Monthly Trading Recap – January 2021

We could see a slow start of the trading year with almost now movement, market only picked up in the last week of January giving us the oportunity to gain back some losses we made in the start of the month.

Crude oil is now in a range from $51.60 to $53.90 per barrel.

The main driver of price in January, and moving into the next few months, will be COVID-19 lockdowns and travel bans which are restricting the use of automobiles and jet airplanes which, of course, require fuel.  Lower demand equates to lower price.

Keep an eye on OPEC as, in the January meetings, production cuts were discussed for February and March which will help price.  Lower supply equates to higher price but we need to see if oil producing nations follow through with production cuts.

As with everything, short term price movements are being created by both negative and positive news on COVID-19 vaccines and these fluctuations will continue for months to come.

As well, the Biden administration has pledged to spend roughly $2 trillion on green energy which will reduce the demand for crude over the next several years.

January 2021:

 

 

2021 so far:

Net profit: $1320

Return: 3.74%

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

 


Also published on Medium.