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Crude Oil (WTI)


phillo

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What are people’s thoughts after last weeks blood bath? Black gold is acting more like diesel sinking to the bottom of the distillate tower rather than jet fuel rallying to the top!  It’s worth r

Just a quick reply @PandaFace, the reports continue that the Saudis are pumping for dear life following Trump's warning about high oil prices some weeks ago. Saudi output at maximum and looking to rem

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The 4 hours candles are 'walking above' the Bollinger.  a backtest of the past 2 years shows that this will almost certainly not end well for me.  Took the loss, and now I'm out of the position.  

Public service announcement: DO NOT FALL ASLEEP DURING BIG NEWS ON AN OPEN TRADE!

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8 hours ago, elle said:

I guess it's too late to say "never short crude" especially when the US & Iran are making noise !  Price in an upward channel short term  in my opinion.  Some overhead resistance. $60 has been a price @ which a lot of OPEC & others seem to want. 

Capture cr 1hr.PNG

inventories shortly, will find out if that was true or false

Capture cl ig.PNG

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23 minutes ago, backwardation said:

Its crazy that its not rallying much more.  This is the biggest drawdown in inventory since Sept 2016.  Its a pretty big deal.  

Oil likes round numbers and 60 was also previous resistance so a likely place for sellers to congregate, whether there are enough sell orders waiting there as yet unfilled for another attack on 60, if the news events to come (US GDP and the G20 meeting) warrants it, remains to be seen.

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    • https://community.ig.com/forums/topic/1618-getting-stopped-by-the-spread/
    • yeah, the long tails look false though note they are still there this morning. The FXCM chart via Tradingview won't be the actual broker client chart but cleaned up for the third party. There is often widened spread and spikey action at 22:00 as brokers switch from their normal liquidity providers to out of hours providers but not as much as is shown on the IG chart, not unusual though to see 1 large spike. see below the CMC chart for the same period, more in line with the IG chart than the Tradingview chart.  maybe @CharlotteIG can check with tech and get the IG chart cleaned up. If they are false spikes they would not have triggered orders as prices are delivered to your account and to the chart maker at the same time not to the chart maker first then on to your account.  
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