USDZARFX:USDZAR
I see a bullish pattern forming.
It is a Bullish Triple bottom pattern that has formed.
This could break above break above 17.9500 to reach the high of 18.57988
Opecmonthlyanalysis
The OPEC Supply Cut Effect will push the price = $110My bias,the market was overall bearish before the change in trends as a result of the double bottom chart pattern at around the .0 Fib level.
The latest cut of crude supply to the global market by opec will bring a rise in oil price up to 1500 Pips,ie price from current to $97 and a brief pull back before rising to $10. The would likely play out as sanctions on Russia oil left most market with lesser choice but to compete in purchase with the limited oil supply. Tell your oil producing countries to get ready for this price surge vice versa.
OIL SELL TP_33.56_17.87%_7.30pips_SL_42.80_4.75%_1.94pipsOIL SELL TP_33.56_17.87%_7.30pips_SL_42.80_4.75%_1.94pips
WTIBeen saying oil markets due for a nice recovery, the R/R is really sweet. OPEC has agreed to cut production 9.8 MBD. This won't be a quick easy trade but once coronavirus is finally contained OPEC
is agreeing to continue its production cuts well into 2021.
Get ready for OPEC Meeting Oil futures jumped on Monday after heavy falls in the previous session, reflecting volatility as OPEC officials try to salvage a deal to cut crude production ahead of a long-anticipated formal meeting of the group’s ministers on Wednesday.
The 14-member Organization of the Petroleum Exporting Countries announced a preliminary deal in September to cut oil output to 32.5-33.0 million barrels per day (bpd) from a record 33.64 million bpd now, to bolster perennially low prices.
Although doubts existed over whether the organization, including regional foes Saudi Arabia and Iran, could agree on the mechanism of a cut, many market watchers believed last week a deal would be struck if only to save the group’s credibility.
But the chances of an agreement declined over the weekend after Saudi Arabia said oil markets would balance next year even without an OPEC deal and a meeting with non-OPEC producers such as Russia was canceled, sparking shuttle diplomacy to smooth differences before Wednesday’s Vienna gathering.
Analysts’ forecasts for oil prices now vary widely.
With a realistic but significant deal struck, prices could reach $60 a barrel, according to the most optimistic forecast, or barely approach $50, according to the most bearish prediction.
Should OPEC fail to strike a deal, prices may briefly fall to the low $40s but return to current levels, according to the most bullish forecast, or slide downwards to $40, opening the door to $30 a barrel, according to other predictions.
CURRENTLY NOT HOLDING ANY POSITIONS BUT LOOKING FOR
