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Usoilforecast

Swing trade opportunity for USOIL (2 MONTH HORIZON)The current news headlines talk about the oil price war between OPEC+ and Russia. Long story short, Russia wants to punish shale oil producers from the US by increasing output. US producers have a breakeven price of 40 USD/BARREL. Saudi Arabia did not agree with Russia during during the OPEC meeting. So they announced an output increase themselves offering significant discounts to buyers. Leveraged US Shale producers themselves wil be forced to sell in the current prices by their creditors , in order to salvage any value available. High supply in combination with the coronavirus pandemic and the looming recession in the global economy lowers demand as well. In my opinion the fundamentals favor a short position as we will not see 40 USD/BARREL anytime soon. Viewing the technical aspect of the trade we see that the 40 USD/BBL resistance has broken. We have a divergence in the MACD and a clear negative trend with consecutive red bars and increasing volumes in the Weekly chart. The following 8-10 months in my opinion we will see a breach of the 25.90 USD/BBL resistance so TP of 21.15 is advised. Having a 1:2 ratio of Risk/Reward (Loss%/Gain%) the SL should be placed to 35.25 USD/BBL.
TVC:USOILShort
by nikvo1990
USOIL afraid of Corona? OPEC tries to support!USOIL trading multiyear @ lows but shown a good jumpy reversal in the week start (March 02, 20), due to the even a great engulfing has been observed. The lowes occurred due to global slow down fears. The fear is so dense that OPEC was literally forced to cut production which was seen in the major slow down in 2008 - 2009. As it's been reported that OPEC have already cut the production by 150000 BPD already but looking at the decline in the demand they can increase the cut to 600k to 1M BPD in a desperate try to maintain its prices. As well as hopes are high from the National banks to come forth and try to maintain the oil prices. Technical analysis: Though the overall trend in Oil is Southwards, a reversal pattern's been observed and knowing that the current low is a multiyear low there may be optimism around buyers. The reversal will be confirmed if the chart manages to record one higher low. Anyways due to the downwards momentum and last week's sighted Death cross, sellers may find suitable entries around 49.42 - 52.16 by testing the declining trendline. ----------------------------- Follow the channel for more strong and in-depth analysis like this. Share the love with your friends and let me what do you think, Leave a comment :) For live trading signals trials Telegram - Tradingmoore
TVC:USOILLong
by TREND-KEY
WTI CRUDE OIL - complete analysisWTI trades at a three month high currently, around the 60 psychological value. From a technical perspective, we want to see the USOIL drop from the resistance given by the descending trend line, all the way to the 0.5 fib level of previous daily impulse which also aligns with previous structure. Previous Daily High 61.05 Previous Daily Low 60.04 Previous Weekly High 60.46 Previous Weekly Low 58.11 Previous Monthly High 58.76 Previous Monthly Low 54.12 Daily Fibonacci 38.2% 60.66 Daily Fibonacci 61.8% 60.43 Daily Pivot Point S1 60.04 Daily Pivot Point S2 59.53 Daily Pivot Point S3 59.03 Daily Pivot Point R1 61.05 Daily Pivot Point R2 61.55 Daily Pivot Point R3 62.06 Yesterday, the US API weekly statistical bulletin published positive values with Crude +4.7, Cushing -.3, Gasoline +5.6 and Diesel 3.7. So today from the crude oil inventories a pullback is expected. However, the longer term trend of the WTI is still bullish, especially from the beginning of 2020, we have a strong fundamental reason for it. OIL: 2020 PRICE FORECAST UPGRADED ON OPEC+ CUTS, IMPROVED ECONOMIC OUTLOOK – JP MORGAN 17 December 2019, 06:44 The conclusions of the report are as following : The OPEC, Russia and other producers, a group known as OPEC+, have agreed to cut output by an extra 500,000 barrels a day in the first quarter of 2020, because of the current forecast of next year's end quarters surplus of 0.6 million barrels per day. In conclusion the US investment bank, JP Morgan raised its oil price outlook for 2020. Next year price target is 63.50. If you find this complete analysis on point, please like and subscribe for more free market review's. Comment your view.
TVC:USOILShort
by TradingExpertGroup
2
oil price developing in a parallel channel approaching the $42.0after the massive selloff from this week, we see that the price is approaching an important support level which is respected multiple times in history. all stocks and indexes are in deep red numbers and this includes oil too. on the other hand, we know that this selloff has also an end. from next week, we can expect some reversal signs. personally I expect some little more downside movement to hit the 42$ zone. watch for potential longs in the $42.00 zone
TVC:USOIL
by Financexclusive