WTI appears set tor a cheeky retracement. Volumes were falling during its leg higher from $68, and Wednesday closed with an exhaustion candle. Note the strong trading activity around $70 which indicates some bears were caught short and bulls initiated, which assumes short-covering helped fuel the rally and any retracement towards $70 could also be supported....
Whilst we retain our view that oil prices could be headed for $100 further out, the trend seems to have hit a speed bump over the near-term. WTI broke above $90 with ease yet faltered around $95 with a shooting car candle with high volume (which makes it a potential key reversal day). A bearish divergence has also formed with the RSI (2) after it reached...
Commodities were broadly lower yesterday with the CRB index falling to a 4-day low. Geopolitical tensions are rising following Russia’s decision to back out of a key grain deal which allowed Ukraine to export grain through the Black Sea. Weak data from China and news that Libya will restart oil production also saw WTI fall for a second day. What has caught our...
Oil prices fell to a 15-month low as investors fretted over the potential for a financial meltdown. Whilst that is yet to fully materialise (or if it does at all), investors remain a little on edge - with news of the latest Hindenburg report accusing Block (SQ) of fraudulent activity not likely to quell fears. WTI has manged to lift itself from its 15-month...
Hello world! According to my technicale analysis, Oil has returned back to the level it left in November 2014, which is a very strong trading range. We can also observe that oil is reaching the top of the Uptrend channel, which means that we may see a small correction in the next few days/weeks. It can go down to the red line (which is a strong market support)...
Good mrning everyone. On the chart we have our SPRING BOX which plays an important role in our strategy proves us that the maket is going SHORT. SELL CL1!
Hi investors and traders , if the price breaks the parallel channel with a great volume we will see a great tendance up or down of course . so if you have a note or suggestion leave it in the comments
CL1! - Crude Oil - WTI - H1 - Intraday - Bearish Correction - SELL We have a Bullish Trend continuation with a Bullish Triangle pattern on the H1 chart, but we are waiting for a trend correction to enter short because we have a big resistance zone @ 34.00$ First target @ the 0.618 Fibonacci Level. ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ Entry: 33.70 |...
Couple of major points to unpack relating to oil which points a major inflection point downwards to a material low:- #1 Oil is on a downward trend since peaking in Oct'18. In fact, the Oct'18 peak is a lower high vs. the 2014 peak which was a lower high from the 2008 peak. In short, there is a massive decade long downtrend line which suits the thesis that oil...
There's really no bullish case that we can make for oil at this time. We are already into the summer driving season and supplies continue to increase. Last night, the API reported crude oil supplies rose by 4.9 million barrels. The market was expecting a decrease of 481,000 barrels. All eyes are now focused on the 10:30 am DOE report. With crude oil back under...
Crude Oil bounced more than 7% today, but we find couple strong resistances ahead. I would like to short this market once it failed to break the resistances. Set the stop loss and let's see what will happen in the next few weeks.
Momentum these two weeks had been bearish amid market foresee more supply. Price breakthrough the first micro trend line (Blue) and continue with momentum. Looking at the price, it may reach the weekly base trend line before another range / consolidation.
Thanks for viewing. I put CL1! Crude in a wave (4) correction. I was quite happy with my prediction of the last drop from 75 to 64.50 (although I picked the start of the price decline accurately, I was expecting a drop a bit lower on that occasion) but then stopped following crude closely. It would be a little surprising if we were done after that first drop to...
Drawing different trend lines for oil allows us to get some support and resistance levels for the intermediate term. For my full analysis including more charts check out www.enhancingcapital.com