USOIL Trading Tips
USOIL
22-10-2020/ 16:21:11
Short around 41.0, Stop loss: 41.60, Take profit: 37.0.
USOIL hit a 1-week low (Short).
USOIL hit a 1-week low on 22nd October, as EIA crude oil inventories increased unexpectedly.Suggesting the weak demand for oil.
Short
Time Frame:1D
On the chart of the day, USOIL decreased sharply from a high level yesterday, breaking through 40.The market trend was bearish in the short term.Investors could sell during the day.
Time Frame:4H
On the 4-hour chart, USOIL decreased sharply with potential support at 39.0.The market trend was bearish.It will drop further to the previous low of 37.0.If it breaks through 39.0.
USOIL
21-10-2020 /16:59:53
Long around 40.70,Stop loss: 40.30, Take profit: 43.50.
The prospect for the demand for crude oil improved (Long).
The Speaker of the U.S. House of Representatives Pelosi said that she was optimistic that the Democratic Party.The Trump administration may reach an agreement on a new round of the rescue plan for novel coronavirus and that aid can be issued early next month.
It raised the expectation that the U.S. stimulus plan will reached before the U.S. election.Improving the outlook for crude oil demand and helping the overnight oil price hit a one-and-a-half-month high of $41.90 per barrel.
Long
Time Frame:1D
On the chart of the day, USOIL broke through the key resistance at 41.50.The market trend was bullish. Investors could buy as it reverses.It will mount further with potential resistance at 43.50.If it breaks through 41.50.
Time Frame:4H
On the 4-hour chart, USOIL fluctuated and rose in the short term.Investors could buy as it reverses and is stead above the demand area.
USOIL
20-10-2020 16:42:51
Long around 40.60, Stop loss: 40.0, Take profit: 43.0.
OPEC+ was striving to balance the market (Long).
On Monday, OPEC+ called for active implementation of production cuts and warned of the risk of the epidemic.All compensatory production cuts will be completed before the end of the year, and OPEC+ will make every effort to balance the market.
Long
Time Frame:1D
On the chart of the day, USOIL was fluctuating at high levels with potential resistance at 41.50.It will climb further with potential resistance at 43.0 if it breaks through 41.50.
Time Frame:4H
On the 4-hour chart, USOIL was fluctuating at high levels in the short term with effective support at 40.60.Investors could buy as it reverses but is supported at 40.60.It will continue the bullish market trend.If it breaks through 41.50.
Due to passage of time and market volatility some of the above patterns observed may no longer be valid.
Disclaimer:
This material is considered communication for information purposes only and does not constitute investment advice/investment recommendation or, an offer of or solicitation for any transactions in CFDs or any other financial instrument.
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