“Pretty much sums up oil trading most days!”
Oil decides to spend the day off … right along with every other market
… not a whole lot going on anywhere … but at least it trades, unlike other
markets that are manipulated beyond belief.
Threw some crypto into Coinexx last night, and traded some WTI oil today
… bid/offer spread stayed steady at 3 cents most of the day, with an
occasional 2 cent spread seen … unlike Turnkey, trade execution was
immediate and I had no slippage … of course, with not much trading action,
you shouldn’t see any slippage, so they get no credit for doing their job.
Oil is increasingly becoming a 24/5 market … not everyday, but most days,
WTI starts moving at the European open, and often the swings in oil from
4AM EST - 8AM EST are equal to and exceed those moves seen from
8AM EST to 2:30 PM EST during New York trading hours … so, you have
wide latitude in picking your trading hours.
Today sees relatively subdued price action between 63.60 and 62.80 on the
Coinexx CFD for WTI crude oil … that came in a classic “A-B-C” 3 step
down move on the M5, right into the 100 Hour MA for the low, and then a
retest that saw it go a few pennies lower and then bounce hard to the upside.
With no overriding news to guide oil, except what’s been in the market for
weeks RE supply & demand issues, oil becomes very, very technically
oriented in its trading … ditto with Brent.
In the bigger picture, it’s the same old story of being trapped inside the
63.50-ish top and the 61.00-ish low, that’s been the story since April 29th,
and without fresh news to change the dynamic, there are sellers on top and
buyers near the bottom. Unless stocks go haywire here shortly, I don’t see
this changing.
Have a great day everybody!
-vegas
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