Oil has dipped sharply, as we anticipated yesterday. We have tested 95.24 several times, but red triangles on the KRI have confirmed resistance at every attempt. Subsequently, a strong selloff took oil prices back to support at 88.74, the exact level we called out in our reports yesterday. Also, as we anticipated, we are seeing support here, with an attempt to...
Oil has retraced sharply from highs at 95.24. A red triangle on the KRI has confirmed prohibitive resistance and we have sharply retraced, initially finding support at the next level below at 92.03. From here, we made a run for the next level below at 90.06, but have found support just above it. We have currently made an attempt to break past 92.03 again, but...
Oil picked up momentum falling just shy of our target at 95.24. We have since retraced back to support at 92.03, with a green triangle on the KRI signifying support just above this level. The Kovach OBV is still very strong, and we have no reason to believe that the bull rally should stop now. If we retrace further, watch 90.06 for further support. If momentum...
This is an update on the post I made last week regarding the correction I want to see before trading (you can see the full post on the "link to related ideas") The concept of the setup is pretty simple. The price has already behaved in similar ways in the current area in the past, and the last thing I need to observe to say "This is ready" is the correction I...
Oil has blasted up from support in the high 70 handle to attain $80 again. We have risen past resistance at 80.00, and have already broken through several levels of resistance in the 80 handle. Currently, we are hovering around 81.63, just above the nearest level at 81.30. We are holding a narrow range, which is understandable after breaking through to the 80's...
Oil has slid from the 80's, dipping all the way to our level at 77.56, before recovering. We have made a run for $80 again, falling just short of this level confirmed by a red triangle on the KRI. We have felt out lows, at 77.56, and this might be the bottom of a new value area forming between 77.56 and 80.00. If so, expect oil to remain range-bound here. The...
For more daily detailed analysis, don’t forget to click on the follow button. Also, please ask any questions you may have and I will be happy to answer them. After the recent rally on the Daily charts we can get short for a move back down. Demand speculation has affected this asset greatly. We have seen fast movement smashing our targets for profit. Make sure...
For more daily detailed analysis, don’t forget to click on the follow button. Also, please ask any questions you may have and I will be happy to answer them. Recently, we looked at oil short and hit our targets. Currently, market sentiment is moving this pair greatly as restrictions impact oil demand. We are now looking for an upmove on the current fall. This...
Don't forget to click on the Follow button After reading for more daily professional analysis, also if you have any questions, please do ask them! Here we have our US OIL chart. On the very recent rally up to our predicted targets we are looking to take gains on the short side. Price is now ready to trickle down and we have seen the first move away from the...
Hey Traders just wanted to give an weekly forecast on what I see happening in the futures market this week. The S&P 500 Futures Market made another weekly all time high last week. The Oil futures market are still in an uptrend. Inflation fears are rising more and the US dollar futures market has broken out of weekly consolidation. The Bitcoin futures market also...
Oil has dipped to the lower bound of its broad range in the 80 handle. We have broken through a series of levels in the low 80's, and are clinging onto 80.00 by a thread. We do have a series of green triangles on the KRI suggesting support here, but the Kovach OBV is dipping suggesting that we are still quite weak. If 80.00 does not hold, there is a vacuum zone...
Just a technical signal: WTI Crude Oil has resolved the bullish flag pattern and is heading now North (or North-East ;) ). In the mid-and long-term, I've got my doubts that we will reach the ATH in Crude Oil because of the bad fundamentals for oil but until 76.50-77.00 USD there is enough space for now...
Crude trades at 5,407 per barrel at press time, down 1.76%. Daily chart shows scope for deeper drop. Negative UTC close today would confirm 14-day RSI bearish divergence. MACD histogram about to produce bear cross. OBV has flattened in recent days, contradicting a rising prices. Shows correction is overdue. Close below 5413 would engulf Friday’s gain. Trade...
Last week, US Crude Oil increased, despite our forecast in which we expected the price to drop, breaking the support area. In the coming days, we are expecting a new yearly top, but we won’t expect this move to gather enough momentum. Having said that, we will focus on the sell setups, as we need another drop in order to complete the consolidation pattern...
The chop in WTI continues but bullish factors outweigh the negatives. Oil prices has been through rough couple of sessions after suffering a more than 10% drop on the 18 of March. The biggest "challenge" to the bull case for oil has been the rise in virus cases, more recently from India which is the world's third largest oil importer. However, the fact that...
We don't know yet. OVX shot up to 64.91 into yesterday's close. It is unclear whether this might be a glitch on CBOE's side, or whether it might be month-end or quarter-end related, but it was a meteoric jump. To put the size of the move into context, very recently in Septmeber and November when we had similar spike, it came as a result of a 16% and 14% drop in...
Last week, the US Oil extended its gains into a fresh yearly high after a reduction in US Crude inventories combined with the approval of the larger US Fiscal Stimulus package. We will cautiously monitor the price action as we still expect a deeper bearish consolidation to start anytime despite the fact that we witnessed a strong bullish move. We kindly recommend...