Page 1 of 24 12311 ... LastLast
Results 1 to 10 of 236

Thread: Commodity Oil

  1. #1
    Senior Member
    Join Date
    Mar 2012
    Posts
    1,016

    Commodity Oil

    Oil: 104.81 Resistance: 100.88 Support

    Crude oil futures turn off (after the last session closed up $ 1.1 with the highest intraday 104.22) for U.S. stock futures fell and the dollar strengthened. The main cues for the market, especially from China's GDP 1Q data releases raised fears a sharp slowdown in economic growth in China.

    BPS data released by China show economic growth weakened to 8.1% in the first quarter of 2012, compared to 8.9% in the previous quarter, the slowest pace of growth, due to weak exports and construction activity. Strong support at the next session of the constant tension between Iran and the West.

    These support and resistance for the next session:

    Resistance 5: $ 107.72

    Resistance 4: $ 106.70

    Resistance 3: $ 105.73

    Resistance 2: $ 104.81

    Resistance 1: $ 103.93

    Support 1: $ 101.99

    Support 2: $ 100.88

    Support 3: $ 99.76

    Support 4: $ 98.74

    Support 5: $ 97.63

    RSI 14
    Stochastic (5,3,3)
    SMA 7 ($)
    SMA 20 ($)
    MACD (12,26,9)

    The range of movement:
    Short: $ 101.99 - $ 103.93
    Normal: $ 100.88 - $ 104.81
    Length: $ 99.76 - $ 105.73

  2. #2
    Senior Member
    Join Date
    Mar 2012
    Location
    Front of my Laptop
    Posts
    519

    Re: Commodity Oil

    The commodity dipped below the ascending support of the possible bearish pattern-shown on image-to print a low at 102.13 before recovering again to trade steadily above the support. Failure to stabilize below this support forces us to stay aside this morning, as we may see another upside attempt specially that stochastic has crossed over positively and attempting to recover.

    The trading range for today is expected among the major support at 100.70 and the major resistance at 105.50.

    The short-trend trend is to the upside with steady daily closing above 99.60, targeting 116.50.

    Support: 103.00, 102.40, 101.75, 101.00, 100.60
    Resistance: 103.65, 104.20, 105.00, 105.50, 106.00

    Recommendation Based on the charts and explanations above we recommend staying aside awaiting more confirmation.

  3. #3
    Senior Member
    Join Date
    Apr 2012
    Posts
    470

    Re: Commodity Oil

    The Oil prices suffered the big sell off after the release of data on the reduction of production in China and the euro area. The cost of the June futures of WTI today was falling in a moment to 101.63 dollars per barrel on the NYMEX.

  4. #4
    Senior Member
    Join Date
    Apr 2012
    Posts
    470

    Re: Commodity Oil

    U.S. crude oil contract moved down on Friday, maintaining a price slightly above $ 104, while the Standard & Poor's decided to cut its debt rating of Spain that raises new concerns for the economic situation in the euro zone.

    NYMEX crude oil contracts for itself fell 51 cents to $ 104.04 per barrel. Yesterday, crude oil contract rose 43 cents, or about $ 0.41, to survive at the level of $ 104.55 per barrel, after trading from the previous $ 103.84 to $ 104.92.

  5. #5
    Senior Member
    Join Date
    Mar 2012
    Location
    Front of my Laptop
    Posts
    519

    Re: Commodity Oil

    RSI(14) 41.726 Sell
    STOCH(9,6) 52.367 Neutral
    STOCHRSI(14) 26.043 Sell
    MACD(12,26) 0.015 Buy
    ADX(14) 30.246 Sell
    Williams %R -68.610 Sell

    Summary : Strong Sell

  6. #6
    Senior Member
    Join Date
    Apr 2012
    Posts
    470

    Re: Commodity Oil

    OIL correction on 1 hour chart are aim FET 61.8% of the reference point 105.89-104.91 and 105.42, which is 104.84. The following targets FET 100% that coincides with the SMA200 (104.47 Cost). The optimal target in the very short term FET 161.8% (103.90). The first strong resistance at 105.40 Resistant upper BB (105.94). Crucial resistance (106.41).

  7. #7
    Senior Member
    Join Date
    Apr 2012
    Location
    Lahore
    Posts
    9,759

    Re: Commodity Oil

    on friday oil breaks all supports it looks like it will go down more until 96. then it will be buy for 200-300 pips and sl should be 200 pips. i will do that trade in coming week

  8. #8
    Senior Member
    Join Date
    Apr 2012
    Location
    Lahore
    Posts
    9,759

    Re: Commodity Oil

    pinbar is looking to form in daily chart if closes above 98.05 and if it is formed then next day there is buy with tp of 102 and sl 95

  9. #9
    Senior Member
    Join Date
    Apr 2012
    Location
    Lahore
    Posts
    9,759

    Re: Commodity Oil

    crude oil have bearish clouds. It breaks all supports, now next support around 93. If it holds then it will touch 100 again but if this supports break then it go 90 very soon

  10. #10
    Bulls were looking forward for the recovery of Brent oil from 101.20 support, but gold broke down this support and started to drastically fall. Psychological level at 100.00 failed to and price continued to depreciate to 97.60 dollars per barrel. During Asian session quotes kept on decreasing and reached 96.60 dollars per barrel.
    Never be bullied into silence. Never allow yourself to be made a victim. Accept no one’s definition of your life; define yourself

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
loaded:ok