Oil major support at 40 and 35.. Now moving towards the first support. Good luck
Comments
TraderXAVI
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Thank you very much Mr. ZarNegar. Excellent my brother. Greetings from Colombia.
welf
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I can look at your charts all day.
josephtse
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I'm afraid to say, this is the most likely scenario unless OPEC and non-OPEC extend their cuts beyond 2017 and/or cut more per day while staying with those cuts until end of 2017, to add a few extra points on oil. The descending trendline you drew as perfect perfect symmetry to the dissipation of price over time based on increased supply. The wild card is, what if GDP AND oil demand both pick up 2H, AND supplies and exports are cut across the globe? Then we could see oil break above that resistance at 50 and shoot up to the 55/56 range. That is entirely possible too. I see the entire market going up all the way until September, and 1H inventory from shale is going to be worked off starting in June. And if you know oil prices, it tends to jump more on OPEC cuts, so I'm giving 50/50 odds to stopping at 50, or 55/56 range. Knowing OPEC, they need oil prices high, so they will probably spike it to 55/56 and make the Aramco IPO successful for next year. They wanna spike it as high as possible before it drops back down to 35. To not give it their best efforts now will just kill everyone in the process. Because it's not profitable to drill at 50. Only at 55. So I'm betting they will extend cuts out into 2018.
PKA
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Lol
Tumi_Sosa
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Not sure what setup this is but the artwork is amazing. :)