West Texas Oil looking for a double bottom off the back of the Opec production deal - Target is around $37
Hello everyone, as we see, oil has been falling from years, 2014 was the last time we saw oil at 100$ and it is absurd to think, that oil will remain at 20$ per barrel. I have made 3 possible scenarios. First of all, nobody knows when the bottom is and at what price. When we hit the bottom, only the big players will know that this is the bottom, so we can only try...
Oil prices fell on Monday as oversupply concerns continue to pressure prices, even as OPEC and its allies agreeing to cut production by 9.7 million barrels per day. The deal, which was finalized on Sunday after marathon discussions that spanned four days, is the single largest output cut in history. U.S. West Texas Intermediate crude fell 1.54% to settle at...
Demand dropped by 1/3 and storages are almost at max capacity. So value is still low. But as more countries are announcing production cut´s. Price could very well will short-term correct to 26-28$.
There are so many fundamentals I exhausted on yesterday's research and analysis of the underlying factors so please have a read through those. My fundamental long bias now results from simple supply side economics. In conjunction with this, many to nearly all over-leveraged mid and large cap oil companies and their contracts (strategic partnerships/contractors)...
We are in a downtrend of H1 and H4. The main support at the moment is 1.3945 level. If the price break this level we expect to see lower values at 1.3887 and 1.3835. OPEC's historic cutback deal could lead to stabilization of oil prices and affect CAD. Oil Price War Ends With Historic OPEC+ Deal to Cut Output.
US OIL ... OPEC, allies will reduce output by 9.7 million barrels a day.
A potential head and shoulders pattern forming with divergence on RSI. OPEC+ agreed on a 10 million barrel cut and Mexico seems to be coming around, according to today's news. Now could be the time for buy as the price is forming the right shoulder. Overall MPO should close the gap back up to $41 . Please support the idea and share your thoughts on oil! Good...
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Market has high expectations for OPEC+++ The stand-out event today is undoubtedly the OPEC+++ meeting, where producers will attempt to find agreement on output that addresses the collapse in demand and crude prices. No one is winning in this environment but, as ever, each are losing to different degrees and have a different ideas on how it should be resolved....
Brschultz Crude OIL Entry & Future Peak Forecast written April 08 2020 Link : youtu.be
Waiting to open a long term buy position on Crude Oil. Possible support levels: 23.6; 21.7; 20; 17.8
I think by end of day we will see a decent decline in oil. USO will test 4.5 by EOD as nerves grow on a OPEC deal. I don't believe a favorable deal will be achieved between Saudi, Russia, & US on Thursday, which fill further plummet oil. Saudi & Russia are looking to claw back market share from the US and want to see US shale belly up.
Fundemental Analysis The stock markets on Monday saw a rally after the news about the reduction in the number of deaths from COVID-19 in Europe and the US, but also because we have been recently seeing a stabilization in the number of cases. Investors are waiting for an entry point and any good news will give them the green signal to start buying...
Oil is falling back down to major near term support around $21.50 per barrel it cannot hold the $25 level today which is an important level in the short term. The 4-hour chart is showing us that it could be a lower head & shoulders forming. Not my favourite charting pattern but the technicals are showing that this level has enough buyers to complete the pattern....
Hey guys, another simple straight forward analysis. With the OPEC deal being pushed till possibly Thursday alongside skepticism on Trump’s intervention. 1. We can see US Dollar continuing to sell off as crude oil increases - at least for today as it respects the trend lines. 2. Set a T.P on the next touch towards the downside. Thank you :)