Recommendation short from lv 33 with target 23, if breakout lv 33, oil will rally to 41 and drop from 41.
Previous resistance points can be observed at $31, $33, and $35 from mid-April. We could see this rise in Oil price reach one of these peaks, before heading back down as Oil storage reaches a maximum and a second wave of Coronavirus cases occur. This drop is likely to happen over the coming week, so a good opportunity for a Short on Oil, potentially reaching $20...
We may be currently experiencing a peak before a plunge in Oil. As world Oil storage reaches near-maximum capacity and a threat of a second wave of Coronavirus cases due to the early easing of lockdowns, the price of Oil may fall drastically to ease these factors. The price of Oil may fall to lows of $20, or even $10, which are previous Support points. If the...
Prices of crude oil. June and July contracts of 2020 June of 2021 and June 2022
I think this is what we are working with here Fam, I'm still long since $37 moved my SL back to $30 thinking to move it back to $28 incase a capitulation wick hits..
Why even bother with trying to time this? Even if it bounces, it could drop. Even if it drops it could bounce. Might as well wait until it gets down back to the trendline, or down to even more ridiculous lows, or something else shows up on the chart. Better off just buying NAT or other tankers, storage, etc. which will go up either way.
The structure of trade is almost the same. The pandemic is the same, no other name that's Covid-19. There is more 160million barrels stranded in ships oil tank at sea, the capacity of storage is full and the oil / fuel demand is small.
👋Hello people! This is the topic of the day. In short video I explained basics of this price action. 👇 Why it is happening! Can I buy Oil cheap now? Global recession?! Will other markets follow? 👇 Not really. But this is example of Futures trading. And new traders should understand one simple rule — Everything Can Happen! Thanks for your attention! Recommend to...
Technical analysis of oil price analysis.
$uso $uwt $dwt $usoil Potential descending triangle on OIL. Correction to the 30's? Massive bull run and breakout above? I think we'll see oil hit 64-65 before correction next few months and landing sub 40. How low that goes is not important.. This pattern should be concerning.. If oil ultimately breaks above (hmm, what would cause that), it's going to come at a...
Between October 2017 and the beginning of 2019, we have seen a 5 wave move from the mid 70's to the low 40's. Any move that starts with a 5 wave move will end with and at least an equal 5 to complete what is called a Zig Zag pattern. The was a correction back to test the bottom of the previous wave. This didn't complete a 5 wave move, therefore this must be a 3...
The recent oil dead cat bounce that started at the $45 support level has been struggling and has shown obvious weakness, but the bullish momentum is still intact. This is known by the sequential green count of TD indicator. We are now on a green 7 candle; two more green counts to complete a TD sell setup. However, there is major resistance ahead in the $60 to $63...
Thread lightly, a correction could occur in this level or a possible reversal in trend