Developing the trading idea for oil

Good evening, dear traders! Congratulations to those who took advantage of our trading recommendation for oil.
So, the trading idea for oil was to develop the increase according to the plan which was mentioned a while ago.
At the end of the day, we have the perfect development:
It can be recalled that the idea was based on fundamental data on low oil reserves in the United States and thus, we should actually develop the third wave from this news. As you already know, the three-wave in trading is a fairly stable pattern, however, the fundamental three-wave is actually a terrible force for profit.
Good luck in trading and see you on new trading ideas!
The material has been provided by InstaForex Company –…

Treasuries Give Back Ground After Recent Strength

After moving notably higher over the past few sessions, treasuries gave back some ground during the trading day on Thursday. Bond prices moved lower early in the session and saw some further downside as the day progressed. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.4 basis points to 1.772 percent. The pullback by treasuries came after a report from the Wall Street Journal said China’s chief trade negotiator has invited his American counterparts to Beijing for a new round of face-to-face talks. Citing people briefed on the matter, the WSJ said Chinese Vice Premier Liu He extended the invitation to U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin during a phone call late last week. The report of the invitation for a new round of talks comes amid renewed uncertainty about the potential for the U.S. and China to finalize a phase one trade deal. On Wednesday, a report from Reuters said completion of a phase one U.S.-China trade deal could slide into next year. Trade experts and people briefed on the talks told Reuters a deal is still elusive and negotiations may be getting more complicated….

Oil Futures Recover After Early Losses, Settle At Near 2-month High

Crude oil prices rebounded from early losses and moved higher to hit their best levels in almost two months on Thursday, reacting to reports that OPEC and its allies will likely extent output cuts beyond March 2020. OPEC members and allies are scheduled to meet in Vienna on December 5-6. It is widely speculated that the cartel will consider extending output cuts until the middle of next year. Russian President Vladimir Putin said on Wednesday that Russia and the Organization of the Petroleum Exporting Countries have “a common goal” of keeping the oil market balanced and predictable for consumers and producers. Saudi Arabia’s King Salman said that the kingdom’s oil policy aims to promote stability in global oil markets. West Texas Intermediate Crude oil futures for January ended up $1.57, or about 2.8%, at $58.58 a barrel on Thursday, the highest settlement in about two months. Oil prices drifted lower early on in the session amid concerns about an imminent delay in the U.S. and China signing an interim trade deal. U.S. President Donald Trump told reporters on Wednesday that he has not made a trade deal with China yet because Beijing is not “stepping up” in negotiations….

Volume analysis and trading idea for oil

Greetings, dear traders! I present to you the volume analysis for oil.
Monday and Tuesday of the current week showed a sharp decline in prices. There was a breakdown of the daily trend line and a breakdown of the horizontal level of 55.76, which were quite visible to all market participants. In addition, the breakdown of these technical elements on the daily chart made it clear to everyone that sales are the priority.
At the same time, the price was in the purchase zone (absorption), and yesterday, the progress of purchases from this zone was shown, closing the price above the previous one. This means that Monday and Tuesday of the current week are false, and there is a high probability that the maximum of 58.17 will be broken.
The second intended target is 59.50.
Yesterday, very weak data on oil reserves was published in the United States, which pushed oil to increase. On the other hand, while the price is in the zone of the news bars purchases, which have large volumes, the expectation for the breakdown of 58.17 is up according to the daily plan.
The nearest level for manipulation is 56.73, from which the possibility to…

GBPUSD atmosphere: the pound only reacts to political battles in Britain

While the main dollar pairs are closely monitoring the news flow regarding the prospects for US-Chinese relations, the pound-dollar pair continues to trade in its “coordinate system”, responding to local fundamental factors. The election campaign in the UK is in full swing, so all the news related to the possible outcome of the plebiscite has a strong influence on the dynamics of GBP/USD All other fundamental factors have traditionally been indirect and secondary.
For example, the day before yesterday, a televised debate took place between Boris Johnson and Jeremy Corbyn. Despite the nominal victory of the current prime minister, the pound was under pressure as it fell against the dollar by the middle of the 28th figure. Traders expected more from Johnson: more convincing rhetoric, more decisive theses and a more impressive distinction from the main competitor. But according to a YouGov poll, he did not impress the British, defeating Corbyn by a margin of only 2 percentage points. 51% of the viewers voted for Johnson while 49% for the Labour Party. And although this survey cannot be projected onto the ranking positions of Conservatives and Labour (since only one and a half thousand citizens took part in the…

Treasury Announces Details Of Long-Term Securities Auctions

On Thursday, The Treasury Department announced the details of this month’s auctions of two-year, five-year, and seven-year notes. The Treasury said it plans to sell $40 billion worth of two-year notes, $41 billion worth of five-year notes and $32 billion worth of seven-year notes. The results of the two-year note auction will be announced next Monday, the results of the five-year note auction will be announced next Tuesday and the results of the seven-year note auction will be announced next Wednesday. Last month, the Treasury also sold $40 billion worth of two-year notes, $41 billion worth of five-year notes and $32 billion worth of seven-year notes, attracting above average demand. The material has been provided by InstaForex Company –…

U.S. Leading Economic Index Drops For Third Straight Month In October

A report released by the Conference Board on Thursday showed a modest decrease by its reading on leading U.S. economic indicators in the month of October. The Conference Board said its leading economic index edged down by 0.1 percent in October after dipping by 0.2 percent in both September and August. Economists had been expecting another 0.2 percent drop. Ataman Ozyildirim, Senior Director of Economic Research at the Conference Board, noted the index fell for the third straight month, with the six-month growth rate turning negative for the first time since May 2016. “The decline was driven by weaknesses in new orders for manufacturing, average weekly hours, and unemployment insurance claims,” said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board. “The major difference this month is the softening in the labor market, whereas conditions in manufacturing remain weak and show no signs of improvement yet,” he added. “Taken together, the LEI suggests that the economy will end the year on a weak note, at just below 2 percent growth.” The report said the coincident economic index was unchanged in October after inching up by 0.1 percent in September, while the lagging economic index crept up by…

U.S. Existing Home Sales Jump More Than Expected In October

Existing home sales in the U.S. rebounded by more than expected in the month of October, according to a report released by the National Association of Realtors on Thursday. NAR said existing home sales jumped by 1.9 percent to an annual rate of 5.46 million in October after tumbling by 2.5 percent to a revised rate of 5.360 million in September. Economists had expected existing home sales to surge up by 1.4 percent compared to the 2.2 percent slump originally reported for the previous month. “Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers,” said NAR’s chief economist Lawrence Yun. He added, “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.” The rebound in existing home sales was primarily due to strong growth in the South, where existing home sales spiked by 4.4 percent to a rate of 2.350 million. Existing home sales in the Midwest also shot up by 1.6 percent, while home sales in the Northeast and West fell by 1.4 percent and 0.9 percent, respectively. The report said the median existing home price…