Oil

[punjabpolice]

Crude oil current Rate is 69.16 and strong selling position

R1: 69.56 R2: 69.89 R3: 70.36



S1: 68.67 S2: 68.07 S3: 67.74

[hmforex]

Oil know Strong bullish

Current Rate is: 69.07

Resistance 1: 69.65 Resistance 2: 70.15 Resistance 3: 70.95

Support 1: 68.59 Support 2: 67.97 Support 3: 67.43

[waso691]

TODAY'S TECHNICAL LEVEL OF OIL:
Breakout BUY Level: 68.80.
Strong Resistance: 68.60
Original Resistance: 68.40.
Inner Sell Area: 68.20.
Target Inner Area: 68.00.
Inner Buy Area: 67.80.
Original Support: 67.60.
Strong Support: 67.40.
Breakout SELL Level: 67.20.
***Warning *** Trading Forex on margin carries a high level of risk, and may not be suitable for all Traders or Investors.

[jobless]

Oil know Strong Bullish

Current Price Rate is: 68.02
Resistance Level is:

Resistance 1: 68.37 Resistance 2: 68.89 Resistance 3: 69.25


Supporting Level is :

Support 1: 67.59 Support 2: 67.01 Support 3: 66.54

[waso691]

TODAY'S TECHNICAL LEVEL OF OIL:
Breakout BUY Level: 70.30.
Strong Resistance: 70.10
Original Resistance: 69.90.
Inner Sell Area: 69.70.
Target Inner Area: 69.50.
Inner Buy Area: 69.30.
Original Support: 69.10.
Strong Support: 68.90.
Breakout SELL Level: 68.70.
***Warning *** Trading Forex on margin carries a high level of risk, and may not be suitable for all Traders or Investors.

[kanita]

oil pair trading now trend in strong bearish and pair in strong selling pressure and i prefer for sell the oil at price 68.70 to 69.20 and trader set their take profit at price 66.00 to 65.50 and trader use stop loss at price 69.30 to 69.80 maximum and trader must follow the oil all fundamentals and trader watch all oil related news and data then he/she place their order in oil and make good profitable trades with oil pair trading today

[waso691]

TODAY'S TECHNICAL LEVEL OF OIL:
Breakout BUY Level: 69.10.
Strong Resistance: 68.80
Original Resistance: 68.60.
Inner Sell Area: 68.40.
Target Inner Area: 68.20.
Inner Buy Area: 68.00.
Original Support: 67.80.
Strong Support: 67.60.
Breakout SELL Level: 67.40.
***Warning *** Trading Forex on margin carries a high level of risk, and may not be suitable for all Traders or Investors.

[Sunriser1]

Today’s EIA number was certainly that, coming in well above expectations. Given the variations in both the EIA and API weekly stocks reports, what is WTI crude likely to do?

If you are involved in the WTI markets, be aware of rollover from the August to September futures contract. Volumes are diluted 2/1 favoring September, making it the new-front month issue. As the session wears on, choppy price action is possible as the August/September spread is brought in by institutional players.

The Hard Numbers
It is becoming a weekly theme — oil inventories projections have missed the mark badly once again. Here is a look at the data:

API: The API report came in Tuesday at a surplus of 0.629 million barrels. This is well above the previous release of -6.796 million.
EIA: Today’s EIA stocks came in at a staggering 5.836 million barrel surplus. This figure shattered projections of -3.495 million barrels and last week’s -12.633 million.
After last week’s chaotic price action following the reported draws, it is tough to pick a direction in WTI based on these numbers. However, growing supply is never good for commodity pricing. Perhaps traders will jump on the bearish bandwagon and test the $65.00 level.

Oil Technicals
September WTI crude is trading right at the 62% Fibonacci macro-wave retracement. Given the reported builds in supply, it is tough to envision a scenario where $65.00 is not tested in the near future.

[Sunriser1]

Crude Oil Slips Below $70 – API Report Awaited

The American Petroleum Institute is due to report the weekly inventory levels of the U.S. crude oil at 20:30 (GMT). The figure shows how much oil and product is available in stores.

This specific indicator provides a summary of the U.S. petroleum demand. Simply, the draw in inventories boosts the prices of crude oil, whereas, the inventory builds reduces the prices over lower demand concerns.

During the previous week, API reported a draw of -6.796M barrels. Russia and Libya seem to hike the production lately. Logically it should increase the supplies and we can expect API to report a build in inventories. But it’s a tough call as Iran, the 3rd biggest oil exporter in OPEC, may export only two-thirds of its supplies because of new U.S. sanctions. That’s putting oil markets under huge pressure amid supply interruptions worldwide.

What’s on the technical side?
As you can see on the daily chart, crude oil has dropped below 70, crossing 50 periods EMA from the upper side. For the moment, it’s trading above a bullish trendline support at $66. The leading indicator RSI is entering the sell zone.

[Sunriser1]

WTI Crude Oil Plunges, Smashes Downside Support

The rout is on in WTI crude oil, with prices dropping dramatically in the last five sessions. It seems like just yesterday $75.00 was the key number and analysts were calling for $80.00. Now, price is shattering support level after support level amid a $7.00+ sell off.

Traders are getting wise to the notion that considerable supply is due to begin hitting global markets in coming weeks. Reports from the U.S. Treasury are stating that U.S.-imposed sanctions on Iran may be lifted for some importers. If this turns out to be true, an additional source of crude will open up as OPEC ramps up production.


Techinical Look

After last Wednesday’s surprise crash in August WTI crude, prices appeared poised to regain some of the losses. Thursday and Friday traded exceptionally tight, rotating above a key 38% Fibonacci retracement level on the daily time frame. Today’s action has confirmed June’s uptrend is over.

At press time, WTI is trading near the $68.00 handle and pushing intraday lows. The presence of the 62% retracement at $67.93 may give this market reason to pause. Nonetheless, traders are involved heavily to the short side, and there are no signs of the downward pressure ceasing.