Oil outlook for the week ahead

15.08.2016 / 05:22

Rating:

CL 15.08.2016

Fundamental analyses:

Latest release by Baker Hughes on Friday showed a 7th week in a row increase in rig count in USA. This is negative for the oil prices.

Latest increase in price is mostly based on rumors and expectations that OPEC will cap the production at a meeting on 26 28 September. So far Saudi Arabia also agree on some measures to stabilize oil market. This can sharply go in the other direction as a lot of same speculation went opposite.

D1 chart.

Price is near levels of resistance diagonal and horizontal.

CCI(50) still below 0 - negative signal

At H4 chart DeM(14) and CCI(50) are in overbought zone, as if CCI(50) goes below 100 or DeM reverse downward - this will give a confirmation for sell.

Possible short from 45,80

SL 46.70

Alternative scenario: Closed bar above the diagonal resistance will negate the negative scenario.

Jr. Trader Nikolay Georgiev

Varchev Traders

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Oil outlook for the week ahead

London

Universal numbers