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2. Hot Market Report: Crude Oil Trading at Decision Levels
By Ilan Levy-Mayer
Click on image below to enlarge
Crude Oil futures, along with other energies, experienced some volatility the past few weeks. Tarrifs news, tensions with Iran and overall news about supply and demand helped crude oil trade in a $10 range between July 10th and August 16th!!
Currently the market is trading at what I consider a junction, decision levels right around 69.94 to 70.50.
Daily chart of crude oil for your review from this morning ( August 31st 2018). Notice that we have both previous highs around the $70 mark as well as the 61.8% Fibonacci retracement level ( from the highs of early July to the lows of middle August).
You can see the ALGOS I created and Like to use, pointed a possible buy on August 23rd and 24th. This specific ALGO tries to identify resumption of a trade. I think that if Crude Oil can close today above the $70 mark, it will be a bullish weekly and daily close as well as another positive monthly close and can trigger the next leg up.
To access a free trial to the diamond ALGo shown in the chart as well as other signals sign up for a free trial for 21 days with realtime data.
Crude Oil Futures Specs Hours: 5:00 PM to 4:00 PM next day PM Central Time
Margins: $2560 initial, $2200 Maint. ( as of the date of this newsletter)
Point Value: full point = $1000 ( Example: 71.80 to 72.80 ). Min fluctuation is 0.1 = $10 ( Example: 71.80 to 71.81)
Settlement: Physical, deliverable commodity
Months: Monthly cycle, All Months
Crude Oil is one of my favorite markets for Day Trading because of the intraday voilatility and movements. Be careful, these factors can work against you or in your favor.
Some of the basic fundamentals to keep in mind when you are considering a trade in the crude oil as well as other energies:
1. Longer term view of current market prices
2. Dates and times of important reports. Namely, Tuesday afternoon report (API) and the DOE report on Wednesday mornings at 10:30 Am EST
3. Weather and Seasonality
4. Correlation to US Dollar prices
5. Inflationary prospects
6. Geopolitical Stability
7. U.S. Fiscal and Monetary Stability
Our brokers here at Cannon will be happy to chat about the crude olil market, other energies, other futures, options, futures spreads and much more!
Feel free to contact us at any time.
Disclaimer: This calendar is compiled from
sources believed to be reliable. Moore Research Center, Inc.
assumes no responsibility for any errors or omissions. It is meant
as an alert to events that may affect trading strategies and is not
necessarily complete. The release dates for certain economic
reports may have been rescheduled.
* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!
RISK DISCLOSURE: Past results are not necessarily indicative of future results. The risk of loss in futures trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.