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Crude Oil Wrap Up


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December Crude Oil staged a small rally off its overnight lows on Thursday, October 27, 2016, as the Gulf OPEC nations said they are willing to cut oil production by 4%. The statement came from a meeting between OPEC and Russia as they try come together and hammer out an agreement to cut oil production to stabilize( make it go higher) crude oil prices. Russia came back and said they are unwilling to cut production. They could freeze production at current levels but they wont cut production. Russia is producing record amounts of crude oil, reaching 11.11 million barrels last month. Traders are starting to doubt that there will be any agreement to curb production of crude oil. Announcements like this caused much larger increases in crude oil just last week, but Crude oil could only test the 50.00 resistance level before drifting lower and trading in a tight range for most of the US session. Thursdays session formed an inside candle as both the days high and low were inside Wednesdays range. If crude oil breaks out above the Thursday high a test of trendline resistance at 50.60 is possible. Resistance is at 51.00, 51.67 and then the trendline 51.90. Trendline support is at 49.37. A break of the trendline could lead to a test of the low and a failure from the low could send Crude Oil to support at 48.46. Support then comes in at 47.50.

High 50.06

Low 49.00

Last 49.62

Daily Pivots for 10/28/16:

R2

50.61

R1

50.11

PIVOT

49.55

S1

49.05

S2

48.49


If you are interested in a Managed Futures program for Crude Oil, check out this offering from Walsh Trading:

Walsh Asset Management Introduces Bluenose Capital

For those interested I hold a weekly livestock webinar on Friday, October 21 at 2:30pm. It is free for anyone who wants to sign up and the link for sign up is below. If you cannot attend live a recording will be sent to your email upon signup.

Sign Up Now

Ben DiCostanzo

Senior Market Strategist

Walsh Trading, Inc.

Direct: 312.957.4163

888.391.7894

Fax: 312.256.0109

bdicostanzo@walshtrading.com

www.walshtrading.com

RISK DISCLOSURE: THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES AND OPTIONS TRADING. THIS REPORT IS A SOLICITATION FOR ENTERING A DERIVATIVES TRANSACTION AND ALL TRANSACTIONS INCLUDE A SUBSTANTIAL RISK OF LOSS. THE USE OF A STOP-LOSS ORDER MAY NOT NECESSARILY LIMIT YOUR LOSS TO THE INTENDED AMOUNT. WHILE CURRENT EVENTS, MARKET ANNOUNCEMENTS AND SEASONAL FACTORS ARE TYPICALLY BUILT INTO FUTURES PRICES, A MOVEMENT IN THE CASH MARKET WOULD NOT NECESSARILY MOVE IN TANDEM WITH THE RELATED FUTURES AND OPTIONS CONTRACTS.



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About the author


Ben DiCostanzo
Senior Market Strategist
Walsh Trading

I began my career in the Securities industry working as a runner on the floor of the New York Stock Exchange while I attended Pace University. I then started working for Salomon Brothers in their Government Bond Trading arena. After graduating from Pace University with a degree in Accounting, I transferred to Chicago and became a member of the Chicago Mercantile Exchange utilizing my experience to execute trades and manage risk for institutional clients as a broker for Salomon Brothers on the trading floor. I then embarked to trade for my own account in the stock indices pits as a local before moving off the floor to aid and assist individual clients in their trading endeavors. I now work at Walsh Trading holding a series 3 broker’s license whose duties include being the firm’s Chief Market technician.

I understand that every client's needs are different, and I pride myself in tailoring my service to each client's unique circumstances and needs. Individual client experience, risk tolerance, and capital all play a role in how I approach the markets. I am involved in all markets using technical analysis to find opportunities. My approach is driven by the principles of capital preservation.

My trading philosophy is that if you can recognize and manage the risk, you have a better chance to be successful in trading. I advise clients to always use stops as money management in my opinion is the most important ingredient in trading commodities.

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