USOIL - MARKET BREAKDOWN ! SELL in MAY (and go away)!
NOTES:
- Last Friday we've seen some kind of panic selling, because USOIL (after six strong weeks) is overbought!
- But the overall DOWN trend is still not broken!
- If we close Monday below $63.30 then "game over" for oil!
- Dollar becomes increasingly stronger!
- OPEC+ decides to increase output by 600,000 barrels per day in May!
- Iran continues to raise oil output in April, up 200,000 bpd from March, the biggest rise among the OPEC members!
- Libyan Oil Production Surprise Puts Pressure On Prices!
- Small increases also in Algeria, Nigeria and Angola!
- India’s COVID-19 crisis has pummeled demand for transport fuels to the lowest in several months!
- EU has just decided that in 13 countries, the lockdown restrictions will be intact (minimum) the whole May, maybe June or longer!
- Travel not looking good, see CDC: cdc.gov/coronavirus/2019-ncov/travelers/map-and-travel-notices.html
RECOMMENDATION of some very good analyses:
- video-ideas.tradingview.com/1/18340320-qxxzTVB62ydAt5O1.mp4
- youtube.com/watch?v=5VIVMR7q3f8&t=4s
- Last Friday we've seen some kind of panic selling, because USOIL (after six strong weeks) is overbought!
- But the overall DOWN trend is still not broken!
- If we close Monday below $63.30 then "game over" for oil!
- Dollar becomes increasingly stronger!
- OPEC+ decides to increase output by 600,000 barrels per day in May!
- Iran continues to raise oil output in April, up 200,000 bpd from March, the biggest rise among the OPEC members!
- Libyan Oil Production Surprise Puts Pressure On Prices!
- Small increases also in Algeria, Nigeria and Angola!
- India’s COVID-19 crisis has pummeled demand for transport fuels to the lowest in several months!
- EU has just decided that in 13 countries, the lockdown restrictions will be intact (minimum) the whole May, maybe June or longer!
- Travel not looking good, see CDC: cdc.gov/coronavirus/2019-ncov/travelers/map-and-travel-notices.html
RECOMMENDATION of some very good analyses:
- video-ideas.tradingview.com/1/18340320-qxxzTVB62ydAt5O1.mp4
- youtube.com/watch?v=5VIVMR7q3f8&t=4s
Nota
Just bounced back heavily from 5 minute chart down trend channel like expected! Very interesting battle!Nota
Below Fibonacci level!Nota
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.