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Oil Bottomed Out?

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With the winter's first cold snap and WTI touching its 200 day MA, I think/feel/believe we may have seen at least a short-term bottom for oil. Anyone agree/disagree?

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With the winter's first cold snap and WTI touching its 200 day MA, I think/feel/believe we may have seen at least a short-term bottom for oil. Anyone agree/disagree?

I agree, I am starting to dip in again.

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I agree too.

COT data shows the commercial oil traders are long long long.

We are up 70c since the EIA Petroleum Status Report this morning also. Definately time to dip in.

Latest COT data: Image002.gif

post-3500-1132163243_thumb.jpg

Edited by wayneL

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time to dip in.

I had a dip. I bought the January Future today but I don't really trust it. What's putting me off is the general Bearishness in US Commodities which seems to have been triggered by the strength of the $. If the $ continues higher it could keep a lid on Oil prices.

My opinion.

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I had a dip. I bought the January Future today but I don't really trust it. What's putting me off is the general Bearishness in US Commodities which seems to have been triggered by the strength of the $. If the $ continues higher it could keep a lid on Oil prices.

My opinion.

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And a good opinion it is.

All eyes are on gold ATM + ~$7 on the feb contract as it stands right now. What happens at $500? it will be an interesting psychological level.

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bought the January Future today but I don't really trust it.

Jan Crude trailing stop was hit yesterday morning as the $ moved higher. No surprise there.

All eyes are on gold. What happens at $500?

I'd be surprised if it went through $500 first attempt. But with the US Government giving the media the inflation green light on Wednesday ...you never know.

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Edited by Buylowsellhigh

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I sold February Gold Futures(GCG6) heavily today at $493. Are you game ?

Nice reversal bar, but no I'm not short, which is a good omen your position :lol:

A shame about the oil, but I'm still a believer. A dragonfly doji for friday, also a reversal bar FWIW. Still watching it.

Got my eye on Yen futures for a reversal, also based on COT data. Just an eye mind you, no cash yet.

Re GOLD; Have you had a look at the CBOT full size gold contract (ZG)? It's 100% electronic which I think is a great advantage

http://www.cbot.com/cbot/pub/cont_detail/0...8+21219,00.html

Edited by wayneL

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I'm not convinced we've seen the last of the selling yet. This down leg has had big volume (Katrina related?) to it, and it's hugging the bottom Bollinger Band too.

It's a shame because there's a nice little oil stock I want to buy into, but the falling price is making me hold back for now.

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Nice reversal bar, but no I'm not short, which is a good omen your position :lol:

A shame about the oil, but I'm still a believer. A dragonfly doji for friday, also a reversal bar FWIW. Still watching it.

Got my eye on Yen futures for a reversal, also based on COT data. Just an eye mind you, no cash yet.

Re GOLD; Have you had a look at the CBOT full size gold contract (ZG)? It's 100% electronic which I think is a great advantage

http://www.cbot.com/cbot/pub/cont_detail/0...8+21219,00.html

I still think we are at or near a local bottom for oil. Fundamentally, another storm is on the way in the US. A big one this time, due for mid-late next week. Technically, the last three slides in oil have been more and more protracted, a sign that oil bears are getting weaker and fewer and we remain within the channel.

wtic1tq.jpg

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Got my eye on Yen futures for a reversal, also based on COT data. Just an eye mind you, no cash yet.

I bought Yen March Futures on Friday. Switched my cash into Yen also.

It just opened lower, so time to grab a nippy sweety from the top shelf I think, lol.

Re GOLD; Have you had a look at the CBOT full size gold contract (ZG)? It's 100% electronic which I think is a great advantage

To be honest I prefer COMEX open outcry as ecbot Gold is a bit thin. I would rather take my chances with no overnight stop on Access than get caught in an illiquid market meltdown.

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I bought Yen March Futures on Friday. Switched my cash into Yen also.

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Support @85.95 1hr chart. In with a low risk entry.

Commercial traders are lined up against the dollar all over the place... Dollar index, pound, euro, yen. FWIW

yen_21_11_210.gif

post-3500-1132557502_thumb.jpg

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I bought Yen March Futures on Friday. Switched my cash into Yen also.

It just opened lower, so time to grab a nippy sweety from the top shelf I think, lol.

YO BLSH!

I like how this trade is looking! :)

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  • 337 Brexit, House prices and Summer 2020

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