USOIl reached our short-term price target overnight. We continue to be bullish on WTI oil. Because of that we would like to change medium-term price target of 77.50 USD to short-term price target. Similarly, we would like to change long-term price target of 80 USD to medium-term price target. We would also like to set new long term price target to 90 USD per...
The main driver here appears to be the unwind in cyclicals and commodities as we see the brakes pulled in the inflation trade. In this sense, Oil itself tends to be rather immobile. And yet (for OPEC+ still has some vitality although diminishing) it is not rare to find the trigger for this will come in the display of an increase of considerable activity on the...
WTI OIL broke the resistance cluster
And went up, just as I predicted
Now it is retesting a horizontal support
From where I am expecting a bullish reaction
And a move up to retest a previous high
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USOIL gave up some of its gains from the last week. Currently it trades just below upper bound of downward moving channel. We continue to monitor USOIL closely while we look for any strength and potential breakout above the upper bound of a channel. We think this would be bullish developement for USOIL and it would be followed by another breakout above the short...
Our short term price target of 70 USD was reached yesterday. USOIL currently trades around 70.30 USD. We remain bullish on WTI oil. Our medium term price target is 77.50 USD and our long term price target is 80 USD. We would like to set new short term price target for USOIL to 72.50 USD.
RSI and Stochastic are bullish. MACD has bullish...
During the night USOIL peaked exactly at short-term resistance sitting at 69.60 USD. We will closely observe this short-term resistance in the following days. We will look for strength in the oil price and we will observe whether USOIL has an abillity to surpass this price level. In terms of technicals, stochastic is bullish. RSI is bullish but shows signs of...
Since May 2021, S&P 500 has gained almost 10%, while Copper/Oil ratio has lost 52%; which means oil prices are relatively higher than the Global economic growth capacities.
IEA reported the same idea on Global OIL demand this week, which is totally in contrast with OPEC's demand assessments noted in it's August report.
Since these high prices are weighing on...
Here's a quick TREND ANALYSIS using a simple method I like to call "TIME AT MODE" in the current crude oil market. I'm using the April 2021 futures contract to do the daily analysis.
FIRST, notice that the crude oil market has not made a new high in over 5-days. That observation makes me look for downside trades in crude oil by first finding the "mode" since...
Energy stocks, crude oil, and the XLE energy ETF all flashing buy signals. $100 oil looks invitable.
From failed moves come fast moves, and oil/energy stocks failed an attempted breakdown below the neckline.
A few favorite long ideas: $LPI, $AMPY, $XLE, CL1 (futures), $XOM
Is OIL in a Multiyear Bull Market.
Oil demand is growing and supply is not. There has been significant under investment into shale oil. OPES supplies are being exhausted and offshore production growth is flat to dwindling.
ESG mandates are putting pressure on the fossil fuel industry as a whole but ESG are only affecting one thing. And that is supply. The...
Price is currently experiencing bearish pressure and consolidating between our resistance at 75.24 in line with 50% Fibonacci retracement and pivot at 74.67. With MacD depicting a cross above the equilibrium, we foresee a potential trend reversal to our area of take profit at 73.93 in line with 127.2% Fibonacci extension and 61.8% Fibonacci retracement ....