Dear Trader, Welcome to another issue of Big Energy Profits! The Thanksgiving holiday is over. Unfortunately, that means our Black Friday sale is over, too. Hopefully, you were able to take advantage… But if you missed last week's deal, don't worry. We have another incredible offer for you this week for our Cyber Monday sale. Right now, you can buy a one year subscription to Big Energy Profits and get a second year free! Click here to take advantage now before this deal disappears! In this issue we'll discuss: - How You Can "Plant Your Flag" and Claim Huge Trading Profits With This Pattern
- The Surprising Way Increased Thanksgiving Travel Can Hurt Oil Prices
- Your BOGO Offer on Big Energy Profits Starts NOW!
Please enjoy, and have a great weekend! | | | | Crude News
On the bullish side, OPEC and its allies are leaning toward delaying next year's planned increase in oil output but this news has already been priced into the market as the story has been floated for about a month.
Meanwhile, Libyan output continues to rise, contributing to concerns about oversupply in the market as many people are ignoring lockdown advice and travelling anyway.
COVID-19 cases are expected to rise sharply over the next few weeks, as nearly 6 million Americans took air trips from Friday to Wednesday in advance of the Thanksgiving break as they ignored advice from the Centers for Disease Control to stay home, as per the U.S. Transportation Security Administration. This doesn't bode well for gasoline demand as it is expected to slip in the coming weeks due to increased coronavirus infections.
The Fibonacci level at $46.43 is both resistance and a potential trigger point for an acceleration to the upside. The decision by OPEC+ will determine how traders react to this level.
If OPEC+ decides to delay until after April 1 then prices could soar. If OPEC and its allies choose April 1 or a shorter date then prices could break into support at $42.50.
However, keep in mind that another surge in COVID-19 cases or problems with a vaccine are likely to outweigh anything OPEC+ announces in the near-term. Want to learn how you can get access to my members-only daily, weekly and monthly energy sector analyses, trade ideas and managed trade alerts? Click right here to view a free training video!
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Click Here to Claim Your 2-Year Membership to Big Energy Profits for the Price of One! | | | | Weekly Analysis Bullish Scenario … A sustained move over the mid $46.00 price area will indicate the presence of buyers. If this move creates enough upside momentum then for an acceleration to the upside since the nearest resistance at the mid $53.00 price area. Bearish Scenario … A sustained move under the mid $42.00 price area will signal the presence of sellers. If this move generates enough downside momentum then look for the selling to possibly extend into the minor pivot at the $40.00 price area. This is the last potential support before the support zone between the $36.00 - $34.00 price areas.
| | | | Anthony Speciale Jr Editor & Chief Investment Strategist, Big Energy Profits
Hawkeye Traders
team1@hawkeyetraders.com
hawkeyetraders.com
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