Crude Oil weekly uptrend opportunity based On 1.00 Lot Calculation:
- EVENT: IRAN NUCLEAR DEAL UNCERTAINTIES CONTINUE. Iran and the US are still studying the latest draft deal prepared by the EU and soon final conclusions and answers will be provided. According to some reports Iran still wants guarantees that the US will not pull out of the new deal and asks to be removed from the list of countries that support terrorism. According to some analysts, the US might find it hard to meet those demands of Iran’s, which could lead to a collapse of the latest efforts to get a deal. Goldman Sachs said that they do not expect a deal to clinch in the near term.
- OPEC+ MEETING OUTCOME SUGGESTS THAT FURTHER OIL PRODUCTION INCREASES MIGHT BE UNLIKELY (Wednesday, AUGUST 3). The group decided to go for an increase in oil production in September by 100,000 barrels a day, which is a very insignificant amount. In addition, the OPEC+ statement said that they are facing limited capacity, which is a signal that further supply increases are very unlikely. NEXT OPEC+ MEETING: September 5. Meanwhile, OPEC+ continued to underdeliver on oil production increases as many OPEC+ oil producers face limited production capacity. According to Reuters, the 10 OPEC members are pumping far less than called for under the deal. OPEC compliance with pledged cuts was 253% in June, the survey found, up from 178% in May.
- NEWS: EU AGREED TO BAN 90% OF RUSSIAN OIL TO THE EU. European Union leaders agreed in principle on 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. 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.
- OIL PRICES MAY BE EXPECTED TO MOVE ABOVE THE $100 MARK: Goldman Sachs predicts oil at $110 a barrel in Q3 with expectations for a 2 million barrel per day of deficit. Furthermore, they see oil prices at $130 a barrel by the end of the year. Morgan Stanley kept its Price Target to $110 for Q3. Barclays sees oil prices at $103 a barrel.
Crude Oil, August 17, 2022
Current Price: 85.50
|
Crude Oil |
Weekly |
|
Trend direction |
|
|
110.00 |
|
|
100.00 |
|
|
92.00 |
|
|
79.50 |
|
|
78.00 |
|
|
77.00 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
Crude Oil |
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|
Pivot Points |
||||||
|
Profit or loss in $ |
24,500.00 |
14,500.00 |
6,500.00 |
-6,000.00 |
-7,500.00 |
-8,500.00 |
|
Profit or loss in €2 |
24,082.17 |
14,252.72 |
6,389.15 |
-5,897.68 |
-7,372.09 |
-8,355.04 |
|
Profit or loss in £2 |
20,256.30 |
11,988.42 |
5,374.12 |
-4,960.73 |
-6,200.91 |
-7,027.70 |
|
Profit or loss in C$2 |
31,544.24 |
18,669.04 |
8,368.88 |
-7,725.12 |
-9,656.40 |
-10,943.92 |
1. 1.00 lot is equivalent of 1000 units
2. Calculations for exchange rate used as of 09:20 (GMT+1) 17/08/2022
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
- You may wish to 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 detail