. The following chart is on a 1 WEEK time-frame. Valid Harmonic Butterflies. Quantum Strings of Harmonics Harmonic Handle = Inverted. Harmonic Ball Cup = Inverted. See Mean reversion level in pink. The 1 Week Reversion is at $13.. Very interesting. See USOIL for the correlation link. What matters is that I have your attention... And if i do not yet.. I will soon. because your curiosity will compel you to return. One way or another, I will just continue to consume your time. And if not.. Excellent. You are a hard nut to crack. But crack you will. Curiosity cracks the hardest nuts. And I Glitch420 is the most curious of them all. Thanks for pondering the Unknown with me, Glitch420
NYSE:WTIShort
by Glitch420
1