GOOD DAY TRADERS
LONG IDEA ON CRUDE / USOIL, ON THE HOURLY CHART WE HAVE AN ASCENDING WEDGE AT RESISTANCE AND THE DAILY WE HAVE A PENNANT FORMATION WHICH WE ARE STILL RANGING.
> HOPEFULLY WE SHOULD SEE A BREAKOUT SOON ON OIL ITS JUST AFTER THE NEWS RELEASE AND THE CFD FAILED TO BREAKOUT, THE PRICE FELL BY MORE THAN 1%
> INVEST.COM - The markets have rallied in the last several days on optimism that fuel demand destruction has bottomed out and producers have aggressively cut production to deal with the supply glut due to the pandemic. However, with governments signaling a long period before activity rebounds, risk assets like stocks and oil slipped on Wednesday
U.S. Federal Reserve Chair Jerome Powell gave a solemn assessment of the U.S. economy and renewed his skepticism of negative interest rates. just a dark cloud because of that," said Bob Yawger, director of energy futures at Mizuho in New York. "It was such a negative speech it even eliminated what was easily the most bullish report since January," he said.
U.S. crude stockpiles USOILC=ECI fell by 745,000 barrels, the U.S. Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 4.1 million-barrel rise. EIA/S
Stocks in the Cushing, Oklahoma, storage hub USOICC=ECI fell by 3 million barrels in the last week, EIA said, filling the delivery point for WTI to more than 80% of capacity, as producers find themselves with fewer places to store oil.
Globally, fears of a slow recovery are overhanging the market.
"Fears are running rife that easing lockdown measures will trigger a second wave of coronavirus infections," said Stephen Brennoc at oil brokerage PVM.
U.S. infectious disease expert Anthony Fauci on Tuesday told Congress that easing coronavirus lockdowns could set off new outbreaks of the COVID-19 disease that has killed 80,000 Americans and badly damaged the world's biggest economy and oil consumer. outbreaks have been reported in South Korea and China, where the health crisis started before spreading across the globe, prompting governments to lock down billions of people, devastating economies and demand for oil. EIA now expects world oil demand to fall by 8.1 million barrels per day (bpd) this year to 92.6 million bpd, compared with a previous forecast for a drop of 5.2 million bpd. statistical arm of the U.S. Department of Energy also expects U.S. output to fall by 540,000 bpd, against a previous forecast of 470,000 bpd. It expects global output of 11.7 million bpd this year and 10.9 million bpd in 2021.
* CONTINUE READING BELOW
https://za.investing.com/news/update-1oil-falls-on-second-wave-outbreak-fears-rise-in-us-inventories-2091007
STILL LOOKING FOR LONG OPPORTUNITIES ON OIL EVEN THOUGH IT COULD BREAKOUT IN EITHER DIRECTION
FOLLOW YOUR ENTRY RULES IF WE BREAKOUT
RISK MANAGEMENT
PERIOD - SWING
LONG IDEA ON CRUDE / USOIL, ON THE HOURLY CHART WE HAVE AN ASCENDING WEDGE AT RESISTANCE AND THE DAILY WE HAVE A PENNANT FORMATION WHICH WE ARE STILL RANGING.
> HOPEFULLY WE SHOULD SEE A BREAKOUT SOON ON OIL ITS JUST AFTER THE NEWS RELEASE AND THE CFD FAILED TO BREAKOUT, THE PRICE FELL BY MORE THAN 1%
> INVEST.COM - The markets have rallied in the last several days on optimism that fuel demand destruction has bottomed out and producers have aggressively cut production to deal with the supply glut due to the pandemic. However, with governments signaling a long period before activity rebounds, risk assets like stocks and oil slipped on Wednesday
U.S. Federal Reserve Chair Jerome Powell gave a solemn assessment of the U.S. economy and renewed his skepticism of negative interest rates. just a dark cloud because of that," said Bob Yawger, director of energy futures at Mizuho in New York. "It was such a negative speech it even eliminated what was easily the most bullish report since January," he said.
U.S. crude stockpiles USOILC=ECI fell by 745,000 barrels, the U.S. Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 4.1 million-barrel rise. EIA/S
Stocks in the Cushing, Oklahoma, storage hub USOICC=ECI fell by 3 million barrels in the last week, EIA said, filling the delivery point for WTI to more than 80% of capacity, as producers find themselves with fewer places to store oil.
Globally, fears of a slow recovery are overhanging the market.
"Fears are running rife that easing lockdown measures will trigger a second wave of coronavirus infections," said Stephen Brennoc at oil brokerage PVM.
U.S. infectious disease expert Anthony Fauci on Tuesday told Congress that easing coronavirus lockdowns could set off new outbreaks of the COVID-19 disease that has killed 80,000 Americans and badly damaged the world's biggest economy and oil consumer. outbreaks have been reported in South Korea and China, where the health crisis started before spreading across the globe, prompting governments to lock down billions of people, devastating economies and demand for oil. EIA now expects world oil demand to fall by 8.1 million barrels per day (bpd) this year to 92.6 million bpd, compared with a previous forecast for a drop of 5.2 million bpd. statistical arm of the U.S. Department of Energy also expects U.S. output to fall by 540,000 bpd, against a previous forecast of 470,000 bpd. It expects global output of 11.7 million bpd this year and 10.9 million bpd in 2021.
* CONTINUE READING BELOW
https://za.investing.com/news/update-1oil-falls-on-second-wave-outbreak-fears-rise-in-us-inventories-2091007
STILL LOOKING FOR LONG OPPORTUNITIES ON OIL EVEN THOUGH IT COULD BREAKOUT IN EITHER DIRECTION
FOLLOW YOUR ENTRY RULES IF WE BREAKOUT
RISK MANAGEMENT
PERIOD - SWING
Comment:
Trade active:
ADJUST SL TO THE LAST SWING LOW
