BP appears to be Double Bottoming above the previous All-Time-High-Resistance and is Bullishly Diverging on the RSI and MACD. If this level hold, BP has room to go all the way up to around $50 which would also align with the 1.618 Fibonacci Extension. I personally think that out of all the big Oil Companies like XOM and CVX, BP presents the better value and would...
Oil prices rose in Asia on Thursday, with WTI oil prices hovering around 73.6. Disruptions in Libya's top oil fields heightened concerns that rising tensions in the Middle East could disrupt global oil supplies, and international crude oil prices climbed about 3%. The two crude oil benchmark prices closed higher for the first time in five days, with WTI crude oil...
In mid-December 2023, we witnessed major shipping companies announce a halt to transit through the Red Sea. Then, with the launch of Operation Prosperity Guardian, we saw the same companies start reversing their decisions, only to again pause shipping quickly after the resumption (thanks to more attacks from Houthi rebels targeting Maersk ships). As such, the past...
#US30 UPDATE Hey team hope you all are enjoying our ideas and analysis. Now we are here to discuss about US30. US30 is making bearish flag pattern and there almost breakout done. Here it has maxin chances we can see price around 37100 Soon. Keep in touch we will update further soon.
Just like everyone think GOLD is going higher, people are overly bullish oil because of the war, blah blah, *insert your fundamental bias here.* The reality is, the chart looks like shit. Price just rallied directly into resistance and has now formed a lower high confirming resistance at $79. The price of oil is going much lower from here. I wouldn't touch...
We've all seen how oil reacted to the beginning of the Israeli-Palestinian conflict. I am sure that this conflict will not settle down quickly and will only increase. The conflict will involve other players in the region - Emen is proof of this fact. How will oil react to this? The suspension of supplies and other problems with oil supplies will provoke demand...
Yesterday's crude oil bulls cut leek again, first broke the low point to dig the pit, and then the violent rebound does not look back, directly broke the key 71.80 near the strong pressure, directly rebounded fast 38 points, this range has no bear any chance to fight back, today's idea of crude oil will continue to rebound, the idea is bullish, this market we must...
The potential for an increase in oil prices looms as supply disruptions in Libya unfold. Additionally, heightened tensions in the Middle East, fueled by another attack on a container ship in the Red Sea and explosions in Iran, contribute to the uncertainty. Shipping giants temporarily halted Red Sea shipments last month due to attacks by Houthi rebels, who were...
Dollar Surging Reversal! Small caps Obliterated Oil Bullish Reversal.
WTI Crude Oil is rebounding today aggressively after hitting and holding the 1W MA200, which as we've discussed on our channel, has been the long term Support since February 1st 2021. The rebound has turned the 1D technical outlook neutral (RSI = 47.857, MACD = -0.970, ADX = 22.204) but the 1D RSI is inside a Channel Up, which indicates that there might be a...
On Wednesday (January 3), crude oil prices were trading around $70.37 per barrel. As investors lowered their expectations for interest rate cuts, the dollar strengthened, putting oil under pressure. Oil prices fell on the first trading day of 2024, with international crude oil futures settlement prices falling by more than 1% as concerns that tensions in the Red...
Here is our detailed technical review for USOIL. Time Frame: 45m Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is trading around a solid horizontal structure 69.98. The above observations make me that the market will inevitably achieve 69.03 level. P.S Overbought describes a period of time where there has...
As We Talked in The Previous Analysis: The USOIL Reached a Resistance Level (74.03 - 74.75). Currently, The Price Formed a Rising Wedge Pattern. The Support Line is Broken. So, I Predict a Bearish Move. ________ TARGET: 69.50🎯
As We Talked in The Previous Analysis: The USOIL Reached a Resistance Level (74.03 - 74.75). The Price Formed a Rising Wedge Pattern. The Support Line is Broken. Currently: The Price Pull Back to Important Structure, and Now It Will Continue Its Bearish Movement📉 TARGET: 69.50🎯
Dear Colleagues, Towards the end of the year we see a large accumulation of option contracts at levels that are well below the current price. I believe that we should look out for short positions. I expect that wave 2 has finished its movement near the 74.80 area and I expect an impulsive wave 3, which will come at least to the target in the support area of...
Crude oil prices remained weak in Asian trading on Tuesday and are currently trading around 72.6. During the day, we will pay close attention to the US PMI to be released later on Tuesday. Later this week, the Federal Open Market Committee (FOMC) meeting minutes will be closely watched ahead of Friday's U.S. non-farm payrolls (NFP) report. The crude oil market...
WTI oil (USOUSD) is falling towards a pullback support and could potentially break under this level to fall towards our take-profit target. Entry: 70.128 Why we like it: There is a potential breakout level Stop Loss: 71.039 Why we like it: There is a pullback resistance level Take Profit: 67.958 Why we like it: There is a swing-low support level Please be...
WTI oil (USOIL) has just reversed off a pullback resistance and could potentially drop lower. Sell entry is at 72.976 which is a pullback resistance that aligns with the 38.2% Fibonacci retracement level. Stop loss is at 73.900 which is a level that sits above the 50.0% Fibonacci retracement level and an overlap resistance. Take profit is at 71.071 which is a...