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SAUDI TELECOM has potential to go up (More Confirmation Needed)TADAWUL:7010 has a considerable potential to go up but to consider buying this stock , confirmation is needed .I think a good confirmation would be to have price closing considerably above the green line (above the 93 area) in an upcoming day .After we get this confirmation , price is very likely to continue going up until around the 103 area .I am convinced that it would be wise to HOLD this stock right now as long as it doesn't close considerably below the 86 mark because I think it has a good potential (Long term) .
TADAWUL:7010
by StockAnalystPro
Still lower oil price ahead?We finally got a joint statement on Sunday afternoon. OPEC+ is willing to cut the global oil production in amount of 9.7 million barrels per day. That’s very much but it has to be more. The investment bank Goldman Sachs just recently said that they believe a cut as high as 15 million barrels per day will be necessary to push the oil price higher again and away from it's lows. For the moment it looks like the statement can stabilize price but I don’t think that this will be sustainable. Bad market environment caused by the corona virus and not enough cutting further on could lead to a lower oil price again. I even think it’s possible that we will test the last lows of the market and go deeper. What we can see at the moment are oil prices where it makes no sense for the manufacturers to produce it, cause the cost of it is higher than the price when they sell it. So very bad situation. On the other side they have to sell it to generate an income stream. I guess thats also the reason why so many countries struggle to cut production at the moment, its a classic dilemma.
NYMEX:CL1!Short
by macrolukas
BRN Following the current situation we have 2 basic scenarios about oil price: 1. Yellow: USA already started some jawboning about support for their oil industry and etc, and we should not forget that normally such cautious talks are about to "measure" the possible reaction. So we wait here some possible reaction, probably going up till 40 and then falling again to retest the bottom. 2. Green: in this case we don't consider to see any huge up movement, but the slower continuation of going down.
OANDA:BCOUSDShort
by EmilShakaryan
2
CRUDE OIL| Multi Year Support|Price BattleEvening Traders, Today’s technical analysis will focus on CRUDE OIL with its biggest gap down ever, breaking a key local resistance that is likely to be tested with an oversold bounce. Points to consider, - Local yearly support breached - Multi-year structural support in confluence with Fibonacci Extension - RSI in oversold territory - Stochastics in lower regions The coming weeks for Crude Oil will be crucial especially in the current economic turmoil. Local support has been breached promptly with a full body candle close setting one of the largest gap opens. Structural support is in confluence with the 1.414 Fibonacci extension, this level was respected by the bulls with a strong wick up. The Stochastics on the other hand is in the lower regions, can stay trading here for an extended period of time, however lots of stored momentum to the upside. Overall in my opinion, CRUDE OIL needs to rebound and close above local resistance. If an S/R flip is confirmed at local resistance, then the likelihood of lower levels increase greatly. What are your thoughts? Please leave a like and comment, And remember, “Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
O
by AzizKhanZamani
Oil Opens Down -25%! More downside?So did look at this chart on the weekly. We had an initial downside move after multiple higher lows and higher highs, and we were expecting a lower high swing to be made. This did not happen for many months. The 61.8 fib held, and just on Friday, we confirmed our first lower high swing because remember, to confirm a swing, we need a new lower low (in a downtrend). Now come Sunday open, the move continued more than I expected and we cut through the first fib zone. Next fib target would be around 21... we should not see that anytime soon, but with this market volatility, anything is possible. So I have spoken before on why OPEC production cuts do not work. Say oil is at 50, and a production cut is agreed on to take oil to 60. If the demand for oil has not changed, an OPEC member has the incentive to cheat on the deal, and produce as many barrels as they were before and sell them at 60 for more profit. Once other members find out about this, they all start producing the same as before and then price goes back to where it was and you are back to where you first began before the production cut. What angered the Saudi's was the fact that if demand remained the same, their market share was taken away. It was taken away by Iran who supplied mostly to China and other Asian nations...the fact they accepted any other currency other than the US Dollar was helpful too...and will also increase their market share when we see the US Dollar move higher. Now, we know there are recession fears. Many nations know that oil will be heading lower. Yes, shale did bring a lot of supply to the market. The US became energy independent, and brought on a lot of supply adding to the supply glut. And yes, bringing oil prices down will impact shale production...but more importantly, it will hurt the banks, who were forced to loan to these oil/shale companies the last time oil fell in order to prevent massive layoffs. They will pay for it now. These are zombie companies, needing more debt just to stay afloat (maybe lower rates will help them out). So, going back to the idea that nations know oil prices will fall due to the looming recession. If you are Russia, or Iran and know this, you want to pump as much as you can now, to make as much money as you can. Media is using the shale production story, which sure might be true. However, I think Saudi Arabia doing the Aramco IPO was a telling sign of this eventually occurring.
TVC:USOIL
by Uncharted-FX
Oil Drops to 4-year LowOil fell to a 4-year low as Saudi Arabia launched a price war on Saturday with the announcement of plans to increase oil output next month, looking to boost total output above 10 million barrels a day. This will be the largest reduction seen in oil price for foreign markets in 20 years. www.bloomberg.com This comes as China, the #1 importer of foreign oil, ended 2019 with a 9.5% yoy increase in demand and a 17th consecutive year of record oil imports which equaled 10.12 million barrels per day in 2019. Chinese oil demand in 2020 has since fallen off due to nationwide quarantines as the impact of the coronavirus continues to take its toll on China’s economy as well as overall global economic activity. www.reuters.com This monthly chart shows oil falling below a 4-year support level(blue dashed line) to a low of $41.28 on Friday, a decline that is expected to continue when global markets reopen tonight. The red lines indicate a potential downtrend channel in play, created by connecting the two upper price peaks and extending a parallel line below from the December 2018 low. The yellow area indicates the level that oil price-per-barrel is expected to reach which would put price back to late 2015-early 2016 levels in the $25-$33/barrel range which equates to a -25% drop from current price. This yellow area stems from a previous level of support/consolidation dating back to the early 2000’s and marked the bottom in oil prices during selloffs seen in 2008/2009 as well as during the 2015 decline. This is expected to hit US shale producers as oil-and-gas companies have more than $200 billion of debt maturing over the next four years, $40 billion of which is due in 2020. www.wsj.com According to the Dallas Fed Energy Survey, average breakeven prices in the U.S. range from $48-$54 per barrel which is well above the current price of $41.28. www.dallasfed.org
NYMEX:CL1!Short
by PrepForProfit
1
NATGAS Can the Saudi's Shale Plan stop the Bears?Natural gas prices slumping nearly 40% over the past year and is showing a retracement in the Asia session. Saudi Aramco has announced that it will be pumping $110 billion over the next couple of years to develop the Jafurah gas field, which is estimated to hold 200 trillion cubic feet of gas. The state-owned company hopes to start natural gas production from Jafurah in 2024 and reach 2.2 Bcf/d of sales gas by 2036 with an associated 425 million cubic feet per day of ethane. The field will produce some 550,000 barrels per day of gas liquids and condensates, around 50% more than current output of just over 1 million bpd. For perspective, Aramco produced 8.9 Bcf/d of natural gas and 1 Bcf/d of ethane in 2018. PIVOT INDICATOR STILL SIGNALLING MORE SHORT TO COME YET.
OANDA:NATGASUSDShort
by CeoCodes