Oil

[Sunriser1]

After showing some early-session weakness, August WTI crude oil futures are rallying toward $75.00. It appears that buyers are lurking in the shadows, ready to pounce on any dip in price. The result has been a massive $10.00 two-week gain in value.

The surprise draws on inventory from last week have sent this market higher. OPEC, gains by the USD, and a spike in North American demand are also being given credit for the late-June rally. However, with such a big psychological level present at $75.00, one has to wonder if WTI crude is posting yearly highs for 2018.

The daily chart is not a whole lot of help in identifying valid support and resistance levels. Price is well above downside support and there is no macro level of topside resistance to watch. Perhaps the only real area of interest is the big round number of $75.00.

[MARandhawa]

The price is rising towards Friday's 74.46 high and on such bullish H-1 (RSI * 60.731) it should succeed by closing. H-5 has now consolidated (Highs/Lows * 0.3864) the most since June 21 and it could be the early pull back sign on the overbought D-1 (STOCHRSI * 94.694). If the price is rejected near Friday's high, then I will take the profit on the 72.85 long (SL break-even anyway) and will look for the * 71.32 and 70.30. Extreme caution is required.

[MARandhawa]

The price reached my first entry point * 72.85 after an early Asian opening at 72.62, and my longs are already in profit and on break-even SL. My TP at this moment is 76.64 but may close it earlier if it is rejected on Friday's 74.46 High (Double Top event). H-5 is now a balanced enough Channel Up (RSI * 69.932, Highs/Lows * 0.4471, BBP * 1.5720) able to take the price higher on its own after another 2 candle consolidation. However D-1 is still overbought and the reason for me for keeping the lower buy points * 71.32 and 70.30.

[alishba.mkt]

WTI failed to close the bearish opening gap, as the sellers guarded the $ 74 levels, in the wake of persisting worries over rising supplies from Saudi Arabia and Russia that continued to dampen the investors’ sentiment.
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[MARandhawa]

The price appears to be rising non-stop as it only follows the W-1 Channel Up (RSI * 67.321, Highs/Lows * 4.8250, BBP * 6.3480) to its new Higher High * 76.64. As posted yesterday since the W-1 uptrend started (June 2017) we have on 4 straight bullish candles after each pull back. This suggests that next week will be bullish too and will reach a point at or above 76.64. Despite the D-1 RSI * 70.801, STOCH * 70.908, I took the risk to buy (TP * 76.64) with the SL on break-even (73.74). The W-1 candle will close out the week with a %change above +8.25%, the most since Apr 08, 2018. If my trade is stopped then I will wait for 72.85, 71.35 and 70.30.

[kanita]

oil pair in short term looking strong buying signals but oil pair trading now in strong selling pressure and i prefer for sell the oil at price 73.50 to 74.00 and trader set their take profit at price 70.00 to 68.00 and trader use stop loss at price 74.50 to 75.00 and trader must follow the oil all fundamentals and trader watch all oil related news and data then he/she place order in oil and make good profitable trades with oil pair trading today

[Sunriser1]

Agar Dekha Jaye to oil $73.75 ko break nahi kar saka or yeh second time hai is liye oil ab again down ki tarah aa raha hai lakin hum kuch nahi keh saktay yeh again up ja sakta hai agar yeh $73.75 ko break kar leta hai to $75 tak ja sakta hai.

[kekbad]

Oil pair trading up levels movement with my today forecast and analysis oil pair trend is up:
Up Levels are : 74.50
Normal Levels are : 72.70
Down Levels are : 72.10

[kekbad]

Oil pair trading up levels movement with my today forecast and analysis oil pair trend is up:
Up Levels are : 73.85
Normal Levels are : 72.50
Down Levels are : 71.78

[billyboy00007]

June’s bull market in WTI crude oil is quickly becoming the financial story of the Summer. Lagging supply, OPEC intervention, and maxed out U.S. transport capacity is bringing the idea of scarcity to the forefront.

This week’s inventory cycle has brought even more buyers to the market and has WTI futures making new yearly highs.

Crude Oil Inventories
The stocks reports are in and it appears that the nations of OPEC are getting exactly what they wanted. Inventories are down and prices are up. All in all, the big oil players must think last weekend’s OPEC meeting has been a resounding success.

Here is a quick look at the hard data from this week’s inventories reports:

Tuesday’s API number came in extremely low at -9.228 million barrels. This is down from -3.016 million barrels one week ago.
Wednesday’s EIA stocks report came in at -9.891 million barrels. The EIA number is the primary stocks report and this one is well under the projected -2.572 million barrels.
Lagging inventories are typically good news for oil bulls. Both the API and EIA reports missed expectations badly. The result has been August WTI crude extending weekly gains and pushing yearly highs above $72.75.