Good evening and i hope you are well.
wti crude oil
bull case: Amazing day by the bulls. They broke strongly out of the bear flag and made the market always in long on the daily so i expect follow through to 78 or higher.
bear case: Bears see this as a trading range and they want the market to form a lower high below 78. After such a strong move on the...
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....
The American Petroleum Institute's latest report indicates a significant draw in U.S. oil inventories – a larger-than-expected decrease of 5.2 million barrels. But what does this mean for the market?
This drop in inventories typically signals a tightening supply, which, in theory, should push oil prices up. However, the data also showed an increase in gasoline...
WTI Oil (USOIL) got emphatically rejected yesterday on the 4H MA50 (blue trend-line) and formed another Lower High on the emerging Channel Down. The price is now approaching the 4H MA200 (orange trend-line) on an additional sell signal as the 4H MACD just completed a Bearish Cross, the first since the one that started this correction at the top on August 10.
As a...
For Friday, the 81.49 - 81.64 area can contain selling through the balance of the year, above which 86.15 remains a 2 - 3 week target, 102.96 attainable by the end of the year.
In the more immediate vicinity, 84.14 can contain session strength, while closing above 84.15 indicates 86.15 within several days, able to contain weekly buying pressures - once tested...
For Thursday, the 81.49 - 81.66 area can contain selling through the balance of the year, above which 86.28 remains a 2 - 3 week target, 102.96 attainable by the end of the year.
In the more immediate vicinity, 84.18 can contain session activity, above which 86.28 is attainable intraday and able to contain weekly buying pressures, once tested the market...
For Tuesday, the 81.49 - 81.71 area can contain selling through the balance of the year, above which 86.54 remains a 2 - 3 week target, 102.96 attainable by the end of the year.
Upside Tuesday, 84.17 can contain session strength, while closing above 84.17 indicates 86.54 within several days, able to contain weekly buying pressures and the point to settle...
For Monday, the 81.49 - 81.73 area can contain selling through the balance of the year, above which 86.67 remains a 2 - 3 week target, 102.96 attainable by the end of the year.
Upside Monday, 84.17 can contain session strength, while closing above 84.17 indicates 86.67 within several days, able to contain weekly buying pressures and the point to settle above for...
For Friday, the 80.50 - 81.61 long-term resistance area can contain buying through summer activity, below which 76.77 is likely by the end of next week, 62.14 attainable over the next 3-5 months. On the other hand, a weekly settlement today at or above 82.42 (1% above 81.61 – page 2) would set off a meaningful buy signal into later year, 87.27 then expected within...
For Thursday, the 80.65 - 81.61 long-term resistance area can contain buying through summer activity, below which 76.57 is likely within 1 - 2 weeks, 62.14 attainable over the next 3 - 5 months.
On the other hand, closing today above 82.42 signals 84.44 within the week, while a weekly settlement tomorrow at or above 82.42 (1% above 81.61) would set off a buy...
For Wednesday, the 80.65 - 81.61 long-term resistance area can contain buying through summer activity, below which 76.48 is likely within 1 - 2 weeks, 62.14 attainable over the next 3 - 5 months.
On the other hand, closing today above 82.42 signals 84.44 within the week, while a weekly settlement Friday at or above 82.42 (1% above 81.61) would set off a buy...
For Tuesday, the 80.65 - 81.61 long-term resistance area can contain buying through summer activity, below which 73.40 is likely by the end of August, 62.14 attainable over the next 3 - 5 months.
On the other hand, closing today above 82.42 signals 84.48 within the week, while a weekly settlement Friday at or above 82.42 (1% above 81.61) would set off a buy...
A two-sided framework continues through summer between 62.14 long-term support, and 81.61 long-term resistance, both regions able to contain seasonal activity.
Upside, 81.61 can contain buying into later year, once tested 62.14 attainable over the following 3 - 5 months, where the market can bottom out on a seasonal basis.
On the other hand, a weekly...
For Friday, the 78.04 level can contain selling through the balance of the week, above which 80.65 - 81.73 long-term resistance remains a 3 - 5 day target able to contain buying through summer activity.
A weekly settlement today at or above 82.55 (1% above 81.73) would set off a significant buy signal into later year, 103.70 then expected over the next 3 - 5...
For Thursday, the 77.96 level can contain selling through the balance of the week, above which 80.65 - 81.73 long-term resistance remains a 3 - 5 day target able to contain buying through summer activity.
A weekly settlement above 81.73 would set off a significant buy signal into later year, 103.70 then expected over the following 3 - 5 months.
Downside...
For Wednesday, the 77.88 level can contain selling through the balance of the week, above which 80.65 - 81.73 long-term resistance remains a 3 - 5 day target able to contain buying through summer activity.
A weekly settlement above 81.73 would set off a significant buy signal into later year, 103.70 then expected over the following 3 - 5 months.
Downside...
