Oil

[MARandhawa]

Oil prices are trying to grow. Oil is strengthening due to the possible tightening of the situation in the Persian Gulf. Yesterday, the Iranian authorities threatened to close the Strait of Hormuz to transport oil if the US keeps its sanctions policy. The traders are waiting for EIA Crude Oil Stocks change release, which can decline by another 3.53 million barrels and support the oil prices.

[MARandhawa]

H-5 keeps consolidating (STOCH *54.735, Highs/Lows * 0, Ultimate Oscillator * 49.913), technically breaking the Channel Up formation. This is a technically accepted reaction to the no-stop increase of the previous two weeks, especially since D-1 remains overbought on four technical benchmarks. This leads me to believe that a pull back on H-5 is required to overcome those, as long as 75.27 is intact. The Crude Oil Inventories may assist towards a moderate 72.90 decline, which could translate to selling momentum by Friday and 70.72 (0.3820 Fibonacci on H-5). I am still waiting aside for a distinct trend. Timing is of great importance, there is no need to trade every day.

[SA148P]

Oil prices are trading in different directions, consolidating near local highs, updated earlier this week.
The market is still dominated by opposing factors. On the one hand, the price is hampered by the decision of a number of major oil countries to increase production in order to compensate for supply disruptions related to US sanctions against Iran. On Tuesday, this was confirmed in a joint statement by Saudi Arabia's Energy Ministers Khalid Al-Falih and Russia's Alexander Novak. On the other hand, support for quotations is provided by the reduction of oil and oil products in the US. According to the latest API report, the volume of oil reserves decreased by 4.50M barrels, gasoline – by 3.07M barrels, and distillates – by 0.44M barrels.
On Thursday, investors will focus on the EIA Crude Oil Stocks change report. The indicator is expected to reduce by 3.53M barrels which will support the prices.
Support and resistance
On the daily chart, Bollinger bands are growing steadily. The price range is slightly narrowed from above, reacting to the flat recent trade. MACD indicator unfolds downward, forming a sell signal (the histogram is below the signal line). Stochastic is turning down, have stepped off its highs at the beginning of this week.
It is better to open correctional short positions in the short/ultra-short term until the situation is clear.
Resistance levels: 72.75, 73.74.
Support levels: 71.80, 71.00, 70.00, 69.38.

[billyboy00007]

The global financial markets remained bit muted on Wednesday in the wake of U.S. holidays. But the POTUS Trump just couldn’t resist using twitter as lashes on OPEC and advice to lower the oil prices.

Recalling the U.S. Tax reforms, Trump supported their economy, especially the business and labor sector by cutting the tax rates. But over the period of time, the oil price has rebound from $25 to cross above $70. Looks like a surge in the oil prices could undo some of the effects of the administration’s tax reform.

[MARandhawa]

Current trend
Oil prices are trading in different directions, consolidating near local highs, updated earlier this week.
The market is still dominated by opposing factors. On the one hand, the price is hampered by the decision of a number of major oil countries to increase production in order to compensate for supply disruptions related to US sanctions against Iran. On Tuesday, this was confirmed in a joint statement by Saudi Arabia's Energy Ministers Khalid Al-Falih and Russia's Alexander Novak. On the other hand, support for quotations is provided by the reduction of oil and oil products in the US. According to the latest API report, the volume of oil reserves decreased by 4.50M barrels, gasoline – by 3.07M barrels, and distillates – by 0.44M barrels.
On Thursday, investors will focus on the EIA Crude Oil Stocks change report. The indicator is expected to reduce by 3.53M barrels which will support the prices.
Support and resistance
On the daily chart, Bollinger bands are growing steadily. The price range is slightly narrowed from above, reacting to the flat recent trade. MACD indicator unfolds downward, forming a sell signal (the histogram is below the signal line). Stochastic is turning down, have stepped off its highs at the beginning of this week.
It is better to open correctional short positions in the short/ultra-short term until the situation is clear.
Resistance levels: 72.75, 73.74.
Support levels: 71.80, 71.00, 70.00, 69.38.

Trading tips
Long positions can be opened after a rebound from 71.80 and breakout of the levels of 72.50–72.75 with the target at 73.74 or 74.00 and stop loss 71.80–71.60.
Short positions can be opened after the breakdown of 71.80 with the target near the psychological level of 70.00 and stop loss 72.75.
Implementation period: 2–3 days.

[0307148]

oil kaafi time se bnahut strong chal raha tha may be because of Libiya riots..
lekin last kuch dino se oil kaafi down gaya hai..isne recently 94 ki value ko tod diya hai..
ab tak isne uptrend ka koi signal nahi diya..to lagta hai ki ye aur neeceh ja sakta hai

[Sunriser1]

On the daily chart, oil is trading at $72.94 with an immediate support near $71.80. The intra-day resistance can be found at $73.64 and the violation of this level can give us further bullish trend until $75.70.

WTI Crude Oil Trade Plan if you want to follow
Today $73 is a very crucial trading level and crude oil can stay bearish below this level to target $72.10 and $71.75. Happy earning

[MARandhawa]

Oil quotes have ambiguous dynamics during the day. Morning growth was replaced by a decline, during which all the conquered positions were lost.

The market is still dominated by opposing factors. On the one hand, the price is hampered by the decision of a number of major oil countries to increase production in order to compensate for supply disruptions related to US sanctions against Iran. On Tuesday, this was confirmed in a joint statement by Saudi Arabia's Energy Ministers Khalid Al-Falih and Russia's Alexander Novak. On the other hand, support for quotations is provided by the reduction of oil and oil products in the US. According to the latest API report, the volume of oil reserves decreased by 4.50M barrels, gasoline – by 3.07M barrels, and distillates – by 0.44M barrels.

On Thursday, investors will focus on the EIA Crude Oil Stocks change report. The indicator is expected to reduce by 3.53M barrels which will support the prices.

[MARandhawa]

Current trend
Oil is trading within the sideways channel of 73.43–71.87.
The demand for "black gold" is caused by the expectation of further reduction of EIA Crude Oil Stocks change indicator this week. The data will be published on Thursday evening, a fall by 3.267 million barrels is expected. On the other hand, the call of US President Donald Trump to Saudi Arabia to increase production against the backdrop of high prices may cause a correction in the market to the level of 5/8 Murrey or 70.31. According to news agencies, the figure may increase to 10.8 million barrels per day.
The price can be supported by an uncertain situation in Libya, where a large oil company reported problems with loading in two ports due to the blocking of the Ez Zueitina and Marsa Al Hariga terminals. If the situation maintains, the production level may drop significantly – by 850,000 barrels per day approximately.
Support and resistance
Stochastic is around 42 points and does not give signals for opening positions.
Resistance levels: 73.43, 74.56.
Support levels: 71.87, 70.25.

Trading tips
Long positions can be opened from the level of 71.87 with the target at 73.22 and stop loss 71.35.

[sadiq.86]

WTI pauses 6-day winning streak, drops back towards $ 73.50. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>................. .................................................. .................................................. ...>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>