Crude Slide Continues as Oversupply Concerns Continue
US crude has dropped sharply today, continuing the downward trend seen late last week. US crude inventory reports continue to point to declines week after week, but crude prices haven't rebounded, due to the oversupply of crude. Drilling activity in the US is on the upswing, as the number of US drilling rigs continues to increase. This is raising concerns that higher production levels in the US will exacerbate supply levels and push down crude prices even further.
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Quoted from a report by Marketpulse...
Order storniert
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Stopped EXACTLY at support.
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we have a breach of support...
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Broken...
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Today, we are at a critical level. We have a CS setup on the daily TF. So the initial expectation is a move up (either corrective or a continuation - we'll have to see)...
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AvinashMudaliar
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What is CS Setup ?
Ichimoku_Trader
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AvinashMudaliar
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This Means. If Chikou Span gets Stuck near Flat Edge of the Cloud Then Buy and Keep SL below Cloud. If SL Hits then Reverse the position to Sell. if Buy goes good then TGT next upper Strong Resistance.
Am i right ?
Ichimoku_Trader
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Almost...
you buy after a pivot is printed
Good luck
captain_smollett
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Have no other option but Like this!
Ichimoku_Trader
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hmmmmm
I don't know if that's good or bad!!!!
captain_smollett
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It´s good =) I went long 3 times and both closed on breakeven. Your tactics brings money, therefore it is good =)
Ichimoku_Trader
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lol.....
Well .. thank you
ma.sanjuy
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hello... if the price is bearish as per Market Pulse report... why did you not go short?? I thought you were advising to go short considering the technicals as well as fundamentals... please advise. I am a novice. Rgds/
kidbroge
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I'm a little cofused, I thought the inventory report spoke to the supply at hand.