On the H4 chart, prices are moving in a descending manner hence we are bearish biased. Price is also below the Ichimoku cloud which adds confluence to the bearish market. We are looking for a retracement sell entry at 88.639 where the 50% Fibonacci line and 100% Projection line are. Stop loss will be at 93.423 where the previous swing high is. Take profit is...
On the H4, with price below ichimoku cloud and MA Cross, we have a bearish bias that the price may pullback to the sell entry at 96.404, where the overlap resistance is, and then drop to the take profit at 93.319, which is in line with the swing lows support. Alternatively, if the price breaks the buy entry, the stop loss could be at 97.853, where the 38.2%...
n the H4, with price touching the bond of descending trendline, and the DIF line is breaking the signal line in MACD , we are bullish bias that price will rise from our buy entry at 99.037, which is in line with the pullback support to our take profit at 102.467, where the pullback support and 38.2% fibonacci retracement are. Alternatively, the price may drop to...
Oil prices have roller-coastered higher and now lower this morning following OPEC+'s decision to hike output minimally, and also note they have limited capacity for further increases. WTI traded lower overnight after an unexpedctedldy large crude build was reported by API. “The announced increase from OPEC+ equates to a nonevent,” said Stacey Morris, head of...
On the H4, with price breaking the bearish channel and moving above ichimoku indicator, we have a bearish bias that price might rise from our buy entry at 108.398, which is in line with the overlap resistance to our take profit at 112.160, which is in line with pullback support. Alternatively, the price may drop to stop loss at 102.534, which is in line with...
U.S. shale production U.S. shale production is expected to rise by 143,000 barrels in July to 8.91 million barrels, according to the latest Drilling Productivity Report released on Monday. Shale producers are under high scrutiny this quarter as gasoline prices rise and inflation reaches a four-decade high. Washington is asking for a large number of production...
BCO provides secure transportation, cash management, and other security related services in North America, Latin America, Europe, and internationally. The EPS growth (TTM vs Prior TTM) is 500% and there has been significant buying by CFO, James Domanico for a total of 130,327 share for a total market value of $5MM as recent as 7/12/22. We are around 2% above the...
BEIJING: China on Saturday reported its highest number of coronavirus cases since May, with millions in lockdown this weekend as authorities persist with their zero-Covid policy. Using snap lockdowns, long quarantines and mass testing, China is the last major economy still pursuing the goal of eliminating outbreaks, even as the strategy takes a heavy toll on the...
REASONS TO TRADE OIL LONG( SHORT TO MID-Term) Political Turmoil Could Plague Libya’s Oil Exports All Year Long Bashaga: It’s unlikely that Libya will descend into a full-blown civil war again. Without a unified government, Libya's oil exports will remain unstable in the short-to-midterm. As of the middle of last week, Libya was producing only about...
Last week's news headline, "OPEC sticks to production plan as high oil prices boost economy". We could almost say oil is a necessity in our daily lives. For transport, for heating in cold countries. Although we face high inflation, and a possible recession, would we expect oil to hit a point of demand destruction? At this point, I doubt so. So there is a real...
Natural gas and steel prices are closely intertwined. Sky-high energy costs fueled by Europe’s push to reduce its dependence on Russian gas are beginning to weigh on the steel industry. Steelmakers rely on natural gas for ironmaking in blast furnaces as well as for steelmaking in electric arc furnaces. Steel prices and gas are the primary topics of conversation...
Several E.U. member states made it plain that they will veto any E.U. proposal to ban Russian oil (or gas) imports. Removal of oil ban ‘fear factor’ may significantly reduce risk premium in crude oil prices. Lack of clear leadership from Germany makes an effective oil embargo a long shot. A key factor in the upper band of the benchmark crude oil trading ranges...
After easing up on Iranian oil somewhat in favor of heavily discounted Russian crude, China is now set to receive nearly two million barrels of Iranian oil, Reuters reports, citing Vortexa Analytics tanker tracking data. The cargo, set to unload in south China later this week for pumping into the government’s reserves, is the third large cargo to come from Iran...
The West Texas Intermediate Crude Oil market has rallied a bit on Wednesday to break above the top of the candlestick from Tuesday. If you remember, the Tuesday candlestick was what I referred to as a potential “binary trade”, meaning that if we can break above it, the market could go higher. After all, the neutral candlestick suggests that we are in the midst of...
Oil Could Rise to $120-150 Range in Next Few Months Oil price forecast April 2022 and beyond: Will prices test $140? Oil prices eased slightly on Friday, robust US data and weekend risk supporting prices, while US SPR releases as well as yet to be determined ones from other IEA members capped gains. A UN-brokered two-month ceasefire between Saudi Arabia and...
Buyers in the West are shunning Russian oil, sparking fears of a potential supply shortage. Some experts are warning that pulling Russian oil off the market could result in a global economic downturn. "Every recession in the past 50 years has been preceded by an oil price spike, and it is déjà vu all over again.” The more Russian oil supply comes off the market...
Oil prices will remain higher than $100 per barrel in the coming months, reflecting the geopolitical risk from Russia’s war in Ukraine and the tight energy markets with the current and potential future sanctions against Russia, the Energy Information Administration (EIA) said on Wednesday. Brent Crude prices are expected to average $105.22 per barrel this year,...
Bulls would be taking profit today from last week's BUY order. Drawing a fib on the daily chart, we are seeing a definite area for price to reverse, however, we are still in a Bullish trend on Oil. We may see an opportunity for a short-term SELL for Bears to enter right around 59.73 . Once Bears take their exit for that short-term order, we can definitely expect...