#WTICrude #Oil - Megaphone pattern on its 5th wave.

WTI Crude #Oil > $58.50

WTI Crude #oil > $62

European oil refineries are pulling out their employees of Basra, Iraq. #oil could reach $75 per barrel (edit: changed 80 to 75 which is a more realistic goal for trades due to technicals. And changed gallon to barrel which was a typo 😅)

my chart and small orders on WTI Crude #oil

as you can see, price jumped up and reached my desired area and after collecting the profit, now that I'm following the news of IRGC Iraqi branch (Hashad Alshabi) fighting US in Iraq, I'm sure over the weekend we will get more news on the conflict and next week we might see a big gap upwards.

I have entered two small 0.1 orders and have placed pending order to let the fluctuations till midnight activate as many of them as possible and then hold them for the target of 74 (or 65 if news isn't that heavy!)

obviously I expect the price to even reach 58 price range (bottom of my channel) but if somehow price reaches there, I'm going to add to my positions and hold for a retouch of 61.61 price and average out.


be careful and trade it on your own risk if you want to trade it.

have a nice weekend.

The tentions are rising between US and Iran. A big possibility for a positive gap up on #Oil and #Gold.

For now I suggest you avoid shorting gold. It could break the historic high during the attacks in upcoming days.

Roumors of Israeli fighter jets bombing Hashad al-shabi bases (militia affiliated with Iran) are going around Twitter.

#oil

Abdulaziz bin Salman's (Saudi Energy Minister) reaction to #oil prices plummeting 7 percent last week:
"We carefully monitor the events related to the spread of the corona virus.
We have full confidence that the Chinese government and the international community can overcome the spread of the virus and control its consequences.
We in the Saudi government and in the members of OPEC+ have the power and potential to respond immediately to current developments to stabilize the oil market and prices!"


seems like the saudis want to prevent the fall from going below 48-50. they need oil at $80+ per barrel to balance their budgets, so its likely for them to cut exports to balance the prices and keep them from falling further down from coronavirus panic.

#WTICrude #Oil - Weekly

Due to lowered demand because of Coronavirus and increased supply by Saudi Arabia in the price-war with Russia, oil is likely going to range between $19 and $35 for at least another 3 months.
I see $13 as the floor for the price of WTI.

#oil - 4H

despite all the news of talks between US, Russia and Saudis to control the oil market.. and despite trump tweeting in full force in support of American companies in energy sector, we only had a small jump in price of crude.

After Saudis now Kuwait, UAE and Iraq are joining in on the oil war. Kuwait has announced they will start exporting 3.5M barrels starting in April which is a historic move for them.

I think for crude, we won't see anything more than ranging between $20 and $40 price for the rest of 2020 (and that's being optimistic!)

#WTI #Oil
After much negotiations, Opec+ members finally agreed to 9.7M barrels reduction in their productions and heads of G20 also agreed to 3.2M barrels per day reduction.. together that is 12.9M barrels reduction which is a significant number and can support prices and bring them to a place where major players in the oil market can still stay in business (+30$ per barrel).
of course we have to wait and see how much this can lift prices in the face of low demand caused by coronavirus.