For those who aren't familiar with using other time frames for cross-reference, that support @ 86.73 was established at the 20-bar EMA on the 60-min chart. Double touch of that price on the 1-min was a long signal for me despite the LH/LL. Might just fizzle, but always worth giving these levels a go, IMHO.
CL Redux
- Thread starter schizo
- Start date
http://www.reuters.com/article/2011/02/09/businesspro-us-marets-oil-idUSTRE71818820110209
1/ Investors shrugged off risks posed by a rise in Chinese interest rates over week-long holidays with the market braced for further rate rises as the world's second biggest energy consumer struggled to contain inflation.
"Chinese policymakers' efforts to rein in overheating pressures are now seen in a relatively more positive light by global investors in that they will help slow growth to a more sustainable pace, while other engines of growth in the region begin to rev up," said Samarjit Shankar, analyst at BNY Mellon.
2/ "Constraints in North Sea supplies will continue to cause the spread between the two benchmarks to be quite wide," said Ben Westmore, analyst at National Australia Bank based in Melbourne.
North Sea Forties crude oil supplies are slightly tighter for March. So far, around 793,000 barrels per day (bpd) are seen for March loading, down from around 850,000 bpd scheduled for February.
1/ Investors shrugged off risks posed by a rise in Chinese interest rates over week-long holidays with the market braced for further rate rises as the world's second biggest energy consumer struggled to contain inflation.
"Chinese policymakers' efforts to rein in overheating pressures are now seen in a relatively more positive light by global investors in that they will help slow growth to a more sustainable pace, while other engines of growth in the region begin to rev up," said Samarjit Shankar, analyst at BNY Mellon.
2/ "Constraints in North Sea supplies will continue to cause the spread between the two benchmarks to be quite wide," said Ben Westmore, analyst at National Australia Bank based in Melbourne.
North Sea Forties crude oil supplies are slightly tighter for March. So far, around 793,000 barrels per day (bpd) are seen for March loading, down from around 850,000 bpd scheduled for February.
Hi Frank, sorry for the delayed answer, just got back a bit ago. I went long @ 86.95 around the time you posted, using the 1-min chart, still holding. It almost retraced all way back to my b/e point at which point I would've stepped outside and missed a great move I'm sure
EDIT: I'm using the 1-min now because of the chop. I need the 1-min for stop placement because the 5-min bars too wide.
