Oil has picked up, testing relative highs. We seem to be having trouble reestablishing the $120's, with $119 being the upper bound for now. The Kovach OBV has picked up, but does not seem sufficient to indicate a significant rally to hit relative highs at $122. In fact, we are looking a bit top heavy so anticipate a retracement back to support at $116, $113, or...
Up until a few days ago I believed oil had a chance of getting back down to 75-95$. It can still get all the way down there, but for the price to get there it would need traditional markets to crash badly. The current production is too low, the underinvestment in production is massive and the oil industry isn't incentivized to drill for new wells. At the same time...
Oil pivoted nicely off of $111, after peaking at around $120. We hit resistance here, and retraced, however we can identify no fundamental reason why oil should test lower prices. The $100's are here to stay for the foreseeable future. We did get a nice pivot from $111, which took us back to our level at $116 at the time of this writing. If we are able to...
Oil has retraced a bit, after a fresh burst of momentum took us past 116. We appeared to be gunning for 122, but lost momentum in the middle of the vacuum zone, with several red triangles on the KRI suggesting that the rally was encountering resistance in this area. Subsequently, we smashed through 116, finding support just above 113. Currently, we are meeting...
Oil has rallied significantly off news that the EU is planning to ban Russian imports of oil , despite the fact that Russia supplies 27% of the EU's oil and 40% of its gas. Crude oil prices soared off this news and we were able to smash through a relative high at $116. This was our target from earlier. Recall that last week, we noted oil's relative strength...
Oil has been ranging in between $108 and $113, with consistent resistance at $111, which we have added as a new technical level. The value area has consolidated immensely, which suggests that we may be preparing for a breakout. There is no fundamental reason yet why we should see significantly lower oil prices, though China's renewed Covid lock downs weigh on...
Oil has found support, and continued its broad zig-zag rally. We dipped down below $106 briefly, but found support and quickly rebounded past $108, into the vacuum zone between $108 and $113. The Kovach OBV is still strong, and there is nothing fundamental to suggest lower prices. As targets we have $113 then $116. From below, $108 and $106 should provide...
Oil has kept steadily rising, blasting through our profit targets. We smashed through $106, then $108, then appeared to stabilize for a bit under $113. But yesterday, we were able to break that level too. We are currently hovering under $116, finding resistance just under this level confirmed by two red triangles on the KRI. The Kovach OBV has picked up...
Oil has extended gains, breaking through $106 and currently testing $108. We appear to be feeling out the range between $100 and $108, but there is a bull bias, and the Kovach OBV has picked up notably. If we are able to continue the rally, there is a vacuum zone to $111. We do appear to be facing resistance at the moment, confirmed by some red triangles on the...
Oil has been edging up, first breaking through $106, then $108. The latter has consistently been an upper bound for oil, but just yesterday it was finally able to crack this level. We broke out but topped off at $111 or so, just under our next target at $113. We are registering resistance confirmed by red triangles on the KRI. However the Kovach OBV appears...
As discussed yesterday, oil formed an inverse head and shoulders pattern (with a slanted neck line) and broke out to higher levels, hitting our exact profit target of $106, where we are currently meeting resistance confirmed by a red triangle on the KRI. The Kovach OBV has picked up notably, but $106 is likely to be a barrier for now. Anticipate oil to range...
Oil has leveled off finding strong support in the lower $100's, $100 and $101 specifically. We mentioned in these reports that we are due to range between $100 and $106, as the Kovach OBV has completely flatlined and both levels will provide strong support and resistance, respectively. If we breakdown further, we should have strong support from $95.24. If we...
Oil is climbing hitting our exact price target of 106 where we expected to see resistance. Sure enough, we are seeing a red triangle on the KRI to confirm the resistance. The Kovach OBV and Chande are very strong, indicating that we will likely retrace from this level, potentially finding support again at 100 and 101. But if we can break out, then 113 is the...
Oil has broken through resistance in the low 100's including 100 and 101, but momentum has fizzled before reaching our next target of 106. It appears that we are feeling out the price territory between 101 and 106, a fairly vast vacuum zone. Watch for oil to remain range bound between 101 and 106 as it establishes value here. If strong buying or selling comes...
Oil is testing lower levels but can't seem to break down further. It is testing 95.24 at the moment, but momentum appears to be bottoming out and we could be in for a relief rally. If so, watch 100 or 101. Beware of the vacuum zone down to 92.03.
Oil is hugging lows after bottoming out at 95.24. The Kovach OBV dropped substantially with the selloff, but appears to have bottomed out. At this point, we can expect another run from the $100's, where $100 and $101 will provide resistance. If we end up breaking down, then watch the vacuum zone below to 92.03.
Oil broke down lower off news that Biden will start to use US oil reserves to the tune of 1M barrels per day and also considered adding more ethanol to gasoline to fight soaring costs. This was enough to bring oil down from the $100 handle, albeit briefly. We found support just above our level at 96.88, about 100 ticks north at 97.78 before we saw a nice...
Oil is hugging lows after Biden has announced that he will start to use US oil reserves and also considered adding more ethanol to gasoline to fight soaring costs. Crude promptly dropped from where it was meandering in the 106-113 range. We are still finding strong support at 101 and 100, which are strong technical and psychological levels. The Kovach OBV...