THE GREAT OIL TURMOIL FOIL : -30%,-36% Declines
U.S. WTI crude oil breached the $90/bbl mark for the first time since November on Thursday, and Brent crude topped $93, boosted by expectations for tight global crude supplies.
U.S. Nymex crude (CL1:COM) for October delivery recently traded +1.7% to $90.01/bbl, while November Brent crude (CO1:COM) +1.5% to $93.26/bbl, both at their highest levels since November 2022.
ETFs: (NYSEARCA:USO), (NYSEARCA:BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (USOI), (NRGU)
Saudi Arabia's plan to extend its 1M bbl/day supply cut until the end of the year has sparked bullish price forecasts from oil analysts, who say continued strong demand in China will drive a sharp supply deficit.
Bank of America analysts said earlier this week that Brent could reach $100/bbl by year-end, as "Asia is leading once again global energy demand growth despite concerns about China's economic outlook."
Earlier this week, the International Energy Agency said extended production cuts by Saudi Arabia and Russia will result in a market deficit through the end of the year, and OPEC issued updated forecasts of solid demand while pointing to a 2023 supply deficit if production cuts are maintained.
Source: Seeking Alpha
Odds are stacked against me just how i like it those that know i never miss
i will update potential reversal points mid way of the short for now its those 2 targets
U.S. Nymex crude (CL1:COM) for October delivery recently traded +1.7% to $90.01/bbl, while November Brent crude (CO1:COM) +1.5% to $93.26/bbl, both at their highest levels since November 2022.
ETFs: (NYSEARCA:USO), (NYSEARCA:BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (USOI), (NRGU)
Saudi Arabia's plan to extend its 1M bbl/day supply cut until the end of the year has sparked bullish price forecasts from oil analysts, who say continued strong demand in China will drive a sharp supply deficit.
Bank of America analysts said earlier this week that Brent could reach $100/bbl by year-end, as "Asia is leading once again global energy demand growth despite concerns about China's economic outlook."
Earlier this week, the International Energy Agency said extended production cuts by Saudi Arabia and Russia will result in a market deficit through the end of the year, and OPEC issued updated forecasts of solid demand while pointing to a 2023 supply deficit if production cuts are maintained.
Source: Seeking Alpha
Odds are stacked against me just how i like it those that know i never miss
i will update potential reversal points mid way of the short for now its those 2 targets
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ur still bearish the red would be a good bear continuation
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i said if u are not i am but i could be that said if you are not me
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Well i have closed all my shorts and have positions at 88.68 and 89
i dont know if i should just keep updating or make a new long post
However there is still a chance ill be bearish again if the high isnt reached and structure presents otherwise considering how a tank in oil would be good to uplift the US markets with inflation things it would be the perfect condition for my everything is going back to normal suspicion where i have published a bottomed market correlating with a overbought oil market
i dont know if i should just keep updating or make a new long post
However there is still a chance ill be bearish again if the high isnt reached and structure presents otherwise considering how a tank in oil would be good to uplift the US markets with inflation things it would be the perfect condition for my everything is going back to normal suspicion where i have published a bottomed market correlating with a overbought oil market
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im still holding longs but it sure feels tricky might hedge a short position in another account
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So i am in a hedge on this what does this mean
learning time
im in a long and short on 2 separate accounts
final target 1000 points on each stop loss 200 points on long
300 points on short which means if price reaches 0.6 on the chart aboves white lines the short is out but the longs proceed
the white lines are pyramid levels which means i cover my losses at the end with a 10x return on every trade while having a minimum risk of 10% of allocated balance per 100 points
let me leave it here for now
learning time
im in a long and short on 2 separate accounts
final target 1000 points on each stop loss 200 points on long
300 points on short which means if price reaches 0.6 on the chart aboves white lines the short is out but the longs proceed
the white lines are pyramid levels which means i cover my losses at the end with a 10x return on every trade while having a minimum risk of 10% of allocated balance per 100 points
let me leave it here for now
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STRUCTURE HAS SNITCHED MY PROSPECTUS IS FULL ON BEARISH CONTINUATION ENTRY WAS MADE AT 91.4 FROM THE CHART ABOVE
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LETS GO!!!
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PRICE IS HEADED FOR 84.16 BUT MY PARANOIA TELLS ME IT MIGHT DOUBLE BOTTOM
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DOUBLE BOTTOM AS FEARED BUT I HEDGED THAT IF U WANT UP TO SPEED UPDATES COMMENT AND IF U WANT ANALYSIS NAME UR INSTRUMENT
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BROKE PAST HIGH ILL UPDATE TP
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NEW IDEA !!!!
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OIL ON BLAST THESE DAYS
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Honestly i dont remeber what my strategy was here i developed 10 more i forgot the analysis used here
but if it breaks that level lets short
if u regard urself as an oily boy comment oily boys long lol