Jump to content
Sign in to follow this  

WTI hits the rocks..but for how long?

Recommended Posts

Have been quietly going long on oil and have loved the volatility. However, WTI has paused for a breather since Monday and has gone off sideways. This has surprised me a little as Brent has not followed quite the same path. OK so stocks of WTI are larger than expected, but Heating, Diesel and Gasoline are not and the net imports are still 1.6 million or so. Point being there is still significant demand, but not for WTI. All this has caused a bit of head scratching and further research. So maybe it's just speculation combined with politics. Either way a reversal was due, but for how long? Markets are otherwise in pretty good shape and seemingly Bullish. We shall see. Am holding on to a long position for now as I took profits on Monday. 

Share this post


Link to post

@786Trader,  just caught this snippet of an interview from IG on twitter but can't find the full version on IG Youtube yet.

 

Share this post


Link to post

Thanks for the info Casey. As usual differing arguments. Oil was battered on Friday, but is recovering. Demand outlook may be downgraded, but not by much. Also oil is still at fair price. Venezuela, Iran, Iraq, Saudi on steriods plus the ever calm Russians and Trump, are rarely anything but  volatile. Oil is political. Price will rise some more. that's the position according to my reckoning.

Share this post


Link to post

Thanks Casey. 

Still trying to balance, or is that juggle opposing opinions and data streams. 

Really appreciate the info, some reinforces and other casts doubt..........

Good luck to you, ()tempered with good judgement).

Share this post


Link to post
Posted (edited)

@786Trader,  that's always the way, without two sides to the story there wouldn't be two sides to the trade.

Edited by Caseynotes

Share this post


Link to post

US Oil made a significant break to the upside yesterday.

Daily chart;

2075325655_USOIL()Daily.thumb.png.87d5f05a7c09e841f5d01ce804204814.png

Share this post


Link to post

Oil back on the upward track shaking off recent increased concerns of a global downturn, looks to be aiming for prior high at 60.391.

image.thumb.png.59c9cc58d1eeb9d103be43eccf95e772.png

Share this post


Link to post

WTI once again confirms support at 58.22 and now looking to try and break resistance at 60.38, again.

image.thumb.png.ac7bacf56b3b5b4f905a28f5dde9e57f.png

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Member Statistics

    • Total Topics
      7,775
    • Total Posts
      40,553
    • Total Members
      50,944
    Newest Member
    bradleyjreid
    Joined 20/11/19 21:41
  • Posts

    • So US indices have been climbing higher (albeit a red day today). Trump needs the US stock market to blossom in order for him to say that it is a lot higher since he became US President.  So what happened to the wall he was going to build? This was one of the key pledges he was making during his election campaign. It is no different to Boris Johnson saying with confidence that the UK would leave the EU on 31st October 2019! There were even messages on the M1 (Motorway) in the UK inferring this.  POLITICAL SPIN and Marketing Wizardry at its best. Trump has focussed the media attention on the US-China Trade War to deflect from his broken promise so far.  Traders need to understand the fundamentals and how they work when it comes to politics and economics when trading not just US and UK indices but all major indices around the world. There were lots of stock market predictions being made about how it was going to see a big fall but this has not materialised. It may well do in 2020, I don't know, but never fight the trend until the bend at the end. Even then the bend can turn back again and continue which is what we have been witnessing with the US indices as politicians control the news flow, dictate the narrative and plot the course for stock markets.  
    • One should treat trading like a business. In any successful business there would be a business plan. So for any successful trader there must be a trading plan.  There is a cheesy line but very true which is something like - failing to plan is a plan to fail.  Some of the best and most successful traders in the world will have and are more likely to have a trading plan. I would be surprised if they do not.  This trading plan can be an evolving plan which can be changed and adapted as situations change, knowledge improves, experience is gained, etc. 
×
×