CL Redux
- Thread starter schizo
- Start date
That is the only problem with the new world I'm trading in I have no idea what is going on in the world except for a few tidbits I pick up on here that I can't filter out. One really only needs to look at the dollar to tell what is going on
I thought 86 was in the cards and in fact as I'm looking at the chart right now depending on what happens tonight a sweet HS could form and we could see it tomorrow afternoon. the action on the 80 and 85 puts this month and next make 83 an area of interest also but not for a couple weeks.I've been trying to not trade but I was walking my dog and got the 168 alert for coffee on my phone and ran home all excited and bought at 166 but now that I'm looking big picture and 157 and then 150 sure would feel like a lot safer place to pick a bottom. So I'll have to play it close to the vest a 3k loser can can into 10 real quick down in the abyss.
OIL FUTURES: Crude Rises On Euro Rebound, Iran Talks
Last update: 5/24/2012 10:00:05 AM
HOUSTON (Dow Jones)--Crude oil futures climbed 1.2% Thursday on a rebound in the euro as traders cautiously considered the ongoing talks on Iran's nuclear program.
Light sweet crude for July delivery traded $1.14 higher at $91.04 per barrel on the New York Mercantile Exchange. Futures settled at a seven-month low below $90 per barrel Wednesday on persistently high crude stockpiles and worries about Greece leaving the euro zone.
Traders pondered whether the session's gains would be short-lived. They said a sustained move below $90 would indicate prices would likely fall to $85 a barrel.
"You don't know if this is just a short-covering rally or the start of a more significant rally," said Andy Lebow, an oil analyst with Jefferies. Short covering comes when traders buy futures contracts to offset bets that prices would decline.
Lebow said that the rally could have been sparked by what's perceived to be a bit of progress in the talks currently being held in Baghdad between Iran and Western powers about Tehran's nuclear ambitions.
Iran is demanding that the West ease sanctions on Iranian oil exports prior to opening negotiations in the nation's nuclear progam. The Western nations, including the U.S., U.K., France, Germany and China, have balked at that idea.
However, negotiators have turned to developing an agenda for another round of talks, according to sources, keeping the prospect of additional talks alive.
Problems in the euro zone, particularly the fear that Greece will exit the monetary union and throw hopes for economic growth into turmoil, continue to hang over the oil market. A disorderly Greek exit could squelch plans for expansion and limit demand for crude and other commodities. Those anxieties fueled U.S. futures' 2.1% decline and a settlement at $89.90 Wednesday.
"If we start making new lows again, that'll be the signal that the downtrend is gaining traction," Lebow said.
If there's another settlement below $90 per barrel "that will definitely open the way for more downside momentum," said Addison Armstrong of Tradition Energy.
Last update: 5/24/2012 10:00:05 AM
HOUSTON (Dow Jones)--Crude oil futures climbed 1.2% Thursday on a rebound in the euro as traders cautiously considered the ongoing talks on Iran's nuclear program.
Light sweet crude for July delivery traded $1.14 higher at $91.04 per barrel on the New York Mercantile Exchange. Futures settled at a seven-month low below $90 per barrel Wednesday on persistently high crude stockpiles and worries about Greece leaving the euro zone.
Traders pondered whether the session's gains would be short-lived. They said a sustained move below $90 would indicate prices would likely fall to $85 a barrel.
"You don't know if this is just a short-covering rally or the start of a more significant rally," said Andy Lebow, an oil analyst with Jefferies. Short covering comes when traders buy futures contracts to offset bets that prices would decline.
Lebow said that the rally could have been sparked by what's perceived to be a bit of progress in the talks currently being held in Baghdad between Iran and Western powers about Tehran's nuclear ambitions.
Iran is demanding that the West ease sanctions on Iranian oil exports prior to opening negotiations in the nation's nuclear progam. The Western nations, including the U.S., U.K., France, Germany and China, have balked at that idea.
However, negotiators have turned to developing an agenda for another round of talks, according to sources, keeping the prospect of additional talks alive.
Problems in the euro zone, particularly the fear that Greece will exit the monetary union and throw hopes for economic growth into turmoil, continue to hang over the oil market. A disorderly Greek exit could squelch plans for expansion and limit demand for crude and other commodities. Those anxieties fueled U.S. futures' 2.1% decline and a settlement at $89.90 Wednesday.
"If we start making new lows again, that'll be the signal that the downtrend is gaining traction," Lebow said.
If there's another settlement below $90 per barrel "that will definitely open the way for more downside momentum," said Addison Armstrong of Tradition Energy.
Hello, Kid.
H&S potential here if we don`t take out 91,10 on this push up.
Turned out to be a double top instead.
I think we`ll test 90,80. Then we will find out if we see range expansion to the up side or down side.
Pre-holiday low volume chop?
For the last 40 days, the smallest RTH range is 89 cents.
Yesterday`s high gives us a 112 cent range. Maybe?
Not getting a good read at this, so hands off for now, except for my breakeven long from 80.
For the last 40 days, the smallest RTH range is 89 cents.
Yesterday`s high gives us a 112 cent range. Maybe?
Not getting a good read at this, so hands off for now, except for my breakeven long from 80.