Updated View On WTI Oil (13 APRIL 2020)
Now every trader aware that the oil output cut is confirmed by OPEC over the weekend and the Oil price is about to go the MOON, right? Not quite. We outta look deeper into what is going on. Trading can't be that easy.
As per the EIA data, the drop on the Global demand is on average -35 million barrels per day due to the lockdowns around the global cities.
But, what is the cut the OPEC just agree on? It is a mere -9 million barrel per day.
So, do you think the OPEC cut is enough for the Oil price to stage 180' reversal? I do not really think so. They should have cut more.
Crude Oil is "still" in the "Buyer" Market where the sellers are desperately looking for buyers.
We may be the road of recovery for the crude oil price since Oil "already" crashed from $60 from $20 in a span of 4 months.
I am only SLIGHT BULLISH on OIL, there will be strong pullback along the way such as retesting of the recent low while $30 will be one heck of resistant.
DYODD, all the best and read the disclaimer too.
Feel Free to "Follow", press "LIKE" <or> "Comment".
Thank You!
Legal Risk Disclosure:
Trading foreign exchange or CFD on margin carries a high level of risk, and may not be suitable for all investors.
The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite.
The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor.
DISCLAIMER:
Any opinions, news, research, analyses, prices or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice.
Sonicr Mastery Team does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Now every trader aware that the oil output cut is confirmed by OPEC over the weekend and the Oil price is about to go the MOON, right? Not quite. We outta look deeper into what is going on. Trading can't be that easy.
As per the EIA data, the drop on the Global demand is on average -35 million barrels per day due to the lockdowns around the global cities.
But, what is the cut the OPEC just agree on? It is a mere -9 million barrel per day.
So, do you think the OPEC cut is enough for the Oil price to stage 180' reversal? I do not really think so. They should have cut more.
Crude Oil is "still" in the "Buyer" Market where the sellers are desperately looking for buyers.
We may be the road of recovery for the crude oil price since Oil "already" crashed from $60 from $20 in a span of 4 months.
I am only SLIGHT BULLISH on OIL, there will be strong pullback along the way such as retesting of the recent low while $30 will be one heck of resistant.
DYODD, all the best and read the disclaimer too.
Feel Free to "Follow", press "LIKE" <or> "Comment".
Thank You!
Legal Risk Disclosure:
Trading foreign exchange or CFD on margin carries a high level of risk, and may not be suitable for all investors.
The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite.
The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor.
DISCLAIMER:
Any opinions, news, research, analyses, prices or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice.
Sonicr Mastery Team does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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It was BUY On Rumor and SELL On News.
Follow my warning, to be cautious about Output Cut?
BUT I am wrong on the price projection.
It went lower to dive deeper. Currently, the Price Action (PA) is still BEARish. So, it is rather risky to long (or) add long.