OIL (CRUDE/BRENT):
Oil edges higher start of the week with an "optimistic demand outlook".
- Chinese central bank says growth is back on track.
- WTI (type of crude oil) climbs above $74 a barrel
Factors of reason oil have risen:
- Investors weighed the outlook of China's demand recovery.
- Weighed outlook on the prospect of less restrictive monetary policy from the US.
- West Texas Intermediate futures (WTI) climbed above $74 a barrel after ending 8% lower.
- The Federal Reserve may lean toward smaller interest-rate rises after wage growth cooled.
Why oil has had a weak start to 2023:
- forward curves signal ample supply and thin liquidity leaves futures
- provides high wild swings
- top hedge fund manager Pierre Andurand saying crude could exceed $140 a barrel this year,
if Asia fully re-opens after Covid-related lockdowns.
Key Price levels:
77.35
73.75
70.50
Crude OIL 4hr Chart:
- Double Tap Pattern
- Creating LH
- Needs to break 70.50 to show the continuation of a bear trend, creating
a LL
TSLA potential bear trend this week factors:
- Elon cites ‘local negativity’ around Twitter layoffs
- Trial over Musk’s 2018 take-private tweet slated for Jan. 17
Factors for bear trend:
- Elon Musk wants his upcoming fraud trial with Tesla Inc. shareholders moved out of San Francisco due to thoughts that
jurors in the region will probably be biased against him because of recent layoffs at Twitter Inc.
- Investors suing Tesla and Musk argue that his August 2018 tweets about taking the electric-car maker private with “funding secured”
were “indisputably false” costing them billions of dollars by spurring wild swings in Tesla’s stock price.
Factors for bullish:
- Musk has maintained that Saudi Arabia’s sovereign wealth fund had agreed to support his attempt to take Tesla private. (The trial is set to begin January 17.)
TSLA 1HR CHART:
- Not Creating new HL
- Creating new LL, shows a still ongoing bearish trend.
- Show key price level of $105
Oil edges higher start of the week with an "optimistic demand outlook".
- Chinese central bank says growth is back on track.
- WTI (type of crude oil) climbs above $74 a barrel
Factors of reason oil have risen:
- Investors weighed the outlook of China's demand recovery.
- Weighed outlook on the prospect of less restrictive monetary policy from the US.
- West Texas Intermediate futures (WTI) climbed above $74 a barrel after ending 8% lower.
- The Federal Reserve may lean toward smaller interest-rate rises after wage growth cooled.
Why oil has had a weak start to 2023:
- forward curves signal ample supply and thin liquidity leaves futures
- provides high wild swings
- top hedge fund manager Pierre Andurand saying crude could exceed $140 a barrel this year,
if Asia fully re-opens after Covid-related lockdowns.
Key Price levels:
77.35
73.75
70.50
Crude OIL 4hr Chart:
- Double Tap Pattern
- Creating LH
- Needs to break 70.50 to show the continuation of a bear trend, creating
a LL
TSLA potential bear trend this week factors:
- Elon cites ‘local negativity’ around Twitter layoffs
- Trial over Musk’s 2018 take-private tweet slated for Jan. 17
Factors for bear trend:
- Elon Musk wants his upcoming fraud trial with Tesla Inc. shareholders moved out of San Francisco due to thoughts that
jurors in the region will probably be biased against him because of recent layoffs at Twitter Inc.
- Investors suing Tesla and Musk argue that his August 2018 tweets about taking the electric-car maker private with “funding secured”
were “indisputably false” costing them billions of dollars by spurring wild swings in Tesla’s stock price.
Factors for bullish:
- Musk has maintained that Saudi Arabia’s sovereign wealth fund had agreed to support his attempt to take Tesla private. (The trial is set to begin January 17.)
TSLA 1HR CHART:
- Not Creating new HL
- Creating new LL, shows a still ongoing bearish trend.
- Show key price level of $105
WKP