Fundamental Analysis Here are the important updates about oil and the market: The uncertainty surrounding the US debt-ceiling talks is affecting the price of oil. If the US defaults on its debt, it could lead to a global recession. The US Dollar is gaining value because investors are seeking safety and there are expectations that the Federal Reserve will...
✅USOIL is trading in a Downtrend below a falling Resistance and the price Retested it and is making A bearish pullback so I think That we will see a Local move down SHORT🔥 ✅Like and subscribe to never miss a new idea!✅
The price of WTI fell with 1.15 USD last trading day, due to expectations by investors that Fed will keep increasing the interest rate. US CPI had risen in April and is suggesting that the interest rates will remain high. Nearly 3M barrels oil inventory growth, weaker imports in April and slow export growth to China are putting additional downward pressure to...
Both the Dollar & Oil are moving in a negative correlation with each other, which fits with our long term bias for both markets🦾 The Dollar is weakening & pushing institutional investments into commodities such as Oil. Oil flew up 30% from its low, currently retracing down but still up 18%. Use this chance to DCA average into buy positions if you haven't...
WTI Crude Oil delivered what was expected, it hit our long term TP = 66.00 and is rebounding after a new Lower Low at 63.65 (S1). The 1D RSI is still very low (35.546) while the 4H technicals just got out of their yesterday's remarkably oversold condition (RSI = 36.200, MACD = -1.970, ADX = 63.277). Our short term target is the 0.382 Fibonacci (TP = 71.25) and...
WTI Oil (USOIL) hit our 72.50 target we set last week (see chart below) and maintains the tight trade within this short-term Channel Down pattern: At the moment today's aggressive bearish leg can very well make a Lower Low of the Channel Down at 71.10 and then rebound, with the 4H RSI Rectangle giving a valid level on its bottom to be prepared for. Until the...
Now that we have had the data from the BoJ, I am focusing on the news that is coming out later today. At 1:30pm my time we receive the Canadian GDP m/m, which is expected to come in at 0.2% and down from the previous reading of 0.5%. So anything stringer and the CAD will strengthen. Then we also have the US Core PCE Price Index m/m which is expected to come in...
Scorpio Tankers Inc. (STNG) appears to be headed for a downside based on two significant factors - the impact of the oil market and the approach of Wave 3 in the Elliott Wave Theory. The recent downturn in the oil market has hit the entire industry hard, and Scorpio Tankers is no exception. As a company that operates in the oil tanker shipping industry, the drop...
Oil is looking good to buy after the correction, the triggers for entry are a breakdown of the downtrend, a consolidation breakdown and the high of 78.35, where there were large cluster volumes. The price remains above the breakdown so I opened a long position at 78.7, with an exit under the lower consolidation boundary below 76.7. The first target is 80, then...
WTI Crude Oil is in the process of forming the Right Shoulder part of the Head and Shoulders pattern on a neutral 4H technical outlook (RSI = 48.188, MACD = 0.000, ADX = 33.202). A long as the price keeps getting rejected on the 4H MA50, the trend remains bearish but it will be confirmed if the price crosses under the HL trendline (sell trigger). If that happens,...
WTI Crude Oil reached a key daily structure resistance. Testing that, the price formed a double top pattern on 1H time frame. Its neckline was successfully violated then. I expect a retracement from the underlined blue area. Goals: 82.0 / 81.4 ❤️Please, support my work with like, thank you!❤️
IN this update we review the recent price action in #crude oil futures contract and identify the next high probability trading opportunity and price objectives to target
Looking at H4 chart, it appears that the price has reversed from the sell entry at 81.13, which is a multi-swing high resistance level. In light of this, it may be a good idea to consider taking a profit at 78.08, which aligns with the 23.6% Fibonacci retracement and is also a swing low support level. To manage the risk in this trade, it would be advisable to...
The USDCAD pair is correcting; it could last months. This probable down move will push up oil prices, thus, raising inflation rates worldwide!
The price of Crude Oil gapped 6% on market open tonight & moved up 460 PIPS😳 What a crazy move! This was caused on the back of Saudi Arabia & OPEC announcing further Oil output cuts of around 1.16 million barrels a day. This is their way of fighting back against the U.S. & punishing them. This'll create immediate price rises in the United States, then also follow...
My dear followers, This is my opinion on the USOIL next move: The price is coiling around a solid key level - 74.0. Bias - Bearish. Technical Indicators: Pivot Points (High/Low) anticipates a potential price reversal. Super trend shows a clear sell, giving a perfect indicators' convergence. Target - 71.6 Recommended Stop Loss - 75.0 On the subsequent day,...
WTI Crude Oil is trading inside a 7 month Channel Down. The current rise is targeting the 1day MA50 - MA100 Resistance Zone. When the 1day RSI hits its Resistance Zone, it is a signal to Sell. That has generated 4 solid sell sequences. The target on those sequences has initially been the Rising Support from the Channel's previous Low. Target 68.50. Previous...
OIL needs a close above $82.70 to activate target at $93, slight possibility for a retest entry at $77.