CRUDE OIL FUNDAMENTAL AND TECHNICAL ANALYSIS
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THE 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 442.44/BBL
READ FULL ARTICLE ON DAILYFX
https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/04/12/Crude-Oil-Analysis-Suggest-Positive-Momentum-Remains-Despite-Uncertain-Backdrop-.html
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....
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 442.44/BBL
READ FULL ARTICLE ON DAILYFX
https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/04/12/Crude-Oil-Analysis-Suggest-Positive-Momentum-Remains-Despite-Uncertain-Backdrop-.html
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....
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DOUBLE BOTTOM FORMATION IN PLAY HOPEFULLY WE'LL FINALLY SEE SOME STRENGTH IN THE PRICE OF OIL PUSHING TO THE UPSIDE, ITS A WED SO ITS BEEN A FUNDAMENTAL DAY FOR THE OIL IT PUSHED DOWN TO FORM A DOUBLE BOTTOM LETS HOLD AND SEE IF IT WILL RISE FROM HERE...PENDING ORDERS MARKET EXECUTION RISK MANAGEMENT
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