Brent futures rose by $4.89 (5.7%) to reach $90.89 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by $4.78 (5.8%) to $87.69 per barrel, marking their most significant daily gains since April. Brent also saw a weekly rise of 7.5%, its largest since February, and WTI climbed 5.9% for the week. Despite the Middle East conflict, global oil and...
Unfortunately my last UKOIL prediction didn’t fair too well but using the science of Elliott Wave I think I’ve been able to identify previous mistakes and also a way forward. I expect the $90-$91 range to send UKOIL back to $25 over the next 3 years or so. Based on what news? Who knows. We’ll see when it comes but the chart is always the first indicator :)
Price is trading below resistance. When green support breaks 60s are expected.
Fuel demand in Europe has been slow while consumption in China has been strong following the lifting of pandemic restrictions. BP's shares closed lower than 9% in London trading, their largest daily drop since the pandemic panic, after it said it would repurchase stocks worth $1.75 billion over the next three months, down from $2.75 billion in the past quarter....
WTI - Is forming a good-looking triangle pattern with a complete range June 10-12, if completed we are looking for a HKEX:10 upwards movement till May 24-26 and a HKEX:4 correction to HKEX:82 levels before the conclusion of the figure. This strictly technical analysis requires some push and there is only one player that can possibly play that card and this...
Natural gas bounced from a low of $1.95/MMBTU, where almost all producers lose money. Since natural gas and crude oil are near or below breakeven levels, producers are reducing their drilling rate - likely lowering production levels given the lack of capacity. The negative shift in weather, falling rig count, and potential export boost from Freeport may push...
The Biden administration said the surprise oil output cuts announced on Sunday by Saudi Arabia and other OPEC+ countries were not advisable. The west is not excited by the price development and we can expect an answer to keep the black gold in a reasonable range. Mid-70s is working well to reduce inflation and keep the economy running, that's why a logical move is...
Based on the macro wavemap for UKOIL, its fairly safe to assume that the value of this commodity will increase by 396% over the next 4 to 5 years. Seemingly in a Flat corrective wave, the new all-time high near $324 should send price to retest the $60 range (at the highest).
Oil should find support here. $74-$75. Least likely it breaks this level.
USOIL is bearish below 81.401.
Brent Oil is in correction and very likely can test the horizontal trend line.
Looking to sell at the 4 hour POI Confluence = RBD, imbalance
Up until a few days ago I believed oil had a chance of getting back down to 75-95$. It can still get all the way down there, but for the price to get there it would need traditional markets to crash badly. The current production is too low, the underinvestment in production is massive and the oil industry isn't incentivized to drill for new wells. At the same time...
Oil is getting near to a qualified supply zone I showed on the chart. Set a sell limit and do risk free and trailing stop. Good luck.
The well-defined channel seems to be intact while RSI is bottoming out and MACD is beginning to curl up. I believe oil has seen the majority of its bad performance in the past week. After this greenflation will kick into gear. People won't be able to resist investing in energy knowing that they'll be taking advantage of huge profit margins while the commodity...
Hello everyone, Brent Oil looks as it is breaking the structure in 4H Time Frame. Advice scalp on Break Out, wait for retest and confirmation in candles. Best Regards
It is as simple as that. Not much more to be said than that, the chart says it all. Too many touches on the resistance and we had the most insane capitulation in 2020. The production of oil has taken a big hit and the price will keep rising as demand comes back. That's bad for growth, but we are here to make money. Hedge your fuel expenses and go long Oil!
After almost 7 years of bearish price action, oil services will be essential in the transition to electric vehicles and clean energy. Most automakers are shooting for 2025 to have an entire EV fleet or mostly EV fleet. That's a 4-7 year runway for a bull run; assuming that it will take time to transition and for all automakers to be on the same page. Freight and...