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Wticrudeoil

CL1! - Oil plunges below zero for the first time in historyOK, just one more chart about oil because it is a historical event (and could(!) affect crypto market as well somehow). Looks like it settled at ~$35, experienced 325% drop for today. Why did it happen? I think due to coronavirus and lockdowns oil isn't being used much. But it needs to be stored somewhere and it costs money. And there's a lot of oil in storages and most of facilities are full. So nobody who can store it will buy it from you. If you want to get rid of oil, you have to pay someone, that's why price turns negative. Don't pretend to be an expert just my take on this situation. Hit the "LIKE" button and follow to support, thank you. Information is just for educational purposes, never financial advice. Always do your own research.
NYMEX:CL1!
by Bitduke
1
Crude oil into very low price.!The dump of the crude is faster than I excpected and the price is below the 12$. The cost of the oil production per barrel for Irak, Iran and Saudi Arabia is 10$ and below wich is the cheapest in the world (Saudi 8.90$). With all the economy troubles what do you think that this dump affect in the world?. The truth is that we dont see these price since the 90s and it had takes a good 10 years of consolidation before the price break higher in the 2000s. Anyway the three drives to the downside movemment is complete and we can have a good consolidation in these areas or a manipulative spike, the only thing that i know is that this and lower prices is a good entry for a very very long term. Whats your opinion? Let me know in the comments
TVC:USOILShort
by David_Tariy
1
WTI oil long opportunityCrude oil futures fell, with U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic. Price crashed over lower support of trending channel and its now placed on long term support which goes back to 1987, 1990, 1996 and 2000 levels. I think this is great long-term play from here - just wait the price stabilize for better entry.
FX_IDC:USDWTILong
by Tilen_tradershub
4
OIL Break 20$ Support and NEXT 17.89$ FOR LONG.Many Reasons behind Oil continues dropping After OPEC cut Production. 1- Oil should stay above 20$ after Deal Cut, but look like price war still going on. 2-Demand is very low at the moment all over the country because of lockdown and Economy under the shutdown. Coming weeks expecting Oil will do big correction upside end of April to mid-May, but before correction Oil could hit support level 2001 Year 16.90 to 17.26$ Good to long entry 18$ as major support level 🛑SUPPORT/RESISTANCE ✅S1= 17.25 ✅S2=16.10 ✴️R1=20.50 ✴️R2=24.10 Please like, share, comments and follow me to get daily base analysis Thank you for your support, I appreciate it.
FX:USOILLong
by Allmypips
2
WTI Oil: Buy opportunity short term. Scenarios moving forward.Oil is trading sideways on the 1H chart (RSI = 47.613, MACD = -0.080, ADX = 28.589) as it is consolidating on the 19.20 Support. The MACD on the 4H chart just made a bullish cross and if the sequence of March 31 is repeated then we can have a rebound towards the 29.20 Resistance. That would however break the 4H MA200 (orange trend line) which hasn't been testes since January 10th and if broken would be a sign of stabilization and recovery for the market. So until then it is best to target the Lower High trend line of the Descending Triangle. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
FX:USOILLong
by InvestingScope
6
WTI TA & FA, targets explained.. - Epic RR 19:57:19 (UTC) Considering adding at these levels to an existing long position. I don't think that the teens will be met. I think $20/bbl will hold. If it doesn't, then it is manipulation of price virtually, as here in Texas the Permian basin is solid and in fine shape compared to Canadian heavy barley getting 4$ bids. I see this is more of a fundamental investment rather than a swing trade at this point. Proper risk management is always applied, with a per risk trade of 2% max; negating a failed account in the long-run of a thousand trades. Bullish arguments: include cuts from open assuring a $20 spot market. Cuts from OPEC+ and other producers mean that a unilateral bottom has been agreed on. Suppliers control this market with the flip of a switch (lertaly). My target for May of this year is $41/bbl. The drop in demand has been forced. Fundamentally, anyone who's traded in a market with forced demand/supply knows how to handle this. Bearish argument: Slow down in demand.. obvious. The suppression is forced, and those that weren't leveraged and had good cash flow going into the year with adequate solvency are fine. It's the ones that were desperate for gain that want to see Oil to 0$. Of course, it already has been trading negative in parts of the world that don't have the infrastructure to maintain profit with these prices. According to my source 4$/bbl in Canada is enough to break-even. While firing and downsizing. The infrastructure for heavy crude in Canada is expensive and can't just be towed off of the lot like it can here in Texas. Bears shouldn't be worried about WTI, they should be looking at Brent and heavy Canadian. 19:59:32 (UTC) Tue Apr 14, 2020
TVC:USOILLong
by TayFx
49