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Crude Oil- BULLISH CONTINUATION!Attached: Crude Oil Daily Live Market Chart On Sunday 2nd April 2023, Saudi Arabia and other OPEC+ oil producers announced further oil output cuts of around 1.16 million barrels per day. Top OPEC producer Saudi Arabia said it would cut output by 500,000 bpd. And due to this Surprise Output Cut, the Next Day itself Oil Prices Gapped Up and Closed Up 6.16% (+ 4.66 dollars) Following that Prices have consolidated for 4 days giving Inside Bars, holding the Gap Zone Today, Price is finally some some Buying Action It appears that the Gap Up is a Breakaway Gap and now Oil Prices are ready to Break Out of the 4 day Consolidation Looking at Moving Averages: 20 EMA has crossed above 50 EMA giving a Buy Signal Price is consolidating right below 200 EMA and once its Breaks above it, Price is to Accelerate on the Upside LEVELS: Current Market Price= $ 81.40 Upside Target: $ 92 to $ 100 Stop Loss: below $ 79 ....................................
OLong
by T_Harth
USOIL Trading Plan - 17/Nov/2022Hello Traders, Hope you all are doing good!! I expect USOIL to go UP after finishing this correction. Look for your BUY setups. Please follow me and like if you agree or this idea helps you out in your trading plan. Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management. Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea
TVC:USOILLong
by For3xScalper
CRUCIAL NFP DATA AHEAD!!!Market are betting on fed rates in today mainly. If NFP comes stronger than expected, markets might plunge giving fed signal to raise interest as economy is healthy. However of it comes weak, markets will speculate fed might slow down rates. US Dollar Index could rebound towards the 114.80 high. During last OPEC meet on Wednesday OPEC decided in its first one-on-one meeting since 2020 to cut production by up to 2 million barrels per day from November. Oil prices have fallen to around $90 a barrel from $120 in early June, amid growing fears of the prospect of a global economic recession. However, still not knowing how long will it last and with what intensity, predictions are useless for now. On the other side US opposes such a move, as OPEC keeps oil prices high, resulting in inflationary pressures on consumers and production costs. More specifically, President Biden is disappointed by OPEC's short-sighted decision to reduce production quotas while the global economy deals with the continuing negative effects of Putin's invasion of Ukraine. At a time when maintaining global energy, supplies are of the most importance, this decision will have the most negative impact on low- and middle-income countries that are already struggling with high energy prices. At Biden's direction, the Energy Department will release another 10 million barrels from the Strategic Petroleum Reserve into the market next month. As per opinion looking at the history US do not have a tendency to remain quiet after this big opposing move however based on current situation they not declare straight economic wars against each other however the COLD WAR has already been started and rumours are coming that all the upcoming moves from US are taken under the same considerations, now the Big question arises here is today's NFP will really be based on country's conditions or the it will be based on the Running conflict between other countries, Let's wait for few more hours and we have our answers, For more details and further discussion on this matter even on any other market knowledge feel free to DM us...
TVC:DXY
by FiscalAutonomy
Visualising victory for Ukraine and oil pricesBack in February, when Russia launched its invasion of Ukraine, a victory for Kyiv would have been almost impossible to imagine. It's the classic David and Goliath. Recent developments on the battlefront, however, are starting to paint a different picture, showing the possibility of Ukraine ending the conflict with a win. On paper, the war is just between Ukraine and Russia. Its implications, on the other hand, knew no bounds and it demanded to be felt across the globe bringing about economic uncertainties and causing supply chain disruptions. While it did not start the energy crisis, the invasion surely made the situation worse. Nearly seven months into the war, people are hoping it will be over soon. Along with these hopes is the dream that the underdog (and innocent party) will claim the victory. Win for Ukraine Earlier in September, Ukrainian forces managed to recapture swaths of lands in the country's northeast that a few months earlier have been taken over by Russia. Considering this and the possibility that China's tacit support for Russia could be waning, it seems like momentum is on the side of Ukraine. If that indeed happens, it could mean good things not just for Ukraine but probably for the rest of Europe. Orysia Lutsevych, in an opinion piece for The Guardian, wrote that a victory for Ukraine is vital for Europe to be able to live in peace and work collectively to meet global challenges. Considering the support that a majority of the remainder of Europe and countries in other parts of the world have thrown behind Ukraine, defeat would further entice Russia to flout international law and the sovereignty of other nations. "The restoration of Ukrainian territorial integrity and, ultimately, peace will mean the collapse of Putinism as a doctrine and an end to Russian claims to territorial dominance elsewhere in eastern Europe and Central Asia," Lutsevych added. On the other hand, a victory for Russia would validate the country's aggressiveness and fuel its desire to further expand its territory. Russia uses newly conquered territories to stage further conflicts and a Ukraine victory would prevent that from happening. Aside from preventing future wars, a victory for Ukraine is also expected to reduce the risk of a mass famine and even restore the stability of economies that have been affected by the sanctions imposed on Russia for instigating the conflict. What happens to oil when Ukraine wins the war? When the war started, the price of oil surged past the $130 per barrel mark for the first time since 2008. The Brent benchmark neared the record high of $147 in March exacerbated by the conflict. Almost seven months into the war, the prices of oil somehow stabilized and is now at ~$90 per barrel for Brent crude as concerns about weaker economic growth and demand drag prices down. European countries have also been forced to impose price caps on electricity and oil and come up with new taxes for energy companies in order to support their people amid the ongoing energy crisis in the region. Many countries have also started finding alternative energy sources to compensate for the supply cut off from Russia. Russia has been using the energy crisis as another ploy in its grand battle scheme. Earlier in September, Vladimir Putin said: "We will not supply anything at all if it is contrary to our interests. No gas, no oil , no coal, no fuel oil , nothing." The potential impacts to the energy market of a Ukraine victory would depend on how Russia will take its defeat. Will it be a gracious loser and choose to capitalize on rebuilding bridges with countries that have been beneficiaries of its supply or a petty loser that will continue to lock in supply for it to use and to sell to select buyers who are probably allies and supporters?
BLACKBULL:BRENT
by BlackBull_Markets
What 1-hour chart says? Fundamental Development: Oil prices bounced higher from multi-month lows on Monday as investors' appetite improved following data on U.S. jobs and Chinese exports data that eased recession concerns. Brent crude futures had risen 81 cents, or 0.9%, to $95.73 a barrel. U.S. West Texas Intermediate crude was at $89.76 a barrel, up 75 cents, or 0.8%. Both contracts settled higher on Friday after jobs growth in the United States, the world's top oil consumer, unexpectedly accelerated in July. On Sunday, China also surprised markets with faster-than-expected growth in exports. Front-month Brent prices last week hit the lowest levels since February, tumbling 13.7% and posting their largest weekly drop since April 2020, while WTI lost 9.7%, as concerns about a recession hitting oil demand weighed on prices. Short Term Technical View: In 1-hour chart, XTIUSD is trading upper line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 89.50 as per today 1-hour chart, my view is buy in dip strategy is good for XTIUSD. Buy range of XTIUSD is 88.25 to 88 and there is very strong support zone at 86.25. Alternative Scenario: If XTIUSD will trade below 86.25 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 84.25 with the stop loss of 88.25.
FXOPEN:XTIUSD
by RATONYCNC