Crude Oil weekly uptrend opportunity based On 1.00 Lot Calculation:
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BREAKING: EU AGREED TO BAN 90% OF RUSSIAN OIL TO THE EU. European Union leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year. The embargo would encompass 90% of all imports from Russia once Poland and Germany, which are also connected to the pipeline, stop buying it by the end of the year. The remaining 10% will be temporarily exempt from the embargo so that landlocked Hungary, which was the main holdout for a deal, along with Slovakia and the Czech Republic, which are all connected to the southern leg of the pipeline, has access which it cannot easily replace. Two thirds of the Russian oil imported by the EU comes via tanker and one third by the Druzhba pipeline. The embargo on seaborne oil imports would therefore apply to 2/3 of all oil imported from Russia.
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BREAKING (June 13): LIBYA’S OIL PRODUCTION FELL DOWN FROM 1.2 MILLION BARRELS TO 100,000 BARRELS A DAY due to workers’ protests.
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EVENT (JUNE 1): SHANGHAI (CHINA) REOPENING FROM COVID-19 LOCKDOWNS TO INCREASE OIL AND GASOLINE 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 (MAY 30 TO EARLY SEPTEMBER): THE U.S. DRIVING SEASON STARTS AT THE END OF MAY TO INCREASE THE OIL AND GASOLINE 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 traded close to recent 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. Goldman Sachs increased Q3 estimate to $140 a barrel, up from previous $125. Morgan Stanley Q3 estimate stands at $130. But their bull case forecasts $150. JPMorgan said oil prices can go to 175 and beyond by year end. Bank of America sees oil at $200 as the EU imposes an oil embargo on Russia. Barclays said prices in its worst case scenario could top $200 a barrel. Meanwhile, Russia ‘s oil minister Alexander Novak said that oil prices could hit $150 a barrel and more by the end of the year.
Crude Oil, June 20, 2022
Current Price: 107.10
Crude Oil |
Weekly |
Trend direction |
|
147 |
|
130 |
|
115 |
|
100 |
|
98 |
|
96 |
Example of calculation base on weekly trend direction for 1.00 Lot1
Crude Oil |
||||||
Pivot Points |
||||||
Profit or loss in $ |
39,900.00 |
22,900.00 |
7,900.00 |
-7,100.00 |
-9,100.00 |
-11,100.00 |
Profit or loss in €2 |
37,925.23 |
21,766.61 |
7,509.01 |
-6,748.60 |
-8,649.61 |
-10,550.63 |
Profit or loss in £2 |
32,614.83 |
18,718.78 |
6,457.57 |
-5,803.64 |
-7,438.47 |
-9,073.30 |
Profit or loss in C$2 |
51,849.25 |
29,758.09 |
10,265.89 |
-9,226.31 |
-11,825.27 |
-14,424.23 |
1. 1.00 lot is equivalent of 1000 units
2. Calculations for exchange rate used as of 09:46 (GMT+1) 20/06/2022
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