Oil has yet to bottom, WAKE UP!
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Buy order $1.97
I sold out DWTI this morning, oil broke resistance could surge higher. Will rebuy my D's back later.
Just stick with the trade and you'll be fine. Sometimes you just have to endure, oil is extremely volatile, 10% move in one day, is pretty intense. Unless there is a significant breakout about $33 I wouldn't worry about it so much. We'll see how the rest of the week goes...
Just more BS OPEC meeting news. Saudi's do not trust the Russians and Iran will never agree to a cut. Russia Increased production last month. They are desperate to talk oil up and keep it above $30, but nothing will materialize and oil will fall again.
Could hit the overall downtrend resistance at $33, but that's about it for this rally.
lol just another pump and dump coming. It won't be long before oil is below $30 again.
600 DWTI Strong, my position not shaken. By the end of the month oil will easily break the lows again.
This Months contract rollover will kill UWTI again.
600 DWTI strong, back to below $30 by the end of the week.
Next week another huge inventory build, until a month from now they have nowhere to store it...just a ticking time bomb for oil.
Maybe a bottom by March contract expiration day...
Just the start, refiners going into maintenance season like last year, so build will get larger.
API reporting Build in every category!
Crude inventories +3.8 mln barrels
Crude stocks at Cushing +141Kbarrels
Gasoline inventories +6.6m
DIST+.4m
Last weeks rise was on BS news, just another dead cat bounce. Oil is right back to were it should be before the BS. I was able to take advantage and increase my DWTI position last week.
DWTI is on the path to $600, WTI is on the path to $26, UWTI is on the path to $1.30
Wake Up!
I think this week's inventory will be very bearish again, but without the fake production cut news, oil will fall instead of rally. We'll see...
IDK, but DWTI would go to $1000 if oil crashed to $20. UWTI would drop below 70 cents.
No that's just how many shares I have. I'm expecting oil to go to the January contract low of $26.19, then we'll see how it plays out. My Money is it will drop further. I'm holding onto my DWTI's until at least the January low then start selling pieces off, play by ear...
After this I'm totally out of DWTI for the year...
I saw this coming last year, 600 DWTI...
Overbought Last week on false news from Russians.
They have been saying that since last year, nothing new. If OPEC can't agree on a production quota, what makes you think they can do a deal with non-OPEC. Also Iran is preparing to ramp up production and aggressively cutting price to take back market share. Iran is defiantly not on-board with any production cut.
Refinery maintenance season will soon dawn upon us and US Inventory levels will jump up dramatically. I see more pain ahead in the oil patch.
Oil just attempted to breakout above that line and failed, we'll see Monday...
Saudi Arabia didn't make output cut proposal
- Saudi source to Arabiya TV
DUBAI (Reuters) - Saudi Arabia was not the source of a proposal to cut oil production that Russia was studying, al-Arabiya television reported on Sunday, quoting an unnamed Saudi source.
But the kingdom, the world's biggest oil exporter, wanted to cooperate with other producers to support the oil market, the source also told the Saudi-owned and Dubai-based satellite channel.
Russian Energy Minister Alexander Novak said on Thursday that OPEC had proposed output cuts of up to 5 percent to help reduce a glut of crude and prop up sinking prices, in what would be the first such deal globally in over a decade.
It was not clear if Novak was referring to a months-old proposal by OPEC members Venezuela and Algeria, or a new one backed by Saudi Arabia. Sunday's Arabiya report implied the proposal was not new.
The Saudi source's comments were in line with remarks made by a senior Gulf OPEC delegate to Reuters on Thursday.
Saudi Arabia has long said it is willing to act to stabilise prices but that the other countries, particularly higher-cost producers, must also reduce their output.
The possibility of supply restraint by producers boosted oil prices to almost $36 a barrel last week from a 12-year low close of $27.
But there is widespread scepticism that a deal will happen, especially since Iran is keen to boost its market share now that sanctions on it have been lifted.
http://uk.mobile.reuters.com/article/idUKKCN0V909Y?irpc=932
USD 99.70 and rising, Oil is going to get Hulk Smashed next week :)
Good Luck with that. I take it you missed today's opportunity.
Exactly all BS, Saudi's will not budge. Russia and US will end up cutting and Saudi's will increase production. They will gain market share.
I don't see this rally lasting for much longer.
Picked up 500 DWTI this morning, sold my UWTI on the hype. I doubt Saudi's will actually intervene and oil will sell off huge, just a waiting game now.
I'm expecting at least a $2 move to the upside. I don't expect the rally to last more than 1-1.5 weeks tops due to the fundamentals. Crude looks like it's coiled and ready to spring up again. A technical breakout to the upside will spark some more short covering. We'll see...
Sold my DWTI @ $300. Any close near the highs and oil will pop to probably $35-36 range. Then I'm Buying back my D's. Ultimately I think we'll see $25 oil, but not anytime soon, market wants to go higher. Technical breakout higher is in the cards IMO, confirmation with a close above $$32.40
9mil+ overall Build and large gasoline build
Still a shorting opportunity IMO, based on the API.
Double tops: "Usually a peak within 3% of the previous high is adequate."
Peak on Friday 32.74
Peak on Monday 32.41
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:double_top_reversal
Here is a look back at past double tops in oil:
This double top is no different from the last one, more pain to come:
Read and Learn.
It was all BS hype today. All they need to do to get a pop in oils is quote some oil minister. But reality will set in and the price will adjust. It will get to the point were it becomes panic selling again.
It's a double top on the chart. Oil is setup to tank tomorrow once EIA confirms the API Numbers. Like a giant dump on the foreheads of the unfortunate bag holders.