US crude oil output reached 13M barrels per day last weekNYMEX:CLG2020
IA Inventory week ending 011020
Crude -2.50 expected +1.10
Distillates +8.20 expected +6.78
Gasoline +6.7…
Refineries back to maintenance
CL
cl, oil, day trading for Jan 15thEverything about today in oil was said yesterday. so linking below.
Oil has been very good as of late putting in a few days of balance and one day of break out, so keep an eye for red zone break or rejection!
oil, cl, day trading for Jan 14thOil yesterday made a clear break of the red support and ran hard as mentioned could happen. It is now in a new lower distribution and is saying further down as long as we do not go back above red zone top. This said does not mean a balance zone in this area does not form so will be watching for shorts around red zone top and then looking to see if oil is going to balance or break lower.
A break back into the prior balance will probably have us chopping back in the range the market held for a few days.
$CL Inverse ChartInverse look at the latest impulsive move in CL with fibs of the move... Expected target 1.414
Trade Idea for a Short Scenario on Crude Oil by ThinkingAntsOkUse this as a guide to develop your setup:
Main items we can see on the 4hs chart:
a)The Price was rejected from a major resistance zone
b)Currently, we can see the price on the lower trendline of the ascending channel
c)If you are thinking about trading short scenarios, we will wait for a corrective structure in the current area.
d)The corrective structure must be an ABC or an ABCDE Pattern (Triangle/Zig-Zag/Flat/Irregular)
e)If that happens we will set short orders as shown on the chart
Remember we are not discarding a long scenario here (a bounce on the trendline) we are just explaining what would be an optimal scenario for short trades.
oil, cl, day trading for Jan 13Oil is still in this tight range and looking for a break out, play safe until this break occurs.
Today will be looking at a 2 step red zone the inside red zone is only for inside scalp trades as I wait for the bigger red zone to break, and after the big one breaks will be when I form a directional leaning.
Oil /crude short ideaOil failed to break prior resistance so technically I expect a return to prior support.
Fundamentally it fits, with a market awash in supply
and weakening demand.
Short now target the 50s. The closer the target the more likely you win!
USOIL Look Ahead for week starting 1/05/20The USOIL, symbol CL, is in a Bear Market Rally with price trading above the 50 ema, which is below the 200 ema, which is below the 800 week ema. The 50 week ema is currently slightly up trending, but by and large the long term emas are mostly flat. This implies an accumulation/distribution zone. The intermediate term Elliott Wave implies a rally above 66.58 to complete this b-wave.
The Market is in a Bear Market Rally on the daily, with the 50 ema above both the 200 and 800 emas, but the 200 ema still below the 800 ema. Price is above a long-term trend line and has been trading in over-lapping corrective waves above the 9/13/30/50 emas. A likely upside target for this rally is $64.5. We’re still in an uptrend as long as each day closes above the 13 ema at 61.07 and the uptrend line.
The Market is in a Bull Market on the 4 hour, with price above the 50 ema, which is above the 200 ema, which is above the 800 ema. Price would have to close below 62.30 to be considered in a correction. The Oil Market is rallying as a result of all the FED Repo and Not-QE money creating a Risk On environment, as well as US tensions with Iran and the potential for war.
With the assassination of the Iranian General and the threats of terrorist acts against Americans in the Middle East, Crude Oil should open up, especially with all the break out traders and retracement traders eyeing the 63.33 prior resistance level. Price should then consolidate with stop hunts up and down, and then pull back into the later part of the week.
This is my USOIL look ahead for my own trading purposes. FUTURES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
cl, oil, day trading for Jan 9thToday oil is in a small range balancing after a large down move. Interesting spot. also all the support and resistance seems to be lining up with the round number option strikes.So will be trading inside the red zone until a solid break out and will go directional to the side of the Red zone break.
oil, cl, day trading for Jan 8thToday looks like a rip to the down side, just watch the levels and expect oil to look for a spot to balance
oil, cl, day trading for Jan 7thOil had a strong pop and now is moved back into a prior range and I feel will need to work this area to find the buyers and seller and who is more determined. watch Red zone for this answer and small trades as long as inside the red balancing zone.
CL, OIL,day trading for Jan 6thOil has had a very big up move and looks like it could be attempting to find a big balance range, this is why such a big Red zone today. This give lots of inside red zone trades and without any news could be the area we trade in for some time. Now a break of this Red zone could be providing lots on information towards oils next moves so will be watching with great interest.
Crude Oil Approaching Key JunctureCrude oil (CL) is in a 15 year old declining wedge / pennant approaching top trend. Will it break out above this time or make another trip down to bottom trend first?
Colgate repeating channelColgate has produced a repeating pattern, a channel that will most probably lead to a bearish break.
oil, cl, day trading for Jan 3rdThere we got our big push that had to happen at some point now we have basically two red zones with good possible movement inside the bigger red zone for decent trades.
1) 64.10 - 32.73
2)63.67 - 63.21
there are some mathematical upper targets and then some prior down side targets, will watch so see if we are going back to yesterday prior range or pushing new short term highs, action reaction will be primary.
CRUDE OIL REACHING SELLING DECISON POINTCrude Oil is reaching a selling decision point. Wait any reversal candlesticks or reversal chart patterns or any divergence of any oscillator indicators.
cl, oil, day trading for Jan 2st 2020The action in oil is small range inside and balanced with little directional bias. With a bigger down side directional action inside a bigger consolidation.
This means I remain in a back and forth mode until the first blue line targets are violated. And a small directional bias when the red zone is violated, but remain looking for a long bottom of Red and short top of Red until more direction is established.
cl, oil trading for Dec 31stFor the last trading day of 2019 not looking for a lot to happen, and as long as oil remains above 60.50. I remain bullish on oil however for daytrading we have a 60.50 and 61.50 range that could be just back and forth.
Overall market in December is bullishIncrease of 12 percent since start of December.Crude oil futures price is bullish steadily. I would like to wish all of traders a happy new year and happy trading in year of 2020. Find a method that suit your personality. Feel free to message if you have any difficulties in trading.
cl, oil, day trading Dec 30thall action is long and looks like for now that will continue as long as we remain above 61.90. and early on will be looking for a pullback into that area and ten on bullish action will take the long side of the trade. In the event that area does not hold will look for a short down to 61.5 area.
looking for a double topweakness of an uptrend. waiting for a divergence in RSI before taking any short trade.
oil, cl, day trading for Dec 27thAfter one more step up oil balances again, watch red zone and if they break will work for nest upper or lower target. Bias is long but could be getting a bit extended in the short term.
