Oil

[kanita]

oil pair in now strong selling pressure and oil pair now trading at price 70.45 and i prefer for sell the oil at price 70.50 to 71.00 and trader set their take profit at price 69.00 to 68.00 and trader use stop loss at price 71.50 ti 72.00 and trader must follow the oil all news and updates and trader understand the oil pair price movement and follow the correct oil price then he/she place their orders in oil pair and then he/she easily make good profit with their oil pair trading today

[billyboy00007]

WTI Crude Oil Trading At Key Support Level

The end of the trading week is upon us once again, with the closing bell drawing near. I hope your trading accounts have performed well over the past five days, stuffed with green pips. As the weekend approaches, WTI crude oil is trading at a key technical support level on the daily time frame. It appears as though traders are happy with this market rotating between $70.00-$75.00 for the time being.

Technical View
It is make-or-break time for oil players, as August WTI crude is trading above a key level of downside support.



After the Wednesday/Thursday massive $5 plunge, it appears that traders have come to their senses. Price has rotated to the bull, threatening to close above the 38% retracement level ($70.77) and Bollinger MP ($70.73).

If price settles north of $70.77, then be ready for an early week bullish breakout to the value area of $73.00-$74.00.

[00923027642346]

oil should be marking out the first leg of a larger correction. Shoud fade over 94(94.15) below 94.15 for 92.50 again before 96.00. I have selling position in 94.25 and will closed after 100 pips profit.

[00923027642346]

If a M15 close above 88 buy only and do not sell. If price closes back below it again do nothing.

If a M15 close below 86 sell only and do not buy. If price closes back above it again do nothing

The range 85 and 86 is neutral area, any trade done in between is personal decision and not part of this analysis

[nadia]

Crude oil price suffered strong losses on yesterday, as it completed forming a double top pattern that its signs appear on the chart, to start bearish correction for the last bullish wave, noticing that the price broke 38.2% Fibonacci correction level at 70.82 to pave the way to target 69.44 followed by 68.06 levels that represent the next correctional stations.
Therefore, theb bearish bias will be suggested for today unless the price managed to breach 70.82 followed by 72.53 levels and hold above them.
Expected trading range for today is between 69.44 support and 72.00 resistance.

[Rajpoot771]

short term signal on oil
oil already bohat down achuka he but still down keh chances he mujhy abhi correction nazar nahi kyun keh 4h frame time pe stoshtic oscillator still sell ka signal de raha he not sign of oversold yet so my suggestion is sell oil with tp first 70.70 2nd 70.00 with sl 71.30 after
Trade on your own risk
Good luck

[pawannegi007]

the price movement in the channel pattern with having support at 54.95 and nick line of resistance at 56.75 level. the price is having parabolic sar up trend so it will break the resistance. long with take profit at 57.80 and stop loss at 55.50
good luck

[nadia]

Crude oil price faced strong negative pressure to break 72.89 level and settles below it now, which pushes the price to turn to decline and start bearish correction on the intraday basis, noting that breaching 72.89 will stop the current negative pressure and push the price back to rise again.

[Qasim14]

If a M15 close above 87 buy only and do not sell. If price closes back below it again do nothing.

If a M15 close below 85 sell only and do not buy. If price closes back above it again do nothing

The range 87 and 85 is neutral area, any trade done in between is personal decision and not part of this analysis

[billyboy00007]

EIA Reports A Major Draw On Crude Oil Supplies

The weekly crude oil inventory cycle is complete and it was not pretty. Both the API and EIA stocks reports came in extremely negative, showing large draws on supply. Nonetheless, August WTI crude oil futures are down for the session, trading beneath the $73.00 handle.

Following yesterday’s API report, the EIA released their inventory statistics to the public earlier today. For the past several months, these numbers have varied greatly from industry projections. This week has certainly stuck to that trend:

The API Crude Oil Stocks report came in at -6.796 million barrels, down from last week’s -4.500 million.
The EIA Crude Oil Stocks report came in at a staggering -12.633 million barrels for the week. This number shattered industry projections of -4.489 million and last week’s surplus of 1.245 million.
If there has been such a large one week draw on supply, then why are WTI prices heading south? The big reason is news out of Saudi Arabia. Production for June spiked significantly, upwards of 500,000 barrels per day. Traders have latched on to this piece of news, predicting a glut of oil to hit the market in coming months.

Technical Outlook

After a post-EIA whipsaw period, August WTI crude futures have broken to the bear. Price is trending down, beneath $73.00. Can this market test support on the daily time frame?



Resistance(1): Psyche Level, $75.00
Support(1): Bollinger MP, $70.89
Support(2): 38% Retracement, $70.77