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Crude News

The big question that needs to be answered is, "Are we looking at a short-covering rally or have new buyers re-entered the market?" That question should be answered by trader reaction to the major 50% level at $42.41. Given the bearish IEA report, it's hard to believe the Goldman Sachs' forecast. Furthermore, without a vaccine against COVID-19, it's hard to see demand returning until next year. We expect to see heightened volatility over the near-term because clearly the fundamentals are bearish, but the relatively cheap price level hit the previous week was attractive enough to bring in the speculative buyers. It looks like we're in for a classic battle between fundamental traders and speculators. Additionally, the emergence of hurricanes in the Gulf of Mexico will continue to be the wildcard. Hurricane season doesn't officially end until November 1. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and other producers in OPEC+ are currently cutting 7.7 million bpd of output and the group stressed at a meeting on Thursday that it would take action against members not complying with the deal. This news is leading some traders to speculate that OPEC+ will put on hold plans to taper the cut down to 5.8 million bpd when the entire group convenes again in December.

How to Master Market Cycle Psychology: The Panic Phase

Simply mentioning the word "Panic" strikes fear into the hearts of most conventional buy-and-hold investors. But, for active futures traders, panic equals opportunity. And, for astute traders, panic is profitability. So what is a market panic? In general terms, a panic is defined as "a sudden overwhelming fear, with or without cause, that produces hysterical or irrational behavior." During a market panic, many traders and investors are the ones behaving hysterically or irrationally. How Does a Panic Occur? Textbook market panics occurred in 1929, 1987, 2008, and spring of 2020. All were shocking crashes, featuring periods of intense rebound. Market panic selling occurs amid rising investor sentiment on some negative news, impacting their investment. As more and more offers pour in, the price of the asset starts to drop rapidly. As a result, this could lead to a devastating effect, especially if the asset happens to be a stock. Panic selling can occur in a number of ways, ranging from speculative positions (and short sellers) to economic and geopolitical issues. The impact of this can be felt across different asset classes. What to do During a Market Panic The key is not to act out of panic. You should acknowledge your emotions — but don't act on them. That goes for whether you want to sell during a big drop, or buy-in during a surge. It may be easier said than done. Here are some techniques to calm your emotional brain so you can make rational decisions. Here are a few simple things you can do to make sure you're making the best trading decisions possible during a market panic: Take a Deep Breath Taking deep breaths will do two things for you. First, it will give you some time to reflect before you make any trading decisions. Second, it will help rebalance the stress hormones that may be running through your body as you watch the rest of the market panic. Consult with an Expert Consulting with an expert will also give you more time to reflect on your trading decisions before you act on them. Plus, you can get an outside perspective on what your best course of action should be. Remember the Past Panics don't last forever, and the markets always rebound to new heights at the end of each panic. Let that idea be your light at the end of the tunnel.

Use This Weird "Base Hit" Indicator for Perfect Trades Every Time

This strange "Base Hit" indicator is so good at predicting winning trades that some traders say using it feels like they can "almost predict what is about to happen." They say it feels like "printing money" sometimes. But this indicator is 100% legal. It's just that good at predicting where the next profitable trade will come from. It usually identifies at least one "Base Hit" trade every day. Which will give you unprecedented access to winning trades every single day. And it only takes 36 of these "Base Hit" trades to double the money in your trading account. Click Here To Learn More About This Winning-Trade Indicator

Weekly Analysis

The main trend is up according to the weekly swing chart, however, momentum is trending lower. A trade through $44.33 will signal a resumption of the uptrend. A move through $25.31 will change the main trend to down. Another rally this week will make $37.11 a new main bottom and raise the trigger point for a change in trend. The main range is $59.51 to $25.31. Its 50% to 61.80% retracement zone at $42.41 to $46.45 is the major resistance. The minor trend is down. This is controlling the momentum. A trade through $37.11 will signal a resumption of the minor trend. A trade through $44.33 will change the minor trend to up and shift momentum to the upside. The minor range is $44.33 to $37.11. Its 50% level at $40.72 is controlling the near-term direction of the futures contract. Based on Friday's price action, this level will start as support next week. The short-term range is $25.31 to $44.33. If the main downtrend continues then look for the selling to possibly extend into its retracement zone at $34.82 to $32.58. Weekly Technical Forecast Based on last week's price action, the direction of the September WTI crude oil market is likely to be determined by trader reaction to the minor 50% level at $40.72. Bullish Scenario A sustained move over $40.72 will indicate the presence of buyers. This could lead to a quick test of the long-term 50% level at $42.41. Overtaking this level will put the market in a position to take out the main top at $44.33. This could trigger an acceleration into the major Fibonacci level at $46.45. Bearish Scenario A sustained move under $40.72 will signal the presence of sellers. The first downside target is the minor bottom at $37.11. If this fails then look for the selling to possibly extend into the short-term retracement zone at $34.82 to $32.58. Key Reversal Days and/or Turning Points for this WEEK: Tuesday … Thursday Key active RESISTANCE price areas for this WEEK are likely to be: 41.60, 42.45, 42.95 - 43.45, 44.75 - 45.25 Key active SUPPORT price areas for this WEEK are likely to be: 40.95, 39.85 - 39.35, 38.55, 38.05 - 37.50, 36.25 - 35.75

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