Crude Oil weekly uptrend opportunity based On 1.00 Lot Calculation:
- OPEC+ MEETING (Monday, July 5 AT 14:00 GMT+1): LAST WEEK PROPOSAL: Under this proposal, the easing will be 400k per month starting in August till December. Total increase by December should be 2 million. At the moment they are cutting around 6 million, that means that OPEC+ will continue to cut 4 million barrels per day after December 2022 (unless they agree something different by December 2021). OPEC+ agreement to be extended until the end of 2022 (previous until April 2022). OPEC+ was forced to postpone its decision on monthly production after the United Arab Emirates blocked a deal at the last minute. The standoff could ultimately lead to OPEC+ not increasing output at all, according to a delegate, which could further support the oil prices.
- VACCINATION PROCESS EXPANDS GLOBALLY WITH 3.19 BILLION DOSES BEING ADMINISTERED SO FAR AT AN AVERAGE DAILY RATE OF 39.4 MILLION DOSES. The expanding vaccination process keeps chances high that more and more countries will reopen into the summer, which could increase travelling and therefore fuel consumption could rise. This tends to support oil prices.
- ANALYST OPINION (GOLDMAN SACHS/CITIGROUP/UBS): Goldman Sachs estimates Brent oil price at $80 (Crude oil~$77). Citigroup also expects prices to move towards $75. UBS boosts forecasts from $72 to $75 a barrel.
- BANK OF AMERICA SEES OIL PRICES AT $100 A BARREL IN 2022: Oil may surge to $100 a barrel next year as travel demand rebounds, Bank of America Corp. said. Global oil consumption will continue to outstrip supply in 2022 as the economic recovery from the pandemic boosts fuel consumption, while investment in new production is crimped by environmental concerns, the bank said in a report.
Crude Oil, July 5, 2021
Current Price: 74.72
|
Crude Oil |
Weekly |
|
Trend direction |
|
|
80.00 |
|
|
78.50 |
|
|
77.00 |
|
|
72.60 |
|
|
71.00 |
|
|
70.00 |
Example of calculation base on weekly trend direction for 1.00 Lot*
|
Crude Oil |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
5,280.00 |
3,780.00 |
2,280.00 |
-2,120.00 |
-3,720.00 |
-4,720.00 |
|
Profit or loss in €** |
4,448.98 |
3,185.06 |
1,921.15 |
-1,786.33 |
-3,134.51 |
-3,977.11 |
|
Profit or loss in £** |
3,812.94 |
2,729.71 |
1,646.49 |
-1,530.95 |
-2,686.39 |
-3,408.53 |
|
Profit or loss in C$** |
6,515.89 |
4,664.78 |
2,813.68 |
-2,616.23 |
-4,590.74 |
-5,824.81 |
* 1.00 lot is equivalent of 1000 units
** Calculations for exchange rate used as of 10:00 a.m. (GMT+1) 05/07/2021
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 details