The Organization of the Petroleum Exporting Countries (Opec) on pushed for crude output be cut by an extra 1.5 million barrels per day (bpd) in total until the end of 2020. The call came ahead of an Opec+ meeting scheduled for Friday in Vienna
Brent crude fell 47 cents, or 0.9 per cent, to $49.52 per barrel by 0223 GMT, while US West Texas Intermediate (WTI) was down 42 cents, or 0.9 per cent, at $45.48 per barrel.
This drop created a Setup 2 for AIMS traders. If you wanted you could have taken the trade without knowing what the world or analyst say about it. Because here it is.
The picture below shows what a setup 2 looks like and how you could have taken this.
WTI also fell but not before alerting us. The 4 hourly chart created what I would call the Perfect Setup 1. Here are two reasons, at least, why this is the Perfect Setup. Check the chart below
The picture above is a perfect setup 1. And you did not , seriously again, you did not need to know these news I'm giving you. All you needed was to LOOK at your chart and Look for the Setup 1 or Setup 2 signals.
Anyway the news goes as follows:
Some experts on Oil thought or expected Moscow to ultimately endorse the agreement.
"If it says no, the entire union could collapse — and with it any new bilateral trade and investment deals in the pipeline as well as the strategic influence Moscow has secured by participating in the production agreement," RBC Capital Markets said in a research note.
"There will be a flurry of high level calls between Moscow, Riyadh and Abu Dhabi to get the deal done."
And if that happens and continues, we might see some more setups on your chosen time frame. So far the Daily Time frame is bearish. Under such circumstances, volatility is high AIMS Setups will continue to through money in your pocket over and over and over again. STICK TO THE PLAN...