Oil Prices Plunge, Swimming Against the Tide

Why is the oil price plummeting? How can traders seize the opportunity for contrarian trading? In this video, we will delve into how to bravely swim against the current at the current oil price levels, accurately grasp the crude oil trading opportunities of 2024, and achieve investment growth.

Subtitle:

Good afternoon, today is Sunday November 17 2024, and over the past week especially on Friday, we saw crude oil prices fell by 2%, to as low as $66.81 per barrel, and the reason cited has been the weaker demand from China as well as a slowing down in pace by the Federal Reserve interest rate cut possibilities. And while in the near term there is the possibility of continued weakness in crude oil prices. But from a risk reward perspective, current prices in crude oil are beginning to look very attractive. Let me explain now.

What we are seeing in front of you is the price chart in four hours time frame. For the micro crude oil traded on Nymex, we can see that prices of crude oil has been retreating of late from a height of $78.48 in early part of October, to as low as this Friday closing of about $66.95, the lowest traded however was $66.81, which is not that far away from the October 24th, low of $66.72, so...

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Creators：Daniel Ang

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4. The information is meant purely for informational purposes and should not be relied upon as financial advice.

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