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Why Crude oil will go to $ 20 per barrel (Cycles)All arguments are my subjective opinion 1. In such a large amount of oil is necessary to nobody. Supply exceeds demand 2.Transition to electricity 3. Shale oil - another attempt at manipulation 4.Saudi Aramco - largest capitalization company in the world (another bad call for me) Many fundamental arguments can be made, but this is a virtual trading chart and it has little to do with the real world. it is a world of financial markets. There are few arguments from financial markets: 1. This is a futures oil chart. the largest players in futures oil Goldman Sachs, JP Morgan, City Bank 2. All of the world's oil is traded exclusively for dollars. this is called petrodollar. there were a couple of people who wanted to change this system, but these people are already dead. Saddam Hussein, Muammar Gaddafi, Christophe de Margerie and possibly someone else. therefore, oil is another instrument to strengthen the dollar. example for $ 100 now you can buy 2 barrels of oil and if the price is $ 20 you can buy 5 barrels of oil. The same story happened in 2014 when oil fell from $ 100 to $ 30. Saudi Arabia has been talking to the media for a year increasing oil production, as you understand Saudi Arabia does not participate in the pricing of oil prices, because we see a chart of futures oil on the market All national currencies depreciated, and the dollar strengthened. 3. most likely these instrument will be used during the next fall of the US economy 4. We moving in downtrend channel 5. Cycles Best Regards EXCAVO
NYMEX:CL1!Short
by EXCAVO
26
oil, cl, day trading for Mar 25th 20202Oil has been moving all over the place but has come right back to yesterdays trade range, So a balance inside a bigger balance. I will be looking for the first balance break (red zone) and then watch at the big balance area from a few days back for rejection or a confirmation of bigger picture direction. Oil can remain in a small choppy range for some time but I think will have a big break out or down when it comes out of this balance. Will be selective on my trades in this product right now.
TVC:USOIL
by alleytrader
cl, oil, day trading for Mar 23rd 2020Today we are again digesting some extraordinary moves and need to look at what is really happening. I am watching 20.50 as a very important lower level . I am not looking at targets today but more observation of what the activity of the day will be, the range is massive and there is plenty of room inside the range to have large trades so as long as inside this range no targets. Everything has been very sold and a technical bounce could happen at any time
TVC:USOIL
by alleytrader