Crude Oil weekly uptrend opportunity based On 1.00 Lot Calculation:
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GEOPOLITICS (RUSSIA- UKRAINE WAR): President Vladimir Putin announced an attack on Ukraine on February 24, days after he recognized two breakaway regions of Russia’s neighbor as independent. Attacks are occurring in Kyiv, Odessa, Mariupol and other locations in Ukraine. Russia is among the three largest oil producer in the world along with the USA and Saudi Arabia, providing more than 40% of energy needs to Europe.
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EVENT: 6TH ROUND OF E.U. SANCTIONS AGAINST RUSSIA THAT INCLUDES OIL EMBARGO. The European Union proposed new sanctions on Russian energy, including a phase out of crude oil imports within six months and refined products by the end of the year. The proposed sanctions need to be approved by all 27 EU members. The EU imports around 25% of its needs from Russia, while Russia’s exports to the EU accounts for 44% of total oil exports.
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EVENT: SHANGHAI (CHINA) REOPENING FROM COVID-19 LOCKDOWNS TO INCREASE OIL DEMAND. Authorities there say there have been no new coronavirus cases outside quarantine for the 3rd day in a row. Shanghai set out plans on Monday for the return of more normal life from June 1.
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EVENT: THE U.S. DRIVING SEASON STARTS AT THE END OF MAY TO INCREASE THE OIL DEMAND. Throughout the driving season people in the US travel more than other parts of the year, which usually increases demand for oil and fuel. Gasoline and Diesel trade at fresh all-time highs in the US, pointing to shortages in some places.
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ANALYST OPINION: OIL PRICES EXPECTED TO STAY ABOVE THE $100 MARK. JPMorgan sees oil at $185 at the end of the year. Bank of America sees oil at $200 and beyond if the EU imposes an oil embargo on Russia. Goldman Sachs predicts oil at $135 a barrel. Barclays said prices in its worst case scenario could top $200 a barrel. Meanwhile, Russia said that if the situation further escalates in Ukraine, oil prices could hit $300 a barrel.
Crude Oil, May 17, 2022
Current Price: 112.00
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Crude Oil |
Weekly |
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Trend direction |
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|
130.00 |
|
|
125.00 |
|
|
120.00 |
|
|
104.50 |
|
|
100.00 |
|
|
97.50 |
Example of calculation base on weekly trend direction for 1.00 Lot1
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Crude Oil |
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Pivot Points |
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Profit or loss in $ |
18,000.00 |
13,000.00 |
8,000.00 |
-7,500.00 |
-12,000.00 |
-14,500.00 |
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Profit or loss in €2 |
17,070.19 |
12,328.47 |
7,586.75 |
-7,112.58 |
-11,380.12 |
-13,750.98 |
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Profit or loss in £2 |
14,413.84 |
10,409.99 |
6,406.15 |
-6,005.77 |
-9,609.22 |
-11,611.15 |
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Profit or loss in C$2 |
23,072.40 |
16,663.40 |
10,254.40 |
-9,613.50 |
-15,381.60 |
-18,586.10 |
1. 1.00 lot is equivalent of 1000 units
2. Calculations for exchange rate used as of 12:58 (GMT+1) 17/05/2022
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
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You may wish to consider closing your position in profit, even if it is lower than suggested one
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Trailing stop technique can protect the profit – Ask your Client Manager for more detail