Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times.
Not so long ago I heard big investors saying that they would buy Oil significantly below 80 and sell significantly above 80.
I also read that anything below $28 and that the financing for oil projects became too expensive and oil producing nations would not be able to maintain any production.
My plan now would be ...
This was a historic agreement with a decent proposed cut, pushing the brent up to more than 15% in 2 days.
I expect more positive news flow next week when Opec will discuss with Non-Opec members.
Given the fact that Russia has already agreed to a gradual cut, it's likely that other non-opec members will also agree ...
Oil is imo in a critical position. Maybe it breaks its pattern and goes for it in the bigger frame.
Anway nice H&S bottom has formed. Possible entries from 60m which would make a huge return if the ride goes strong!
All in with stops at $41... oil is going much higher soon.
strong bullish movement here with constant rejection at $41
It looks unlikely that we might see an September/October market crash if oil starts its next big leg up here, which is historically volatile.
Any confirmation of uptrend may easily bring SDRL ...
yes, seems like there are still some room with Crude, close the short from 50+ level, waiting contract exchange and be prepared to buy, buy the way..... It looks like UKOIL (Jan. contract) ready to buy (check the link)
OPEC: Stakes are high
The OPEC will try to reach an output deal in order to raise prices. The meeting has been rescheduled to 9 GMT from 10 GMT.
It is far from clear whether the Cartel will succeed. It was agreed in principle in September to restrict production, but now Saudi is asking other members… especially ...
We're looking at UKOIL on a 1h chart, this is an excellent shorting opportunity to continue the long term trend... Don't miss out on this one!
As you can see from the daily chart below we have been trading within a sideways channel since early 2016, price has approached a key level of resistance and is starting to ...
It could be an Ending Diagonal in the position of wave C.
We can reach then the $55-58 area where both 61.8 of A and the top of diagonal meet.
Break below 45.12 (wave II) would invalidate this count.
I will add another possible count in the comment to this post to show you different perspectives.