breakdown and lower highs with geoplotics in progress Russia major player offering $35/barrel to select markets Inadia etc... should tigger a price war when Shale oil starts to take effect anytime..
Does anyone see the issue with this? Gap UP TWICE in less than a week.... in a very overbought state can only mean one thing.....right??
Thanks for viewing. - Exxon lost 57% in 77 days and has since bounced strongly - so are we in a new bull-market? I would give my answer as a resounding no. Why? - Mostly because crude oil is at 30 year lows which renders all upstream activities drastically unprofitable - how unprofitable? Some estimates of Exxon's break even price per barrel are over $70 a...
In addition to the technicals... Iran has been hit harder than most countries by COVID-19 and its economy is creaking under merciless U.S. sanctions. With nowhere else to turn, the Iranian President, Hassan Rouhani has been forced to cede ground to hardliners. And these hardliners are determined to force Trump into a long and costly war. Just last week, missiles...
Zoomed in on WLL we can see that downside risk is very limited and upside potential is epic. The 200 EMA 4 hour is at $4.34 200 EMA D1 is at $8.55 Price gaps from $28-$26 Price Gap from $26-$24 Price Gap from $14.67-$13.56 52 week high $31 Oil storage facilities will at full capacity by June if OPEC doesn't make supply cuts. Descending Triangle top line being...
So did look at this chart on the weekly. We had an initial downside move after multiple higher lows and higher highs, and we were expecting a lower high swing to be made. This did not happen for many months. The 61.8 fib held, and just on Friday, we confirmed our first lower high swing because remember, to confirm a swing, we need a new lower low (in a downtrend)....
#oil #cl1! – Oil saw a gap down tonight to the target area shown in my previous chart shared this morning, and for now is attempting to hold at the lower parallel channel line that I drew which was an anticipated support level based on recent price trend. Price opened at $32.87 which is a -20.37% decline from Friday’s closing price of $41.28. Still very early...
Oil fell to a 4-year low as Saudi Arabia launched a price war on Saturday with the announcement of plans to increase oil output next month, looking to boost total output above 10 million barrels a day. This will be the largest reduction seen in oil price for foreign markets in 20 years. www.bloomberg.com This comes as China, the #1 importer of foreign oil,...
Natural gas prices slumping nearly 40% over the past year and is showing a retracement in the Asia session. Saudi Aramco has announced that it will be pumping $110 billion over the next couple of years to develop the Jafurah gas field, which is estimated to hold 200 trillion cubic feet of gas. The state-owned company hopes to start natural gas production from...
Oil has been on a very prolonged downtrend after the market calculates affects on Chinese oil demand as parts of the country shut down. Last week the highways in and out of Beijing were shut down. It is very likely the coronavirus numbers are much worse than are reported by the Chinese government. Oil here is showing an exhaustion in the downtrend. We seem to not...
massive SHORTS piling up correlating to OIL STOCKS Exxon (XOM) | Toatal (TOT) | Vanguard Etf energy (VDE) Gulfport (GPOR) this one is nasty | California Resources (CRC) == Warren Buffet's PSX 66 $100 should benefit from refining processing all this supply overflowing across the universe === Philippines Oil Play Local Philippines anchored to ARAMCO (2222) $34...
winter coming up, Natural Gas spot has already broken out - NGS appears to be lagging, presents a good long opportunity low liquidity/ low market cap adds to the risk reward balance The guys on TIP The Investor's Podcast typically have good calls, look at the BBBY returns (from $9.00)
$CL1 completed a 3-drive formation which coincides with a SSR support and 61.8% retracement of the Dec'18 to Apr'19 up leg. Focus is shifting from demand issues to potential supply issues with Iranian crisis and potential for Russia to break with OPEC. Mother Russia will not break with the House of Saud as the relationship is beneficial to Russia in both...
$85.50 is the key neckline support for $HYG as it bounces off the top boundary of wedge pattern. The neckline can be seen with multiple previous SSR levels. The downward bias is reinforced by the current SSR level for which price action is firmly pinned under. With an earnings recession in progress and oil demand in question, it is inevitable to see some stress...
Since 2016, XOM has been trading off 78.6% lower highs with MACD cross-downs followed by an ABCD completion. No reason to think this time would be any different considering the company has a fair bit of debt, production volumes has not been all that great and recent investments in US shale may not be as rosy as previously thought. The target for this weekly CD...
What we are trading here is a temporary short term bounce in Oil as risk enters into the picture. The framework we have built around the current macro flow drivers remains the same: (i) Monetary policy divergence; and (ii) Equity/risk weakness via end of cycle uncertainties. My base case is still for a trade deal to be reached this Quarter but with...
It's time to start paying close attention to Oil as we approach 64.5. The market has reached its ABC target in the sequence since December. This is an important loading area to watch for signs of a possible top and reversal swing. Remember the breakdown towards the end of 2018 was impulsive in nature so any rally like the one we are currently witnessing should...