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Luckily Iranian ships were on hand to rescue 44 crew members from the two stricken vessels.

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16 minutes ago, Caseynotes said:

Luckily Iranian ships were on hand to rescue 44 crew members from the two stricken vessels.

image.png.b5121eb17c6cc714e6470434b26aa559.png

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Scrub the picture above, was taken from a pic library and is not of the incident today.

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40 minutes ago, Caseynotes said:

Scrub the picture above, was taken from a pic library and is not of the incident today.

Try this one instead¬†ūüôā

image.png.7750d899256ac7ef25caa992a322142d.png

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Latest report is that this ship pictured has now sunk and that the 44 rescued crew from both damaged ships have arrived in Iran. 

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Despite recent news events US Oil remains in it's recent range, resistance at 55 and support at 51.

Daily chart;

image.thumb.png.9b186ac83ed2693fbfb1e62f8cfb20d2.png

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Oil volumes this morning are exceptionally low.  Almost no sellers.  Be careful in either direction.

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Stalled at previous support turned resistance 57.76 and has found short term support at 56.60 and looks to be settling into a range for the time being. News events over the weekend could cause gapping come Monday.

image.thumb.png.81b32361e6864990674839944b9f4061.png

 

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Be aware that the explosion and fire today at the oil refinery in Philadelphia might have an impact on US Oil price, the refinery had a capacity of 330,000 barrels per day. 

 

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Backs away from 60, no major news out of the OPEC meeting today though seems unlikely to be any changes to production numbers.

image.thumb.png.6fa0f25cc142f95b71b9f8bdc3cfa1ce.png

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Bounces back towards 60, recent support at 58.35;

H4 chart.

image.thumb.png.6f3ced636086e7a617fd9985b64a267b.png

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Finds support at 56 but it doesn't look strong, may try lower at 55.

H4 chart;

image.thumb.png.79376fda6256347f52f4982022ef8ab5.png

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Similar to Gold, US Oil is settling into a range 56.08 to 57.60, currently mid down leg at 56.74.

H4 chart;

image.thumb.png.d07f744b39123307113b036ec21d62b4.png

 

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56 support holding for now but something of a triangle come bear pennant forming on the H4 chart; 

image.thumb.png.179eb004b5f04d6f1b5c44448e979720.png

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Posted (edited)

Oil looks under pressure today - broken channel minor support and heading toward 5573 (38.20% Fib)

Edited by FFS_Daytrader
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4 minutes ago, FFS_Daytrader said:

Oil looks under pressure today - broken channel minor support and heading toward 5573 (38.20% Fib)

image.thumb.png.68b15db30d515f58d736e11175618c77.png

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Thanks Casey - I must get into the habit of uploading my charts etc to support my view (still learning as always)

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1 minute ago, FFS_Daytrader said:

Thanks Casey - I must get into the habit of uploading my charts etc to support my view (still learning as always)

ūüĎć

 

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40 minutes ago, FFS_Daytrader said:

Oil looks under pressure today - broken channel minor support and heading toward 5573 (38.20% Fib)

@FFS_Daytrader

@Caseynotes

I see support @ $56.06 and a test of the d30sma this could be a nice pullback to buy.

usoil-m15-ig-group-limited.png

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14 minutes ago, Foxy said:

@FFS_Daytrader

@Caseynotes

I see support @ $56.06 and a test of the d30sma this could be a nice pullback to buy.

Agreed - I see your support/30DMA on chart for a long position, I was referring to channel support (see Caseys chart) but both views should provide a good long entry position.

 

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@FFS_Daytrader

Sorry I thought you were implying a short target @ $55.73. I was taught that horizontal support is King so if $56 is broken then a short to $54.40 looks good.

usoil-m15-ig-group-limited-4.png

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US Oil testing yesterday's high 58.92, a break above will line up the recent high from June around 60.00.

H4 chart;

 

image.thumb.png.0de7652cbb14b0c36939e611e10b7037.png

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8 minutes ago, elle said:

Capture aug.PNG

Yes, the interesting one here is that speculators bought WTI and sold Brent, see below on the latest COT report.

image.png.9a9896ad1973e8143812138edde1695f.png

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10 hours ago, elle said:

Capture aug.PNG

 

Capture vbv.PNG

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just my opinion

Capture nsc.PNG

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Captures the 60 mentioned this morning, may look to consolidate here.

H4 chart;

image.thumb.png.d98497dd359e64733fb2d4c448603654.png

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    • yes @TrendFollower, there are plenty of long term investors with IG and it's right they should take notice and plan well ahead for any eventuality but traders should be thinking differently and look to be responsive to changes in market conditions. As in my previous post the big indices always look a bit toppy and it's too easy to get in short too soon. Back in 2016 there was talk of impending recession for most of the year and many new traders blew their accounts continually¬†shorting the market trying to 'catch the big one', the get rich quick trade. It was depressing to watch.¬† Here's another interesting chart of S&P seasonal pattern of average return 1990-2018 suggesting uncertainty in the short term before resumption upward.
    • @Caseynotes, One must remember that on average it can take around 18 months from when the treasury yield curve flips or inverts to the start of a recession.¬† People talk about Dr. Copper but another commodity that it is worth keeping an eye on is Lumber. When housing construction begins to drop then that can be one of many indicators to have a look at. Others are inflation, interest rate direction, wage growth, unemployment, etc. There are many well documents indicators which signal a potential recession is around the corner.¬† From a trading perspective one should not worry as long as one is comfortable shorting. Those who are not may struggle to consistently make enough profits during a recessionary period.¬†
    • @Caseynotes, Yes that is right. I have seen some calling the recession for the past two to three years! They have been calling it as if it is around the corner. Then when it does not come they move the goal posts via obscure technical analysis. When one challenges it, one is deemed negative or a naysayer.¬† Corrections happen large and small. Investors sell investments to take profits. This has been happening since the markets began. Prices go up and down. Prices are bullish and bearish. Of course trading sentiment plays a big part but for me following the price action and letting the price action lead you to a trading decision is key. Trying to wait for the price action to follow your view and then changing the narrative by giving technical reasoning when it does not follow your view in my opinion will lead to missing out on trading opportunities.¬† For a sound trader, recessions, should not be feared but welcomed. If one understands how prices react during recessions then one can prepare their trading strategy for this outcome¬†but for when it happens and not before.¬† ¬†
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