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Crude Oil

Market Opportunities - 29/11/2019

29 November, 2019

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

Crude Oil downtrend opportunity based On 1.00 Lot Calculation:

OPEC and OPEC+ will meet next week on December 5 and December 6 to decide on whether there should be further production cuts into 2020 and whether they should extend the current production cut deal beyond March 2020. According to a survey conducted by Bloomberg, OPEC+ is expected to announce a deal extension to June 2020, while further production cuts are not expected to be announced next week. Some analysts believe that if OPEC+ does not deepen current production cuts, the oil oversupply could then be expected to get bigger in the beginning of 2020, which in turn, could put oil prices under negative pressure.

Crude Oil, November 29, 2019
Pivot point: 58.200

Crude Oil

Weekly

Trend Direction

DOWN

Resistance 3

63.800

Resistance 2

62.000

Resistance 1

60.100

Support 1

56.200

Support 2

54.200

Support 3

52.500

Example of calculation base on weekly trend direction for 1.00 Lot*

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

-5,600.00

-3,800.00

-1,900.00

2,000.00

4,000.00

5,700.00

Profit or loss Short in €

-5,088.00

-3,452.57

-1,726.28

1,817.14

3,634.28

5,178.85

Profit or loss Short in £

-4,337.72

-2,943.45

-1,471.73

1,549.19

3,098.37

4,415.18

* 1.00 lot is equivalent of 1000 units
** Calculations for exchange rate used as of 8:20 AM (GMT) 29/11/2019
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** Please consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect profit – Ask your Senior Account Manager for more details

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