Monthly Trading Recap – April 2020

The high volatility that we could see in the last month continued in the month of April but with ups and downs, we could see lots of price action but with lower volume. Russia and Saudi Arabia finally did agree to cut oil production but of-course this is a forced cut due to the low demand of crude oil due to the COVID-19 pandemic.  The major shut down of the world wide economy due to the COVID-19 pandemic continues to be a big problem especially in the US. Europe is slowly trying to give permission to open small commercial areas with strict restrictions.   

With regards to the Crude Oil market we continue to see a lot of weakness in this contract. After all, we are running out of places to store oil, so nobody wants to take delivery of it. In other words, there simply are no bids. Furthermore, after seeing what happened with the May contract, a lot of traders are going to be overly cautious about buying this contract in general. Demand is still very weak, and that is not going to change anytime soon. Oversupply and lack of demand brings gravity to the markets. With regards to short term support and resistance we can clearly see the $10 mark as major support and $20 as major resistance.

Now lets look at the good stuff, for this trading month, due to large movements we ended up with a win loss ratio of  60% and a total profit of $7450 for the month of April.

April 2020:

2020 So Far:

Net profit: $30.170

Return: 63.9%

I continue to post the live day trading videos on my Youtube Channel where you can find more live trades from the last 5 years, all taken live in our Live Trading Room.

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Hope this helps,

Alexander Soares

 


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