Where is Crude Oil Likely Headed For Tuesday

CNBC's Rebecca Jarvis discusses the day's news in the commodities markets, and looks ahead to where oil is likely headed tomorrow.




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Oil Rises, But Will Rally Continue?

Crude oil on the New York Mercantile Exchange Monday rose again continuing its recent rally. Closing above $68 today, the increase in the price of oil was spurred by positive economic news about US home sales. Settling 33 cents above Friday's close, the price of crude oil rose to $68.38 a barrel in trading Monday on the NYMEX. Just two weeks ago, the price of oil was below $60 in a correction that brought prices down from a high of near $73.....Complete Story


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Oil Majors Appear Poised to Test Mid Term Neutral Resistance Levels

Oil majors appear poised to test mid term neutral resistance levels as we move into a week loaded with earnings reports from the major oil companies. Crude oil closed higher on today extending the rally off this month's low. Profit taking tempered early gains and the mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are becoming overbought but remains bullish signaling that sideways to higher prices are possible near term.

If September extends today's rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 64.94 would confirm that a short term top has been posted.

First resistance is today's high crossing at 68.99
Second resistance is the reaction high crossing at 74.25

First support is the 20 day moving average crossing at 64.94
Second support is the reaction low crossing at 63.76

Today’s Stock Market Club Trading Triangles

Natural gas closed lower on Monday due to light profit taking but remains above the 20 day moving average crossing at 3.706. The mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 3.706 would temper the near term friendly outlook.

If September extends the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.

First resistance is last Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26

First support is the 20 day moving average crossing at 3.71
Second support is this month's low crossing at 3.23

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Gasoline Extends Rally to 10 Days, Longest Since at Least 2005

Gasoline futures rose a 10th straight day, the longest rally in the history of the contract, on refinery shutdowns and a weaker dollar, which increases the investment appeal of commodities. Total SA has shut units at its 240,000 barrel a day refinery in Port Arthur, Texas. The dollar fell as low as $1.4298 per euro, the lowest level since June 3. “It seems as if all of a sudden the gasoline market is leading the way and it looks as if nothing is really stopping the rally,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut.....Complete Story


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Every So Often......You Get The Key to The Market

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California Nixes PXP's Offshore Tranquillon Ridge Project

Plains Exploration & Production Company ("PXP") has announced an update on its Tranquillon Ridge (T-Ridge) project. On July 24, 2009, despite support of California Governor Schwarzenegger and bipartisan approval by the California State Senate, the California State Assembly failed to approve legislation authorizing a path forward for PXP's T-Ridge project. Support for T-Ridge has come from Santa Barbara County, the California State Senate, the Governor and a large environmental coalition, including the Environmental Defense Center, Trust for Public Land, and "Get Oil Out", as well as firefighters and peace officers throughout the state.....Complete Story

Trade Signals Remain Bullish For Crude Oil, Natural Gas SignalsTurning Bearish

Crude oil was higher overnight as it extends the rally off this month's low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If September extends the rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 64.95 would temper the near term friendly outlook in the market.

Crude oil's pivot point for Monday is 67.57

First resistance is the overnight high crossing at 68.99
Second resistance is the reaction high crossing at 74.25

First support is the 20 day moving average crossing at 64.95
Second support is the reaction low crossing at 63.76

Today’s Stock Market Club Trading Triangles

Natural gas was lower overnight due to profit taking as it consolidates above the 20 day moving average crossing at 3.706. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 3.706 would temper the near term friendly outlook in the market.

If September extends the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.

The natural gas pivot point for Monday is 3.64

First resistance is last Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26

First support is the 20 day moving average crossing at 3.71
Second support is this month's low crossing at 3.37


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Crude Oil Rises as Asian Equity Gains May Spur Demand for Fuels

Crude oil rose to the highest in more than three weeks on expectations that gains in Asian equity markets are the precursor to a recovery in the global economy that will spur fuel demand. Oil also gained after investors sought commodities as a hedge against inflation as the dollar traded near a seven week low against the euro. The MSCI Asia Pacific Index climbed 1 percent today, the 10th straight increase and the longest winning streak since January 2004.....Complete Story


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Iraq to Auction Rights to Develop 10 Crude Oil Areas

