Hey guys! Trading should be simple, when you over complicate things you are usually way to attached mentally/emotionally to a setup/trade. Here's WTI.... OPEC coming up again tomorrow with the first meeting being a solid "nothing", and that "nothing" helped us form a pullback, but that pullback resulted into a lower high... meaning this is now a solid bearish...
The price of crude consolidated above $68.00 following yesterday's OPEC conference, which underpinned growing demand driven by robust global recovery. The price is currently trading at its highest level in over a year (since before the coronavirus crash), which could cause volatile fluctuations nears this historic resistance. Traders looking to join the rally...
Chart looks clean and easy. Make your own decision . Wait for oil to make a clear price action.
Brent Oil trading within the Apex we are soon to get a breakout or breakdown . As detailed on the chart we can see that the .75 Fib has been a Strong support for Brent since December 2020 and is still respected . With that said we have a measured move of around 15 percent for this to extend its uptrend into the 80 dollar zone or retreat back to the 56...
In our previous forecast, we were expecting WTI to fall and reach the liquidity pool. Instead, the price increased, but our bias hasn’t changed. For next week, we expect the price to lose some steam and drop towards the support area that we highlighted. Keep an eye on Wednesday’s weekly EIA stocks report as it may have an impact on this asset. Trade with...
IF IT'S WEDNESDAY IT'S MAD! Or THE BRIDGE OF SighS !!! The Fed, OPEC, BIDEN, COVID and the outside rain hit the same day. With the slogan roast the pastures, poison the fountains, scare the investors, the Bau Bau group above seems to have brought a total eclipse of daily optimism on the financial markets. From Crypto to metals, they all seem set for declines...
The originally scheduled 4/28 (3) OPEC+ ministerial meeting was held ahead of schedule on 4/27. The resolution was held on hold and was in line with market expectations. The prices of WTI and Brent crude oil futures remained stood at the prices of $63 and $66 per barrel respectively. MM Analysis On Tuesday evening, the OPEC JMMC Joint Ministerial Monitoring...
HOLY WEEK AND NUCLEAR WEDNESDAY! 10:30 p.m. Warm morning sun, some nature chirping from the birds around, a great time to enjoy a coffee. Start HOLY WEEK! Financially speaking, after a recovering Friday, it would be natural for the green to flood the Square today. And maybe it will be! But we can't help but glance over the cup of coffee at the situation...
On Thursday, the OPEC+ alliance decided to gradually increase the production starting from May in order to keep crude oil prices in check. Last week, WTI corrected and almost reached the resistance target that we forecasted in our previous analysis. Next week, we expect the price to reach the resistance area highlighted on the chart, before falling towards to...
WTI dropped the most since November as signs of powerful gasoline demand in the U.S. eased concerns around the global economic recovery from the COVID-19 pandemic. In our previous analysis, we correctly forecasted that the price will drop and reach the support area that we highlighted. Next week, we expect the price to “correct” towards the resistance area...
USOIL WTI Crude Oil Daily Chart 31st March, 2021 . As long as crude holds and trades . above $60/bbl we may see . eventual target area of $75/bbl. . However, sustain trading below $55/bbl we may witness much lower oil price.
WTI dropped nearly 10% as short-term demand concerns and a rising dollar clashed to cause the biggest intraday plunge since October. For this week we expect a corrective move towards the resistance area highlighted on our chart, before resuming the downtrend and breaking the trendline. The bigger degree correction that we were expecting for a few weeks has...
Hello Traders, Here are my thoughts about West Texas Oil. Would be glad to hear your opinion :)
If OPEC+ does not increase output in April, except the small amounts for Russia and Kazakhstan, the stock draw will be significantly more than one million barrels per day next month, as the summer demand season looms, expect oil prices to rise toward $70-$75 per barrel during April.
Last week, Oil recovered its previous losses and hit the $64 level. We are now forming a parallel channel at the top and it looks like the price is making small higher-highs, as this may be a hint that we are losing some momentum. It remains to be seen if we will break the lower channel line and ultimately start a bearish move that would act as a much-needed...
Thursday's OPEC+ meeting became a market-mover event, as members announced that production cuts would be extended in April. This caught the market completely off guard, as OPEC+ was widely expected to raise output by 500,000 barrels per month. Instead, OPEC+ has opted to hold back some 9.2 million barrels from the market each day, until at least the beginning of...
The dollar has been in a long term downtrend against the loonie but that may be about to change. The greenback came back into favour on Friday after a period of softness which saw it fall to its lowest level against its Canadian counterpart for around three years. Rising oil prices can often be supportive for the Canadian dollar and likely contributed to its...
Oil prices have enjoyed a remarkable rally over the last four months as the world has gone from entering the most severe wave of Covid-19 to rolling out vaccines and planning its final exit from the restrictions. Efforts by OPEC+ have been key to this, including the surprise one million barrel cut from Saudi Arabia earlier in the year, which confirmed the group...