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Crude Oil Wrap Up


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Crude Oil traded down to 49.61 during the overnight session for Thursday, December 8, 2016. It proved to be the low of the day as Crude Oil spent the rest of the night session and the US session in rally mode. It made one blip down in the morning to test the low reaching 49.77 and then headed straight up to settle at 50.84. It then continued higher after settlement making its high for the day at the end of the session at 5098. Crude Oil nearly reversed all the losses from Wednesdays trade as traders are buying in front of the OPEC- NOPEC meeting this Saturday. OPEC will try to get a solid commitment from NOPEC to cut production by 600,000 barrels. Russia has already indicated they will gradually cut production by 300,000 barrels. The meeting will be a test of OPECs ability to convince other major producers of their resolve to follow through with their announced cuts of 1.2 million barrels. A rally above Wednesdays high of 51.20 could lead to tests of resistance at 51.60 and then last Fridays high of 52.42. A break above the Friday high continues the path to a test of resistance at 55.00. Support is at 50.64, 49.36 and then 48.29.

High 50.98

Low 49.61

Last 50.96

Daily Pivots for 12/8/16:

R2

51.89

R1

51.42

PIVOT

50.52

S1

50.05

S2

49.15


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, December 2 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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