{"id":293465,"date":"2020-11-30T13:59:11","date_gmt":"2020-11-30T02:59:11","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/articles\/cotd-usoil-can-oil-prices-reach-pre-covid-levels\/"},"modified":"2021-03-09T15:19:07","modified_gmt":"2021-03-09T04:19:07","slug":"cotd-usoil-can-oil-prices-reach-pre-covid-levels","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/daily-news\/cotd-usoil-can-oil-prices-reach-pre-covid-levels\/","title":{"rendered":"COTD: USOIL &#8211; Can Oil Prices Reach Pre-Covid Levels?"},"content":{"rendered":"<h5 style=\"text-align: center;\"><strong>USOIL &#8211; Point &amp; Figure<\/strong><\/h5>\n<h5 style=\"text-align: center;\"><a href=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/12\/oilnew.png\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-267864\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/12\/oilnew.png\" alt=\"\" width=\"967\" height=\"523\" \/><\/a><\/h5>\n<p><a href=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/09\/USDCAD1.png\"><img loading=\"lazy\" class=\"aligncenter size-large wp-image-258860\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/09\/USDCAD1-1024x548.png\" alt=\"\" width=\"1024\" height=\"548\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/USDCAD1-1024x548.png 1024w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/USDCAD1-300x161.png 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/USDCAD1-768x411.png 768w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/USDCAD1-600x321.png 600w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/USDCAD1-1536x822.png 1536w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/USDCAD1.png 1555w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<h5 style=\"text-align: center;\"><img loading=\"lazy\" class=\"aligncenter wp-image-93277 size-large\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2019\/04\/GBPJPY-1-1024x525.png\" alt=\"\" width=\"1024\" height=\"525\" \/><\/h5>\n<h5><strong>USOIL &#8211;<\/strong><\/h5>\n<p>Goldman Sachs has recently called for the value of crude oil to increase to roughly $65 per barrel as we head into 2021, and the latest charts appear to echo this sentiment of a global rebalancing in this market. Naturally, much of these moves rely on the promise of a Covid vaccine and some seasonal cues. In today&#8217;s Chart of The Day, we use the point and figure method to help uncover potential supply and demand areas and see where price action may occur.<\/p>\n<p>The chart above highlights the bullish support line currently at the forefront of oil moves. Since the low of zero, the price has incrementally risen, generating a steady accumulation period before the latest bullish breakout above $43.00. This breakout also forms part of a bullish flag formation that suggests additional moves to the upside in the coming months.<\/p>\n<p>Using a point a figure calculation to locate a potential upside target, we find a vertical count from the $1.00 low provides us with $59.00 as a possible destination for the commodity. Not too far off from what analysts over at Goldman are presenting.<\/p>\n<p>It appears many analysts are calling for oil to return to pre-covid prices as we expect increased demand once both a vaccine becomes readily available winter months in the northern hemisphere typically drive energy markets to higher levels. Of course, there are no guarantees that either of these scenarios will occur or that demand follows historical trends for this time of year.<\/p>\n<p>For the time being, global oil prices remain stable, with bullish sentiment continuing to trickle through into many of the technical indicators.<\/p>\n<p>Note: Click on charts to enlarge.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>By Adam Taylor CTEe<\/strong><\/p>\n<p><img src=\"https:\/\/wwwgomarketscomau-zu9wrxdiii.stackpathdns.com\/wp-content\/uploads\/2018\/08\/twitter.png\" \/>.<a href=\"https:\/\/twitter.com\/adamt_trading\">@<\/a><a href=\"https:\/\/twitter.com\/adamt_trading\">adamt_trading<\/a><\/p>\n<p>Sources: Go Markets, Meta Trader 5, TradingView, Bloomberg<\/p>\n<p>Disclaimer: The articles are from GO Markets analysts, \u00a0based on their independent analysis or personal experiences. Views or opinions or trading styles expressed are of their own; \u00a0should not be taken as either representative of or shared by GO Markets.\u00a0 Advice (if any), \u00a0are of a \u2018general\u2019 nature and not based on your personal objectives, financial situation or needs.\u00a0 You should therefore consider how appropriate the advice (if any) is to your objectives, financial situation and needs, before acting on the advice.\u00a0 If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.