OPEC cuts lead to lower oil, not higher oil prices. That is why they are cutting . If Global demand was there they would not be cutting they would be selling as much as they can at higher prices.
I see too many people get this backward.
All right, seems like the oil is tightly following the scenario with a leading diagonal. So far, I see no alternative options at this moment other than wave can complicated further and make another dip. Once low is in the trendline 0- shall not be violated by (B) low in the next (A)(B)(C) zigzag.
OPEC announced cuts in oil production. Globex session opened with a gap up, but Comex session didn't show interest in oil buying, (because US probably bought already on Friday). Moreover, the volume of regular trading hours is showing an increasing interest in lower prices.
Since its invasion of Ukraine, Russia has been pouring a little too much oil over troubled waters especially as far as the Saudis are concerned. With Moscow pumping cheap crude into the market, downward pressure on the commodity has seen it break and close below a key break-even level for Saudi Arabia. Saudi crown prince Mohammed Bin Salman has scheduled a list of...
Well, the technical analysis seems to indicate that Oil is currently in a very strong overbought area, from which we expect it to rise to at least 82.
Especially since interest rates may stop rising in the coming period and be fixed at 5.25 or 5.50
With the decline in oil prices due to the economic slowdown, there is a high probability that OPEC will cut oil...
Last week, the debt ceiling lift was signed into law which saved the US from defaulting. All of our upside targets hit last week, and the market reacted favorably with a green week up +3.2%. With not much on the economic calendar, I doubt we move much this week, but expectations of a soft landing can keep bulls in control.
Technical Analysis:
This week ...
After finishing March and April strong and making all time highs at 119.92, NYSE:XOM pulled back in May to a key support level around 102. With $CL_F setting up for a bullish week, and the Saudis plan to cut their OPEC+ oil supply by 1 million barrels per day, we could see gas prices rise and a potential buying opportunity in $XOM.
Technical Analysis:
...
Okay, the Saudis did cut. I must confess that I underestimated His Royal Highness's ability to surprise. That leaves us with a possible gap on Monday. Given the market pressures and the fact that the previous cut was ineffective in sustaining the price, the gap is unlikely to be as large as in April.
The gap is, most likely, wave 3 of (c) of the first wave up in...
I feel compelled to share another possible scenario. If OPEC+ fails to agree on a meaningful cut, we may see increased volatility, which could shape an expanding leading diagonal (red dotted line and pale wave count).
The bigger picture is in the previous post .
I promised in the previous post that I would discuss medium-term charts.
I've been calling for an abrupt rise in ABC flat for a while now. However, price movements develop much more slowly than the human brain expects. I believe I read about this bias in books by R. Prechter on the fundamentals of Elliott Wave analysis.
This time, there is another layer of...
Based on analysis of UKOIL's all-time chart from year 18xx, I believe it to be in a massive Flat correction. With Wave A of the Flat stretching down from $145 to $16, this gives implication that Wave B is likely to move up to the range of $331-$557, likely before the year 2030 arrives. RSI divergence on the monthly chart should also be present during the...
WTI - Is forming a good-looking triangle pattern with a complete range June 10-12, if completed we are looking for a HKEX:10 upwards movement till May 24-26 and a HKEX:4 correction to HKEX:82 levels before the conclusion of the figure. This strictly technical analysis requires some push and there is only one player that can possibly play that card and this...
USOIL has been very volatile in the past 2 weeks due to news surrounding further cuts in oil production by OPEC nations. However there has been a large sudden increase in retail long positions and this likely means we see further downside before any resumption of upside. There is a lot of liquidity to be grabbed around the HKEX:69 - HKEX:70 level (H12 OB)....
OANDA:USDCAD
1H price action hitting resistance order blocks above, and top range (premium) of the most recent swing structure.
Price unable to break above, and looking for possible short scalps on the 15m when structure breaks to the downside.
Slightly wide stop in case of further divergence but good low risk high reward trade on daily charts unless buy signal changes. This support area looks really good now for daily holds and profit taking on the way up.
Currenlty looking to see if oil is going to continue increasing in price to the 85-86 range, I think we have some potential room to go up still before we see any type of retracement or even bearish price action. Enjoy!
In response to a weaker headline US inflation print of 5%, energy and metal prices rose as the dollar dropped. While gold and silver have since come off their earlier highs, copper has managed to push higher. But it is crude oil that is catching the attention with both contracts up more than 2% each.
Why are oil prices rising?
Well, the biggest reason is from...
