The January futures price of WTI rose to 86.60 dollars a barrel on the NYMEX for the first time in five days after China's crude oil imports increased in November to six-month high as well as German exports unexpectedly rose in October.
Thread: Oil
The January futures price of WTI rose to 86.60 dollars a barrel on the NYMEX for the first time in five days after China's crude oil imports increased in November to six-month high as well as German exports unexpectedly rose in October.
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Once the oil yesterday hem sell signal (lower zone broke fractals) price is not fulfilled, this signal and has the support of 85.40 (week low) began to form a new wave of northern, now has to confirm the northern signal moving forward to break the blue alligator (86.00 resistance figure ) then the goal could be to at least 86.70.
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“The trend has been down since September and it’s probably best to look lower since the November low as nothing more than consolidation before additional weakness.” IF crude can sustain a downside break then focus (probably later in the month) would shift to the 78.6% retracement of the rally from 7726 and channel support. Also keep an eye on former trendline resistance, which indicated support on 11/28.
Commodity Trading Strategy: 8550, the first target, has been hit. Now nearing the bottom of the range, reward/risk isn’t favorable for new positions. Bearish risk should be moved down to Monday’s high. Exceeding that level exposes bears to a run at 8745-8889.
LEVELS: 8221 8363 8454 8686 8745 8889
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the combine is gaining ground for your own fifth consecutive day supported by risk aversion and falling crude oil costs. the barrel ( wti ) is trading below $90 with the lowest level since february.
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Oil Movement at the weekly chart formed dark cloud cover candlestick pattern with moderate RSI, stochastic moderate increase of volume tends to describe a bearish reversal of oil prices has been fully supported by the market. To further movement when seeing this pattern, there is a tendency of oil will continue bearish trend break test estimates the level of 85.35
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Climbed to purchase today for oil, the price went up to the lower border of the rising channel (which has already occurred several times retreat) about it already noticeable consolidation, another purchase plan to open at overcoming 200 moving, to think it may be the upper limit and channel.
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Oil ka 101 ke paas 1 bahut strong resistance lag raha hai...
jab tak isko cross nahi karega tab tak iski buying karna thik nahi lag raha
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I wrote last update that “Crude failed to sustain yet another upside break. The rally reversed right at the 38.2% retracement of the decline from the September high (spot). The 10/15 low reinforces the area as one of importance.” The selloff has intensified but it’s no guarantee that 8550 gives way. The pattern remains inconclusive. The trend has been down since September and it’s probably best to treat trade since the November low as nothing more than consolidation before additional weakness.
Commodity Trading Strategy: Now nearing the bottom of the range, reward/risk isn’t favorable for new positions. Bearish risk should be moved down to today’s high.
LEVELS: 8363 8454 8534 8681 8745 8821
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
Oil ka 101 ke paas 1 bahut strong resistance lag raha hai...
jab tak isko cross nahi karega tab tak iski buying karna thik nahi lag raha
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
Oil ka 101 ke paas 1 bahut strong resistance lag raha hai...
jab tak isko cross nahi karega tab tak iski buying karna thik nahi lag raha
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
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