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STALLED WEEK FOR THE OIL MARKETAfter the technical correction experienced in the market last Friday, the wrecked oil market had what is considered a flat trading week, forming a consolidation channel within 25- & 21-dollar range, market sentiment remains skeptical with investors in “sit-and-wait” mode weighting the outcomes of events in different fronts before placing their bets. On one side, the market is waiting for April to validate the ramp-up in production announced by the Saudis that will overflow the market with the black commodity, budgetary cuts in major oil producers’ companies were also announced. And last but not least, the confirmation this week of a possible alliance between the US and Saudis to curb the damaged oil market. The technical chart does not say much. The market is still under intense bearish pressure, trading within a consolidation channel. Here MACD also confirms a flat trading week. Moving averages reducing their falling angle. Although not comment on the alliance front, the news was enough to booth the sentiment in the market. Big oil players are already announcing a significant cut in spending, as the oil price remains in the $20 handle. It is a fact that with current oil prices, US oilfields activity will collapse. Additionally, as the virus continues to destroy demand, Australian refiners viva energy (ax:vea) and Caltex Australia ltd (ax:ctx) said they expect jet fuel demand to shrink by 80% to 90% due to air travel grinding close to a halt and plan to take in less crude. With price showing enough room to fall further, the price could reach levels previously seen in 1986 or 1998 of around $10 per barrel. Leaving aside the presumption of the ability to predict the market, technically and fundamentally speaking, the carts are on the table. Let’s stay in the “wait-and-watch” mode until further notice. Happy weekend ahead. See you next Friday.
FX_IDC:USDWTIShort
by OGFXTRADER
OIL going to Retest 22.05Oil is been rejected from resistance line at $28, now oil will retest the $22, is a double bottom, so let's see how interact with the support line. It could be a potential breakout to the downside. MACD and SRSI pointing down. Also oil price could be affected by the news, so please be careful and also use SL, especially when you use leverage. also your risk/reward is higher near the support/resistance lines (key levels) Push like when this idea useful to you! Leave a comment below! Legal disclaimer: I am not a financial advisor. You trade at your own risk and nobody can guarantee you results.
FX:USOILShort
by Chartista_com
Buy Oil Below 50, Target: 55Waiting for long stops around 49-49.5 to get hit, with initial TP at 38.2 fib near 55 psychological level, and 2nd TP at 61.8 fib. Most likely it will go go ranging here in 50 psychological level for some quite time before rallying soon after being oversold especially with the risk of corona virus spreading being more controlled now compared to 2 months ago. editorial.fxstreet.com Need to be cautious still though because markets are generally still risk-off now which is fundamentally bearish for oil and a continued slide down to 42 is highly probable. Daily: Weekly:
OANDA:WTICOUSDLong
by aiza_belle