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...
the gap down to $32 got filled, there is another gap down around $28 this could get filled as well. Just FYI
I think similar price action will develop for the June crude futures contract in the coming weeks when traders roll their contracts forward.
What's up guys, just want to share my strategy with my followers. I am currently long ALGO (crypto) & XRP waiting only this weekend b4 I close off all open positions. I closed my SDOW not because I don't think it will continue to rise as I feel strongly that the DJIA is pretty fucked. But because I want to short WTI crude. I plan (if this works out) to close off...
Sell on 4H trendline break. First target $18-$16 long term target $10. Will hold till weekly close. Simple.
Short WTI Crude Oil at $19 levels could bring good profits, it is much safer to short than to long at this point. The next target is around $14. Price rose due to cuts being in effect from 1 May although the cuts will not be enough to sustain the surge and a lot of longs still have to be wiped downwards.
Basic economics is the supply and demand curve. The United States is at war with other countries for catching up on oil supply, so the constant need for production even during pandemic times leads to a surplus. The demand curve for oil though is at one of its lowest, given we need to literally all stay home. This leads me to believe that the huge price crash was...
I see a quick buy to sell on oil to about 15 then back down to 10 and some consolidation in that zone...let me know what you see
May futures on oil collapsed to the minus. It is oil that at the moment reflects the tragic situation in the world economy. At a glance, all this is just dials on the charts, but now many parts of the puzzle can be put together. At the moment there is no room left for oil storage, all the storages and tankers are overflowing, and the shales can't just stop...
Hello guys, As we can see we had a really big drop at 2008 when the crisis hit us, now this time is even harder as we touch the LOWER levels of oil price from the history. Be careful with your purchases now, market downtrend will start soon and markets will hit bigger lowers again. Thanks. Regards,
If the indices collapse too, beware of the extended 5th!
With oil breaching critical historical support levels and the OPEC/Russia deal only cutting back supply by roughly 10 million barrels per day, the price of oil is now set for free fall in the next few weeks. From a technical perspective a retest of the $14 price and the $10 price range is getting more probable every day. For long term investors this is an...