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Oilprice

OIL MARKET RECOVERY STALLED BY UNCERTAINTIES AND GEOPOLITICAL TUWith June right at the corner, and this month staging 87% recovering in the black gold market, prices have unfortunately found a strong level at the $34 handle. The WTI index has struggled to cheer the USD's weakness and is currently trading in red in the Asian session with a correction of 1.5% from the Thursday session. Investors' sentiment is dampened amid heightening uncertainties with the current situation in Asia with the latest signal from the US of a possible change in its long-standing policy towards China and its internal affair within Hong Kong. Technically speaking, the price action had a seesawing week, consolidating between $30 and $34 handle. Although trading above the smaller EMA 18 & 50, MACD is finally showing diminished bullish momentum, turning a bit sour with the intention to form a sell signal. RSI condition is moving far from its overbought level. Investors should consider further movement in the price action before placing their bets. Any unexpected situation can quickly tarnish the positive momentum in the market. Yesterday's report about the massive buildup in the US crude inventories where the levels rose to 7.9 M barrels from a forecast of -2.5 M, instead of dropping the price, actually gave additional support to the market. It does not look right; the continued appearance of positive momentum and this rebalance faster than expected might be more artificial than real. However, by June is expected a 4 Mb/d increase in demand and cuts in the supply of about 12 MB/d could bring the market into balance.
FX_IDC:USDWTI
by OGFXTRADER
🛢️Is the 12 year oil bear market coming to an end?🛢️It looks like the lockdown may have been what oil needed to take oil out of its 12-year bear market. Oil has been trending downwards for over a decade, with sharp sell-offs pointed by the yellow arrows. The graph shows a very brutal bear market for oil. The lockdown did not help, reducing the demand for oil so much the price went negative. But was this the catalyst oil needed to breakout into a new bull market? Since there was nowhere to store oil, producers started shutting down wells, shutting down well is very expensive, and re-starting them is also very expensive. Data shows that the amount of oil coming out the ground now is slowing as wells are turned off, and some will not come back online again. A wave of US shale oil producers filing for bankruptcy is rising as we speak, another supply shock. Demand may not even need to hit pre-covid levels to enter a new bull market if producers have over-cut and there is not enough supply to meet new demand. If inflation hits the streets, that is another bullish factor for oil. Right now there are too many unanswered questions and the chart for oil does not look good at all, but we may be starting a new bull market if the above holds true and impacts the supply of oil. The first level of resistance is $43, we are far away from that, it’s hard to work out support as prices have not been this low for over two decades, based on the last 3 monthly candles it’s around $17. The RSI is not showing a lot of momentum, and things do not look good for oil in the coming months. If you like this idea, please view my monthly ideas on Gold, Bitcoin, S&P500 and GDX. I provide a macro technical analysis combed with market fundamentals to see where price is heading next.
FX:USOIL
by BangkokCharts
Brent 50 or 12 dollar?The longterm trend in oil is weak, Gov bond around ATL signaling low inflation/low growth. 12 dollar would be a retest of the 1999 low, and a new millennial bottom. You could also argue that the worst is over in oil and tripple bottom is in play at 20. Or we hit 50 dollar and the longterm trend has turn for now. Probabillity leaning towards the downside since we are in a downtrend 60/40 if more downside, target would be at 23 and 20, but with an "option" of 12 dollar What do you think?
TVC:UKOIL
by dybsmeister
1
LONG CATKeep your trading simple 🚀🚀🚀 Bullish Long Term T1 = minimum risk reward 1:1 Long term target $123 - Closing gap. I always leave 1/3 of my position for long term gains - moving my stop to my entry if I need to give room for the volatility or using trailing stop for maximum gains. For maximizing your profits you can use Options. One of the benefits with swing trading is that we collecting dividend along the way. Not a financial advise just my tradingview - trade smart trade safe. Follow me to support my work, Thanks!
NYSE:CATLong
by DeepGreen
Eventual Halliburton Correction to Yield Nearly 200% ROI stillHalliburton sank as low as 4.7, flirted with the mid 9s, then promptly began its slow climb back to normal levels. Still not there, it is currently oscillating a little around the 12 per share mark. The overall correction, however, and eventual sell-point is between 20 and 25, with 22 being the figure that we are keying in upon for the swing-deal pump/dump. With $HAL still trading at roughly 1/2 of its true market value in a healthy economy (25+ in Jan of 2020, even), it is far from too late to capitalize on a quick ROI with a vital oil stock that ...PROBABLY... Will be the absolute first of the major oil stocks to show signs of full-recovery. May the odds be forever in your favor. I might close every future update about oil related stocks with that same line. It fits.
NYSE:HALLong
by BDRTrigger33
Halliburton ($HAL) Correction In Full-SwingHalliburton ($HAL) has made its upward ascent after plummeting as low as 4.7 per share during the March dip. Now trading over 12 per share, the correction process is full en route to normalcy: HAL has traded as high as 25/share in the last calendar year, and it is there that it will (LIKELY) reside when we flip our calendars over to 2021. It remains a longer-term swing trade, based on the inevitable correction of the oil market that is currently also underway (with OIL now over 33/barrel). Expect HAL to continue to rise: It is **NOT** too late to get in, either. While obviously preferable to have "nabbed it" while under 10 per share, the overall adjustment is still largely yet to occur. Buy and long HAL. Swing it and flip in 7-12 months, as previously stated in HAL updates.
NYSE:HALLong
by BDRTrigger33
CRUDE OIL BEAR MARKET MIGHT HAVE ENDEDAs you can see from the Weekly chart, bear market might have ended for crude oil. With Elliott Wave model, i have counted the corrective wave started from July 2008 to mid April 2020( indicated by the oil crash event amidst pandemic). A complete zigzag corrective wave is done with prolonged ending diagonal of impulsive wave C. If this model is correct, then I expect a bull market rally in the next decade. Pay attention to the top of previous wave 4 @ 28.94 that act as a major resistance. For conservative long term investor, consider to enter long if the price breach those level. Stop loss adjusted at the bottom of wave C @ 11.00. This counting is invalid once price make new low, below wave C. Hope this analysis can help you in the future market, please consider like and share to help me make another elliott wave analysis.
OANDA:WTICOUSD
by danuto17
PGSVY Hello TV, looking to take a long here on PGSVY I had to zoom in b c the chart is so gappy but the next gap to fill is around .98c. With the dollar looking for support B4 the next bounce and WTI in the upper channel looking to test $43 this looks like a nice long scalp. The risk is pretty low with a SL around .24c if things go bad. You don't want to be in below that price as that .22c area and below brings fresh historical lows. I would simply cut looses there and look to re enter where ever pgsvy actually does bottom. I think this TP can get hit B4 June. This is OTC that is also a risk. good luck everyone.
PLong
by Big_Mike716
DNR - No Brainer #2 All, This one is also a good buy possibly a higher entry and you can see it is smashed between resistance/support. Either way long as you don't panic sell buying around this area should reap its rewards soon enough. I am in. Earnings: "Denbury Resources (DNR) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.10 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 12.50%."
DLong
by DigitalData
1
Peaks on OilPrevious resistance points can be observed at $31, $33, and $35 from mid-April. We could see this rise in Oil price reach one of these peaks, before heading back down as Oil storage reaches a maximum and a second wave of Coronavirus cases occur. This drop is likely to happen over the coming week, so a good opportunity for a Short on Oil, potentially reaching $20 or even $10. We may have already hit a peak on Oil for the timebeing, on the other hand, we may hit a peak at one of the mentioned resistance heights in the near future. Displayed are potential pathways for Oil to head.
TVC:USOILShort
by MAdshead