Updated
CL - Daily / Structure @ 377s Price Objective
Crude Oil is attempting to complete the 377 SMA Trend Line touch.
On the Dialy STO/RSI we see it is nearing Deeply Oversold conditions.
However, this does not suggest it will not trade Lower.
It can and likely will with any luck.
______________________________________________________________
Lockdowns remain a concern.
- It is a day-to-day evolution.
Anti-viral Efficacy is also of concern.
- Pfizer will report trial results this week.
OPEC is of concern.
- Tomorrow they should announce their Intentions. They will clearly not
increase Production. a cut by 2-3 million barrels per would shock the
Oil Markets. They may well surprise as they are heavily invested with
Oil needing to Trade @ $70+ to recoup Investments in Petro-Chem.
They will protect their I Capital investments. This does not suggest Oil will
immediately head to new highs, but it could provide for a Large Retracement
to over $70 and perhaps $72+.
Selections
- MId Terms needed cheaper Fuel costs and China pursued reductions in
Trade with Iran for Oil, reducing their uptake.
________________________________________________________________
An interesting MIX above on the Fundas of Oil.
What is troubling is this, Oil - when it sells - does head straight down, it is
consolidating in this Range.
On the Dialy STO/RSI we see it is nearing Deeply Oversold conditions.
However, this does not suggest it will not trade Lower.
It can and likely will with any luck.
______________________________________________________________
Lockdowns remain a concern.
- It is a day-to-day evolution.
Anti-viral Efficacy is also of concern.
- Pfizer will report trial results this week.
OPEC is of concern.
- Tomorrow they should announce their Intentions. They will clearly not
increase Production. a cut by 2-3 million barrels per would shock the
Oil Markets. They may well surprise as they are heavily invested with
Oil needing to Trade @ $70+ to recoup Investments in Petro-Chem.
They will protect their I Capital investments. This does not suggest Oil will
immediately head to new highs, but it could provide for a Large Retracement
to over $70 and perhaps $72+.
Selections
- MId Terms needed cheaper Fuel costs and China pursued reductions in
Trade with Iran for Oil, reducing their uptake.
________________________________________________________________
An interesting MIX above on the Fundas of Oil.
What is troubling is this, Oil - when it sells - does head straight down, it is
consolidating in this Range.
Note
It is important to remember :THERE IS A DAILY GAP @ $28.72
Note
We have NO Position in CL.Note
OPEC Meetings conclude today.Note
GAP @ 27.40 - Corrected.Note
U.S. Secretary of State Antony Blinken Today - "The latest round of Iran nuclear talks ended because Iran right now does not seem to be serious about doing what is necessary to return to compliance with the Terms of the Deal."Iran sells their Oil to China at a Deep Discount to Global Markets.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.