Signal Update: Crude Oil SHORT Position Hit Our Second Take Profit Target As Oil Prices Crashing Down. Read Our Oil Market Update.
U.S. stock futures continued to fall following crude oil prices plunge of 30% on price-war fears between OPEC members trying to response to crude demand result of the Corona-virus. Our February 28th Short Position at $48.13 price level has hit our second Profit Target at $43 and then price continue to lows of $27.30 ! allowing some traders to continue booking profits all the way down.
U.S stock futures and crude oil prices plunged during electronic trading hours late on Sunday. The Dow Jones Industrial Average futures declined by YM00, -4.773% about 1,100 points, while the S&P 500 futures declined by ES00, -4.895% and the Nasdaq Composite futures down NQ00, -4.822%.
S&P 500 futures trading was briefly halted late Sunday when so-called circuit breakers were triggered after the market cross the 5% decline level.
Crude Oil futures for April delivery crushed by 31% to $28.32 ! on Sunday, while May Brent crude BRNK20, -20.035% fell 29% to $32.09 a barrel.
Oil futures started the sharp decline of 10% on Friday after talks between the Organization of the Petroleum Exporting Countries (OPEC) and their allies collapsed, with Russia refusing to agree to a Saudi-led plan for additional crude production cuts. In response, Saudi Arabia over the weekend slashed crude prices and is preparing to increase production, in a direct attack against Russia’s
Analysts at Goldman Sachs said on Sunday that price war could push crude prices down to $20 a barrel, especially as the economic slowdown caused by the corona-virus outbreak slows global demand.
28-2-20 Trade Update:
Our Crude Oil (CL) SHORT position has hit our first Take Profit level at 46.0. Close half position and protect remaining position with a stop loss at your original entry price so the trade remain profitable. Look at the chart below to see trade updates
Hello traders, we have been negative on crude oil for years now and its time to visit the long term chart and show why even in this low price levels, crude oil continue to look negative and traders can take advantage of it right now and/ or open or add to short position after short term rally attempts. Take a look at the monthly chart below showing the long term bearish – negative chart pattern follow by a daily chart showing suggested trade. Short oil at current price level 48-49 and look to take profit at $46.0 and $43.0.