Crude Oil is under value in Russia RubleIs Russia Currency the Crude Oil Currency?
Russia Ruble VS Brent Crude Oil Price:
1. The Russia Currency is tightly connect to Brent Crude Oil Price.
2. Most of the time Brent Crude Oil price above the value of Russia Ruble.
3. It looks like currently the Crude Oil price is somewhat under value in Russia Ruble.
Ukoil_usoil
Good Entry Point for Spread TradingSpreading Trading -- Buyer Brent and Sell WTI Crude Oil:
Reason:
1. Most of the time Brent Crude Oil price higher than WTI Crude Oil Price.
2. Only around 1 months period that this spread is lower than 1.26 from Jan 2015 to now.
3. Normally, Recent Spread was kept around USD3 to USD3.5 per barrel
Longterm picture of OIL, Fibonacci accuracyI can clearly see where this is going.
My target for a definite low for Brent will nevertheless be at the area marked in Yellow with a thick Green line
The psychic border of entering below 20$ as well as the geopolitical crash that would occur makes me think there is no way we can enter below 20$ Brent
UKOIL Bearish Flag and Pessimistic OPEC Expectations (June 5th)UPDATE: Closed at 61.50
EDIT -- ZOOM OUT TO SEE FLAG, take no notice of the Harmonic Pattern
This is a clear bearish flag, no doubt about it. Been rebounding in the channel since the start of Jan2015.
A break of the lower part of the channel could signal a further fall continuation to previous Supports/Resistances of
54.58, 52.17 and more severely, the Jan low of 45.56. We've also got Feb 2009 Supports of 39.
Psycological levels of course 60, 55 (based off of confluence see rectangle Feb 2015), 50, 40 and so on.
Stops @ 66.10
Reason for this is that I'm not aiming for "a trade" where my Risk/Reward would usually be 1:1
More of a long term target with a short-term stop
On the Fundamental Side this is relating to USOil Price Action, but the underlying idea is the same
Seeing that after the November 27th meeting, when OPEC decided not to cut production, Oil ended up plummeting ~$30.
A couple of weeks ago, the OPEC Head, or the Iranian/Saudi Oil Minister, i can’t remember which one, said that it is highly unlikely that we’ll ever see oil at $100 again.
With that in mind, seeing that Oil is now flirting around the $60 handle, any decision to cut production on June 5th, could send Oil a great deal higher, maybe ~$20-$30.
Therefore, that being the case, it seems extremely plausible that OPEC do end up sticking to the status quo. In which case, hello $40 again.
Fully welcome any ideas to prove me wrong/different viewpoints.