Sasol showing upside to come with two patterns target R228.61There are two potential rising formations to come for Sasol.
Either Rev Cup and Handle or Inv Head and shoulders
We do need the confirmation though for upside to continue to come.
Moving averages yield a Medium Probability setup with
Price>20
Price<200
Oil is also confiriming a short to medium term rally which will help push up the price
Target R228.61
Buyoil
Brent Crude is showing major upside to come to $96.00Ascending Triangle has formed on Brent Crude.
We saw the price continue to knock up the resistance until it broke above.
Price>20 and Price>200
So the target is likely to hit $96.00
When the US Dollar depreciates, it often leads to a rally in Brent Crude prices for several interconnected reasons.
1. Commodity Pricing
Global Benchmark:
Brent Crude is a major global oil benchmark. Oil prices, including Brent Crude, are typically denominated in US dollars on international markets.
So when the US Dollar weakens, oil becomes cheaper for holders of other currencies. This increased affordability can lead to higher demand, pushing prices up.
2. Investment Flows
A weaker dollar drives investors towards commodities like oil as alternative investments, contributing to price rallies.
3. Economic Implications
Dollar depreciation often signals global economic growth, boosting energy consumption and pushing up oil prices.
4. Inflation Expectations
Oil is purchased as a hedge against inflation when the dollar weakens, raising demand and prices for Brent Crude.
5. Energy Sector Investments
A depreciating dollar lowers operational costs in the energy sector outside the US, potentially tightening supply and elevating oil prices.
UPDATE: Brent Crude is on the way to $100!Since the last update, Brent has broken above the major Falling Wedge...
And it's been on a quiet but consistent trajectory up.
With the USD strengthening and with oil being an inelastic good where price has little effect on demand, means we can expect the price to continue to the first target.
$100!
We are in it for the medium term.
Buy OilJust an idea and trade at your own risk,
Oil is still bullish on the weekly and monthly timeframes.
Oil is still in its uptrend and after the last crucial breaks, next targets are upcoming supply zones Tp1 115 and Tp2 150.
Crude Oil - Buy Analysis Oil continues its bullish advance as Oil demand comes roaring back as governments across the world vaccinate their domestic populations and set up a global demand increase for Oil as OPEC keeps supply limited.
Investments banks such as Goldman Sach's have an extremely bullish view on the commodity, calling for Oil to enter a super cycle.
In this video I look at Macroeconomic data that predicts Oil prices and we also look at Volatility to know where the buying opportunities are if Oil continues its bullish trend.
Buy Brent Crude Oil + Long CAD & NOKWe look at why Oil prices are supporting the Commodity-linked Canadian Dollar & Norwegian Krone.
I analyse how markets use Manufacturing PMI data In the U.S to know when to buy and sell Oil based on demand expectations driven from Global growth.
We can take the following trades
BUY CAD/JPY
BUY NOK/JPY
SELL USD/NOK
SELL USD/CAD