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...
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...
Surging Oil Prices Could Spark A Global Recession
Federal Bank of Dallas economists warn that a global economic downturn may be unavoidable if a large of Russian energy exports remain off the market throughout the year.
Billionaire investor Carl Icahn also warned that there could be a recession amid the surging inflation
So far, the EU found sufficient support...
Peace, mercy and blessings of God
It seems that the historical agreement of the black gold producing countries is beginning to take effect
In the past two weeks, we had a purchase of oil, thank God, all goals were achieved with a total of 1126 points
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Now as we see in the chart above, we have a positive Harmonic...
My BCOUSD LONG trade that I posted some back () has reached its first target and I'm holding until we reach the next line of
resistance at 34.46. There's a huge area of space above this level so it will be interesting to see if price can break through this resistance and push further north. I can see no reason why it shouldn't so let's see what happens over the...
Hard to even imagine that Brent Crude hit $149 back in 2008. Now standing at 22.32 surely this looks a good place to buy. At these low levels there's no historical support buy with RSI on the Monthly time frame at 26 and signs of a move north on mid time frames I'm in on this trade at 22.39 with a STOP under the low at 16.95 and a provisional target at WR1 Pivot...
BCOUSD went to a low of 53.55 with a steady upward monemt now at 57.70, my fractal method shows a sharp movement north to 66.00 although a pull back at this point should be action to look for, I see a slower continuation north to around the 74.00 region
We expect Brent's move for this week is upwards. As Brent is a volatile product, we use lower leverage than our usual.
Entry: 65.2
Stop-Loss: 64
Target: 67.6
Have a nice week! Follow for more.
BCOUSD is approaching our first support at 73.27 (38.2% Fibonacci retracement, 61.8% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 75.62 (horizontal swing high resistance, 61.8% Fibonacci extension).
Stochastic is also approaching support where we might see a corresponding bounce in price....
BCOUSD approaching support, potential bounce!
BCOUSD is approaching our first support at 73.27 (38.2% Fibonacci retracement, 61.8% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 75.62 (horizontal swing high resistance, 61.8% Fibonacci extension).
Stochastic is also approaching support where we...
