Next week will tell!

Apr 9, 2020

OPEC has an agreement with Russia, tomorrow april 10th they will be seeing America.
The MACD is not in favor of the bulltrend tho.

I'm carefully expecting a trend reversal to the bearish side, but buying if we go over the 18.3ish mark.

Apr 10, 2020

Note

I've been looking into he OPEC agreement and it is disappointing:
A reduction of 10mil barrels/day produced, where the average is 80mil barrels/day.
This means a drop of -12,5%, where the demand has plummeted way more:
-50% diesel, -70% gasoline & -90% jet fuel
=> not exact, just a guess based on local numbers where I'm from.

Conclusion: crude price will decrease(nothing outrageous) and so will oil stocks(magnified since stock traders were expecting a better deal), expect the downtrend.