Menu
Brokers
MT4 Forex Brokers
MT5 Forex brokers
PayPal Brokers
Skrill Brokers
Oil Trading Brokers
Gold Trading Brokers
Web Browser Platform
Brokers with CFD Trading
ECN Brokers
Bitcoin FX Brokers
PAMM Forex Brokers
With Cent Accounts
With High Leverage
Cryptocurrency Brokers
Forums
All threads
New threads
New posts
Trending
Search forums
What's new
New threads
New posts
Latest activity
Log in
Register
Search
Search titles only
By:
Search titles only
By:
Menu
Install the app
Install
Reply to thread
Forums
Forex Discussions
Fundamental Analysis
Technical Analysis OIL : 2019-04-29
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Message
[QUOTE="IFC Markets, post: 163661, member: 18359"] [B]US President Appeals to OPEC[/B] Oil quotations fell by about 3-4% after US President Donald Trump called on OPEC to increase production. Will the correction of WTI quotations continue ? From its last low on December, it was up 56%. The local maximum was set on Tuesday, April 23rd. The main reason for such rapid growth was the decision of OPEC and independent producers to limit production from the beginning of 2019 by 1.2 million barrels per day (BVD), as well as US economic sanctions against Iran and Venezuela. In addition to Trump’s statement, the outlined correction in world oil prices was aided by rumors that the United States could soften its sanctions against Iran in order to increase supply in the oil market. The main factor of correction may be signals of a slowdown in the global economy. Therefore, oil quotations can respond to macroeconomic data and forecasts in the largest consumer countries. [IMG]https://ifccd.net/uploads/image/26-04-2019.png[/IMG] On the daily timeframe, [B]OIL: D1[/B] broke through the support line of uptrend. Most of technical analysis indicators have formed downtrend signals. A drop in prices is possible in the event of a slowdown in the global economy and an increase in oil production. [LIST] [*]The [B]Parabolic indicator[/B] gives a bearish signal. [*]The Bollinger bands expanded, indicating volatility increase. The top line slopes down. [*]The RSI indicator is below 50. It has formed a divergence to a decrease. [*]The MACD indicator gives a bearish signal. [/LIST] The bearish momentum may develop in case [B]OIL[/B] will drop below its last minimum: 62. This level may serve as an entry point. The stop loss may be placed higher than the last upper fractal, the Parabolic signal and the maximum since October 2018: 67. After opening a pending order, we shall move the stop to the next fractal maximum following Bollinger Bands and Parabolic indicator. Thus, we are changing the potential profit/loss to the breakeven point. More risk-averse traders may switch to the 4-hour chart after the trade and place there a stop loss moving it in the direction of the trade. If the price meets the stop level (67) without reaching the order (62), we recommend to close the position: the market sustains internal changes that were not taken into account. [B]Technical Analysis Summary[/B] [B]Position [/B]Sell [B]Sell stop [/B]Below 62 [B]Stop loss [/B]Above 67 [/QUOTE]
Insert quotes…
Verification
Post reply
Top
Bottom
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…