Spot oil

[Dentalfloss]

just closed

 

[Dentalfloss]

A scalp long.on bamer hughes rig count

 

[Atilla]

A scalp long.on bamer hughes rig count

The Baker Hughes count is that just for US or the whole World?

 

[Atilla]

A scalp long.on bamer hughes rig count

Good long call Mr D, looks like it's turning away from 59.28.

 

[Dentalfloss]

into the open
we are in prev supp area
a big res looming higher

30 min data
18 cents box size by 3 reversal
close plot

 

[Atilla]

into the open
we are in prev supp area
a big res looming higher


30 min data
18 cents box size by 3 reversal
close plot

Oil heading nicely down. Coupled with markets coming off highs and additional supply from Iran and Iraq, excess supply likely to continue.

Expecting 57.20 target and looking to 56s areas to be tested.

 

[DuCaan]

Crude nears a key level

Crude trading near a key level...

http://marketchartpattern.com/commo...el-to-watch-weekend-premiere-13-14-june-2015/

 

[Atilla]

Oil has been very well behaved in the last month moving sideways between 58-62

Pivot Points have been excellent markers for entry and exits

 

[DuCaan]

Crude Key level to watch. Could it mark a short term top in the market place?
http://marketchartpattern.com/commodities/crude-oil-wti-key-level-weekend-premiere-20-21-june-2015/

 

[Dentalfloss]

ol
60 min data
2 downmoves
second is slightly overdone.imho
res starts at 56.75
we either break lower or test that res area

 

[Wirzex]

I hope that oil doesn't continue its downtrend

 

[Atilla]

I hope that oil doesn't continue its downtrend

Hmmm hope doesn't move markets?

Why not?

What reason is there for oil to rise from current price levels?

 

[Atilla]

WTI Oil is bouncing off PP-S2 @ 54.53

Looking over-sold. Iranian agreement in the offing. Likely to see 50 potentially.

Anyhow if S2 fails likely to test 53.65.

 

[Wirzex]

Hmmm hope doesn't move markets?

Why not?

What reason is there for oil to rise from current price levels?

Just, I'm slowpoke who didn't have time to close my long position at 60$

 

[Atilla]

http://www.reuters.com/article/2015/07/06/us-markets-oil-idUSKCN0PG00520150706




50s looking over-sold & expecting a technical bounce but have no idea where the fundamental demand is going to come from???

Indicators don't mean much at times like this.

Have to look for real tangible fundamentals in terms of supply and demand or geopolitical risks to fire up uncertainty and buying.

http://www.marketwatch.com/story/5-big-reasons-for-oils-plunge-monday-2015-07-06?dist=tbeforebell

 

[Atilla]

WTI - & - Beauty of PP -


Oil bouncing off PP-S3 @ 50.58...

Iran discussions extended to Friday. So this has got to be drop in demand based rather than increase in supply factor.

 

[Dentalfloss]

supposedly due a rebound...lets see

 

[Dentalfloss]

needs to test out that red trendline

 

[Dentalfloss]

last 24 hours
inkling of support/green