2020-11-25 • Updated
Oil has surged to March highs amid optimistic vaccine news and the peaceful presidential transition. Actually, it doesn’t matter when widespread vaccinations will start. What matters is that investors see the light at the end of the tunnel, and they are ready to invest in the most damaged industries such as the oil market as it has a lot of room to grow further. In addition, Biden’s transition brought certainty to the market and triggered capital flows into riskier assets.
According to Bank of America, Brent oil will surge to $60 a barrel by the summer of 2021. Indeed, when the virus gets under control, people will start traveling and the demand for fossil fuels will increase significantly.
Moreover, there are hopes that OPEC+ will prolong the oil production cuts further into 2021. That should help oil prices to revive as well. In addition, China and India issued tenders for oil – the demand is rising. Sounds good, we’ll see what will happen next!
To trade WTI oil with FBS in the current period you need WTI-21F. This CFD will expire on December 18.
Actually, everyone was surprised that WTI oil has managed to break the $45.00 resistance so easily. Now the price is trading sideways just above it, but if it is able to stay in that area, the way to $46.00 and then to the high of March 2 at $47.50 will be clear. In the opposite scenario, the move below $45.00 will drive oil to yesterday’s low of $43.00 and then to the 50-period moving average of $42.00.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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