Buy/Sell re-submission required.

Dear valued clients,

Hope this notice finds you well during this COVID 19 pandemic time.

Due to the lock down period, our technicians were grounded and we have experienced some issues in receiving your buy/sell requests from the 1st of March to the 13th of June 2020. We are deeply sorry to inform you that we could not retrieve your requests.

We do apologize and request you to kindly re-submit your buy/sell requests for the above mentioned period.

Regards.

CEO.

Thanking you in advance for holding our hands in partnership.

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Crude oil forecast for the week of July 24, 2017.

WTI crude prices are down showing a 1.5% loss. Weakness in the dollar was unable to help keep oil prices buoyed, while the breach in the Brent benchmark above $50.0 over the last day was seen as bullish-affirming price action. The looming OPEC-led meeting of major oil producers on Monday in St. Petersburg is an added bullish influence, along with tensions between Kuwait and Iran. The UAB’s energy minister said today that he hoped the OPEC-led production trimming would have a significant impact on crude prices in the third and fourth quarter.

Technicals

Crude oil prices were unable to hold gains seen early in the week. This is a divergence in though as many believe Saudi Arabia will come to the rescue and reduce exports. Prices tumbled 1.5% on Friday, but held support near the 10-day moving average at 46.18.  Resistance on crude oil is seen near the weekly highs at 47.74.  Positive momentum is decelerating as the MACD (moving average convergence divergence) histogram prints in the black with a declining trajectory which points to consolidation.

Unofficial OPEC Meeting will be Important

Next week will be a very import week for the crude oil market. While global demand appears to be edging higher, the markets are clearly focusing on supply, which has many components. While production will likely continue its current pace, next week’s unofficial OPEC meeting in Russia will be the catalyst that drives prices.

While there will unlikely be any production changes, Saudi Arabia has floated the idea that the country will reduce exports globally by 1-million barrels a day. The reduction in Saudi exports has already showed up in U.S. import numbers, despite increases in U.S. domestic production. Now, the Saudis are not saying they will reduce production, they are just saying they will reduce exports, which is directly targeting prices.  If inventories around the globe begin to shrink, except for inventories in Saudi Arabia, then there corning the market technique will have worked.

This week’s inventory data showed a larger than expected draw in petroleum inventories, which was likely cause by the reduction in Saudi exports. If the cartel cannot reach some form of agreement that will help oil bulls push prices higher, the markets will likely punish crude prices in the later stage of next week.

U.S. crude oil production forecast to average 9.9 million barrels per day in 2018

Meanwhile, the EIA forecasts that total U.S. crude oil production will average 9.3 million barrels per day in 2017, up 0.5 million barrels a day from 2016. In 2018, crude oil production is expected to reach an average of 9.9 million barrels a day, which would surpass the previous record of 9.6 million barrels a day set in 1970. Most of the growth in U.S. crude oil production from June 2017 through the end of next year is expected to come from tight rock formations within the Permian region in Texas and from the Federal Offshore Gulf of Mexico.

Imports Dropped This Week

The Department of Energy reported on Wednesday that U.S. crude oil imports averaged 7.8 million barrels per day during the past month which is down 1.7% month over month. The overall decline in imports has not been offset by increases in production which rose by 30K barrels domestically in the United States during the past week.

-FX EMPIRE-

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Bitcoin prices back to near record highs after new mechanism to improve usage.

Bitcoin backers celebrated as the community embraced a new mechanism to improve usage and allow it to scale, boosting confidence in the virtual currency and sending prices back near record highs.

The community, which had been split on how best to make the cryptocurrency more manageable, rallied behind a code upgrade known as SegWit2x, which aims to increase the network’s transaction capacity. That fueled a rally on Thursday in bitcoin’s price against the dollar, which had plummeted from a peak in June as concerns grew about its future.

“We’re thrilled to get past this impasse,” said Andrew Lee, head of bitcoin-shopping startup purse.io, whose team celebrated with beers at their San Francisco office. The development opens “the doors to much-awaited innovations,” he said.

Bitcoin enthusiasts in New York and San Francisco, to Hong Kong and Tokyo, gathered in bars and offices to hold impromptu parties, while others took to Twitter and social media to cheer the move, as well as the price rally.

The impasse arose from a limit placed on the size of blocks underpinning the network in bitcoin’s early days, in order to prevent hacker attacks. As the virtual currency grew in popularity over the past nine years, transaction times and processing fees soared, curtailing the community’s ability to process payments with the same efficiency as services like Visa Inc. Miners and developers were locked in a heated debate for years on how best to upgrade the software, culminating in the recent clash.

More than 93 percent of miners who function as the backbone of the digital tokens network locked in support for BIP91, the first necessary step in implementing SegWit2x, according to Coin Dance, a website tracking adoption. Bitcoin’s miners are independent groups that verify and process bitcoin’s transactions by solving complex computational problems, in order to be rewarded by fees and creation of the digital currency.

SegWit2x is essentially a compromise between two main competing camps. One proposed a direct approach, seeking to increase the block size. The other, a group of developers known collectively as Core, pushed for a long-term solution by moving some data outside of the main network, a scheme called SegWit that had been resisted by miners because it also could diminish their influence. In the end, the miners agreed to adopt SegWit, but also increase the block size to 2 megabytes.

The upgrade isn’t final. The BIP91 lock-in has a grace period of about two days, during which miners will prepare to activate the software. It will then take about two weeks for SegWit to be fully adopted. Developers still warn about potential hacker attacks that could disrupt the process.

Then, three months from now, the community will face another challenge when some of the world’s biggest miners move to adopt the second phase of the proposal, the doubling of the blocksize. Still, many in the community agrees that the hard part is over, with prices seen stabilizing and strengthening.

“We do believe it will continue, now that we’ve gotten over this hump,” said Ryan Rabaglia, head trader at digital-trading company Octagon Strategy in Hong Kong.

-Business Tech-

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Bitcoin surges as miners avert split for now.

Bitcoin prices surged this week as an overwhelming majority of miners, the computer operators who maintain its network, backed a software upgrade that will boost the speed of processing transactions, likely averting a split that could have resulted in multiple versions of the digital currency.

Through an online voting mechanism, miners representing 99% of the cryptocurrency’s computing power, backed a new piece of software, known as Segregated Witness, or SegWit, that would boost bitcoin’s processing power without altering the underlying software, The Wall Street Journal reported Friday.

See: Bitcoin may have reached a tipping point, now that ‘Downtown’ Josh Brown has invested

The debate leading up to the vote marked a split that largely pitted miners and entrepreneurs, who wanted to increase block size and maximize bitcoin’s value as a payments network, versus developers who fear larger block sizes will increase operating costs for miners, driving some out and leading to more centralized control, wrote the Journal’s Paul Vigna.

Bitcoin prices dipped early this week on fears over a potential split. Bitcoin BTCUSD, +7.81% One bitcoin traded at $2,813 at midday Saturday, according to Coinbase, up nearly 40% on the week.

 

– Market Watch-

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