Last week saw crude prices weaken much further. This was a double whammy from the COVID-19 going viral globally as well as the imminent oil producer spat, particularly between Middle Eastern producers and Russian producers. That was just the cake... the cherry is in the form of a PRICE WAR, and one that has just been declared! According to Bloomberg, the Saudis...
Price oil not only has been a target to a massive selling from investor but the oversupply from the country exporters while China that has to be no.1 oil purchaser has not buying oil price as per regular basis. As per chat on monthly timeframe, there was a significant supply has been going on in the market recently. The chart clearly shown that the supply of oil...
ENTRY: 49.00
TP: 48.00
TP2: 47.00
SL: 49.50
Chart time frame - 4H
Time for reaching TP - 1-2D
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we have strong bearish candle, today we had negative news around oil and demand of that
if the price goes down below 49.3 it opens door for going lower and reaching to 48
I am looking for selling opportunity
as all of you know yesterday oil broke the very important level 50$
the price does sharply to down side
coronovirus, supply&demand problems, closing china s factories I do not think oil price can recover
I am looking for selling opportunity, I am just seller
We've been here before, right?
How many tests must it take before it gives in.
Strong gold, weak dollar. uncertainty in the market.
Surely it's time for the late lows of December 2018. my entry is when it breaks below the green zone 50.1/50
Updates to follow...
Oil shows the sing of correction and uncertain buying behavior and pause of selling pressure with the triangle price pattern. I suspect continuation in selling.
In our last analysis, we were targetting $65.50+ on oil and we got our profit target with a little help from the increased Middle Eastern tensions. From there the news subsided for the most part (tensions still high) and everything was priced in. Causing Oil to regulate back down to the "normal" levels. Price plunged through all the immediate support levels....
This analysis of CLJ2020 , the contract for April 2020 delivery, is an attempt at forecasting oil price into Q3 2020. A potential supply area around 6275-6325 via an increasing urge to lock in profits/reduce short risk exposure . Also, the risk of downside for longs is ever more noticeable as oil approaches the 3-sigma area where odds of mean reversion...
Crude oil has been on a good uptrend since the large 2018 retrace, the price has slowly trickled up and there is an indication that it continues. ONLY IF certain conditions are met. There is an equal likelihood that we could see a large dump...
Support structure is holding really well after a broke high on a larger scale at $53.00-$53.50. As of recent price has...
Watching inventory report reaction, no position before that. R/R Currently favoring bears with 61 resistance being an important level. Green 4 days in a row + Solid resistance.
Watch for first red day.
