OPEC+ could push up oil price as China is most important According to the International Energy Agency (IEA), OPEC+ may push up oil prices, but China remains the most essential factor in the market.
As we all know, China is the world's largest oil importer, and any changes in their demand can significantly impact global prices. With their economy recovering and demand increasing, now is the perfect time to invest in oil.
The IEA also predicts that global oil demand will continue to rise in the coming years, further supporting the case for investing in this market. As traders, we can take advantage of this trend and potentially see significant investment returns.
Therefore, I encourage you to consider investing in oil and taking advantage of this exciting opportunity.
Oilong
CLN0: Potential Pullback Buy SetupThe above charts shows an optimal limit buy area for a swing trade. Looking for a weakness to trigger a long entry while limiting the risk as much as possible is the aim. The 128.70% extension is a good area for setting a safe sell stop; the closer it is to that area, the better the reward for risk taken.
Daily CLQ0: A Potential Positional LongThe fear is out and folks are running for an exit; the reduction of short risk exposure in progress. Best time to look for long entries. However, watch for the transitioning of lower timeframes into bullish or sideways formations for potential long-term buy entries with reduced risk. A 1R return of $2K per contract is the minimum expected return here with a potential for 5R before this contract expiry.
SHORT USDOIL approaching resistance, potential drop!Feb 21
USOIL is approaching our first resistance at 59.85(horizontal pullback resistance, 61.8% Fibonacci extension , 50%Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 55.81(23.6% Fibonacci retracement , Horizontal pullback support)
Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.