I think we head remarkably lower before we break out of this long-term downtrend. The triangle will be breached eventually, but I believe the $35 target level may be in order this year before moving higher again. What will they use as an excuse for such a scourge? "Saudi/OPEC turns on the taps to fight US Shale oil market share?"
Prices for Crude Oil are down -20% from last year which means the bearish outlook is priced in. The bearish outlook is that the -16% drop in consumption outweighs the -7% drop in production plus the 4% increase in inventory stockpiles. Bulls want to know if demand has bottomed or not and since consumption tends to be highest in Jan-Feb, it might have further to...
Oil Projections Week of 08022020
There's too much noise. Covid lockdowns, vaccine hopes, China trade retaliation, etc. Technicals: There was a break out of the wedge that most traders have drawn out however, I think it's more likely price breaks back down in order to build momentum for the next move higher. Ideally, there could be some good buying opportunities around the 200 EMA on the 4hr...
Oil likely to remain range bound until the Covid situation is clear. All eyes on New York. www.worldometers.info $40 is the top of the range. Somewhere between $28 and $35 is the bottom. Waiting for a bounce to start buying dips and then taking profits near the top of the range. Roni Baloni: If things aren't as bad as they seem and a daily candle closes above...
+$40 seems imminent however, a pulback and some chop in a range is likely. Buying dips looks to be the best strategy. $28 floor. Alternatively, if there is a daily candle close above $40.50ish that might be good enough for me to start buying and ride the coat tails of a short squeeze.
$40+ seems imminent however, looks like a pullback is likely. Alternatively, if there is a daily candle close above $40 that might be good enough for me to start buying.
Short the crude oil before OPEC meeting..
very bullish when/if previous resistances establish itself as support
There’s a huge supply scare approaching our shores, but I think it’s priced in at this point. We got the news March 8th and the markets made there moves. Shutdowns were announced a week later and market dipped lower. We are now talking about reopening... Plus a weakening dollar. Oil industries reducing capex across board. This is all adding up to be a slow...
details on chart retest back to the supply zone
scaled into 1/4 position on oil, will add on next leg of $42 for risk purposes
I'm seeing 10 dollar jumps in oil off this trendline- Clearly it's volatile and scary to trade right now. The media is scaring everyone shitless with no where to hide, but we have a bottom coming. I'm not sure we will touch the lower trendline, but if we do expect another 10 dollar pop, if not higher. Resistance is at 40 and I expect to see reached whenever...