For Tuesday, the 77.79 level can contain selling into later week, above which 80.65 and 81.73 long-term resistance remains in 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 Tuesday, closing...
A two-sided framework continues through summer between 62.14 long-term support, and 81.73 long-term resistance, both regions able to contain seasonal activity.
Inside this wide range, 77.71 can contain weekly buying pressures, 73.27 weekly selling pressures, with a settlement below 73.27 indicating 68.25 within several weeks, where the market can bottom out on a...
For Friday, 73.24 and contain selling into later next week, once tested the 77.63 formation attainable again within a full week of activity.
On the other hand, closing today below 73.24 signals 68.25 within 1 - 2 weeks, where the market can bottom out through August trade.
Upside Friday, the 77.63 - 77.72 area can contain buying through next week, and below...
For Thursday, 73.22 and contain selling through the balance of the week, once tested the 77.55 formation attainable again by the end of next week.
On the other hand, closing today below 73.22 signals 68.25 within 1 - 2 weeks, where the market can bottom out through August activity.
Upside Thursday, the 77.55 - 77.72 area can contain buying through next week,...
For Wednesday, 76.00 can contain intraday buying pressures, below which 73.19 is attainable intraday, able to contain selling through the balance of the week and the region to settle below for then indicating 68.25 longer-term support within 1 - 2 more weeks.
Upside Wednesday, pushing/opening above 76.00 allows 77.46 - 77.72 intraday, able to contain weekly...
For Tuesday, 76.20 can contain daily buying pressures, below which the targeted 72.87 - 73.34 area is likely today, able to contain selling into later week and the region to settle below for then indicating 67.08 within 1 - 2 more weeks.
Upside Tuesday, closing back above 76.20 signals 77.77 within 1 - 2 days, able to contain weekly buying pressures, and...
A two-sided framework continues through summer between 62.14 long-term support, and 81.85 long-term resistance, both regions able to contain seasonal activity.
Inside of this wide range 77.70 and 67.08 can both contain weekly activity, possibly into August trade.
Closing below 67.08 indicates 62.14 within several weeks, able to contain selling into...
For Friday, the 72.85 - 72.97 area can contain selling through the balance of the week, above which the 77.63 formation is likely by the end of next week or sooner, able to contain weekly buying pressures - possibly through the balance of July.
A daily settlement above 77.63 indicates the more significant 81.97 long-term resistance level within 1 - 2 more...
For Thursday, the 72.41 - 72.84 area can contain selling through the balance of the week, above which the 77.56 formation is likely by the end of next week or sooner, able to contain weekly buying pressures - possibly through the balance of July.
A daily settlement above 77.56 indicates the more significant 81.97 long-term resistance level within 1 - 2 more...
WTI net buys has been steadily increasing this past few days -- conveying accumulation at the current discounted price range.
WTI just touched 1.0 FIB LEVEL -- the most discounted price range you can get. Expect some notable bounce from the present levels.
The 70.0 level is a strong solid support which has been tested many times in the last 6 months -- and price...
Crude oil prices consolidate around 68 and 77 dollars per barrel, remaining below the heights of March and April. The risk of downside movement is fueled by the slow recovery of China and their slow demand increase, higher interest rates on demand and uncertainty around US economy.
On the other hand, if the prices dip too low, the countries of OPEC+ will be fast...
WTI Oil pulled back as we expected on our previous trade and filled the 0.618 Fibonacci level.
Consistent with the March 24th 0.618 Fib fill (and the RSI on a harmonic buy level), a rebound now is heavily favored as the Falling Resistance from the prior market top, has already broken.
Trading Plan:
1. Buy on the current market price.
Targets:
1. 76.00 (MA200...
The weak trade and inflation data from China further casts doubt on the ability of fast economical recovery of the country after COVID.
This puts a rench in OPEC's forecast that China will drive the demand for crude oil to record high.
The technical indicators are also confirming the downtrend, with MACD histogram being below 0 and RSI under 50 neutral...
WTI Crude Oil is approaching Resistance (1) at 83.50 after OPEC cuts.
The MA200 (1d) is almost there at 83.97 and has been untouched since August 30th.
The pattern is a Channel Up and its top is only a little over Resistance (1).
Trading Plan:
1. Sell on the current market price as the above three levels form the strongest Resistance Zone possible.
Targets:
1....
We're seeing an ascending support line hold prices just above the 72.72 support level. If price were to break this support level along with the ascending support line, we could see a big drop to major multi-swing low support at 61.97.
It's worth noting that there's a bearish ichimoku cloud that is pushing prices lower too with its bearish momentum.
Any opinions,...
WTI Oil continues to move sideways. We need a clear breakout through one of our levels in order to consider the next short-term directional move.
Disclaimer:
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US YoY CPI came above expectations yesterday, which led to expectations of further push of the prices. Although US Oil cushion reserve came above expectations, OPEC reported declined production of the month of January, and the expectations are for further increase of global demand for the crude oil.
On the 1H graph the price had broke the resistance of the Flag...
WTI remains firmer for the second consecutive week even if the intraday buyers retreat during early Friday morning in Europe. That said, the black gold slides to $80.95 while paring the daily gains by the press time.
In doing so, the energy benchmark takes clues from the recent stabilization of the US Dollar, as well as hawkish comments from the Federal Reserve...
