Crude Oil weekly uptrend opportunity based On 1.00 Lot Calculation:
- OPEC+: Crude oil has recently found support from a surprising decision by Saudi Arabia to voluntarily cut its own oil production by 1 million barrels per day for February and March.
- The American Petroleum Institute (for the week of January 4-8) reported an oil inventories fall of 5.821 million barrels. Analysts had predicted an inventory decrease of 2.27 million barrels. The US Energy Information Administration will release its weekly oil inventory data on Wednesday (January 13) at 15:30 GMT.
- Positive Global 2021 Oil Demand Outlook Due to Covid-19 Vaccine Rollout: Many countries across the world have already approved the covid-19 vaccines from Moderna, Pfizer and AstraZeneca. Vaccination has already started in many countries, which should help end the covid-19 pandemic.
- Rising Oil Demand and Consumption in Asia: Oil demand recovery is seen in Asia, led by China, India and South Korea.
- The United States are expected to inject more stimulus to help their ailing economy. President- Elect Joseph Biden will on Thursday (January 14, 2021) lay out a stimulus proposal worth trillions of dollars. If the US economy recovers, we could expect the oil demand to continue to recover, too.
Crude Oil, January 13, 2021
Current Price: 53.30
|
Crude Oil |
Weekly |
|
Trend direction |
|
|
56.00 |
|
|
55.50 |
|
|
54.90 |
|
|
51.80 |
|
|
51.50 |
|
|
51.00 |
Example of calculation base on weekly trend direction for 1.00 Lot*
|
Crude Oil |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
2,700.00 |
2,200.00 |
1,600.00 |
-1,500.00 |
-1,800.00 |
-2,300.00 |
|
Profit or loss in €** |
2,216.24 |
1,805.82 |
1,313.33 |
-1,231.24 |
-1,477.49 |
-1,887.91 |
|
Profit or loss in £** |
1,974.10 |
1,608.53 |
1,169.84 |
-1,096.72 |
-1,316.07 |
-1,681.64 |
|
Profit or loss in C$** |
3,437.05 |
2,800.56 |
2,036.77 |
-1,909.47 |
-2,291.36 |
-2,927.85 |
* 1.00 lot is equivalent of 1000 units
** Calculations for exchange rate used as of 9:46 a.m. (GMT) 13/01/2021
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