Oil Daily Analysis : February 15, 2021

The daily oil analysis on February 15, 2021 will discuss the soaring oil prices and the occurrence of a "Gap - UP" on Monday February 15, 2021 earlier this week in the Asian session. The surge in oil prices occurred due to fighting between the Saudi-led coalition in Yemen which said it had succeeded in stopping a drone that turned out to be loaded with explosives, the plane had been controlled by the Houthi group on the side of Iran. This incident has raised fears of new tensions in the Middle East. In addition, the increase in oil prices is also driven by increasing expectations for US stimulus and easing lockdowns, this is expected to again move the wheels of the economy so that it will increase fuel demand. In addition, the surge in oil prices over the past few weeks, also supported by tighter supplies from Saudi Arabia and also due to production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and producers from other countries outside OPEC+ members. The greenback started earlier this week moving near a 2-week low. This happened because market participants were worried about the situation in the US. They are pessimistic about whether the recovery from the pandemic in the United States will be as fast as expected. The US Dollar Index has reached its peak of strength at 91.6 on February 5, 2021, amid hopes that the US currency's rebound will be able to outpace the economies of other countries. However, in reality, it actually decreased/weakened after the release of disappointing employment data. There are differences regarding the condition of the US Dollar, some market participants expect the US currency to "strengthen" because the US economic condition is starting to outperform the economies of other countries including Europe. On the other hand, there are those who view the US economic recovery as the main driver that will have a global impact that should lift risky assets but by "weakening" the US dollar currency.

Oil Daily Analysis Predictions

Today's prediction in OIL is expected to continue its upward movement, and the recommended OP (Open Position) is BUY at the level of 60.95. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points. This the daily analysis of oil on February 15, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.