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Usoilforecast

CRUDE OIL FUNDAMENTAL AND TECHNICAL ANALYSISTHE SENTIMENT FROM ANALYSTS ON CRUDE OIL STILL SUGGEST POSITIVE MOMENTUM TO THE UPSIDE DESPITE THE BEARS PUSHING OIL DOWN ANALYST NICK CAWLEY ON DAILY FX SAID....... While oil’s fundamentals are still up in the air - but likely to be settled very shortly – the technical backdrop is suggesting a continuation of the recent rally in the oil complex. Brent crude hit a multi-decade low of $24.75/bbl. at the beginning of April after having hit a peak of $71.06/bbl. on January 8 this year. Fears that the coronavirus would hammer global growth – currently being borne out – and infighting between OPEC and OPEC+ members left oil with little support. The daily chart now is beginning to tell a slightly different story. Oil remains volatile and any good news can cause a sharp spike higher. On April 2 oil traded in a 40%+ day range, as good news filtered through and although these gains were paired, oil pushed back above the April 2 high today, suggesting further upside. On the way, oil has made 8 higher lows in a row, another positive set-up, and in doing so has now moved back above the 20-dma for the first time since late-February. These higher lows have helped to form a short-term bullish pennant. As long as the supportive trend remains in place, oil looks to move higher. Brent crude now needs to close above both the 23.6% Fibonacci retracement level at $35.68/bbl. and the April 2 high at $36.40/bbl. before it can push higher. The daily chart also shows a ‘gap’ between $40.01/bbl. and $45.23/bbl. that needs to be filled. Gaps, an area where no trading took place, are normally filled, more so during times of extreme volatility. In the middle of this gap is 38.2% Fibonacci retracement at $42.44/bbl READ FULL ARTICLE ON DAILYFX www.dailyfx.com I STILL SEE OIL RISING IN THE COMING WEEKS PROBABLY WILL HIT THE PREVIOSE SUPOORT LEVEL THEN WE'LL SEE A RISE IN OIL BUT SENTIMENT ARE STILL THE SAME ON OIL FUNDAMENTALLY AND TECHNICALLY LOOKING FOR LONG OPPORTUNITIES ON USOIL....
TVC:USOILLong
by PULEMokhothu
usoil entering the$20 region where a strong ressistance is readywith a Major rejection at the 786 level of the fib, we saw a nice bearish movement to the first -27 level. we have some room of 100 pips to hit the $20.00 region which aligns with the -618 level. from that level, we can expect some sideways movement and a bullish push. especially now when Trump made a deal with the OPEC for a production cut, and China who is slowly getting the factories ready for production. we can expect a higher demand for usoil which can push the price to the 30-35 $ region.
TVC:USOILLong
by Financexclusive
USOIL ROADMAP This month's candle closing will be interesting,.. will this be the right time to go long? ;) **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade like i do, please write it in comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
TVC:USOIL
by GWBFX
7
The Oil War is "Over".. the party is over.There are so many fundamentals I exhausted on yesterday's research and analysis of the underlying factors so please have a read through those. My fundamental long bias now results from simple supply side economics. In conjunction with this, many to nearly all over-leveraged mid and large cap oil companies and their contracts (strategic partnerships/contractors) have fallen and will be consolidated. This will lower multiples, and force a much clearer focus to bottom line effenciens and choke points to very low acceptance thresholds. As oil tanks become filled to capacity, Oil cuts will reduce and inflation will raise once COVID ends and the world enjoys 10$ round trip flights and 0.96$/ gallon gas for their summer vacation with their Trump check. Things will get better economically, and Oil is undervalued it's sick. The Alliance between Opec and Russia may cease headlines for now, allowing algo's to let go and fundamentals take over in a natural market again. OPEC will cut 9.7 million bbl's per ay, just below the proposed $10 million. This is a lot of oil and is capable of suppressed asks to sustain bullish rallies. Futures now showing 30$ a bbl.. thus, I'm now long oil. Big time. Stopposses will be updated when I enter long. All oil long entries closed.. 10:37:07 (UTC) Mon Apr 13, 2020
TVC:USOILLong
by TayFx
26
Swing trade opportunity for USOIL (2 MONTH HORIZON)The current news headlines talk about the oil price war between OPEC+ and Russia. Long story short, Russia wants to punish shale oil producers from the US by increasing output. US producers have a breakeven price of 40 USD/BARREL. Saudi Arabia did not agree with Russia during during the OPEC meeting. So they announced an output increase themselves offering significant discounts to buyers. Leveraged US Shale producers themselves wil be forced to sell in the current prices by their creditors , in order to salvage any value available. High supply in combination with the coronavirus pandemic and the looming recession in the global economy lowers demand as well. In my opinion the fundamentals favor a short position as we will not see 40 USD/BARREL anytime soon. Viewing the technical aspect of the trade we see that the 40 USD/BBL resistance has broken. We have a divergence in the MACD and a clear negative trend with consecutive red bars and increasing volumes in the Weekly chart. The following 8-10 months in my opinion we will see a breach of the 25.90 USD/BBL resistance so TP of 21.15 is advised. Having a 1:2 ratio of Risk/Reward (Loss%/Gain%) the SL should be placed to 35.25 USD/BBL.
TVC:USOILShort
by nikvo1990