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Crude Oil Wrap Up


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December Crude Oil consolidated within the previous days range on Thursday, November 10, 2016. Wednesdays wide range candle had Crude Oil trading down to support at 43.07 and up to 45.95 as traders reacted to the results of the presidential election held on Tuesday. Thursdays action saw Crude Oil test Wednesdays high during the night session, reaching 45.64 before failing and grinding lower the remainder of the trading session. It settled at 44.66 and ended the day at 44.29. For the moment, OPEC is on the back burner as traders are trying to decide whether Donald Trumps pro US production stance will be bearish or bullish for crude oil prices. Trade will continue to be volatile as we go through the transition from President Obama to President Trump and markets will react to any comments on future crude oil policy. OPEC has been quiet lately as they try to come to an enforceable agreement on a production freeze/ cut. Their semi-annual meeting is at the end of the month and they have stated they will have a production policy in place in order to stabilize crude oil prices. Well see A breakout from Thursdays inside candle low (44.25) could lead to a test of support at the 200 DMA at 43.63. Getting below the 200 could lead to a test of support at 43.07. Support then follows at 42.47 and then 42.10. Resistance is at 44.78 (8 DMA), 45.39 and then a breakout above the inside candle high could lead to a test of the 100 DMA at 46.26.

High 45.64

Low 44.25

Last 44.29

Daily Pivots for 11/11/16:

R2

46.12

R1

45.20

PIVOT

44.73

S1

43.81

S2

43.34


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, November 11 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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