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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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    • Thank you JamesIG for your explanation of how IG determine their price charts. "This means there will always be a discrepancy with the highly publicized index price" ... Yes that is also noted but your company "interpretation" has the low 9 days before the other outlets. However you want to spin (explain) it. That makes it incredibly difficult to ascertain what a real low is.....is it the one you show¬†or the one the others show? It also, at least to me, appears that best practise would be served if the resulting price chart reflects the index it purports to follow/promote. EWT users ( I follow a US analyst) will know the frustration. His DOW chart shows¬†a different low....and therefore a different count. Tongue in cheek.....so when was the recent low in the past two weeks?
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