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 ...
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 $80/bbl negate this scenario!
OPEC and allies agree to cut oil production by 1.2 million barrels per day
Major oil producers have reached a deal to cut oil production and boost the market.
The alliance will to take 1.2 million barrels per day off the market.
OPEC has agreed to exempt Iran from cutting production, Iranian Energy Minister Bijan Zangeneh said
On a technical perspective we ...
I think the Peso will regain strength over time from this juncture. The weekly Time@Mode trend signal we had here expires next week but price already seems to be trending down in the daily timeframe, and broke a previous weekly low, so I think we're safe to assume the decline started already. The G20 talks and oil related news might be behind the strength in ...
By Andria Pichidi - November 20, 2018
USDCAD and USOil, H4 and Daily
USOil prices reached an overnight high of USD 57.44 per barrel. The 4-day run higher in Oil prices, after a period of sharp declines, has helped the Canadian Dollar find a toehold. The contract has been supported by talk of a proposed production cut into year-end by OPEC and Russia, which was ...
on the next few days and possibly next week I see a retest of the 55 area of support for /cl before attempting to break the resistance area of 59. I don't see oil bullish until we get a clearer direction as to what is going to happen with OPEC in December. until then I continue to be bearish.
Today, oil spiked higher on the news of the possible OPEC and allies production cuts in 2019. Alongside with all the technicals outlined below, it would be reasonable to open a longer-term buy trade.
1. Extreme oversold RSI reading
2. Bounce of an important support zone just under 60$ level
3. Break of the downtrend line on the RSI
4. Early buy signal on ...
So far this month rates were showing the future move for oil. Is it the case this time? Rates are falling meanwhile oil skyrocketed on Saudi Arabia's case. Poor equities outlook weighs a bit on oil's demand. In my opinion oil will drop from current levels. The viwer should pay attention to both technicals and fundamentals right now as situations of oil markets ...
This is by no means a trade signal. even if the pattern completes you can enter at your own risk. i will not simply enter the trade even if the pattern completes. there are some other technical analysis needs to be done before simply just entering the trade. But hey anyways if there are any updates i will be updating here accordingly.
I'd reccomend to stand aside, or, look to trade the extremes of the range if you are adept at chop trading. In my case, I'm more of a trend trader, but could look to trade $PBR on dips to support and exit when valuation is stretched again, after an overbought rally...Or stocks like $OXY, or refineries, like $MPC, $PBF, etc.
If you expect oil to make a big move, ...
At One time OIL was crashing and burning like a Meteoroid and This past number of months it has been recovering quite well it would suggest. However in the path of OIL recovery there lies a strong resistance of 74, which not only happens to be a crucial support but also a 61.8 golden ratio retracement of the pervious Monthly swing high. Refer to the image below ...
Expecting a double top on double divergence leading to an "M" pattern taking oil back to missed monthly pivot.
Saudis have indicated that their crude production will increase substantially come August, and it will be not by the "hundreds of thousands, not tens of thousands, of barrels.(1)"
1.) Reed, Stanley, "Saudis, Saying They Heard Price Complaints, Are ...
Crude oil continues to fall after we saw a squeeze over $70, the question is how low will it go? Today we look at the technicals and so far, still more downside to go. Combine with a monthly candle, the break of the downtrend line may be a false break, or it may not. Only time will tell...
Happy Trading, folks!
I'm speculating that the inventory draw by 2.1 million is already priced in. Therefore, the oil prices may drop on the release of EIA report. That being said, I will be looking to stay bullish above $65.02 to target $66 before the release of news today. All the best and stay tuned for updates. Keep following!