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Crudeoilwti

OIL SHORT: Commercial hedging at multi-year highsCommercial hedging short interest is at multi-year highs - back to where it was in summer 2014 when oil topped at around $100. Hedgers are locking in current prices as they believe they are extremely attractive in the medium term. Speculative positions are also at multi-year highs - making oil prices prone to a downside squeeze. WTI may have set in a near-term top and, although we could see $60 tested in the next few months, oil will continue to be pressured to the downside. A stronger dollar, questions about OPEC compliance and weak global growth are all fundamental forces which support this view.
FX:USOILShort
by Exercise-Discipline
Is USOil ready to test 60?Is USOil ready to test 60? This idea is based on my ongoing learnings with Renko Charts in conjunction with indicators I've used on other types charts. I currently have 3 views of a market that I'm looking at and for USOil it breaks out like this: Daily TF : source/close | style/traditional | blksz/.50 2Hr TF : soruce/close | style/traditional | blksz/.25 5min TF : source/close | style/traditional | blksz/.10 I use the daily TF to get my sense of direction on which way the market is moving over all. The 2Hr is used to look for patterns to trade (e.g. if ADX moves below 20, price patterns for breakouts to trade). The 5min to find the triggers for a trade. In the case where 2 hr is in what I'll call a continuation phase, I look at corrections, consolidations, etc. on the 5min to time an entry in direction of 2hr chart. This leads me to my current interpretation of USOil. Long term, it looks like price has turned a corner and is moving up. On the Renko Chart, price is above the 20, 50, and 200 EMA and appears to be tracking mid-point of a channel (though channels can be drawn just about anywhere and I feel are subjective). Can oil reach the upper part of channel of even 60/61 by end of January. The 2 hr chart is showing what could turn into a double top at 54 but this would imply price will drop, which it could. To me, the key lies with the 5min chart and the price action that comprises the last few blocks of the 2hr chart (the blue box on the 2 hr chart is expanded out on the 5min chart). The ADX on the 5min chart had moved well below 20 and price has consolidated into a channel and this off of a double top itself. Two key prices are 54 and 53.50. I think a break up over 54 and carry through past 54.10/20 will signal that price is making a push toward 60. A break below 53.50 and the lower support lines on 5 min could signal a move back to lower support channel on daily.
TVC:USOIL
by mxb1961
WTI CRUDE OIL, DAY CHART, LONG (11-DEC-2016)Crude Oil is trying its 2nd attempt to break the resistance zone. There are 3 possibilities here: 1. If it break the resistance zone, wait for PB to the resistance zone and a bullish signal to long. 2. Eventually, it might form consolidation near the resistance zone. If breakout, can directly long 3. If there are 2-3 "2 BARS REVERSAL" to trigger the BEARISH movement, we will change our view to short! A Risk to Reward of 1:3 for this trade :) Fundamentally, the crude oil price rally is due to the oil production cut by OPEC and potential cut from Russia and NON-OPEC Countries. The production cut might not able to reduce the current global stockpile significantly. It might be the reason to hold the crude oil price trading in the range!
TVC:USOILLong
by YongLiang
Oil pressuring range highs - poised for fresh gainsCrude Oil prices have bounced from the USD44.82 low of 29 November, with prices pushing above range highs at USD51.93 to reach USD52.42. Mixed short-term studies suggest consolidation in the coming days, but improving momentum readings and the bullish Tension Indicator, (not shown), anticipate a later break, with subsequent focus turning to the USD53.25 retracement as investors adopt an outright bullish stance. A further break will confirm continuation of the broad February rally, and open up the USD56.80 break level from July 2015. Support is raised to the USD49.00 break level, but any break should stabilise above USD44.82 as background studies continue to improve and investors maintain a buy-into-weakness strategy. A break, however, will delay higher levels, and open up a deeper reaction towards the USD42.22 low of November, as investors move back to a cautious stance.
NYMEX:CL1!
by Michael_Macdonald-XATSUK