Dear Trader,
Happy Monday! I hope everyone is well rested and ready for another week of Big Energy Profits. Remember to be patient with yourself and remain open to the possibility that your path to success may not look exactly the way you imagined. Just make the necessary adjustments and keep going. You will get to where you want to be eventually. "I can't change the direction of the wind, but I can adjust my sails to always reach my destination." — Jimmy Dean In this issue of the Big Energy Profits newsletter we'll dive into: - The Surprising Way You Can Mentally Prepare for Market Volatility
- The Latest Oil Giant Forced to Cut More Jobs
- The Recipe for Consistent Trading Profits
Please enjoy, and have a blessed week! | | | | Crude News
I am expecting more sideways price action and would be surprised by a substantial price surge, given the second wave of the pandemic, the slowdown in demand recovery, rising Libyan output, and the chances of an OPEC production increase in January 2021.
Coronavirus-led demand issues and the threat of a supply glut should be enough to cap gains over the short-term although we could see a short-covering spike to the upside if Washington policymakers reach an agreement on fiscal stimulus.
The major resistance zone remains $42.41 to $46.45. I am pretty confident that the latter is the trigger point for a major acceleration to the upside, but I don't have confidence that the fundamentals will shift enough over the short-run to fuel a breakout over this area. COVID Market Update
United States West Texas Intermediate crude oil futures sold off on Friday while heading for their first weekly losses over the past three. The market is feeling pressure from both the demand and supply sides, led respectively by surging coronavirus cases in the United States and Europe, and Libyan output increases.
One of the last holdouts in the oil industry with regards to layoffs was ExxonMobil. But the giant is slashing jobs now in huge numbers. A couple of weeks ago, Exxon announced it would cut 1,600 jobs across Europe. This week, the company said it would add to that figure, this time cutting in the United States and Canada. Specific figures have not yet been shared, but are expected to be released soon.
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!
| | | | The Recipe For Consistent Trade Profits Imagine a kitchen… with three different chefs.
All trying to make one dessert.
One guy wants it to be an apple pie…
Another guy's adding ingredients for a pecan pie…
And another one wants to make a gluten-free vegan fruitcake.
The final result will be a disaster.
The right way to do it is to have ONE recipe, one strategy, and one purpose.
The same thing goes for trading.
It works best when you have one key indicator, one strategy, and one purpose.
Once you have it all dialed in, you'll be ready to close down more profitable trades… in less time.
I'd say this recipe is worth paying attention to.
Click here to discover the recipe for consistent profitability in the markets!
| | | | Weekly Market Analysis Based on the price action over the past three weeks, the direction of the December WTI crude oil futures market next week is likely to be determined by the traders reaction to the minor pivot at $40.63. Bullish Scenario
A trade through $44.33 will signal a resumption of the main trend after six weeks of sideways-to-lower price action. This could lead to a test of the main Fibonacci level at $46.45. Bearish Scenario
The first downside target is a minor pivot at $39.48. If this price fails as support then look for the selling to possibly extend into the minor bottom at $36.93. If $36.93 fails as support then look for a break into the short-term retracement zone at $34.82 to $32.58. | | | | Anthony Speciale Jr Editor & Chief Investment Strategist, Big Energy Profits
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