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Oilshort!

🛢️Is the 12 year oil bear market coming to an end?🛢️It looks like the lockdown may have been what oil needed to take oil out of its 12-year bear market. Oil has been trending downwards for over a decade, with sharp sell-offs pointed by the yellow arrows. The graph shows a very brutal bear market for oil. The lockdown did not help, reducing the demand for oil so much the price went negative. But was this the catalyst oil needed to breakout into a new bull market? Since there was nowhere to store oil, producers started shutting down wells, shutting down well is very expensive, and re-starting them is also very expensive. Data shows that the amount of oil coming out the ground now is slowing as wells are turned off, and some will not come back online again. A wave of US shale oil producers filing for bankruptcy is rising as we speak, another supply shock. Demand may not even need to hit pre-covid levels to enter a new bull market if producers have over-cut and there is not enough supply to meet new demand. If inflation hits the streets, that is another bullish factor for oil. Right now there are too many unanswered questions and the chart for oil does not look good at all, but we may be starting a new bull market if the above holds true and impacts the supply of oil. The first level of resistance is $43, we are far away from that, it’s hard to work out support as prices have not been this low for over two decades, based on the last 3 monthly candles it’s around $17. The RSI is not showing a lot of momentum, and things do not look good for oil in the coming months. If you like this idea, please view my monthly ideas on Gold, Bitcoin, S&P500 and GDX. I provide a macro technical analysis combed with market fundamentals to see where price is heading next.
FX:USOIL
by BangkokCharts
USOIL Evaluation on potential up coming direction indicatorsA few if and buts in here, however: If we continue in a downward trend towards 31.4/31.45 region and then begin heading up again, Without breaking 32.0 Then if we continue with a positive trend between 7:00 and 7:30 We can expect the climb positive out of here. If however it breaks the 31.4/31.45 region, or turns negative during the 7:00 to 7:30 window then we can expect a negative turn from this wedge. If it falls into the 31.13-31.28 region we can also expect a downwards trend to follow.
TVC:USOIL
by BarrieWallace
Watching Oil To Be SlipperyCurrently todays market open has shown P action below the inner downward trend line and inner upward trend line. Currently watching P action to see if Bulls Vs Bears has the strength. Daily View: Published chart 4hour view above ^ Also see Gap for slight interest area if price is more bullish this week. 📈Support & Resistance📉* Support Levels 1st Support Zone: 28.82 2nd Support Zone: 24.89 3rd Support Zone: 20.72 Resistance Levels: 1st Resistance Zone: 33.93 2nd Resistance Zone: 37.62 3rd Resistance Zone: 42.11 Price Level Consideration ATH: 147.27 All Time High Half Way Point: 73.64 Prominent High: 65.53 Prominent Low: ZERO 🐃 Bulls Verse Bears 🐻 🐃 Bullish above: 77.04 🐻 Bearish below: BEARISH at the moment Monthly & Weekly Opens Monthly Open:18.86 Weekly Open: 33.56
TVC:USOIL
by LandenInternational
June Futures Expire - Oil Short Trump's tweet about oil being great is a signal that oil is, in fact, not great. Conflicting storage report numbers don't inspire any confidence (In me at least). With restrictions being lifted, how much time does it take to return to original usage levels? Unlike bond markets, it's possible the FED can be powerless to help oil if they lack storage logistics. Putin is low favorability. He has the balls and the means to cheat opec cuts and screw foreign oil industries. Saudi Arabia has lots to gain by inflicting pain on us shale and offshore industries the same way, but with more oil.' And then the T.A. It Seems like a perfect Elliot wave has executed, and times right up with the futures expirations for a pretty pullback. It would make sense to see a touch at 61.8 fib Retracement. Which gives a goal of $20.
FX:USOILShort
by samuraimax
SCOHi guys, I got stopped out today by the squeeze happening in WTI.. This is what I'm thinking will be the path going forward, I thinking with option expirations the DXY has gone ahead and did the exact opposite of what I thought was going to happen, and I remember thinking that the dxy break out looked rising wedge patternish when I was still watching the break out. But I will most likely re-enter my SCO position on Wednesday or Thursday if the price hits $25 and starts to recover as I think it will. I think the DXY will get a spring off the 98.8 area as well which will apply pressure to #oil prices.
AMEX:SCOLong
by Big_Mike716
Peaks on OilPrevious resistance points can be observed at $31, $33, and $35 from mid-April. We could see this rise in Oil price reach one of these peaks, before heading back down as Oil storage reaches a maximum and a second wave of Coronavirus cases occur. This drop is likely to happen over the coming week, so a good opportunity for a Short on Oil, potentially reaching $20 or even $10. We may have already hit a peak on Oil for the timebeing, on the other hand, we may hit a peak at one of the mentioned resistance heights in the near future. Displayed are potential pathways for Oil to head.
TVC:USOILShort
by MAdshead
scoWhat's up guys, just want to share my strategy with my followers. I am currently long ALGO (crypto) & XRP waiting only this weekend b4 I close off all open positions. I closed my SDOW not because I don't think it will continue to rise as I feel strongly that the DJIA is pretty fucked. But because I want to short WTI crude. I plan (if this works out) to close off algo & xrp in profits, then take my profits transfer those profits to fidelity and put a buy order in around $32 on the $SCO. Now if you seen my DXY chart u will see that the dollar index has little room to drop B4 it resumes the final parabolic dollar blow off top. I'm not sure if this will be 100% due to the fact that WTI crude storage is just about full and there's nowhere to store or if this will be a combination of COVID-19 issues plus the black swan I am suggesting that will strike oil markets. Either way dollar demand = risk off & no oil storage + relentless shale pumping = neg contango prices going forward. So my big bet will be to short Crude via SCO. I linked a bunch of my work for you guys to reference. Don't forget to follow me on twitter link in my bio. good luck everyone & I think the markets will be in big trouble sometime June 2020. (DXY chart linked below)
AMEX:SCOLong
by Big_Mike716
2
Oil Futures: $35 Target (Huge Coronavirus Investment Potential) Basic economics is the supply and demand curve. The United States is at war with other countries for catching up on oil supply, so the constant need for production even during pandemic times leads to a surplus. The demand curve for oil though is at one of its lowest, given we need to literally all stay home. This leads me to believe that the huge price crash was time related, and extremely indicative of a panic sale. Take what I am saying as an opinion and not face value (as always), but my advice is that there is huge potential for a positive correlation wave or bullish price increases after the demand curve stabilizes. This could be a week or two, or maybe even few month, but this is an extremely short futures trading strategy given you could conservatively potentially see a doubling in the futures price with medium risk. Again, just a hypothetical, but I would keep a close watch on oil futures and indexes. Please don't take what I say seriously or sound i.e. hypothetical risk disclosure, but this gives you something to think about.
ICEEUR:WBS1!Short
by gamer456148