Current WTI Crude Oil Observations

 Subscribe in a reader

 



 

WTI Crude tested it's 200ma today and again rallied above the 50ma. ITZ via Twitter & on this blog suggested entering a 1/2 position via Proshares UCO @ $28.25 ($28.30 stop). The ETF closed today @ $29.21.

 

ITZ highlighted a possible right shoulder developing on an Inverted Head & Shoulders pattern, with the Neckline being the daily resistance around the $97 level.

 

Use a trailing stop on your position, crude should continue higher, but ITZ is cautious here, noting a Negative Divergence, again run a trailing stop & let the market take you out.

 

Indexes At Extreme Levels Above 200 MA's

 Subscribe in a reader

How long have we've been hearing that the markets are due for a correction now? Granted it seems as if nothing can bring this market down...but something to consider, the S&P500 & Nasdaq daily charts relative to their respective 200 day moving averages, do suggest could see a pullback at any time. Now what will be the catalyst is another question?

*Note from Sept 2010 to May 2011 $SPX gained 30%. From Oct 2011 to April 2012 +32%. Now from December 2012 we need to see $SPX 1755 for +30%  the index would need to rise 88 points from today's close. Also to get a 15%+  the 200ma would be at 1500.

Can WTI Crude Oil Reach $102 By Memorial Day?

 Subscribe in a reader

Follow-up to this mornings post on WTI Crude Oil.

Watch $GASO chart now through Memorial Day LINK

Click on charts to expand images

Crude Oil's Next Move

 Subscribe in a reader

WTI Crude Oil is selling off, ITZ has 2 charts today an 8-hour with an Inverted Head & Shoulders pattern. We're seeing a throwback to the neckline as well as testing support on an ascending channel. A break above $97 could see a Measured Move to $102. However if the IH&S is negated we could see further selling, possibly to $89/$90 testing the support level on the Daily as well as weekly Pennant. Itz is currently in cash on the Proshares UCO & SCO trade. Looking to hear what Chairman Bernanke has to say & the U.S. Dollar's move. Follow on Twitter

WTI Crude Oil Sells Off: UCO

 Subscribe in a reader

WTI Crude Oil is selling off this week, API reported 5 million-barrel rise in crude supply LINK

EIA reported  a build of 6.7 million bbl  LINK

$GASO $UCO weekly chart seems to be making a similar bottom to that of last year May/June period Chart

One could trade $SCO here shorting crude, but be nimble. ITZ is looking to re-enter $UCO very soon.

click on chart to expand image

Did You Get Long Crude Oil?

 Subscribe in a reader

WTI Crude Oil rallied over $2 today, Proshares Ultra Crude Oil ETF (UCO) +4.91%. ITZ entered two 1/4 positions back on April 16th @ $24.85 & on the 17th @ $25.85. Currently ITZ is using a trailing stop, a 8ema & 21ema on a 60 minute chart. Current stops are $27.40 & $26.85. ITZ has not increased the position, in part to several weekly indicators have not confirmed. If there is a confirmation, then we'll suggest adding and also revise the current sell stops.
Total motor gasoline inventories decreased by 3.9 million barrels last week but remained in the upper half of the average range. Both finished gasoline inventories and blending components inventories decreased last week. As reported today in EIA Summary of Weekly Petroleum Data  LINK

West Texas Intermediate crude jumped the most this year as a government report showed that U.S. gasoline stockpiles tumbled while oil inventories rose less than analysts estimated. Read Story

 ITZ has been noting for several weeks that gasoline prices were in decline.... recent post for more posts BLOG

Longterm Gold Observations

 Subscribe in a reader

Looking at a 40 year chart of gold, comparing the 70's rally and meltdown to that of the last 13 years.

click on charts to expand images

Gold Volatility Beats U.S. Stocks

 

 

CFTC Is Looking at Gold, Silver Moves, Chilton Says

Gold Videos

 Subscribe in a reader

Gold Falling to $800?: Gold-CPI Ratio Says Yes

Gold Demand Curve Bows to Three Masters

Gold Likely to Fall Further

Gold Price Drop `Excessive,' UBS Says

Drivers of Gold Are Still in Place: Cuggino

WTI Crude Oil -Time To Get Long?

 Subscribe in a reader



WTI Crude Oil tested $87 today, we could see a bit more selling to $85. ITZ suggests phasing into Proshares Ultra CrudeOil (UCO) Buy-Zone $25/$26. If still in Proshares SCO, run a tight trailing stop.

Mark Fisher

Weekend Update: Crude Oil, Gold, Gasoline & Dollar

 Subscribe in a reader

The good news for motorists is that gasoline prices are expected to be more affordable in the coming months than they were during the two preceding summers. Read Story

Growing domestic crude oil production has contributed to lower crude oil imports (see This Week in Petroleum, March 20, 2013). At 8.5 million bbl/d, U.S. crude oil gross imports in 2012 were the lowest for any year since 1997. EIA expects that U.S. crude oil production will exceed U.S. crude oil gross imports as early as the end of 2013, the first time this will have occurred since February 1995. Link

On Thursday April 11th, ITZ posted a chart on Twitter highlighting the H&S &/or Bear Flag Twitter Link

West Texas Intermediate crude fell-the International Energy Agency trimmed forecasts for global oil demand. Brent’s premium to WTI shrank to the smallest level in 14 months. LINK

WTI Crude Oil Going To $87

 Subscribe in a reader

Taking a look at the NYMEX Crude Oil 8 hour chart. Looks like a Head & Shoulders pattern as well as a possible Bear Flag pattern. Watch the $92 area (neckline/support), a break below & a measured move towards $88/$87 is possible. Re-entering with a 1/2 position Proshares UltraShort Crude Oil (SCO) $39.30 and adding to position on a break below $92 post open, follow on Twitter.

Copper, Housing, Finance & Russell 1000 - Charts

 Subscribe in a reader

ITZ takes a look at a few sector daily & weekly charts: Copper, Housing, Finance & Russell 1000.

Copper Market Seen by Standard Bank as Liable to ‘Tighten’ Read Story

Lumber prices skyrocket on U.S. housing rebound Read Story

Big Four Bank Earnings: What to Expect Read Story

Last charts take a look at the Russell 1000 ETF(IWB) top holdings Financial Service 16.3%; Industrial materials 12.84% & Energy 12.64% Link