The market are going crazyI apologize to all my clients and followers who did not hear from me in while due to the lack of clarity of all the markets during the US presidential elections and after. The CL is no exception of that as well since it behaved in way that was unclear for me to take any decision that may lead to a big loss or even a disaster. I preferred to stay away and keep watching till i see what i am looking for.
Today, the market opened high giving us a buy signal but the probability to go higher remains at 60% as it is still unclear especially that the overall trend of the CL is low.
We will have to watch and if there is any strong signal, i will post it right away.
Good luck champs
Wticrudeoilsignals
US Oil :Correction likely to complete around 32.50 - 31.25 April 2020 low to the short term high around the 40 handle , Us oil likely to complete its correction around the 50 day exponential moving average around 32.50 or slightly below it . As of now , its testing the 100 day exponential moving average around 35.50 and price likely to consolidate until Thursday as the investors waiting for output from the JMMC/OPEC meetings . World stock indices and crude oil gave up the invincible gain since the crash as investors saw the domination of risk aversion/Powell comments on the last FED meeting.
Major levels to consider are :
35.50 - EMA 100 , breaking this level will let the price to drop further towards the 50 day EMA around 32.50 on the other side if this 35.50 short term supports holds then we can expect another leg up towards the 200 day EMA around 42.50
Expect Oil To Fall Sharply For June ContractsHi traders.
It is very unlikely that oil supply and demand will change in the short term. There appears to be no apparent supply cuts in order to support the oil price. Buying volume also appears weak in the short run. Only rising tensions with Iran could possibly cause USOIL to push higher. As a result, as the global lock down will not halt suddenly resulting in back to normal economic activity, I would expect to see sharp oil selling as the contract comes to a close.
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Note: DO NOT FOLLOW THIS TRADE BLINDLY!