Crude Oil Futures (Nov 2023)Güncellendi 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
Not
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.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.