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So without further due. Keep it short/simple and to the point.
USOIL 8hour TP bears 15 USD/bbl (NEW) IMPORTANT: this is speculative. results are not guaranteed. this is not trading advice. always do you own due dill.
This is an update of the setup posted recently. Pretty much still valid. 30% downside pending.
Ok guys, WTI trading at 22 USD/bbl right now after steep losses past few weeks.
Based on short-term technicals, I expect yet another dump next few weeks. TP bears is 15 USD/bbl. We are compressing into triangle, and since we are in downtrend, expecting break down and more losses soon.
This market is unlikely to reach balance anytime soon, as currently supply is a lot higher compared to demand. Most of the ground-based oil storage is running at full capacity now and floating storage is also almost maxed now.
Finally, corona will induce delayed imapact on supply chains, therefore I expect demand for crude to reduce by up to 50% quarter over quarter, this in turn will have negative impact on price mid-term.
Balance price will likely get set near 15 USD/bbl, so more losses ahead before we reach a a balance.
12 USD/bbl is also a possible outcome, if market remains unbalanced for more than 3-6 months, this is an extreme outcome, but currently hard to estimate corona impact going forward.
Longer-term, 32-38 will get re-tested, but this may take literally 12-24 months. So with current data, I expect oil prices to remain subdued for at least another 6-9 months.
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only Vladimir , Donalnd and Al salam Alecum can predict this pair ….hahahahah good that I used demo this days for my fun …..30% up in less than 1 minute
BeniGo
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Good job man! (completely ironic).
TogamiTrader
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Hundred percent agree, they are pumping and dumping oil right now.
AzzeddineBerhili
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hmm i like ur way of analysing...i agree with some of ur ideas but i think.......here is my opinion
https://ttps://www.tradingview.com/chart/USOIL/uzCV0zlJ-Buy-OIL-for-a-Target-of-23-50-GoodLuck/
stockischeap
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I can agree to some of the analysis . Excellent work. Although May will be the time to tell what happens with the GLUT and especially Saudi Aramco.
pmpou
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Thank you so much for your thorough analysis !
Denis_Chshipkov1
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yeah that's cool , thanks !
priceprophet
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Excellent read on the current situation with oil. I concur from my own evaluations of potential projection zones forming at 18, 15, 11 and 9 (each price projected is based on different time frames).
Keep up the excellent work.
AIRFOREXONE_
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love your ideas , I will be liking your content more constantly :)