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Descending Triangle Pattern on Daily Chart of WTI Crude Oil as of 2020-03-29

Prices for crude oil were in a sharp downtrend lately, and traders were wondering whether they will continue moving lower or maybe the commodity has found a bottom. The descending triangle pattern that has formed on the daily chart of WTI crude suggests that the downward movement will continue. Such pattern forms when highs on a chart are lower while lows are relatively flat. Being a continuation chart pattern, it...

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Technicals Turn Against the Dollar

The dollar rallied strongly from March 9 through March 20 or the start of last week on March 23.  It has subsequently sold off and done so in dramatic fashion.  It is not clear the trigger of the stunning reversal.  Some observers attribute it to the Fed's currency swap lines, which were offered daily (seven-day operations) to a handful of large central banks. Others link it to the better risk appetites reflected in meaningful bounces in equity markets, but nothing as striking as the...

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Insight from Moscow: Are Russia’s war chest and fiscal setup enough to combat OPEC+, coronavirus fallout?

The first few months of 2020 saw major changes to Russia’s political and energy landscape, as President Vladimir Putin proposed amendments to the constitution, the country’s crude production agreement with OPEC dramatically collapsed, and the coronavirus pandemic caused chaos on global markets. Of these factors, the latter two are having a more immediate impact on the Russian energy sector, most evidently in the recent oil price crash. Although the Russian energy ministry has released...

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Video: WTI Crude Oil Forecast for March 27, 2020

In this video, Chris from DailyForex provides his forecast for WTI crude oil on March 27, 2020. Crude was moving sideways lately, and Chris predicts that it will continue trading in the $20-$25 range. While a breakout in either direction is possible, it is unlikely that prices will move much higher until the trading environment improves significantly. If you found this video useful and want to see more videos like this one or if you...

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Video: Crude OIl in Middle of Week March 23-27

In the present video, Phil Carr from The Gold and Silver Club talks about crude oil in the middle of the week of March 23–27, 2020. He advises how traders should react to the recent volatile moves of the commodity. It is especially important to watch the news about the coronavirus spread as oil prices tend to have an inverse correlation to the number of new cases. US inventories data...

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US Crude Flat As Oversupply, Falling Demand Outweigh Stimulus Packages

US crude oil futures are trading slightly higher on Tuesday as the industry hopes for a lifeline during these turbulent times. Despite multi-trillion-dollar stimulus packages by the federal government and the Federal Reserve, the global supply glut and slumping demand continue to weigh on the energy sector. Oil has relatively stabilized since its recent historic collapse, but analysts are still anticipating prices...

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Video: Weekly Commodity Forecast – Gold, Silver, Platinum, Crude Oil for March 23–27, 2020

In the present video, Phil Carr from The Gold and Silver Club talks about gold, silver, platinum, palladium, and crude oil for the week of March 23–27, 2020. He discusses the recent volatile moves of the commodities and suggests what traders can do in these turbulent times. If you found this video useful and want to see more videos like this one or if you want to see a commodity trading video...

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Commodity Tracker: 5 charts to watch this week

US oil exports are under pressure as WTI’s differential to Middle Eastern offers narrows, reducing its appeal in Asia. Meanwhile, the gut-punch to global demand from the coronavirus pandemic is playing out across markets, putting EU carbon prices high on traders’ watchlist after last week’s nosedive. 1. WTI loses competitive edge in OPEC+ price war     What’s happening? US crude suppliers could fall victim to the price war triggered by Saudi Aramco’s latest move to...

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Video: Oil Price Analysis – Navigating Extreme Volatility on Oil Charts

In the present video, David Jones from Capital.com provides his forecast for crude oil. He starts the video by discussing the slump of oil prices from the highs logged in early January to the levels not seen since 2002 and reasons behind it. Next, David lists important support and resistance levels. He proceeds then discussing charts and whether it makes sense to buy crude after the recent attempt...

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