The WTI broke all the supports, the 20M BPD wasn't enough and the market is discounting this. I expect more sellers and a touch of the support at $12 From there, the price should go to at least 17/18 $12 a petrol barrel is a long term gift, the same price of a papa john's pizza
Being a veteran trader I know how inter related and cyclical the Oil market is with equities. We have not seen the end of the precipitous decline that commenced earlier this year. despite the cheaper oil prices being seen as a boost for the economy in general and for equities. Large drops in crude oil have the effect of increasing profits in the economy and...
USOIL Trade Update + Risk Range - 12:37:09 (UTC) Tue Apr 14,2020
Considering adding at these levels to an existing long position. I don't think that the teens will be met. I think $20/bbl will hold. If it doesn't, then it is manipulation of price virtually, as here in Texas the Permian basin is solid and in fine shape compared to Canadian heavy barley getting 4$ bids. I see this is more of a fundamental investment rather than a...
It's one of the most popular commodities to trade nowadays due to the crazy volatility Right now the OIL is having a big sell off Probably will continue dumping until the 20s level which is an important demand zone
TVC:USOIL CURRENCYCOM:OIL_BRENT FOREXCOM:WTIUSD
CrudeOil 4H Idea Good position to buy. Just wait for retest
A downward channel has been developing ever since the OPEC + group broke down around a month ago. Now that things are mended, there are questions if the production cuts are enough to lift the price further. Several attempts at a retracement haven't succeeded . have a neutral stance in the short term. Disclaimer: These are amateur opinions.
Update on the short entry I took last week and posted on the channel. Currently floating +353 pips and I've closed 50% of my original position and am floating in profit with stoploss above breakeven for a risk-free trade. The geopolitics between SA, US, and Russia will be a dynamic that will move the price quickly this week so staying protected at all times...
Frankly speaking, I do not think so. On high correlation between S&P 500 and WTI crude oil price - www.uvm.edu If we combine both assets into one instrument we will see it fights the balance point - Demark monthly pivot. There was also research done which showed that the entire forex market lags by a few seconds after stock indices. I do not even mention even...
Oil 15min chart, my chart needs talk =]]
WTI couldnt break the 29 level again and looks weak here. Before going up and try to make new higher highs we need to retest the previous supports. Buy around 21-22.8 and targer above 30 usd.
USOIL Short Entry (+282 pips) 06:47:22 (UTC) Wed Apr 8, 2020
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The oil market started this trading week recording a new low at 19.29 US$, a level last seen 18 years ago, with a shadowed and gloomy projection of the global oil demand falling by more than 20 Mb/d, the yesterday’s rebound in the oil price could be only temporary relief. Technical reading prevails clear bearish bias, oil market tilted towards the upside...
Yesterday, the price of WTI skyrocket more than 20% at some point. As normal, the price corrected and settled. I anticipate a next leg up for OIL that can drive the price to 27 zone and even close to 30. As long as the price stays above 23 zone the structure is bullish
After the technical correction experienced in the market last Friday, the wrecked oil market had what is considered a flat trading week, forming a consolidation channel within 25- & 21-dollar range, market sentiment remains skeptical with investors in “sit-and-wait” mode weighting the outcomes of events in different fronts before placing their bets. On one side,...