US Crude Oil CFD forum
USOIL OIL Oil prices have signs of upward breakthrough at present, yesterday's trend broke the short - term narrow range of shock range, on the idea of retracting to do more. The more appropriate long point is 66-66.3, if short, the more appropriate point is 67-67.4, but the short position is recommended not to be too heavy, not to do less than the point.
Trading Strategy:
SELL@67-67.4
TP: 66-66.3
BUY@66-66.3
TP: 67.5-68
Idea: USOIL:Today's Trading Strategy
WTICOUSD Once we are past the NFP this afternoon and considering their is a minor special event tomorrow in the US. News reports and data suggest that the unwinding of cuts by OPEC have largely been soaked up by the oil industry. Therefore going into Sunday we have two scenarios. Cuts remain the same at 411 k per day. Oil continues to bounce around here. OPEC accelerate removing the production cuts price will fall heavily. Until that meeting is concluded, thoughts of price direction are pretty much inconsequential.
OIL_CRUDE going bck to 60.5
WTI buy just wiped out
USOIL I am set positions For Buy who's Buying side with me?
USOIL Whos selling?
USOIL The Hourly is in Bullish (directional) Market Bias. After the strong rally, an Inside Day pattern formed for a market pause with no clear direction. Price action is consolidating until a true (and not a false) breakout from the pattern's high at 67.55 or low at 66.78. Watch for the formation of an M-shaped pattern whenever price action is near the Pivot High at 67.55 (with a red arrow above the candle).
If the bears do a breakout at the Inside Day's low of 66.78, they can drop more for a pullback towards 66.51 through Mean Reversion, then back up again.
WTICOUSD to understand the data. Use Google Lens to copy the data. Plug it into Chat GPT and ask it to analyse the data. It will then provide a summary. financialjuice.com/images/9016862.png
Key Takeaways
Short-term (WoW): Most petroleum products increased in inventory, suggesting less demand pressure or increased production/imports.
Year-over-Year Trends:
Crude is stable, gasoline is balanced, but distillates and heavy fuels are significantly down, implying refining or transportation bottlenecks.
SPR depletion continues, although slowly.
Total commercial petroleum stocks are down 3.4% YoY, a potentially bullish signal for prices if demand remains steady or rises.
USOIL Negative news for Oil today with increased US oil inventory and decreased demand. So, is this increase going to sustain??