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Crude-oil

Brent Crude Could Hit Between 41.60 and 46.60Earlier I posted an updated map where I was expecting a simple ABC correction down to hit 31-32 (see related) It emerged as double three WXY instead and the wave (X) ran deeper to retest the start of wave (W) making it classic flat correction. It looks finished as wave C of (Y) unfolded as an Ending Diagonal. It was broken up now and the calculated target is located in the area between 41.60 and 46.60. Now all waves look clear as we completed large wave 4 and now market aims at wave 5 up.
TVC:UKOILLong
by aibek
13
Levels to watch in CrudePosting this for those who are interested in Crude and what to anticipate as there is lots of uncertainty around this market. Because of that some major hedge funds prohibited their traders to trade running crude oil contracts. On Market uncertainty - "Bloomberg has reported that only 50% of shale producers have hedged 2021 production compared to 60% that had done so at a comparable point last year. Many producers are finding themselves trapped in a Catch 22 situation. The current WTI price of $32/barrel is still way off the ~$50/barrel that many shale producers require to turn a profit. Hedging at this point would effectively mean foregoing any future price gains and guaranteeing yourself a loss. With production cuts so far working nicely, the recent storage crunch now in the back mirror and economies gradually emerging from lockdown, that appears like a rushed decision. On the other hand, this oil price rally appears to be running on fumes, and failing to hedge means risking even lower prices in the future. For instance, whereas the WTI June contract has rallied some 75% this month, WTI swap for 2021 has only climbed 10%. This essentially means that traders are very unsure whether the gains being made in the crude markets are here to stay." More - oilprice.com
TVC:USOIL
by ICFX
USOIL - Time for massive gainsHello everyone, as we can see on the chart, we have been moving inside a channel for a very long time and we are at the resistance. I do think we are going to break the channel and finally get out of the bear-trend because of the following reasons: - The economy is starting again, USA is opening states, China is opening, Europe is also opening it's economy, so all of this means that the demand will increase. - Trump said that they are working hard to safe the oil industry, so he will help companies. Currently there are loans for small oil businesses, which aim to help the oil companies from bankruptcy. - We have been in a bear trend from 2008 on the monthly chart, we have been making lower highs and lower lows. I am not saying we will make higher high than 2008, I am saying that we hit -30$ on the futures, we can't go any lower than that. I don't think there is any more room for us to the downside, only to the upside. - Saudi Arabia already have cut it's production, everyone else is following, because oil is really in danger, I don't think that Saudi, USA and Russia will let oil industry die right now, especially Saudi, they need oil money in the long-run. - USA is also not going to let oil companies dissapear in America, because otherwise Saudi Arabia will be a monopoly and they will sell oil on really high prices. This is why they need oil to go higher RIGHT NOW! - China bought oil, this means that they also believe that oil is going to be more expensive in the following months and years. - We are on the resistance of the channel and if we bounce right now to the downside, then we technically should hit negative numbers, which I don't think is going to happen in the near to mid future. These are all my reasons to believe, that oil will hit 30$ this summer. Trade safe and enjoy the volatility!
FX:USOILLong
by donaitelo
13
Brent crude: Updated map - impulse up is still in progressIt looks like there wave 4 is building within double three WXY (yellow). (I warned about it in the update below the idea ) Wave X is in progress. It can hit former top of 32.21 before reversing down to the valley of 28.66. It's rather a sideways range trading. The market accumulates power to continue further up in wave 5 into the blue box. P.S. One could wonder, hey @aibek, why do you update brent crude so often and change the map in the opposite direction? The thing is that the market is not static and more time elapses the more information we get. This eliminates certain probabilities, that we build and creates new options for structure development. And it is a constant process of changing with the chart as it always moves to the right ))) (old traders' joke).
TVC:UKOILLong
by aibek
6