In today’s fast-moving market, having access to accurate and timely trade signals is crucial. At forex368.com, we’ve consistently delivered actionable insights, and our most recent signals on oil have been spot-on.
As we anticipated, oil prices have taken a sharp dive, and traders who followed our signals were able to capitalize on the move.
What’s Happening in the Oil Market?
Oil prices continued their third straight session of losses after a report from the Washington Post suggested that Israel might avoid targeting Iranian oil infrastructure, reducing concerns about potential supply disruptions.
At the same time, OPEC lowered its demand forecasts for both 2024 and 2025, further weighing on crude prices.
Brent Crude fell 3%, dropping close to $75 per barrel.
West Texas Intermediate (WTI) also slid below $72.
These developments confirmed our bearish outlook on oil, which we signaled to our community days before the latest price drops.
Our Recent Oil Trade Signal
📉 Oil Short Signal (October 12, 2024):
Entry: $76.80
Take Profit: $72.50
Stop Loss: $78.50
Rationale: Reduced geopolitical risk as Israel appears unlikely to target Iran’s oil infrastructure, combined with OPEC's downward demand forecast, created strong selling pressure.
By October 15, WTI dropped below $72, hitting our take profit target and delivering a successful trade to those who followed the signal.
Fundamental Drivers Behind Oil’s Decline
Eased Geopolitical Risk: Israel's focus on military targets rather than Iran’s oil infrastructure has significantly reduced the risk of supply disruptions, pushing oil prices lower.
Weakening Demand Forecasts: OPEC's lowered demand outlook for 2024 and 2025 added to the bearish sentiment, as slower global economic growth—particularly in China—led to downward revisions in crude demand.
Lack of Stimulus from China: Markets were hoping for stronger economic incentives from China to boost demand, but the lack of new measures has weighed on oil prices further.
Gold Signal: Another Winning Call
Our community didn’t just benefit from oil. We’ve also been tracking gold, which saw some interesting price action recently. Here’s a signal that worked out for our traders:
📉 Gold Intraday Signal (October 14, 2024):
Pivot: 1923.00
Our Preference: Short positions below 1923.00, with targets at 1910.00 & 1905.00 in extension.
Stop Loss: 1930.00
Alternative Scenario: Above 1923.00, we looked for further upside with 1935.00 and 1942.00 as targets.
By October 15, gold dropped to 1910, hitting our first take profit target. The RSI confirmed the bearish momentum, validating our short position.
Why Follow Our Signals?
At forex368.com, we provide real-time trade signals across a variety of assets, including forex, commodities, and CFDs.
Every signal is backed by a combination of technical analysis and fundamental insights, helping our community make informed trading decisions with clear entry points, stop-loss levels, and take-profit targets.
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Conclusion
Our accurate oil prediction is just one example of how forex368.com helps traders navigate volatile markets.
With timely updates and well-researched trade signals, our community continues to profit from sharp market moves.
Now's the time to make the most of the markets—join our channel today and start trading with confidence!