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Oil(wti)

$SPY : Fib 0.618 retrace at 293$SPY is range bound for the past 14 trading days. It remains above 20 EMA and hence constructive for the intermediate term. Next likely target is the 61.8 fib retrace at 293. $SPY closing below the 20 EMA may start the next leg down. CB's still firing bazookas with BoJ today declaring unlimited buying of government bonds and removed price momentum from its forward guidance. The European Central Bank and the Federal Reserve Bank will also publicize their monetary policy measures this week. Both these banks are fighting the devastation of economic activity in their economies and are expected to retain market supportive policies. However #oil remains under pressure with $WTI down more than 17% and Brent oil down about 4% as of now. Not sure if this weakness in #oil will spill over to the general markets. So far the markets have taken this decimation of oil industry in stride.
AMEX:SPYLong
by insyyte
1
CRUDE OIL (WTI) WAVE ANALYSIS AND STRONG RESISTANCE AHEAD! hey guys, I noticed this falling trendline on 4H and daily chart and it looks like currently, it provides the strongest resistance for the crude price. from the 20th of February each touch of the trendline led to a strong wave to the downside and this time we may see the same thing. next week pay attention to 19.0 - 21.0 area and look for a signal to short! oil market is still weak so it is still reasonable to be short biased so I will try to sell from the underlined structure. moreover, in case of a bullish breakout of this trendline, we can talk about a change in sentiment on oil market, and shift to a bullish bias! next week will be interesting I suppose, so let's see how it unfolds!
FX:USOILShort
by VasilyTrader
15
OIL PRICE BEHAVIOR EXPLAINED Yesterdays epic negative oil prices were due to the fact the CL1! Futures expiration was 21.04.2020, therefore all unsettled contracts had to undergo a physical delivery in the Oklahoma Terminal. The problem however is that the storage is 70% full already and any level above 80% is considered dangerous from the technical point of view. There is nothing unnatural in the current situation, although the depth of the fall is indeed unprecedented. The spot and the nearest futures prices are suppressed due to massive oversupply. If you take a look at the November 2020 prices, a healthy 32 USD per barrel is printed. What is of particular interest is that while WTI spot is negative, Brent and Urals oil benchmarks are trading at the reasonable levels, having lost just about 6%. The differential shows us that the oil market is fragmented and is not entirely global. There are hundreds of types and brands of crude oil of varying chemical composition and different quality, and the refineries are customized to deal with a particular type of oil. While the Saudis are offering 3 month payment free oil shipments to Europe, there is a technical and infrastructural constraints on the volumes of oil that Europe can take from the unusual source. The fed had confirmed that they will be buying junk grade corporate bonds, but they are targeting to help those who are solvent but illiquid. To quote the fed official: the fed wants the price discovery process to continue. Given the current oil price combined with the levels of indebtedness of the shell oil producers, we will see bankruptcies as their objective long term insolvency won’t let the fed take on the risk and save them. On a practical note: USO etf, which is a holder of near term oil futures, seems to be a decent option to go long on oil as there is only one way for oil to move now. Shell oil producers are too risky at these price levels. Yet, as the time goes and investors flee from the default risks, and the near default stocks start trading for pennies, one might start picking those stocks. Buy 20 of them. 15 go bankrupt. 5 left survive narrowly and get a x500 upside. One good trade. What do you think guys? Are you among those who burned themselves badly trying to catch the falling knife of the spot oil today? Or were you the lucky shorter who will be buying a Bentley tomorrow? Tell me in the comments.
NYMEX:CL1!Long
by CassidyWaterhouS
6
😱 USOIL, WTI — CRASH EXPLAINED! 🤫🤫🤫👋Hello people! This is the topic of the day. In short video I explained basics of this price action. 👇 Why it is happening! Can I buy Oil cheap now? Global recession?! Will other markets follow? 👇 Not really. But this is example of Futures trading. And new traders should understand one simple rule — Everything Can Happen! Thanks for your attention! Recommend to put like below this video! 👍💗🧡 Write in comments what you think :) ☁︎ Stay tuned to Artem Crypto !
NYMEX:CL1!
by ArShevelev
82
CL.F, MN - USD 9 per barrel of oil? - ContinuationA month ago we have described a potential head and shoulders pattern on the oil futures market. According to this pattern, the textbook target may be located near 9-10 USD per barrel. This could be a still possible target for the price (if there were no contango and contracts rollover). In this area also the 161,8 fibo expansion is located. It should be interesting to watch this area in the possible coming days or weeks. ________ 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. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
NYMEX:CL1!
by Daniel_Kostecki
Oil WTI, D1 - new lows after an irregular correctionThe price of WTI oil has reached the new low after a described earlier an irregular correction. As we mentioned in the previous analysis, the price of oil could be under pressure even after production cuts. Looking at the whole structure the price may head towards the 161,8 Fibo expansion near 10 USD per barrel. ________ 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. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
TVC:USOIL
by Daniel_Kostecki