A view on commodities

[TraderRavi]

Gold break support of $1084 , 2007 level of $ 600 would be good

 

[ankur07090]

From 2-3 days crude is not moving technically don't know why
does OPEC meeting is the reason...?

 

[DSM]

Reports suggests that for the first time since fall in crude prices, Saudi Arabia has proposed to cut oil production of upto 1 Mil. barrels a day. But this is based on the condition that other OPEC members cut supplies too. Post this report, Crude had jumped up 1.50% odd today, after which it has given off gains on profit booking.

Secondly, when markets are unsure and there is no major events, big players test supply and demand and move the prices within the range, buying support and selling resistance. Markets do not trend all the time frustrating traders....

From 2-3 days crude is not moving technically don't know why
does OPEC meeting is the reason...?

 

[meet444]

Reports suggests that for the first time since fall in crude prices, Saudi Arabia has proposed to cut oil production of upto 1 Mil. barrels a day. But this is based on the condition that other OPEC members cut supplies too. Post this report, Crude had jumped up 1.50% odd today, after which it has given off gains on profit booking.

Secondly, when markets are unsure and there is no major events, big players test supply and demand and move the prices within the range, buying support and selling resistance. Markets do not trend all the time frustrating traders....

It's like Market has already rallied before OPEC meeting. If members of OPEC come out either with no decision or they don't want to cut supply then I think this minor bull rally will turn out to be bull trap so be aware in this period of trade. It might turn out to be playing Russian roulette

 

[DSM]

True... people in the know, biggies, and those connected to the Arab decision makers would have had a pretty good idea as to what is likely to be discussed... and much of the positions would have been taken accordingly for the rally.

The big spike in price would have led to closure of many short positions on profit booking as well. Then there is the Rusasian factor, as tensions between Turkey and Russia can cause volatility in Crude and Gold.

These are all if's and but's - traders are likely to know of the reasons for this much after the market has moved... so we should take position only as per the charts....

It's like Market has already rallied before OPEC meeting. If members of OPEC come out either with no decision or they don't want to cut supply then I think this minor bull rally will turn out to be bull trap so be aware in this period of trade. It might turn out to be playing Russian roulette

 

[meet444]

watch live important event for crude oil OPEC meeting
http://www.opec.org/opec_web/en/multimedia/349.htm

 

[TraderRavi]

watch live important event for crude oil OPEC meeting
http://www.opec.org/opec_web/en/multimedia/349.htm

very roller coaster ride expected today , wild swings :lol:

 

[meet444]

very roller coaster ride expected today , wild swings :lol:

Yeah market ready to break some levels

 

[DSM]

Seems there is no consensus among OPEC members to cut output. Crude is down 2.30%......

 

[meet444]

OPEC meeting over by concluding that Iranians want to increase production by 0.5-1.5 million BBL/ Day and qouta rose to 31.5 million bbl. by opec.
simply they dont want to cut production but want to increase it. clearly short term oil may be heading to 30's