Forecast and levels for Oil - page 17

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Press review

Sergey Golubev, 2020.04.15 17:57

U.S. Commercial Crude Oil Inventories news event: bearish ranging; 36.37 is the key for the daily price to be reversed

2020-04-15 15:30 GMT | [USD - Crude Oil Inventories]

  • past data is 15.2M
  • forecast data is 12.1M
  • actual data is 19.2M according to the latest press release

[USD - Crude Oil Inventories] = Change in the number of barrels of crude oil held in inventory by commercial firms during the past week.

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"U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 19.2 million barrels from the previous week."

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Crude Oil: range price movement by  U.S. Commercial Crude Oil Inventories news events 

rude Oil: range price movement by U.S. Commercial Crude Oil Inventories news events

rude Oil: range price movement by U.S. Commercial Crude Oil Inventories news events

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Chart was made on MT5 with Brainwashing system/AscTrend system (MT5) from this thread (free to download) together with following indicators:

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Same systems for MT4/MT5:

The beginning

  1. ASCTrend system, the beginning, part #1
  2. ASCTrend system, the beginning, part #2
  3. ASCTrend system, the beginning, part #3
  4. ASCTrend system, the beginning, part #4 
  5. Digital ASCTrend (Digital Filters with ASCTrend system combined).
  6. LabTrend (LabTrend indicators, LabTrendZigZag, templates, Labtrend EAs) - the thread 

After


 

Forum on trading, automated trading systems and testing trading strategies

Press review

Sergey Golubev, 2020.04.20 12:02

Crude Oil - bearish ranging; 21.64 is the key support level for the primary bearish trend to be continuing; 36.36 is the key resistance for the rally to the bullish reversal to be started (based on the article)

Brent Crude Oil Ichimoku chart by Metatrader 5

  • "Oil has dropped to a twenty-one-year low today. Bears are out for blood. The WTI West Texas Crude Oil dropped over 18% today and reached a low of $14.45, a price level that has surprised traders. The steep fall in price is due to the lack of sufficient demand and lack of storage given that the production cut has failed to address the supply glut. There is a strong possibility that WTI Crude Oil prices will drop to $10. Yes, I mean $10! And, here is why."

Brent Crude Oil Ichimoku chart by Metatrader 5

  • "During the 2015 oil supply glut, there was a heavy focus on the U.S. rig count. As shown in the chart below, the rig count fell to its lowest level in late June 2016. It took a long time for this rig count to reach this level in just under one year. The same rig count measure has started to fall from its peak level, but we are still nowhere close to reaching the same level that pushed oil prices high in 2016. To put things in perspective, the U.S. total rig count is down (from its December 2018 peak) 51%, but it is still up over 25% from its recent low. What’s interesting about the rig count is that it does not work like a light switch, meaning it doesn’t instantly change. It takes time for rigs to go offline due to the complexities of the business, such as terms of contracts and rigs’ operation levels."

Brent Crude Oil Ichimoku chart by Metatrader 5

  • "The bottom line is that there is no doubt that oil prices are way oversold at the current level, but given the circumstances, it is likely that the price may continue to fall further because the rig count hasn’t touched its bottom yet. But, for an investor with a long-term plan, a time frame of twelve to twenty-four months, the current plunge in oil price represents an opportunity."

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The chart was made with Ichimoku market condition setup (MT5) from this post (free to download for indicators and template) as well as the following indicators from CodeBase:


 
Sergey Golubev:

Brent Crude Oil - bearish ranging; 21.64 is the key support level for the primary bearish trend to be continuing; 36.36 is the key resistance for the rally to the bullish reversal to be started (based on the article)

...

...

WTI Crude Oil - bearish breakdown to 10 psy level

WTI Crude Oil

WTI Crude Oil

 

Brent Crude Oil -

  • 21.64 support for the bearish breakdown to be continuing;
  • 36.37 for the bear market rally to the bullish reversal to be started.

Brent Crude Oil

WTI Crude Oil - 0 (zero)

WTI Crude Oil

Brent - Trading blogs and financial markets analysis
Brent - Trading blogs and financial markets analysis
  • www.mql5.com
Brent crude (or Brent Blend, London Brent, and Brent petroleum) is a crude oil extracted from the North Sea (the territory between the British Isles, mainland Europe, and Scandinavia). It is generally
 
The MT5 platform (chart/symbol/DOM) froze up when the May Crude contract (CLK20) went negative.
 
nicholi shen:
The MT5 platform (chart/symbol/DOM) froze up when the May Crude contract (CLK20) went negative.
WTI went to negative price to some moment only ... everything is around zero now.
Yes, it should be nice to see negative prices :)
But this is not an ordinary case...
 
Sergey Golubev:
WTI went to negative price to some moment only ... 

No. It's currently @ -30, and the MT5 platform has been frozen on the contract since it went negative -- well over an hour ago. Still negative. Still frozen.

 
nicholi shen:

No. It's currently @ -30, and the MT5 platform has been frozen on the contract since it went negative -- well over an hour ago. Still negative. Still frozen.

I passed your first post from this thread
Major issue with MT5
to the Russian forum for the admins' consideration (post #249).
Major issue with MT5
Major issue with MT5
  • 2020.04.20
  • www.mql5.com
Looking at the CLEK20 (crude futures contract @ AMP futures) on the MT5 platform. The contract is currently trading at -8...
 
Sergey Golubev:
WTI went to negative price to some moment only ... everything is around zero now.
Yes, it should be nice to see negative prices :)
But this is not an ordinary case...

Not sure it is an MT5 issue :

The settings said it's not allowed to go negatives, and as far as I know the broker is configuring the settings. However I never seen MT5 with negative prices so it could also be an MT5 issue.

 

Forum on trading, automated trading systems and testing trading strategies

Press review

Sergey Golubev, 2020.04.23 08:25

WTI Crude Oil - bearish ranging within negative support value and 17/19 resistance values; 33.29 is the keys for the daily bullish reversal to be started (based on the article)

WTI Crude Oil daily Ichimoku chart by Metatrader 5

  • "The boom-to-bust oil market is experiencing one of its darkest moments in history. Oil demand is collapsing because of the coronavirus crisis. Supply is shrinking -- but not nearly fast enough. The world is literally running out of room to store unneeded barrels of oil piling up during the coronavirus pandemic. That storage problem is so dire that it caused oil prices to turn negative this week for the first time ever. The crash is forcing a reckoning in the oil industry -- a painful one. Many shale oil producers have canceled drilling plans. Others have been forced to shut down active wells. Some frackers won't survive at all."
  • "OPEC, Russia and a group of other oil-producing countries have already agreed to slash production by a record-setting 10 million barrels beginning in May. Market forces are causing non-OPEC producers, led by the United States, to similarly cut output. The shocking collapse in US oil to $-40 added an exclamation point to the problem facing the industry. Oil futures require that holders of a contract take delivery of barrels when the contract expires. But no one wanted to get crude delivered to them in May when storage capacity may run out. Even if it doesn't run out, storage costs have skyrocketed. "Holders of May contracts were effectively willing to pay someone to get them out of their long positions...to avoid being physically delivered crude oil next month," Goldman Sachs analyst Damien Courvalin wrote in a note to clients Monday."

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The chart was made on daily timeframe with Ichimoku market condition setup (MT5) from this post (free to download for indicators and template) as well as the following indicators from CodeBase:


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