Mnuchin said the US will purchase 77 million barrels to re-fill the strategic petroleum reserve. A positive headline on pharmaceutical treatments changing the overall sentiment for now which helping rebound on comdolls and some equities. I would not say an overall reversal but this kind of positive reports may shift the sentiment for a short period of time which can help commodities and risky bets to rebound at certain level.
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Trump: FDA has approved chloroquine for use in COVID-19!
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Trump: Chloroquine is a generic drug that is now approved for use. Gilead's Remdesivir is 'essentially' approved too.
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The US is mulling a diplomatic effort aimed at getting Saudi's to cut production. May seek further sanctions on Russia. The strategy follows US oil companies lobbying to get the president to ramp up diplomatic intervention. The goal would find a way out of the price war that has seen the market plunge over the last week or so.
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Nice try yay it hit 27! If this retracement works perfectly 38.20% may be a case in coming weeks
Nice outlook! I have the same bullish bias as well
jessi061
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@SharingProfit, Thanks for the feedback! ok, we will see how it goes nice chart your too!
SharingProfit
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@jessi061, yeah definitely all probabilities, of course much love !
AshtonTeed
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I personally think oil will rise to the 27 to 28 level before showing signs of a turn back down I am going off of what I am reading and seeing from people on here! Cheers.
jessi061
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@AshtonTeed, Thanks for your feedback mate! I see ok if global risk sentiment concern to virus and oil are positive and rising comdolls meaning bullish support for oil! Let see how it works :)
I think oil will dump to 18-20 and then head back up for a bit following that news. How far, I'm not sure
jessi061
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@Irish82, this is a risk bet mate. If there are some global risk sentiments news being positive with some supportive reports over oil it may prolly have some rebound upward. I see thanks for sharing your opinion and I guess it may prolly dump and rise back or just rise back straight to the 23.60% which is my first expectation from this plan.