WTI-OIL
WTI - OIL ANALYSES
Oil prices are as shown below :
Peaked at 1 July 2008 -147 $ plummeted to 35 $
Peaked at 1 July 2014 -107 $ plummeted to 28 $
Peaked at 1 July 2018 - 77 $ plummeted to 21 $ (You can see this in my profile exactly predicted in September 2019 as of 21 $)
Will Peak at 1 July 2020 -60 $ will plummeted to 9.71 $
So until July 1 2020 May be long after badly short.
WTI GOOD SHORT OPPORTUNITY
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The price is heading to the $20 support level despite of OPEC+ 's agreement to cut the production.
Take a look at the chart for further details.
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Oil WTI, H4 - the end of an irregular correction?In the previous analysis, we mentioned that an irregular correction labeled ABC may appear on the oil price chart. Since then, wave C has ended and the price of oil has started to fall. As a result, the irregular correction may have ended, which in turn may lead to a new downward impulse.
Therefore, the area of USD 28.20 remains an important resistance point and until the level is not broken, the downward trend could be continued.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
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OPEC Agrees on Cut: Wave 4 Corrective Wave ImminentOccasionally, news can give us an indication on which Elliot Wave we are undergoing and according to Trump (whether true or not the algos surely acted), that Russia/Saudi's have agreed on a cut of 10 million barrels.
This likely confirms a wave 4 corrective up upwards that will linger for the next 2 to 3 weeks overall, to roughly the 40 dollar range where there remains a gap to be filled.
From the roughly 40 dollar range oil will make new lows through the month of May and could fall to 10 bucks. Extreme and violent moves: welcome to a bear market.
Once we get to Easter, it is highly likely oil will make a violent move down and make new fresh lows. While it seems improbable based on the 25%+ imminent move, it is highly probable that this movement actually occurs.
Stay safe and healthy everyone! Remember that the most violent upwards and downwards moves occur in bear markets - not bull markets.
- zSplit
Crude Surges During Asian Session Up 5% as Oil Recovers in AsiaHeadlines
• China Beats Expectations Posting Expansion in its Manufacturing PMI Data for March
• Shell Pulls Out of Lake Charles LNG Proposed Project as Expenditures are Cut
• Crude Surges During Asian Session Up 5% as Oil Recovers in Asia