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Opec

XLE to break bullish triangle + OPEC cutOPEC threatens to cut oil prices ten times more than in September in an attempt to plug the oil drain. - The New York Times' sources estimate that the agency is considering announcing a cut of between 500,000 and 1 million barrels per day, about 1% of global supply, because the market is oversupplied and demand is softening due to the weakening global economy. This plus the bullish triangle a good take profit could be around 90-93 usd.
AMEX:XLELong
by Fractal-Surfer
2
Oil Regains the $90'sAs we have been predicting for a while, oil has broken out into the $90's. There are only so many reserves that Biden can deplete in a frenetic attempt to improve his tarnished image before midterms. We have smashed through $90.06, which provided strong resistance and was a barrier for some time. We are currently testing $92.03 which was the exact target we predicted last week. Red triangles on the KRI are confirming resistance here. If we see a retracement we will find support at $90.06 again, or $88.74. Our next target is $95.24.
NYMEX:CL1!Long
by quantguy
Brent could trade higher only if...Energy prices climbed on Friday as Brent reached the 92.60 price level and WTI climbed a high of 98.75. This move higher was due to the weakness of the DXY and the anticipation that China was ready to reopen borders, spurring demand for oil. However, as China reiterates its intention to maintain its current Covid policy, both Brent and WTI are retracing lower from last week’s climb higher. Look for the completion of the retracement before a continuation of the uptrend. The prices could test the key resistance level of 97.00 for WTI and 102.00 for Brent, if prices clear above the immediate resistance of 94.00 and 100 respectively.
TVC:USOILLong
by JinDao_Tai
NOG:Triangle to cap gains!NORTHERN OIL AND GAS Intraday - We look to Sell a break of 32.29 (stop at 34.86) Our outlook is bearish. Price action has posted a Doji candle and confirms a possible stall in the recent move. Price continues to trade within the triangle formation. A break of 32.50 is needed to confirm follow through negative momentum. Our profit targets will be 25.40 and 22.00 Resistance: 34.00 / 39.00 / 45.00 Support: 25.40 / 18.00 / 12.00 Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’) . Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
NYSE:NOGShort
by VantageMarkets
Another leg up for crude oil? To answer this question, we need to look at the following: 1) US Strategic Petroleum Reserve The US Strategic Petroleum Reserve is currently at its lowest level since 1984, while the absolute level is worrisome, the speed of the drawdown on the reserve over the past year is more concerning. In an effort to combat rising prices and possibly secure the midterm elections, President Biden has continually announced release from the reserve, depleting close to a third of the reserve since the start of 2022. If and when this extra supply is cut off, oil prices will likely head higher. 2) OPEC Production Cuts With the OPEC announcement to cut production by 2 million barrels per day, the world is yet under more energy supply stress. While the cut is only about 2% of global supply, it does signify a shift in stance from OPEC, clashing with the West as the US condemns OPEC’s actions. With the next OPEC+ meeting taking place in December, we will closely monitor if further production tightening continues. 3) Crude Oil and DXY As Crude Oil is quoted in USD, the dollar’s performance has a great impact on oil prices. The chart above shows the dollar (inverted) against Crude Oil. The 2 generally move together, up until the start of 2022, when dollar strengthened significantly alongside oil. As this relationship stretches further away from the normal, we fear a ‘snap’ may occur should a pivot in the Fed’s policies occur. That would greatly weaken the USD, and push oil prices significantly higher. 4) China’s turn With China still essentially closed from the rest of the world, any shift towards opening the Chinese economy could awaken the world’s 2nd largest consumer of oil. Looking at the Crude Oil Chart, we see a continued uptrend since the negative oil prices fiasco in May 2022. With a stalled attempt to break lower in September, and prices now back in line with the uptrend, we could potentially see higher oil prices from here. We also note the 90$ handle as a significant level, where 2 previous attempts to break past were rejected. But with a clear and decisive break past the 90$ mark, are the bulls in control now? In our opinion, crude oil is like the stone on a slingshot, stretched further and further back by multiple macro factors. If any were to snap, oil could be slingshot higher… Entry at 92.25, stops at 85. Target at 100. The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify any trading set-ups in real-time and react accordingly. To find out more, visit www.tradingview.com under the CME Group exchange to view the real-time data plans available. Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
Editors' picks
NYMEX:CL1!Long
by inspirante
13
#BRENT update - Breakout confirmed, goes to $101Hi guys! 👋🏻 🔔 Brent crude price was squeezed in a descending triangle, and a breakout from the triangle was expected, so it happened as seen on the chart 🔔 Brent crude price is traded at $91 trying to hit the key resistance of $91.60 up ahead. 🔔 I do anticipate the price to slow down a bit when reaching the aforementioned resistance, however the path to $101 stays clear. 🔔 Opec+ will cut production by 1M, which is 3.4% of the current daily production volume. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
TVC:UKOILLong
by azizelliott
1
OPEC Lifts OilOil has dipped into the $70's again, but has regained the $80's following reports that OPEC will cut production . We blasted through lower levels in the $80's, and are currently retesting $83.21, with a red triangle on the KRI confirming resistance. If momentum continues, we have several more levels to cross before our target of $85.55. Depending on how much OPEC cuts, this could drive prices back to the $100's again in the longer term. Expect support at the base of the $80 handle if we reject current levels.
NYMEX:CL1!Long
by quantguy
Oil Presses LowerOil has fallen deeper into the high $80's following a selloff that broke monthly lows. We had very strong support at $92.03, and appeared to be seeing a double bottom forming, but the selloff knocked oil back a peg, smashing through multiple technical levels below in a persistence selloff that has taken us back to support at $87.21. We are seeing a green triangle forming on the KRI, but the selloff does seem persistent. We should have further support from $85.55 and $84.75. If we see a relief rally, the $90's should provide resistance.
NYMEX:CL1!Short
by quantguy
Is #USO Breaking Out?Is #USO Breaking Out? # Crude #oil extended last weeks Friday’s positive close in trading on Monday as U.S. President Joe Biden’s visit to Saudi Arabia failed to deliver anything concrete. The trip was aimed at coaxing the Saudi’s to increase oil production thus easing inflation pressures. The response from the Saudi’s and other key officials reiterated the fact that production scheduling and/or increases remain with the OPEC+ consortium leaving President Biden without a deal. Sorry #JoeBiden
AMEX:USOLong
by fintechwire