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Friday, March 20, 2009
Horizon Ships First Oil From Oil Sands Project, Kuwait Cancels 2.1 Billion Deal, Israel Looks To Start Drilling In April 2009
"Oil Falls as Dollar's Gain Against the Euro Reduces Appeal of Commodities"
Crude oil fell from a three month high as the dollar climbed against the euro, decreasing the appeal of commodities as an alternative investment....Complete Story
"Zion Oil Anticipates Drilling Commencement in Israel by April 2009"
Zion anticipates that the drilling rig contracted for the Ma'anit-Rehoboth No. 2 well will arrive in Israel, clear customs and be fully rigged-up to begin drilling in April 2009....Complete Story
"Fluor Says Kuwait Halts Refinery Project, Canceling $2.1 Billion in Orders"
Fluor Corp. said the Kuwait National Petroleum Co. canceled its contract for the Al-Zour refinery project and the remaining $2.1 billion in work will be removed from first-quarter backlog....Complete Story
"Horizon Oil Sands Project Ships First Oil"
North Sea operator Canadian Natural Resources has shipped the first cargo from its Horizon Oil Sands project. CNR said the first shipment of synthetic crude....Complete Story
The SP 500 and Crude Oil.....Two Markets, Going In Two Different Directions
In our new video we are going to be looking at two different markets that are headed in two different directions.
We recently looked at the equity markets and alerted you to some very important levels that we thought the markets would have problems with. Those levels have now been reached and it remains to be seen if we are going to see the kind of market action that we were looking for.
Click Here To Watch Video
The second market were looking at is the crude oil market. This market has recently come alive to the upside and bear watching.
This is a short video, but it may contain the blueprint for these two markets. No registration is required to watch this video.
We recently looked at the equity markets and alerted you to some very important levels that we thought the markets would have problems with. Those levels have now been reached and it remains to be seen if we are going to see the kind of market action that we were looking for.
Click Here To Watch Video
The second market were looking at is the crude oil market. This market has recently come alive to the upside and bear watching.
This is a short video, but it may contain the blueprint for these two markets. No registration is required to watch this video.
Labels:
Crude Oil,
Crude Video,
INO.Com,
MarketClub,
SP 500
Higher Crude Oil Prices Possible Near Term
April crude oil was lower due to profit taking overnight as it consolidated some of this week's rally.
Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If April extends the rally, February's high crossing at $56.86 is the next upside target.
Closes below the 20 day moving average crossing at $45.12 are needed to confirm that a short term top has been posted.
First resistance is Thursday's high crossing at $52.25.
Second resistance is February's high crossing at $56.86.
First support is the 10 day moving average crossing at $47.53.
Second support is the 20 day moving average crossing at $45.12.
Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If April extends the rally, February's high crossing at $56.86 is the next upside target.
Closes below the 20 day moving average crossing at $45.12 are needed to confirm that a short term top has been posted.
First resistance is Thursday's high crossing at $52.25.
Second resistance is February's high crossing at $56.86.
First support is the 10 day moving average crossing at $47.53.
Second support is the 20 day moving average crossing at $45.12.
Labels:
Crude Oil,
Exxon,
Petrobras,
RSI,
Stochastics
Thursday, March 19, 2009
Can The Crude Oil Bulls Pull Through The Market Turn Down
April crude oil closed higher on Thursday as it extended this week's rally and closed above resistance crossing at $50.88.
The high range close sets the stage for a steady to higher opening on Friday. And closing above $50.88 on Friday would signal that a near term low has been set. We are calling for the SP 500 to open lower on Friday with a possible end to the recent rally. This could put the crude oil bull's in the position for some very heavy lifting on Friday.
Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If April extends this month's rally, January's high crossing at $56.86 is the next upside target.
Closes below the 20 day moving average crossing at $44.55 would temper the near-term friendly outlook in the market.
First resistance is today's high crossing at $52.25.
Second resistance is the reaction's high crossing at $56.86.
First support is the 10 day moving average crossing at $46.94.
Second support is the 20 day moving average crossing at $44.55.
