Crude Oil weekly uptrend opportunity based On 1.00 Lot Calculation:
- OPEC+ Meeting (Tuesday (14:30 GMT), January 5): OPEC+ talks were unexpectedly suspended on Monday after a majority of members, including Saudi Arabia, opposed Russia’s proposal for a February supply hike (500K barrels per day). Discussions will resume on Tuesday, giving the group more time to resolve differences over how much extra oil the market can take. The extension of talks casts doubts on the production increase of 500,000 barrels a day the market had been expecting for February. The markets believe that the OPEC+ members will find a common ground on this issue to soothe the oil markets, which should support oil prices in turn.
- Positive Global 2021 Oil Demand Outlook Due to Covid-19 Vaccine Rollout: The US FDA approved the Pfizer vaccine on December 12. Canada and the UK have also approved Pfizer’s Covid-19 vaccine. The European Medicine Agency approved Pfizer's vaccine on December 21. Moderna vaccine was approved by the US FDA on Friday (December 18). The UK approved AstraZeneca’s vaccine. China authorized the National Biotec Group Covid-19 vaccine.
- Rising Oil Demand and Consumption in Asia: Oil demand recovery is also seen in Asia, led by China, India and South Korea. According to Bloomberg, China’s recovery from the Covid-19 pandemic is providing some welcome respite to the hardest-hit segment of the oil market as domestic air travel recovers to near pre-virus levels.
Crude Oil, January 5, 2021
Current Price: 47.50
|
Crude Oil |
Weekly |
|
Trend direction |
|
|
50.00 |
|
|
49.50 |
|
|
49.00 |
|
|
46.10 |
|
|
45.50 |
|
|
45.00 |
Example of calculation base on weekly trend direction for 1.00 Lot*
|
Crude Oil |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
2,500.00 |
2,000.00 |
1,500.00 |
-1,400.00 |
-2,000.00 |
-2,500.00 |
|
Profit or loss in €** |
2,036.68 |
1,629.34 |
1,222.01 |
-1,140.54 |
-1,629.34 |
-2,036.68 |
|
Profit or loss in £** |
1,842.49 |
1,473.99 |
1,105.49 |
-1,031.79 |
-1,473.99 |
-1,842.49 |
|
Profit or loss in C$** |
3,185.90 |
2,548.72 |
1,911.54 |
-1,784.10 |
-2,548.72 |
-3,185.90 |
* 1.00 lot is equivalent of 1000 units
** Calculations for exchange rate used as of 9:46 a.m. (GMT) 05/01/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
*** Please consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Client Manager for more details