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As the world growth forecast has been cut and due to that oil demand is also decreased thats why oil dropped on friday and test a low around 90.30 for me oil is slightly under pressure right now, i think 87.40 can be seen within 3 weeks time we can buy there to gain 94.30
i like to buy oil @ 89.20
my stop loss of the day @ 88.57
take profit @ 89.67
Oil for the third day demonstrates a strong southerly decrease, the price broke through a number of strong levels of support, including long-term and 90.00 figure below that level building opened almost unimpeded path to 85.83 against such a strong southern trend is better not to go, with the resumption of the fall will again sell.
Decided to just open the sale of oil, the price shows a strong decline, oil a few hours before the stage and completed corrective repulsed from sliding alligator just broke through the lower zone of fractals (support 88.30) - this was a strong signal to sell because finally opened 88.00 and 87.70 marks .
The rise may run into resistance going forward however as S&P 500
stock index futures point to weakness in late Asian trade
kkk
i m not trading the oil because i listion that the trading on oil is very risky so i also want to know that is oil trading is risky ? mean many new traders who trade on oil loss their whole capital ?
Crude Oil (May 13) intraday: key ST resistance at 90.4
Pivot: 90.40
Our preference: SHORT positions below 90.4 with 88.05 & 87.3 in sight.
Alternative scenario: The upside penetration of 90.4 will call for a rebound towards 91.8 & 92.4.
Comment: as long as the resistance at 90.4 is not surpassed, the risk of the break below 88.05 remains high.
---------- Post added 04-16-2013 at 01:20 AM ---------- Previous post was 04-15-2013 at 02:04 PM ----------
Crude Oil (May 13) intraday: the downside prevails.
Pivot: 89.00
Our preference: SHORT positions below 89 with 85.7 & 84.2 as next targets.
Alternative scenario: The upside penetration of 89 will call for 90.4 & 91.8.
Comment: the immediate trend remains down and the momentum is strong.
Oil again stand on sale, she has just completed its northern correction from the resistance 88.60 (about which are gliding alligator) and resumed the southern long-wave, still holding back from further decline 88.00 figure in the breakout which will only add sales target 87.00.
In accordance with the order of the other commodities, WTI crude oil does not have such luck, because prices fell yesterday testing the 88.00 level. Tuesday, crude oil retain a strong bearish direction, and break the support level 89.35, after penetrating the major sooner rising trend line shown in the figure. Thus, most of the technical conditions showed further weakness. At the time of writing, crude oil was trading at USD $ 87.82 / bbl.
Well as long as oil continues to look to the south, on 4-hour chart shows that the price continues to be below the resistance of 89.00 dollars .. and it can be said that today the day of discharge rates are extremely slow without the express direction of motion .. so today I would not recommended to trade ... but eating it more strategically look to the south ..