Labels:
bullish,
Crude Oil,
Exxon,
high range close,
Petrobras
Afghanistan Holds First Bid For Onshore Blocks, Crude Oil Touches Three Month High
"Afghanistan to Hold First Ever Hydrocarbon Bidding Round"
Afghanistan is holding the country's first ever hydrocarbon bidding round with three onshore blocks up for grabs....Complete Story
"Oil Rises Above $52 on Speculation Fed Debt-Buying Plan Will Spur Growth"
Crude oil rose above $52 a barrel, reaching a three month high, after the U.S. Federal Reserve announced plans to spend $1 trillion buying back debt....Complete Story
"Russia May Lease Cuban Offshore Oil Blocks, Reuters Reports"
A group of five Russian companies may lease as many as 15 oil blocks, representing 15,440 square miles, for exploration in Cuba’s portion of the Gulf of Mexico....Complete Story
"TAQA Scales Back Huge North Sea Expansion Plans"
New North Sea operator TAQA has confirmed that it is gearing down from the previously blistering pace of acquisitions, after posting Q4 profits that were down due to....Complete Story
Labels:
Afghanistan,
Crude Oil,
Russia,
Stochastics,
TAQA,
UK North Sea
Crude Oil Moves Higher, Is The Reflation Trade On?
April crude oil has opened higher and was higher overnight as it extends this week's rally. Is the reflation trade on?
Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.
If April extends the rally off February's low, the reaction high crossing at $50.88 is the next upside target.
Closes below the 20 day moving average crossing at $44.51 are needed to confirm that a short term top has been posted.
First resistance is the overnight high crossing at $50.00.
Second resistance is the reaction high crossing at $50.88.
First support is the 10 day moving average crossing at $46.86.
Second support is the 20 day moving average crossing at $44.51.
I still need two closing days above $50.88 to confirm the mid term low is in.
Labels:
Crude Oil,
Exxon,
inventories,
OPEC,
Petrobras,
Stochastics
Wednesday, March 18, 2009
Crude Oil Still Throwing Off Bullish Signals After Inside Trading Day
April crude oil posted an inside day with a lower close on Wednesday as it consolidated some of this week's rally.
The high range close sets the stage for a steady to higher opening on Thursday.
Stochastics and the RSI are becoming overbought but remain bullish signaling that sideways to higher prices are possible near term.
If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.
Closes below the 20 day moving average crossing at $44.03 would temper the near term friendly outlook in the market.
First resistance is Tuesday's high crossing at $49.82.
Second resistance is the reaction's high crossing at $50.88.
First support is the 10 day moving average crossing at $46.24.
Second support is the 20 day moving average crossing at $44.03.
Crude Oil Spikes On Federal Reserve News, Iran Complains About Low Oil Prices
"Oil Rises in Electronic Trading on Fed's New Plan to Shore Up U.S. Economy"
Crude oil rose in electronic trading after the Federal Reserve said it will buy as much as $750 billion in mortgage securities and $300 billion in longer term government bonds to help shore up the financial system....Complete Story
"Some in OPEC See $60/Barrel Oil in 2009"
Some members of OPEC have limited their oil price ambitions in 2009 due to the fragility of the world economy, despite OPEC's belief that higher prices are needed to support investment in new supplies....Complete Story
"Naimi Says OPEC Production Quota Compliance to Improve as Members Cut Back"
Saudi Arabia, OPEC’s biggest and most influential oil exporter, expects OPEC members to reduce their shipments from last month to better comply with their quotas, the country’s oil minister said....Complete Story
"Iran FM Calls Oil Price Unjust"
Iranian Foreign Minister Manouchehr Mottaki called the current price of oil both unrealistic and unjust on Tuesday, the official Iranian news agency IRNA reported.
Mottaki, on a visit to the....Complete Story
Traders Taking Crude Oil Profits Overnight
April crude oil was lower overnight due to profit taking as it consolidates some of this week's rally.
Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.
If April extends the rally off February's low, the reaction high crossing at $50.88 is the next upside target.
Closes below the 20 day moving average crossing at $44.04 are needed to confirm that a short term top has been posted.
First resistance is Tuesday's high crossing at $49.82.
Second resistance is the reaction high crossing at $50.88.
First support is the 10 day moving average crossing at $46.26.
Second support is the 20 day moving average crossing at $44.04.
I would like to see 2 consecutive days of closing price above $50.88 to declare the trend has turned to the upside.
Labels:
Crude Oil,
Exxon,
Petrobras,
RSI,
Stochastics
Tuesday, March 17, 2009
Crude Oil Rallies, Sets New Three Month High
April crude oil closed higher on Tuesday as it extends this month's rally.
The high range close sets the stage for a steady to higher opening on Wednesday.
Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.
Closes below the 20 day moving average crossing at $43.47 would temper the near term friendly outlook in the market.
First resistance is today's high crossing at $49.82.
Second resistance is the reaction's high crossing at $50.88.
First support is the 20 day moving average crossing at $43.47.
Second support is the reaction low crossing at $39.44.
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