Just charting on my phone and wanted to see if this pattern will work out....there may be a fall. Since markets doubled, it’s wise to sit on the side to confirm 50% correction around $19.50 before taking off again. Be careful and don’t get caught.
One can say this is my wish chart, but need to confirmation before we can call it "bullish"
Sellers seems exhausted with volume. perhaps time for bulls to take over tomorrow? Or Trump can tweet something random to fit the chart...?
Saudi Arabia’s energy minister said on Friday that a final OPEC+ oil supply pact to reduce 10 million barrels per day (bpd), which was agreed on Thursday, hinges on Mexico joining in the cuts.
Saudi Arabia, which is currently holding the G20 presidency, will gather the group’s energy ministers on Friday (Tomorrow) for an extraordinary virtual meeting to discuss...
(Bloomberg) -- Oil is set to tumble back toward $20 a barrel as global producers will likely fall short of targeted cuts this week, leaving a supply overhang that will threaten to overwhelm global storage, according to ING Groep NV.
Oil giants including Saudi Arabia and Russia are likely only going to be able to cobble together a global agreement to curb 6...
Us pushes back on calls for Oil output cuts and Saudi, Russia and allied oil producers will only will agree to deeper cuts if the united states and several others join in!
How many thinks US will join the output cut?
I still don't see any deal being done this week.
Overproduction + Surplus + world shut down + blaming game. At this point oil is not being traded for support and resistance but by a random tweet.
Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, three...
Meeting postponed and seems like US is not joining the production cutting, plus tariffs may be tabled.
May prices are still up in the air, too many unknowns to go long at the moment.
This is for my own records to see if I can box pattern, just trying different things...
Let's see if I'm reading the chart correctly. If there's no deal this weekend, downtrend shall being in 2 steps. Storage full and low demand based on current world situation.
Perhaps i'm just being hopeful and see what I want to see.