This week I have a eye on 80.50 for price to reach.
We have closed in the weekly fvg and now lying within a Daily FVG and Daily V.i
The Daily V.i is important to reference as Monday we can trade higher into this.
Initially postponed due to member disagreements, the OPEC+ meeting is now set for Thursday. Discussions are poised to delve into the consideration of deeper oil production cuts. Analysts foresee the potential extension or intensification of supply reductions into the coming year to stabilise oil prices, which currently hover around $80 a barrel. While the...
Signals and observations FX:USOILSPOT
The Western Texas Intermediate (WTI) FX:USOILSPOT price experiences a consecutive decline on the second day, trading lower around $85.10 per barrel during the Asian session on Tuesday.
The easing of crude oil prices is likely associated with reports indicating that the US and Venezuela could potentially reach a deal...
Having surpassed three instances of touchpoints, the price has diligently followed an ascending trend. Regrettably, on Tuesday, August 15, this course was disrupted as the price concluded below 81.70. Forecasts suggest a continued descent in the trend, with the price anticipated to gravitate towards the range of 77.68 to 77.8 in the subsequent occurrences. This...
Fundamental Development Oil was up on Thursday morning in Asia, extending a cautious rally as signs of a tight market emerge. The European clash with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, also continues. Brent oil futures were up 0.31% to $111.47 by and WTI futures for July delivery rose 0.50% to $110.88....
The oil price is directly related to the Canadian dollar level, let's discuss oil in light of the Canadian dollar, which is likely enters to a corrective uptrend.
The uptrend has ended in the range of USD 43.15, and the price has entered to the corrective phase (the downtrend), the first wave of which ended the range of 36.01.
Currently, we are in the C wave from...
Resuming long position on oil. Setting up a buy limit order @70 with TP @75 and 80 and SL @66. Might add more buy position if there's more fundamentals support and likelihood that oil's gonna shoot up to 80 within the year, aligned with current overall market expectations. Must be careful with impending volatility...
