Drops in crude oil have an impact on stocks in a positive way. The important point to remember is that falling crude oil prices have a lagged effect on the overall equity market. How long is that lag? It changes over time but it is approximately 6 months. When oil prices rise, it too has a lagged effect on the market by a variable amount of time. Of course, it...
🔸Hello traders, today let's review the 8 hour chart for gold. Recently solid gains off the lows near 1890 usd and currently expecting more gains in this market going into September. short-term pullback in progress, expecting pullback to complete near 1900/1905 usd. 🔸Setup is based on speculative XABCD structure, point X at 1965, point A and 1890, point B at 1948,...
Certain weeks stand out in importance, and the week ahead is shaping up to be one of them. On the economic calendar we have the Eurozone & Canada CPI as standouts for Tuesday, UK CPI & FOMC on Wednesday. Such action-packed weeks often provide the catalyst for the next move in the markets. Our attention is currently drawn to the EURCAD for multiple reasons....
WTI oil (USOUSD) could fall towards an overlap support and potentially reverse from here to bounce higher towards our take profit target. Entry: 89.670 Why we like it: There is an overlap support level Stop Loss: 88.005 Why we like it: There is a pullback support that aligns below the 23.63% Fibonacci retracement level Take Profit: 92.577 Why we like it: There...
I posted this pattern originally back in 2019 which showed the relationship between sharp drops in crude oil prices and the resulting support levels created in the stock market, as measured by the $SPX500 S&P500 Index. Crude oil has basically gone sideways over the last 40 years when adjusted for inflation and when you factor in efficiency in that we get 22 mpg...
Brent have two recent bottoms 1.June 2023 ($72) and 2. August 2023 ($82.5) and has rallied more than 33% since July. The rally still looks to be continuing without till 496, $98.5 and $100 very soon. Given the strong momentum buildup and supply cuts from OPEC+ has given the oil a due rally which the cartel was expecting since June 2023. Technically speaking...
WTI oil (USOUSD) could fall towards a pullback support and potentially reverse from here to bounce higher towards our take profit target. Entry: 88.140 Why we like it: There is a pullback support level Stop Loss: 84.898 Why we like it: There is a pullback support level that aligns with the 38.2% Fibonacci retracement level Take Profit: 92.087 Why we like...
While NOK (Norwegian krone) has the strongest statistical relationship with Brent and WTI crude, we can see a strengthening correlation between crude and the CAD. We see the 1-month correlation between crude and CADJPY at 0.68, so it's meaningful. We also see (on the daily) price breaking out of the top of its recent range of 108.50. While many will be concerned...
Further highs in crude have been seen in this momentum move. This time courtesy of some punchy OPEC forecasts for a 3.3m barrel p/d deficit in Q4. The IEA (International Energy Agency) are due to provide their update in the session ahead, and one can also expect a change in the forecast, given they previously pencilled in a 230k bpd deficit. $90 is the obvious...
USOIL (WTI) is falling towards an overlap support and could potentially bounce off this level to climb higher. Buy entry is at 85.930 which is an overlap support. Stop loss is at 84.564 which is a pullback support that aligns under the 23.6% Fibonacci retracement level. Take profit is at 88.065 which is a recent swing-high resistance. High Risk Investment...
WTI oil (USOUSD) is falling towards a pullback support and could potentially reverse from here to bounce higher towards our take profit target. Entry: 86.176 Why we like it: There is a pullback support that aligns with the 23.6% Fibonacci retracement level Stop Loss: 83.321 Why we like it: There is an overlap support level that aligns close to the 50.0%...
WTI Oil (USOIL) is trading within a Channel Up pattern since early June with the 1D MA50 (red trend-line) supporting since July 06. Based on the 4H MACD, the price is pulling back at the moment to test the 4H MA50 (blue trend-line) as Support, similar to July 17. If it holds, it will be the final bullish sequence to test the 93.75 Resistance (October 10 & November...
What do you mean by a spread? A spread is a difference between two similar markets, in this case oil stocks and oil service companies versus the basic commodity that those oil companies trade in, which is crude oil. There is a substantial trade set up at the moment that presents large returns with a reasonable amount of risk. Shorting Energy Stocks using the $XLE...
The Reserve Bank of Australia is expected to keep its rate on hold in its meeting today, so there might not be anything interesting here. Do we think this rate decision is going to make more of an impact on the Aussie than the Australian GDP (Gross Domestic Product) figures that are released tomorrow? There has been talk of the Australian dollar being undervalued,...
WTI Crude Oil broke and closed above a solid horizontal weekly structure resistance. The underlined blue area is also the neckline of a cup & handle pattern. That violation may push the prices much higher. Next goal is 90 - the round number, then - 92.3. For entries, consider the broken structure. ❤️Please, support my work with like, thank you!❤️
Crude oil has reached the August highs again, pushed by productions cuts by OPEC countries and weaker dollar. Markets are now awaiting further cues on the US economy and potential interest rate moves. I think it is time for a small retracement in the price, this rally has to end for a day or two, potentially reaching 61.8 Fibonacci retracement traced back from...
USOIL (WTI) is rising towards the sell entry at 80.424 which is an overlap resistance that aligns close to the 61.8% Fibonacci retracement level and could potentially reverse from here to drop lower. Stop loss is at 82.813 which is a level that sits above the recent swing-high. Take profit is between 78.315 and 77.626 which is a multiple swing-low support that...
Hello,Traders! CRUDE OIL was trading in a Bullish wedge and now we Are seeing a bullish breakout So I think that we will see A strong move up Buy! Like, comment and subscribe to help us grow! Check out other forecasts below too!