With the latest news coming out of Saudi Arabia as a result of the recent drone attack impacting 50% of their oil production, many speculators are hinting that oil will certainly gap up 5-10.00/barrel with the potential for crude to hit 90-100.00.
This gap up (+5-10.00) could attract significantly more buyers, and a ton of bullish volume from short covering....
Crude OIL long.
Reason is the terrorist attack today (14-09-19) of houthi terrorists on oil installations in Saudi Arabia. 10 drones were used in the attack. Rumours say that 50% of the oil production has been stopped in Saudi arabia, which is 5% of the world oil production. Donald Trump will very likely give a strong condemnation of this attack.
If you have not heard, Saudi Aramco refineries apparently got hit by a drone attack and are now in flames. The US has come out and blamed Iran for this attack.
This should be bullish oil, I am looking for a break above the 58.75 zone. I am bearish on oil given the fundamentals and the fact that we are likely heading to a recession. However, anything geopolitical...
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Hey, ill keep it short and sweet. Saudi Arabia took a 5.7 million barrel a day production loss after an attack on one of its largest oil fields. Law of supply and demand... price goes up.
Prices are currently being supported at the Ascending Triangle support line and 38.2% Fib retracement lvl, suggesting a temporary halt in bearish momentum following Wed's dip from possible easing of US-Iran sanctions and negative IEA oil outlook. The recent Saudi oil supply disruption is expected to uplift prices from current support to the triangle resistance. On...
As per the chart it was nicely retest the trend line (which is in red line 1) and there is higher probability to go higher to the green area (as per the chart). If its go down there will be strong support line in 53 which is in green line and bounce back from 53 to on wards.
You can fix any TP as in green area SL as in Blue line or as per your requirement....
The kingdom's oil production has dropped by 5.7 million barrels a day, or 5% of daily world supply after Saturday's drone strikes on two processing facilities. As Riyadh and Washington point the finger at Tehran, the price of oil is set to rise. The financial channel CNBC cited several energy analysts as saying that oil prices could immediately spike by $5-$10...
Good RSI and bullish pattern targeting previous top . Stochastic need to bounce to confirm this uptrend also its need engulf candle to show up the strong sign of new strong uptrend
This huge downward channel on the Monthly should offer great opportunities and entries when presented ! More importantly I wanted to point out the similarities between the previous range, and the one forming now... Could play out very similar and give good indication to PA... Based off this, I would target the level marked at 49. HOWEVER !!!, most importantly,...
Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
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