Crude Oil Futures (Nov 2023)Atualizado The Wiseguy Report - WTI Crude Oil - 9/22/23
NEAR TERM:: NEUTRAL
VOLUME STRUCTURE -CLX2023
So far, for the month of September, 70% of the trading volume for the November contract has occurred between $89 & $91.75, with the highest volume around $91.
PRICE ACTION
WTI strongly rejected prices above $92 & failed to make a subsequent new high.
A FEW FUNDAMENTAL FACTORS
- Seasonal Demand Destruction (winter)
- China economy showing weakness
- Continued USD strength & therefore expensive Petrodollar
- FOMC is still slightly hawkish on interest rates, which supports a strong USD for now.
- OPEC+ Meeting :: October 5
VOLUME STRUCTURE -
CLX2023 So far, for the month of September, 70% of the trading volume for the November contract has occurred between $89 & $91.75, with the highest volume around $91.
PRICE ACTION
WTI strongly rejected prices above $92 & failed to make a subsequent new high.
A FEW FUNDAMENTAL FACTORS
- Seasonal Demand Destruction (winter)
- China economy showing weakness
- Continued USD strength & therefore expensive Petrodollar
- FOMC is still slightly hawkish on interest rates, which supports a strong USD for now.
- OPEC+ Meeting :: October 5
Nota
As time has progressed, the highest volume is now at $90 for the month of September.I'm watching that failure swing closely.
Still NEUTRAL right now for the near term.
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.