Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
The traders at the sideline got one more opportunity yesterday and today as the dip buyers pulled up price one more time.
2 days ago we printed a key reversal on the daily chart : new high and on the same day a close below yesterday's low. Actually we not just closed below the 30th Dec low but we took out 5 days' ...
Silver is stuck in a bearish channel
Showing negative divergence on the RSI. (Meaning: Price making lower lows and RSI making higher lows. - Bullish indication)
RSI is oversold on the daily chart, so a pullback is could occur if support breaks.
We had a massive break below the uprising channel on high volume, but price is currently moving higher. I see this as a possible stop hunt move, kicking out early sellers. Look at DXY ( US Dollar Index ) and USOIL for further clues. A move up to horizontal resistance areas shown on chart might be possible.
USOIL is undergoing a correction for this two weeks. It retests the previous consolidation area twice but both are supported. Now the bullish flag is confirmed.
I am looking forward it goes higher. Buy the pull back is a good way to trade usoil this year.
Good luck for everyone! Trade with care!
Oil will turn bullish if it breaks the high of 1/3/2017. Otherwise, we could either falling back to daily sideway move or a bigger bear shakeup leg. Emotionally, I am more leaning toward the market raise its base rather than a shakeup;)
High altitude ideas, and now to 0.618 of the position, or the structure of the position, the position of the 3 hit the best time in the vicinity of the short, the radical can now be empty in the 54.70 place, the location of the 0.618.
Overall on a 1 week time frame Oil is looking pretty bullish. Seems to me like a long term hold. On a other note everyone should take into account Gold and oil are positively related. A rise in oil prices is an indication of bad times and gold prices rise correspondingly. Gold and stocks are negatively ...