Hello traders, In spite of the OPEC Oil production boost estimated in 1 Mn daily barrels, UKOIL has been soaring aproaching 3,5 years highs close to USD 80; since the production supply increase was expected over 1 Mn and the real supply boost might finally be around 600k daily barrels. Now the price is retreating from USD 79-80 level, after being unable to...
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! Cheers.
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...
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!
"At the meeting Vienna, Opec members will debate whether to lift the 18-month-old production cap to stabilize prices" All information on chart. Comment your questions.
The growth of oil from $ 30 to $ 70 is the merit of OPEC+ (an agreement between a few key oil producers on the cumulative reduction in oil production by 1.8 million barrels per day). The main role in this agreement was played by Saudi Arabia and Russia. The result of OPEC + was the elimination of surpluses from the oil market (world inventories were reduced to the...
I’m planning to stay bearish below $65.75 to target $65 and $64, whereas my buying limit is set at $63.85. Good luck! Keep following us for more updates!
Looking at it from a technical analysis, if the price of Oil makes that "double dip" (W) with the RSI or MACD having a higher low on the second dip, we may be looking at the price of oil potentially breaking out of this uptrend channel and creating higher highs. Ofcourse, the fundementals of an increase in US production and from OPEC may drive prices below the...
Good day Traders. As of today, USOil rallied after reports citing that Saudi Arabia, Other OPEC and non-OPEC allies would extend on cutting oil supplies until the end of 2018 however were ready to make gradual adjustments in the event of any supply shortage. From my recent post, USOil is still in a clear uptrend and price was sitting off to key support with...
In relation to my previous post, the market did correct and slide towards near term support $69.55 following OPEC and Russia's statement to meet shortfall in Supply from Venezuela and Iran.
Long term view. The chart patterns in the ellipses are occurring twice in the last 9 years, first in 2009, and now again from end of December 2017 to present day, and as we see that cycles repeat, expectations are the price of Crude Oil to go even higher against $80 - $100 per bbl. And it is not the technical analysis that appoints to this scenario happening, but...
Everyone is very bearish on natural gas because of the rising production coming out of Canada, and the United States. Although natural gas is bearish to moderate in price action, I believe that over time it will play a more pivotal role in the energy system than crude will. Natural Gas is holding up fine, and the price action in 2012 may prove to have been a...
Crude Oil at resistance level, going above 61.535 opens the upside to 63.60/64. Buy on daily close above 61.535. Attention to fundamentals, inventories, and OPEC before decision is made.
FOREXCOM:WTIUSD COT Reports Show Bearish Price Forcasting in the Near Future. Will Crude Break Below the $60 handle shortly? Techincals Suggest yes as well
Found a Fib Cluster and am long here. Target is 8.50 from the cluster.
With OPEC looking likely to raise the official oil price as oil fracking in the U.S starts to slow & the Saudis cutting oil prices, a surge in the price of most oil & petroleum companies is almost guaranteed. But the question is "how soon?". Looking at the current price of WPL and past chart patterns show that the price surge could be very, very soon.
US Dollar Greenback gradually turns into an offensive although a buildup of longs on US currency looks quite cautious showed a pullback during the Asian session. Futures for the dollar index are planning a march to the level of 93.50 thanks to the efforts of Republicans to pass the fiscal bill and slightly biased in the positive side US data. Macro figures shows...