Technically oil is in over bought territory. In the daily chart RSI showing over 70 level. STO. Also showing over bought level. Right now market is at fibo 61.8% retracement level. So before OPEC meeting we can expect some minor correction at least. If Saudi increase oil supply then a big drop may occur. We can see oil 50/54 Dollar/barrel again. Otherwise market may test 66 t0 70 Dollar/barrel again.
Comment:
Oil short buy 63.46 Takeprofit 6380
Trade closed manually:
Oil closed 63.75
Trade closed: target reached:
OIL short buy Take profit hit 6375 Profit 29 pips
Comment:
OPEC and its allies meet next in Vienna on April 17-18 and delegates say another gathering is scheduled for June 25-26.
On Jan. 1, the Organization of the Petroleum Exporting Countries and its allies began new production cuts to avoid a supply glut that could soften prices. OPEC, Russia and other non-members — the OPEC+ alliance — agreed to reduce supply by 1.2 million barrel per day for six months. As a result oil hit four months high $64.68/barrel.
The United States has imposed sanctions against Venezuelan and Iran. This is also cause of high oil price.
On Jan. 1, the Organization of the Petroleum Exporting Countries and its allies began new production cuts to avoid a supply glut that could soften prices. OPEC, Russia and other non-members — the OPEC+ alliance — agreed to reduce supply by 1.2 million barrel per day for six months. As a result oil hit four months high $64.68/barrel.
The United States has imposed sanctions against Venezuelan and Iran. This is also cause of high oil price.
Comment:
recent talks of increasing the OPEC+ production also remained a weight on the barrel of WTI. On Monday, Russia’s Finance Minister Siluanov said Russia and the producer group (OPEC+) may decide to boost output to fight for market share with the US.
However, the bulls are seen bidding up for a test of the 2019 highs at 64.79, as the focus remains on the official data on the US inventories due out from the Energy Information Administration (EIA) later today at 1430 GMT.
Daily Fibonacci 38.2% 63.97
Daily Fibonacci 61.8% 63.66
Daily Pivot Point S1 63.56
Daily Pivot Point S2 62.68
Daily Pivot Point S3 62.21
Daily Pivot Point R1 64.91
Daily Pivot Point R2 65.38
Daily Pivot Point R3 66.26
However, the bulls are seen bidding up for a test of the 2019 highs at 64.79, as the focus remains on the official data on the US inventories due out from the Energy Information Administration (EIA) later today at 1430 GMT.
Daily Fibonacci 38.2% 63.97
Daily Fibonacci 61.8% 63.66
Daily Pivot Point S1 63.56
Daily Pivot Point S2 62.68
Daily Pivot Point S3 62.21
Daily Pivot Point R1 64.91
Daily Pivot Point R2 65.38
Daily Pivot Point R3 66.26
Trade active:
Oil first sell active 65.85 level take profit 64.55 Are.
Comment:
**Brent oil is currently trading at $74.05 per barrel, having hit a high of $74.70 yesterday. That was the highest level since Nov. 1.
**The rally seems to have stalled with signs of indecision on the daily chart – Brent created a doji candle yesterday.
**Further, on the hourly chart, the black gold seems to be creating a double top pattern with the neckline support at $73.96.
**Acceptance below that neckline support would confirm a double top breakdown and create room for a deeper pullback to $73.22 (target as per the measured move method).
**A daily close below $74.00 would validate yesterday’s doji candle and neutralize the immediate bullish outlook.
**The rally seems to have stalled with signs of indecision on the daily chart – Brent created a doji candle yesterday.
**Further, on the hourly chart, the black gold seems to be creating a double top pattern with the neckline support at $73.96.
**Acceptance below that neckline support would confirm a double top breakdown and create room for a deeper pullback to $73.22 (target as per the measured move method).
**A daily close below $74.00 would validate yesterday’s doji candle and neutralize the immediate bullish outlook.
Trade active:
Second trade active price 66.68 take profit 64.50 area .
first Active trade 6585 , two order same take profit 6450.
first Active trade 6585 , two order same take profit 6450.
Trade closed manually:
Oil closed two order 64.80. Total profit 188 + 105 = 189.05 pips
Comment:
Sorry, 188+105 pips total profit = 293 pips