http://www.cnbc.com/2016/05/22/oil-prices-dip-on-strong-dollar-firm-global-supplies.html
Oil prices slid on Monday as Iran vowed to ramp up output, though crude futures pared losses on data showing a stockpile drawdown at a major U.S. delivery hub.
Oil fell as much as $1 a barrel or more in early trade, the day after the Mehr news reported that Iran' s Deputy Oil Minister Rokneddin Javadi said the country' s crude exports, excluding gas condensates, would reach 2.2 million barrels per day (bpd) by the middle of summer from 2 million bpd now.
His comments further dampened hopes for a coordinated decision to freeze OPEC oil production at a meeting of the exporter group in Vienna on June 2.
Oil futures got some support from a report that showed a stockpile drawdown at the Cushing, Oklahoma delivery hub for U.S. West Texas Intermediate (WTI) futures. Market intelligence firm Genscape reported an inventory drop of 978,862 barrels in Cushing during the week to May 20, traders who saw the data said.
Brent futures dropped 34 cents to $48.38 a barrel, after ending the previous session 9 cents down.
U.S. crude futures settled 33 cents lower, or 0.7 percent, at $48.08 a barrel, having settled down 41 cents the day before.
" Upward price momentum appears to be slowing as we feel that this late winter/spring bull move is in a very advanced stage with only about $3 to $4 a barrel remaining on the upside in referencing either WTI or Brent futures," said Jim Ritterbusch of Chicago-based oil consultancy Ritterbusch & Associates.
Reduced U.S. production and supply outages from Venezuela to Libya and Canada have lifted oil prices about 80 percent from 12-year lows hit this winter of around $27 for Brent and $26 for WTI. Still, prices remain less than half the levels reached in mid 2014, when crude traded above $100.
The bearish comments from Tehran outweighed concerns about unplanned oil outages globally hitting a five-year high mainly due to wildfires in Canada that have affected oil-sands production and losses in Nigeria and Libya.
Adding to signs the oil market will remain oversupplied, data showed last week the number of rigs operated by U.S. drillers held steady for the first time this year, following a near two-year slump in the rig count.
" Stagnating rig counts and comments from Iranian officials show that the way up for the oil prices may come to an end now," said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg.
immediate support 5.30 and awaiting crossover of 5.41 ? think next likely 5.48 / 5.55 ?
Taking cue to trend higher. 5.40 then 5.48.
Taking cue to trend higher. 5.40 then 5.48.
Sian i havennot covered my short. Should have done it this morning
well done...waiting to see if bb setting up Bear Trap...I tikam tikam see if can push to 5.50 or not hahaha ..
Seems good to jeep in again today ~ 😀
Seems good to jeep in again today ~ 😀
xuxuxu: "if you are a trader buying, maybe you should wait for a reversal confirmation,
Agree!!
ya the value is there and the price seems low enough,from the price today, i deem the down side is quite limited, maybe 20%
up side got 80% at least,
if you are a investor, you should start buying slowing,
if you are a trader buying, maybe you should wait for a reversal confirmation,
like most profit traders always do, they dont buy bottom or sell top,
they just wait for Trend to form and take the middle meat.
Good opport to buy during this oil price crisis. It will move up eventually for long term investment of 1-3years.
ya the value is there and the price seems low enough,
from the price today, i deem the down side is quite limited, maybe 20%
up side got 80% at least,
if you are a investor, you should start buying slowing,
if you are a trader buying, maybe you should wait for a reversal confirmation,
like most profit traders always do, they dont buy bottom or sell top,
they just wait for Trend to form and take the middle meat.
Good opport to buy during this oil price crisis. It will move up eventually for long term investment of 1-3years..
Maybe Keppel down trend 2 years, ( Sept.2014 till date )
Then sideway channel for 1 years, ( Feb.2012 to Aug.2014 )
And finally up trend for 5 years, ( Jan.2009 to July.2011 )
Repeat afew cycle,
How do u wanna set position ? ( Buy when there is blood in the street/ Sell when everybody in the wet market is buying )
Longist or shortist, who make money,
The one following the Trend. ( Take a cue on the 50sma Daily Chart, above line BUY, below line SELL )学 历 代 表 过 去 ， 财 力 代 表 现 在 ， 学 习 力 代 表 将 来 。 ( Happy Vesak Weekend )