Iraq said it will auction rights to develop 10 crude oil areas and withdrew the Siba natural gas field from the country’s second bidding round this year, as the Persian Gulf state seeks foreign investors to increase energy production. Potential bidders can receive information on the fields during a one day roadshow in Istanbul on Aug. 25, Abdul Mahdy Al-Ameedi, deputy director general at the Petroleum Contracts and Licensing Directorate, said by telephone today. Iraq, owner of the world’s third largest oil reserves, aims to boost oil output to 6 million barrels a day by 2015 from about 2.4 million barrels now.....Complete Story

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SP 500 Update: Trade Triangle Video Analysis

With the S&P 500 making new highs and as world equity markets following suit, the question becomes how high can we go?

In this short video on the S&P 500, we outline some mathematical upside target zones that we am looking at for this market.

You can watch this video with our compliments and there is no registration requirements. We would love to get your feedback so please feel free to leave a comment and let our readers know how high you think the S&P can go.

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How to Use Money Management Stops Effectively

Stops are enormously important part of a traders arsenal of trading tools. Some traders confirm that stops are the most important part of their trading armour.

So here are three ways to use stops to protect your capital and lock in profits from a trade. These three money management techniques can be used in stock, futures and forex trading.

Click Here For A Video Version of This Lesson

The important rule is that you do use a real stop in the marketplace. A friend of mine joked with me that that he had never seen a “mental stop” filled electronically or in the pits.

If the market is good your stop will not be hit. If the market is bad or changing direction then you’ll want to be out of it anyway. That is why stops are so crucial to trading success.

Here are the three most commonly used types of stops. Which one do you use?
(1) Dollar stop.
(2) Percentage stop.
(3) Chart stop.
If you chose (1) you’d be correct, but, you would also be correct if you had chosen 2 or 3. All three are money management stops and are used to either lock in profits or protect capital.
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1) A dollar stop, is when you set a predetermined dollar amount to a trade. Let’s say you want to risk $500 on a grain trade or $750 on a stock trade. Once you get your fill back from your broker or electronically online you simply figure from your fill price where to put your stop.

Pros: Easy to implement and use.
Cons: Can place stops too close in a volatile market
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2) Percentage stop, is a very simple way for you to place a stop on a position. Here’s how it works. Let’s say your trading account is 100,000 dollars and let’s say you only want to risk 1% of your total portfolio on any one trade. You simply take a $1,000 risk which represents 1% of your over all portfolio. This can help enormously in avoiding taking BIG LOSSES. A 1% loss is easy to absorb. A 30% or 40% loss in a trade is an account killer, and should be avoided at all costs.

Pros: Easy to implement and use.
Cons: Can place stops too close.
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3) Chart stop, a chart stop is where you place a stop that is either above or below a crucial chart level. The good thing about a chart stop is that this level is often used by other traders. That can both be a good thing and a bad thing, here’s why. Using either one of our first two examples only you know where the stop is. With a chart stop, a great many traders/brokers know that is where the stops are. In an illiquid market this type of stop should not be used, as many times brokers gun for the stops. In a highly liquid and active market this is a good stop to use.

Pros: Very easy to implement and use.
Cons: Can’t be used in thinly traded markets.
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So there you have it. Now you have all three ways to manage your money and protect your profits in the future.

Use stops.....let them work for you.

Click Here For A Video Version of This Lesson

A special thanks goes out to guest blogger Adam Hewison

Where is Oil Headed Next Week

CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks at where oil is likely headed next week.





How To Spot Winning Futures

High Range Crude Oil Close Sets Stage For Higher Open Monday

Crude oil closed higher on Friday extending Thursday's breakout above the 20 day moving average crossing at 65.13. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If September extends this week's rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 10 day moving average crossing at 64.25 would confirm that a short term top has been posted.

First resistance is today's high crossing at 68.18
Second resistance is the reaction high crossing at 74.25

First support is the 20 day moving average crossing at 65.13
Second support is the 10 day moving average crossing at 64.25

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Natural gas closed higher on Friday as it consolidates above the 20 day moving average crossing at 3.721. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

If September extends the rally off last week's low, the reaction high crossing at 4.261 is the next upside target. Closes below the 10 day moving average crossing at 3.721 would temper the near term friendly outlook.

