October, as expected, brought oil growth after 4 months of fall. November also opened with positive sentiments. During its first week, crude oil grew by 4.71 %.
The volume and MACD are showing slight weakness in bulls. We might see oil moving a bit more slowly during the week.
With the supply issues at the moment, oil can stay in the channel of 90
October, as expected, brought oil growth after 4 months of fall. November also opened with positive sentiments. During its first week, crude oil grew by 4.71 %.
The volume and MACD are showing slight weakness in bulls. We might see oil moving a bit more slowly during the week.
With supply issues at the moment, we can expect that the price stays in 90 channel for the week.
The candlestick pattern at the lowest low is very probable to be the pivot point for the downward consolidation of oil. October also can be closed by a green candle after 4 months of drop. The political and economic conditions are making the pivot more valid at the moment.
On the weekly chart of WTI, uncertainty is clear in the last candle. Buyers and sellers were both indecisive.
On the daily chart, the MACD indicator seems to be crossing and changing the phase. Oil might open lower on Monday but it is possible to see volatilities throughout the week.
The recession is nearly the strongest bearish factor holding oil prices down....
The price has been under 100 and 200 MA. You can see the death cross formed in the daily chart. Therefore, we can expect a fall of crude to 80 or lower. Yet in the weekly crude chart, we still have the support of 200 MA and The price movement should be observed at that level.
In the daily chart of WTI, we can detect a hidden divergence in MACD and price. Friday’s movement was strong but it was not significant to the strong yearly pivot resistance and stayed below 200 MA. It can be only a fake breakout. Yet, we shall observe every new detail closely.
If it fails at the 200 MA resistance, be prepared to go short. Unless the fundamentals...
In the daily chart of WTI, we can detect a hidden divergence in MACD and price. Friday’s movement was strong but it was not significant to the strong yearly pivot resistance and stayed below 200 MA. It can be only a fake breakout. Yet, we shall observe every new detail closely.
If it fails at the resistance, be prepared to go short. Unless the fundamentals of the...
The wedge has been valid for about 3 months. According to MACD, we can see weakness and bear exhaustion in the price. Considering the current fundamentals, we can expect a sharp movement toward the upper resistance.
Oil is currently under strong mixed sentiments. Price has returned to a resistance and stays below two Fib Levels at the moment. #MACD is also indicating weakness. Is #USOIl heading for lower? OPEC more signs for more cuts might be a signal.
