August 2015 lows as resistance to USOIL at 39US$
As we all know USOIL mainly reacts to markets' moves, so we will have to see how markets pick up the
doom & gloom news from the ECB on monday/tuesday.
Technically it clearly is a short, with growing bearish divergence in the H4 between RSI and the curve.
Decline is possible down to 34US$ (0.382 Fib support +...
This has been on a relentless selloff for nearly 2 years, oversupply is currently in place, but if that changes with OPEC etc then demand may return (albeit temporarily), to start up a mini bull market for oil but we doubt it will go much higher that $45.00 in the near future and in fact maybe lower lows.
CNBC has loved to refer the recent pullback in the SPX as the "Dimon Bottom" because CEO Jamie Dimon purchased roughly $26 million worth of JPM shares. However, it's not looking for those wanting to hold to believe in the recovery dream.
Whether investors want to believe it or not, the U.S. economic cycle is rolling over; and, considering the very high...
Brent crude has been able to rally on little volume during the U.S. banking holiday and rumors surrounding a potential unified OPEC production cut, issued by the UAE energy minister just as WTI was carving out a 12 year low (and in the middle of the night, local time, no less.)
Four days later, there has been no new reports of said production cut proposal, but...
Crude started the new year with volatility, as prices initially rebounded into price resistance near $38/bbl on geopolitical tensions between Iran and Saudi Arabia. However, the rally was short-lived and there looks to be no follow through in today's session.
There are a few key factors to take into account: slow global growth, a decline in global demand growth...
Following the OPEC decision to avoid cutting their oil production, WTI Oil has again broken down from its relevant range border, this time it looks like for good.
Price is now significantly below both 1-year and 1-quater distribution, trading above below 1st standard deviations from 1-year and 1-quarter mean - signaling more downside probability.
The move will...
In this chart we can see a pause in the decline, probably induced by short covering in a massive scale.
Despite this new-found bullish strength, oil indicates it wants to resume the downtrend anytime soon, by displaying a flag pattern, for geometric chart pattern traders, weak bar closes and attempts at extending the range upwards being met with strong selling and...
The market seems to be a little bit confused, probably because of OPEC meeting and reaching a key support level. Here is some analysis of what may happen if the support would be violated or not.
The nearest strong resistance for TP on long position is somewhere between 63,5 - 64
If the prices will break the key support level, then the next strong support is 59-60
UPDATE: Closed at 61.50
EDIT -- ZOOM OUT TO SEE FLAG, take no notice of the Harmonic Pattern
This is a clear bearish flag, no doubt about it. Been rebounding in the channel since the start of Jan2015.
A break of the lower part of the channel could signal a further fall continuation to previous Supports/Resistances of
54.58, 52.17 and more severely, the Jan...
Downtrend failure inminent, I suspect the OPEC meeting outcome will seal the dollar and crude oil's fate here.
Analysis on chart, we have what looks like the beginning of a fifth wave here, after the current daily downtrend signal was reached ahead of time.
Price is about to cross above the mode after two strong daily bars, where buyers were in control.
I'm...
An overlay of the chart of WTI and brent oil prices over time, I thought it'll be pretty interesting to share this.
How geopolitical and the American shale oil boom is shaping up the differences.
I haven't posted about crude in a few weeks because the fundamentals and technicals simply have told the same story over and over again. Bulls get bullish because A) they believe the global economic growth falacy or B) it's so oversold it must go higher.
My charts did not change, and, yes, it has played out well technically to the downside. It is ever closer to...
The price of oil has been sliding in the second half of 2014, but airlines have not lowered their prices. Or brought back free meals. Or allowed domestic customers to check in luggage free of charge. So how can one turn flying friendly? Perhaps by purchasing U.S. airline stocks.
The cost of oil has plunged nearly 48% since the end of June and the market remains...
It would appear that this is the second time pair is bouncing up from below 1.76 which is now determined to be very strong support. As with the last price action it then moved up above 1.8.
Looking at the MACD, we can see that there is consolidation and a cross over about to occur. I think within the next candle we should know if this is a buy opportunity....
