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Update USOIL: $61.50 first, then $52Commodities are typically the last asset to peak during a cycle. We typically interest rates peak first, a couple of months later that followed by equities and a couple of months after equities we see commodities peak. Commodities such as crude oil, are part of the contraction phase in the cycle, the higher the price rises it begins to acts as a tax on consumers and that begins the early recession phase. For that reason, I have marked this rally in crude as a wave A of a bigger corrective pattern.
OANDA:WTICOUSD
by UnknownUnicorn266486
Short Oil @ 59.60 - 60.00 area Fib 0.50 line. Oil has had a nice bounce from the Jan 2019 lows, and I believe it's time for a little pullback. This 59.60 - 60.00 area is an important pivot point, exactly sitting at the Fib 0.50 line, which will prove very hard to be broken. We consolidated in this region back in 2015 and fell hard. Remember that we are in a secular bear market, and this up movement from the Jan lows could be seen as a bear flag. First price target is 55.5, and then a second, a little aggressive price target would be 50.5. Given that the general equity market fundamentals point to a pull-back, shorting oil will be high probabilty trade. Enjoy the profits!!!
FX:USOILShort
by UnknownUnicorn4347975
Update: View of Crude Oil remains, buying opportunity at $48.60Demand remains consistent at 1.5% YoY, the decline was caused entirely by supply-side shocks and record production. From the lows, late last year OPEC has talked up production cuts which would ultimately be the catalyst to rally higher. This is a bullish market, shorting counter-trend is risky so make sure you are managing the risk of the position BEFORE you place your trade. I won't be shorting Oil, but I will be a buyer at $48.60 provided all the planets continue to align.
OANDA:WTICOUSD
by UnknownUnicorn266486
WEEKEND REVIEW: WTI near-term down before trend resumes higherMarkets are a DISCOUNTING MECHANISM they will discount today what they expect at some point in the future and if that expectation does not materialize the price will correct lower. Over the past few months, OPEC has been quite open about production cuts which would be the perfect recipe to push markets higher. Huge overproduction while demand remained consistent at 1.5% caused the price to crash, OPEN is now addressing this issue.
OANDA:WTICOUSDShort
by UnknownUnicorn266486