<\/p>\n<p><a href=\"https:\/\/www.gomarkets.com\/forex-education-courses\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2019\/02\/Next-Steps-Blog-Bottom-Banner.jpg\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>USOIL &#8211; Point &amp; Figure USOIL &#8211; Goldman Sachs has recently called for the value of crude oil to increase to roughly $65 per barrel as we head into 2021, and the latest charts appear to echo this sentiment of a global rebalancing in this market. Naturally, much of these moves rely on the promise [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[129],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>COTD: USOIL - Can Oil Prices Reach Pre-Covid Levels? - GO Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/daily-news\/cotd-usoil-can-oil-prices-reach-pre-covid-levels\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COTD: USOIL - Can Oil Prices Reach Pre-Covid Levels? - GO Markets\" \/>\n<meta property=\"og:description\" content=\"USOIL &#8211; Point &amp; Figure USOIL &#8211; Goldman Sachs has recently called for the value of crude oil to increase to roughly $65 per barrel as we head into 2021, and the latest charts appear to echo this sentiment of a global rebalancing in this market. Naturally, much of these moves rely on the promise [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.gomarkets.com\/en\/daily-news\/cotd-usoil-can-oil-prices-reach-pre-covid-levels\/\" \/>\n<meta property=\"og:site_name\" content=\"GO Markets\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-30T02:59:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-09T04:19:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/12\/oilnew.png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adam Taylor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.gomarkets.com\/#website\",\"url\":\"https:\/\/www.gomarkets.com\/\",\"name\":\"GO Markets\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.gomarkets.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.gomarkets.com\/en\/daily-news\/cotd-usoil-can-oil-prices-reach-pre-covid-levels\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/12\/oilnew.png\",\"contentUrl\":\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/12\/oilnew.png\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.gomarkets.com\/en\/daily-news\/cotd-usoil-can-oil-prices-reach-pre-covid-levels\/#webpage\",\"url\":\"https:\/\/www.gomarkets.com\/en\/daily-news\/cotd-usoil-can-oil-prices-reach-pre-covid-levels\/\",\"name\":\"COTD: USOIL - Can Oil Prices Reach Pre-Covid Levels? - GO Markets\",\"isPartOf\":{\"@id\":\"https:\/\/www.gomarkets.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.gomarkets.com\/en\/daily-news\/cotd-usoil-can-oil-prices-reach-pre-covid-levels\/#primaryimage\"},\"datePublished\":\"2020-11-30T02:59:11+00:00\",\"dateModified\":\"2021-03-09T04:19:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.gomarkets.com\/#\/schema\/person\/446d9a494ba013c192a3669cbda1bd76\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.gomarkets.com\/en\/daily-news\/cotd-usoil-can-oil-prices-reach-pre-covid-levels\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.gomarkets.com\/en\/daily-news\/cotd-usoil-can-oil-prices-reach-pre-covid-levels\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.gomarkets.com\/en\/daily-news\/cotd-usoil-can-oil-prices-reach-pre-covid-levels\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.gomarkets.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"COTD: USOIL &#8211; Can Oil Prices Reach Pre-Covid Levels?\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.gomarkets.com\/#\/schema\/person\/446d9a494ba013c192a3669cbda1bd76\",\"name\":\"Adam Taylor\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.gomarkets.com\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3f8a2662eef9486f94f09330025ec14f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3f8a2662eef9486f94f09330025ec14f?s=96&d=mm&r=g\",\"caption\":\"Adam Taylor\"},\"url\":\"https:\/\/www.gomarkets.com\/en\/author\/adamt\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"COTD: USOIL - Can Oil Prices Reach Pre-Covid Levels? - GO Markets","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.gomarkets.com\/en\/daily-news\/cotd-usoil-can-oil-prices-reach-pre-covid-levels\/","og_locale":"en_US","og_type":"article","og_title":"COTD: USOIL - Can Oil Prices Reach Pre-Covid Levels? - GO Markets","og_description":"USOIL &#8211; Point &amp; Figure USOIL &#8211; Goldman Sachs has recently called for the value of crude oil to increase to roughly $65 per barrel as we head into 2021, and the latest charts appear to echo this sentiment of a global rebalancing in this market. 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