Oil

[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. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>................. .................................................. .................................................. ...>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

[MARandhawa]

The H-5 Channel Up peaked at 75.27 but naturally couldn't carry the overbought burden of D-1 and pulled back on an Engulfing bearish candle. My 72.85 longs were stopped in profit at 73.93 but as you see the price rebounded again near my previous entry * 72.75, indicating that it is now a strong support. Due to that support the H-5 Channel Up remains valid (RSI * 58.606, MACD * 1.1500) but naturally neutral and my expectation is that it will range sideways (72.80 - 74.30) in an effort to completely overcome the remaining overbought D-1 indicators. I am taking no action unless I see a more distinct trend or if 70.72 is tested. Keep in mind the early closing on U.S. stocks today and bank holiday tomorrow.

[MARandhawa]

Current trend
On Tuesday, oil prices grew and reached 73.35, but the market is influenced by ambiguous factors.
The risks of Libya oil supply interruptions support the instrument. Yesterday, the representatives of the Libyan National Oil Corp announced that the shipment from a number of ports is unavailable, so the reduction of production in the country by 850,000 barrels per day is expected. On the other hand, the price is under pressure of the United Arab Emirates government's statement that the country has the opportunity to significantly increase production to prevent a supply shortage in the market. Previously, Saudi Arabia said the same thing. Thus, the expected by the end of the year, Iran "black gold" export decrease will be balanced by other OPEC members’ production growth.
In the evening, investors are waiting for API Crude Oil Stocks change release. If the index falls, it will affect the price negatively.
Support and resistance
The key "bullish" level is 73.43 (Murrey [7/8]). After the breakout, the price can grow to 75.00 (Murrey [8/8]). Otherwise, a downward correction to 71.87 (the lower line of Bollinger bands, Murrey [6/8]) and 70.31 (Murrey [5/8]) is expected.
Technical indicators do not exclude the fall possibility. Bollinger bands are directed upwards. Stochastic entered the overbought zone and can reverse. MACD decreases in the positive zone.
Resistance levels: 73.43, 75.00.
Support levels: 71.87, 70.31.

Trading tips
Short positions can be opened at the level 72.80 with the targets at 71.87, 70.31 and stop loss 73.40.
Long positions can be opened when the price is set above the level of 73.43 with the target at 75.00 and stop loss around ​​72.80.
Implementation period: 3–5 days.

[MARandhawa]

Another green D-1 candle (5th in a row) is extending the H-5 Channel Up (RSI * 73.260, Highs/Lows * 0.7143) with a Higher High above Friday's closing. So since 74.46 broke, I am still keeping the 72.85 long (TP * 76.64) but this time with a stop on profit level * 73.93. Make no mistake thinking that just because D-1 is overbought requiring a technical Fibonacci pull back (0.3820 * 70.72), the price can't keep rising. The price is fundamentally bullish until Thursday's Oil Inventories at least.