First resistance is Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26

First support is the 10 day moving average crossing at 3.72
Second support is last Monday's low crossing at 3.23

Free trade school video "How to Use Money Management Stops Effectively"

Schlumberger Profit Falls as Clients Slash Budgets

Schlumberger Ltd., the world’s largest oilfield-services provider, said second-quarter profit fell 57 percent after a plunge in energy prices prompted petroleum producers to cut spending. Net income dropped to $613 million, or 51 cents a share, from $1.42 billion, or $1.16, a year earlier, Schlumberger, based in Houston and Paris, said today in a statement. Excluding costs for job cuts, profit was 68 cents a share, 4 cents higher than the average of 24 analyst estimates compiled by Bloomberg. Sales fell 18 percent to $5.53 billion.....Complete Story



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Occidental Moves Fast, Keeps Mum on Oil Discovery

As new details emerged Thursday about Occidental Petroleum Corp.'s discovery of a large new oil field in Kern, local oilmen voiced optimism that the find could stimulate local drilling work -- including among independents hoping to strike it rich.
Oil producers anxious to learn the field's location still had little to go on, though a spokesman for Chevron, indicated late Thursday that it's in western Kern County. Chevron owns a 20 percent stake in the find. Earlier in the day, Los Angeles-based Oxy suggested that it plans to move quickly to tap the field, drilling an additional 17 wells (costing roughly $4 million apiece) this year.....Complete Story

Can you learn to trade crude oil in 90 seconds?

Daily Oil Prices From Master The Markets

The positive correlation between the price of crude and equity markets continues apace with the Dow finally breaching and holding above the 9000 level for the first time since January. This mutual admiration seems determined to ignore the weak oil market fundamentals which has seen gasoline and distillate stocks in the US increasing for a straight sixth week and with unemployment in the US still rising it is difficult to see how quickly this surplus is likely to be consumed. From a technical perspective yesterday's candle on the daily oil prices chart.....Complete Story

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Crude Oil Bulls Still Have Near Term Advantage, Natural Gas May Be Topping

Crude oil traded higher overnight as it extended Thursday's breakout above the 20 day moving average crossing at 65.10. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If September extends this week's rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 10 day moving average crossing at 64.19 would temper the near term friendly outlook in the market.

Crude oil's pivot point for Friday, our line in the sand is 66.20

First resistance is the overnight high crossing at 67.68
Second resistance is the reaction high crossing at 74.25

First support is the 20 day moving average crossing at 65.10
Second support is the 10 day moving average crossing at 64.19

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Natural gas was higher overnight due to short covering as it consolidates some of Thursday's decline. Stochastics and the RSI are turning neutral to bearish hinting that a short term top might be in or is near.

Closes below the 10 day moving average crossing at 3.711 would temper the near term friendly outlook in the market. If September extends the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.

Friday's pivot point for natural gas is 3.65

First resistance is Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26

First support is the 10 day moving average crossing at 3.71
Second support is this month's low crossing at 3.37

A Good Trading Education = a Good Trader = Good Profits….Watch INO TV

Oil Falls From a Three Week High on Faltering Economic Recovery

Crude oil fell from a three week high after U.S. stock futures eased on weaker than expected company earnings, renewing concern the recovery from the global recession may falter. Oil has increasingly moved in tandem with the Dow Jones Industrial Average. The two are showing a correlation of 0.7 in the past month, up from 0.06 in the month to Dec. 31, according to data compiled by Bloomberg. U.S. gasoline and distillate fuel inventories climbed for a sixth week, signaling demand in the world’s largest energy user has been slow to rebound.....Complete Story

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Sharon Epperson: Where is Oil Headed on Friday

CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks to where oil is likely headed tomorrow.





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Halliburton to Drill 170 Chicontepec Wells for $169MM

Oilfield services giant Halliburton Co. has won a $169 million contract to drill 170 wells Mexico's Chicontepec region, its first major project in the area, Petroleos Mexicanos said Thursday. Pemex, as the state oil company is known, has also awarded four contracts for about 140 wells each to local drillers, expanding its pool of suppliers for the expensive project. The new contracts underscore Pemex's efforts to accelerate spending and stabilize falling oil production, down by a fifth since peaking in 2004......Complete Story

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