USOIL - MARKET BREAKDOWN ! SELL in MAY (and go away)!
Updated
NOTES:
- Last Friday we've seen some kind of panic selling, because USOIL (after six strong weeks) is overbought!
- But the overall DOWN trend is still not broken!
- If we close Monday below $63.30 then "game over" for oil!
- Dollar becomes increasingly stronger!
- OPEC+ decides to increase output by 600,000 barrels per day in May!
- Iran continues to raise oil output in April, up 200,000 bpd from March, the biggest rise among the OPEC members!
- Libyan Oil Production Surprise Puts Pressure On Prices!
- Small increases also in Algeria, Nigeria and Angola!
- India’s COVID-19 crisis has pummeled demand for transport fuels to the lowest in several months!
- EU has just decided that in 13 countries, the lockdown restrictions will be intact (minimum) the whole May, maybe June or longer!
- Travel not looking good, see CDC: cdc.gov/coronavirus/2019-ncov/travelers/map-and-travel-notices.html
RECOMMENDATION of some very good analyses:
- video-ideas.tradingview.com/1/18340320-qxxzTVB62ydAt5O1.mp4
- youtube.com/watch?v=5VIVMR7q3f8&t=4s
- Last Friday we've seen some kind of panic selling, because USOIL (after six strong weeks) is overbought!
- But the overall DOWN trend is still not broken!
- If we close Monday below $63.30 then "game over" for oil!
- Dollar becomes increasingly stronger!
- OPEC+ decides to increase output by 600,000 barrels per day in May!
- Iran continues to raise oil output in April, up 200,000 bpd from March, the biggest rise among the OPEC members!
- Libyan Oil Production Surprise Puts Pressure On Prices!
- Small increases also in Algeria, Nigeria and Angola!
- India’s COVID-19 crisis has pummeled demand for transport fuels to the lowest in several months!
- EU has just decided that in 13 countries, the lockdown restrictions will be intact (minimum) the whole May, maybe June or longer!
- Travel not looking good, see CDC: cdc.gov/coronavirus/2019-ncov/travelers/map-and-travel-notices.html
RECOMMENDATION of some very good analyses:
- video-ideas.tradingview.com/1/18340320-qxxzTVB62ydAt5O1.mp4
- youtube.com/watch?v=5VIVMR7q3f8&t=4s
Note
Just bounced back heavily from 5 minute chart down trend channel like expected! Very interesting battle!Note
Below Fibonacci level!Note
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