Spot oil

[DuCaan]

Crude Oil up 4% since the pattern formation....
http://marketchartpattern.com/commo...t-the-bottom-weekend-premiere-30-31-may-2015/

 

[Dentalfloss]

decent bull test

 

[Dentalfloss]

taken a nice hit since we called the top/area
should be in support now

 

[Atilla]

Thinking 56 may be tested and breached with a test of 54.

Opec gathering today so can go either way based on what noise they make.

 

[Dentalfloss]

hi Attile
look slightly oversold
a possible rebound into res
Baker-Hughes rig count at 6pm today/uk

 

[Dentalfloss]

the last 2 days
2 down moves
could recoil and test 58.20 area
second move looks slightly overdone

 

[Dentalfloss]

overshot our res area that we had marked by 50 points before it broke down..gave us a sweeter short
decent recoils this morning as we said earlier

 

[Atilla]

overshot our res area that we had marked by 50 points before it broke down..gave us a sweeter short
decent recoils this morning as we said earlier

Yes you were right as before and on my 15m & 1h TFs it's still on the up.

Will be looking for turn and more shorts.

 

[Dentalfloss]

cruising to 58.20 area

 

[Atilla]

cruising to 58.20 area

I have 58.55 & 59.30 as possible reversals.


Should wait for Opec speel perhaps rise looks strong.

 

[Dentalfloss]

58.50 hit and out at 58.43..thanks Attila
great call..keep em comin

 

[Dentalfloss]

57.80 was the breakout point

 

[Atilla]

57.80 was the breakout point

Great calls by you well done.

Re: 57.80 I can see this on the 5m charts. Is that what you use?

fwiw 58.55 that was a PP on daily.

 

[Dentalfloss]

57.80...yes
that could be a pullback area
58.20 first..then 58.00..see if the bulls are around at those levels

 

[Dentalfloss]

scalps in and out of 58.50
job done

 

[Atilla]

After reading and hearing the live announcement of no change on quotas I took a couple of quick scalps too.

So quotas same and no reference to new comers output. So I'm a little confused. Same as before so it seems and then some more...

Will continue with short bias but strong NFP numbers from US may indicator greater demand summer demand. Need to watch for possible reversal to the upside.

 

[Dentalfloss]

a decent dump aswell

 

[Dentalfloss]

just keeps dumpin..great

 

[Atilla]

just keeps dumpin..great

I reckon Opec have under-estimated our Gatwick find... :cheesy:

 

[Dentalfloss]

back up for a retest of 58.20 area