2021-07-20 • Updated
4H Chart
Daily Chart
Crude Oil began this week sharply lower after last week’s dramatic move due to OPEC+ drama which ended right before the opening bell of this week. In our last week’s video, we issued a signal to short Brent Crude between 75.50 and 76.60. Moreover, in yesterday’s note, we mentioned that it's wise to close some of the positions and move the Stop Loss to our entry. As of today, Crude fell by more than $5 from our selling zone. In the meantime, it would be wise to close all our positions and wait for another opportunity. In the coming days, any upside retracement is likely to remain limited below $71, which might be a new opportunity to short, but we will send out the signal when we execute the trades.
|
S3 |
S2 |
S1 |
Pivot |
R1 |
R2 |
R3 |
|
68.20 |
68.40 |
68.54 |
68.74 |
68.88 |
69.08 |
69.22 |
Saudi Arabia and Russia, two of the world's largest oil producers, have decided to extend cuts to their oil production to support oil prices and boost income. This move comes despite weakened demand due to the sluggish economy.
Oil prices fell to a three-month low following the release of US inflation data which was in line with expectations. The annual inflation rate of 6%...
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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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