The pennant consolidation opened the week with a breakout and a retest confirmation of the breakout.
Consolidation took place between Jan - April 2022, With a high of ~128 and a low of ~88.
The breakout is a major bullish technical alert, indicating new daily up-trend.
Resistance levels on the new up-trend are:
*106.80 - 108.50
*114.60 - 116.40
*125 -...
OIL_BRENT is trading in a narrwing wedge
And will soon retest a horizontal resistance at 112.45
A bearish move down will follow
However, IF the resistance is broken to the upside
The setup is invalid
Crude Oil USOIL seems to be following a very similar pattern
Following this Idea, the next two days we'll be waiting for a pull back to 100 level, and then get into another rally.
The Question is, Will Crude Oil Stay on pattern? or news and the economic calendar will take it out?
On my last WTI Oil analysis, I stated that the price action was neutral, which favored scalping:
Two weeks later, that still remains the case as we remain within the 117.00 Resistance and 93.10 Support, with the 1D MA50 (blue trend-line) being used as the pivot trend-line. For now, a high return strategy would be scalping the 1D Bollinger Bands (chart on the...
WTI Oil (USOIL) just broke above the Lower Highs trend-line that started after the brutal March 08 multi-year High. The 4H MA50 (blue trend-line) has turned into a short-term Support while the 4H MA200 (orange trend-line) remains the short-term Resistance.
Despite the Lower Highs trend-line, the price action remains rather neutral due to March's wild swings and...
some notes:
1_In World War II, because the United States won the war, it said that my dollar should be the reference currency
2_The United States did not fulfill its contract and did not store gold against the dollar
3_European countries realized and wanted to buy gold under the same law for every $ 35 an ounce of gold
4_Meanwhile, Arab countries imposed...
Marine Petroleum Trust, together with its subsidiary, Marine Petroleum Corporation, operates as a royalty trust in the United States. As of June 30, 2021, the company had an overriding royalty interest in 55 oil and natural gas leases covering approximately 199,868 gross acres located in the Central and Western areas of the Gulf of Mexico off the coasts of...
Houston American Energy Corp., an independent energy company, acquires, explores for, develops, and produces natural gas, crude oil, and condensate. Its oil and gas properties are located primarily in the Texas Permian Basin, the onshore Texas and Louisiana Gulf Coast region, and in the South American country of Colombia. As of December 31, 2020, the company owned...
Imperial Petroleum Inc. provides international seaborne transportation services to oil producers, refineries, and commodities traders. It carries refined petroleum products, such as gasoline, diesel, fuel oil, and jet fuel, as well as edible oils and chemicals; and crude oils. As of March 29, 2022, the company owned four medium range refined petroleum product...
With increase in demand from travel this year, despite the high inflation and exploding prices, UBS has put a price target for Crude Oil of $125.
The bullish trendline is there to confirm this outcome.
Looking forward to read your opinion about it.
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...
