I'm long one WTIC futures and 4 mini WTIC futures. Oil closed near its most recent highs on Friday and looks extremely bullish going into next week. All the contracts I have are below the Blue line and oil obviously close above the blue line so I am golden. This chart says it all:
Even a broken clock can be correct at some point . . . . Expecting WTIC to see $100 this year.
I had the classic frustrated trade,the market went down,hit my stop,turned around and went up. I took a small loss in the futures contract,I'm good with the (USO) etf calls I bought.
Oil is down hard this morning and below the blue line I mentioned above. Not sure if this is a one day correction or something bigger. This is why I do not like buying break-outs and luckily I did not buy anything in the $55 range. The factory orders were real weak today at -0.6%
https://www.youtube.com/watch?v=JicsTvTta4Q
https://www.fxempire.com/forecasts/article/crude-oil-price-forecast-crude-oil-pulls-back-550736
"Crude oil markets found selling pressure on Monday to reenter the previous consolidation area. At this point, it’s obvious that the markets are trying to make a decision for the longer-term move, and quite frankly the next several sessions could be rather crucial for where we go next."
Weekly US ending stocks of crude oil.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRSTUS1&f=W
Weekly ending stocks for unleaded gasoline.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WGTSTUS1&f=W
Weekly US ending stocks for distillate fuel oil(heating oil-especially used in the Northeast).
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WDISTUS1&f=W
Oil is forming a head and shoulders top on the 60 min chart.
https://www.wsj.com/articles/oil-slips-on-rising-inventories-11549452315
•Oil prices pushed higher Wednesday after two sessions of declines as weekly U.S. inventories of crude oil and gasoline rose less than expected amid stronger demand this year vs. last.
saw the head and shoulders top and thank god I got out in time. I did get back in at 52.15 march, but we are at 51.99 now. Not sure if we go lower still or not, but isn't that what markets are all about. Just doing the best I can and posting it.
Thanks Richard!
Interesting article below:
https://seekingalpha.com/article/4238775-state-oil-markets-economic-political-drivers
State Of Oil Markets: Economic And Political Drivers
This article has 5 pages, the graph below is on page 3. Posting the graph, does not mean that I agree with it.
