Direct from the desk of Dane Williams,
This is not your average forex broker blog.
WTI Daily:
Following WTI's drop of 25%, the bleeding still hasn't been contained.
That's fresh new lows after today's weekly open.
The Saudi's are fine with it, the Russians don't care and anyone else with skin in the game?
Well the OPEC cartel wants to pass on the following message:
"You can go fuck yourselves".
Have a lovely Asian session Monday!
Best of probabilities to you,
Dane.
@forexbrokr | Hive Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
10-20 range is literally uncharted waters, some charts don't even show these levels. Have to refer to CL1! charts for price references. I'm thinking, with very little demand even at normal pumping levels, what supply/demand rules do we have now with overpumping? Low crude prices for the foreseeable time? Low leverage small buys for me 16-18 area and let them simmer for a while, if needed.
I'm really wary of trading a market that's at the whim of an unpredictable dictator. Never mind the fact we're in the midst of a global pandemic that has seen global demand grind to a halt.
You've gotta focus your trading elsewhere, surely?
Not looking good for oil.
It’s just so manipulated though. Literally at the whim of the Saudis.
Tomorrow they might change their mind and we’ll be back at 50. Who knows...