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Brentoil

Short Oil - 22% Potential Downside- 12 Feb 2020Brent crude has had an abysmal start of the year. As things stand, the price is hovering around $50 per barrel which is the lowest it's been in over 12 months. A major, if not ONLY factor, that's resulted in the drop in brent crude is the Coronavirus. As I write this, the virus has already infected more than 17,000 Chinese people and more than 350 have died. The numbers are rising on a daily basis where reports of cases have now spread to more than 15 countries. With no slowdown in the spread of the virus, it's close to being declared a pandemic, which won't help the oil prices either… Between the travel restrictions, the production cuts, the drop in demand and the Coronavirus epidemic causing havoc with global economies, I expect the oil price to crash another 22%. Major travel restrictions = LESS FUEL Early this year, the US State department recommended no travel to China due to drastic measures to contain the Coronavirus. Since then the list of airlines halting travel to China has been on the increase including: • Virgin Atlantic • Air France • British Airways • Lufthansa • Lion Air and even • Seoul Air. There has also been a reduction in flight schedules to China from American, Delta, United, Finnair, Cathay Pacific, and Jetstar Asia. The air travel stoppages weren't the only restrictions, which lead to a drop in fuel usage. The Philippines halted visas on arrival to Chinese nationals, Singapore and Russia closed its borders to Chinese guests while Hong Kong stopped trains from China. These few travel restrictions I mentioned, are showing a major drop in demand for fuel. In fact, China, which imports more oil than any other nation, is already cutting its refinery production this month by 600,000 bpd because of the reduced demand. This means, just with the travel restrictions alone, China's oil demand can drop as much as 20%, (or 3 million barrels per day) The world oil giants are also cutting millions of barrels of oil per day as demand drops BP's CFO Brian Gilvary told Reuters last week that, the economic slowdown brought on by the virus will reduce oil consumption for the entire year by 300,000 to 500,000 bpd. That is roughly 0.5% of global demand. And when demand for a product drops, the price falls with it. Worst yet, I’m seeing two extremely negative (bearish) patterns forming on the Brent Crude oil chart… As you can see in the chart - I expect major downside to come
OShort
by Timonrosso
USOIL Breaking a Very Strong Support Right Now!Hello Traders I wish you for a very good day! Here I update all my trade plans and setups based on technicals while nothing in here shared as a trading signal. So take them at your own risk. All these remains as just a prediction until we meet with the required criteria. Best regards! In the weekly time frame I witness a very special key level which can support for more oil price drop out ahead. As we know Corona Virus became a very strong tool to move the markets and change the traders sentiment over the time and since it got started spread out. So with the trade setup I have worked here I see $43 is became realistic at this stage. Leave me a message on TradingView for other trade related services. Thank You!
TVC:USOILShort
by Biconomics
USOIL Double Bottoms formed before Next Rally?Hello Traders I wish you for a very good day! Here I update all my trade plans and setups based on technicals while nothing in here shared as a trading signal. So take them at your own risk. All these remains as just a prediction until we meet with the required criteria. Best regards! Its a clear double bottoms formation on a strong support and hope this can support for more upside very soon. Trade setup I am looking for is with a very low risk to a higher reward. And hope this may give another set of good numbers again for the week. Leave me a message on TradingView for other trade related services. Thank You!
TVC:USOILLong
by Biconomics
1
Crude Oil: Possible Buy Opportunity from the Support ZoneThe weekly chart looks good for buyers. The main reason is, the price is at the support level, and we have a reversal candlestick pattern. RSI confirmed the price reversal. The market has room for upward movement. We have a possible buy opportunity. We can use the weekly chart to open long positions or use lower timeframes. If we use the lower charts, it will be good to wait for a pullback and buy based on the reversals. Stop orders for all buy trades must be placed below the weekly low. If the price continues falling, the next support will be at 50.00, and it will be interesting for buying as well. Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
FX:UKOILLong
by DLavrov
USOIL: Quite The Slippery SlopeSpent all day running through the USOIL market structure to try and figure out what's next to happen for the instrument. With a lot of help from the homies from the USOIL Chat Room, I decided on this as a possible path for the beginning of the fall for USOIL. Next week's start is unwritten however, I believe the push up in price action will find tremendous resistance at $54.72. After failing to pass this level, USOIL will once again descend south towards $35. This idea is based on market structure, candlestick structure and tendencies observed during analysis. Sorry for the lack of technical jargon and fancy indicators. I like to keep it simple.
TVC:USOIL
by UnknownUnicorn5320750