Oil climbed, and broke through the neckline of the reverse head and shoulders pattern that has been in play for the past few months. The growth was due to supply cuts and reduced output from OPEC countries. Russia has also agreed to participate in the cutbacks. Saudia Arabia will be repairing a damaged offshore field, and this will decrease supply and increase the...
I think the supply side for oil will be abundant, considering the fact the tepid world economy will not consume as much oil as the last decade.
growth prospects of major economies looks dim except the US. Many institutes has trimmed down GDP growth rates in the last two month, citing significant headwinds for the world, like debt, trade disputes, geopolitical...
Welcome to this MONTHLY chart showing possible scenarios over the next years, after OIL has bounced once again on the level of $50 in the past months potentially taking us higher near term up to $70. Let us now depict the possible scenarios out of this market, with the conditions that would trigger any of them and some arguments supporting each.
The first thing...
Oil has been on a tear thus far in 2019 and I expect nothing short of a full fledged rally should we break above $58. The weekly and monthly time frames look very bullish, as there's no clear supply levels to overcome. I expect oil to be one of the best performing investments of 2019. With that said, oil is considered extremely volatile and very contingent on...
The slowdown in the world economy, especially the Chinese one, which is the country with the highest demand for fossil fuels, will have a negative impact on stockpiles, dropping the price considerably.
Institutional investors, and not, have started to bet downwards on both WTI and BRENT and it is very likely that this rebound is due to profit taking only....
As we know there was good news for the oil and this what makes the oil bullish, the OPEC reduces the production and others.
when the oil closes this week above the white line. it is mean the price it will go to our target as in the chart.
U.S. stock futures declined with equities in Asia amid a potential escalation of tensions between Washington and Beijing, and after signs China’s economy remains under pressure. Treasury yields extended last week’s retreat and the dollar fell.
Oil in London extended its gains near $62 a barrel after OPEC and its allies agreed on production cuts and protesters...
OPEC and allies agree to cut oil production by 1.2 million barrels per day
Major oil producers have reached a deal to cut oil production and boost the market.
The alliance will to take 1.2 million barrels per day off the market.
OPEC has agreed to exempt Iran from cutting production, Iranian Energy Minister Bijan Zangeneh said
On a technical perspective we...
I think the Peso will regain strength over time from this juncture. The weekly Time@Mode trend signal we had here expires next week but price already seems to be trending down in the daily timeframe, and broke a previous weekly low, so I think we're safe to assume the decline started already. The G20 talks and oil related news might be behind the strength in...
By Andria Pichidi - November 20, 2018
USDCAD and USOil, H4 and Daily
USOil prices reached an overnight high of USD 57.44 per barrel. The 4-day run higher in Oil prices, after a period of sharp declines, has helped the Canadian Dollar find a toehold. The contract has been supported by talk of a proposed production cut into year-end by OPEC and Russia, which was...
on the next few days and possibly next week I see a retest of the 55 area of support for /cl before attempting to break the resistance area of 59. I don't see oil bullish until we get a clearer direction as to what is going to happen with OPEC in December. until then I continue to be bearish.
Current crude oil price may retrace to as high as 58.8, then a possible new drop to as low as 53.5.
Then a big correction may followed to trade higher above $60/bbl.
LONG TERM EVENTUAL TARGET MAY BE TO AS LOW AS $20/bbl.
ONLY SUSTAIN TRADING ABOVE $80/bbl negate this scenario!
Today, oil spiked higher on the news of the possible OPEC and allies production cuts in 2019. Alongside with all the technicals outlined below, it would be reasonable to open a longer-term buy trade.
1. Extreme oversold RSI reading
2. Bounce of an important support zone just under 60$ level
3. Break of the downtrend line on the RSI
4. Early buy signal on...