EMAflow printed a short signal which likely limits the upside for oil - we could see a megaphone like movement before resolve - if we wick in to the overbought zone we could get some nice entries:
entry 94-98
tp1 91.93
tp2 87.57
tp3 82.76
tp4 79.60-76.81
sl 103
Oil prices were whipsawed this week with swings of more than 6%1 after a report from the Wall Street Journal suggested that Organisation of the Petroleum Exporting Countries (OPEC+) is looking to possibly increase output by 500,000 barrels per day (bpd). The rumour could have easily been justified by President Biden’s decision to offer sovereign immunity to the...
Don't forget From December, the EU and G7 also want to cap the price countries pay for Russian oil. They are telling importers of Russian crude oil that western insurers will not cover oil shipments if they pay more than the cap. and also we have OPEC meeting in the beginning of December
Oil has pivoted from lows and made another run for the $90's. We have broken through $88.74, and fallen just short of $90.06, the barrier to the $90 handle. A strong rally in risk-on assets has benefited oil. If we are able to continue the rally, we could hit $94 again. If we retrace, expect support at $87.21 or $85.55.
Oil has fallen from the $90's after the rejection from $94 has taken the $90 handle entirely. We fell back to the high $80's, with $87.21 providing support, exactly as we predicted in these reports. Our floor for oil for now, is $85.55. The Kovach OBV is still surprisingly strong, though it has arched over a bit with the selloff. If we can pivot off current...
OPEC threatens to cut oil prices ten times more than in September in an attempt to plug the oil drain.
- The New York Times' sources estimate that the agency is considering announcing a cut of between 500,000 and 1 million barrels per day, about 1% of global supply, because the market is oversupplied and demand is softening due to the weakening global...
As we have been predicting for a while, oil has broken out into the $90's. There are only so many reserves that Biden can deplete in a frenetic attempt to improve his tarnished image before midterms. We have smashed through $90.06, which provided strong resistance and was a barrier for some time. We are currently testing $92.03 which was the exact target we...
Energy prices climbed on Friday as Brent reached the 92.60 price level and WTI climbed a high of 98.75. This move higher was due to the weakness of the DXY and the anticipation that China was ready to reopen borders, spurring demand for oil.
However, as China reiterates its intention to maintain its current Covid policy, both Brent and WTI are retracing lower...
Oil found support at $85.55 exactly as we had expected. We saw a nice pivot after that, which took us back near the $90's. We came just shy of our target at $90.06, where a red triangle on the KRI has confirmed resistance. The Kovach OBV is relatively flat and we will need more momentum to come through for us to be able to solidly break into the $90's. If we...
possible trade, confirm the wedge as support and could go for a good rally, especially considering OPEC cutting production... anyone else excited for $6/gal gas again? :/ (im a delivery driver lmfao)
EMAflow printed a short signal which likely limits the upside for oil - we could see a megaphone like movement before resolve - if we wick in to the overbought zone we could get some nice entries:
entry 94-98
tp1 91.93
tp2 87.57
tp3 82.76
tp4 79.60-76.81
sl 103
We've recently got a long signal from our EMAflow indicator projecting new range and targets for us.
Maby wedge in the making? we're definetly now bottom of the range where a little bit more down is allowed but could be great opportunity to enter as opec did say they're limiting oil production..
Entry arround 82-77
tp1 85
tp2 88
tp3 93
sl 76-74ish
NORTHERN OIL AND GAS
Intraday - We look to Sell a break of 32.29 (stop at 34.86)
Our outlook is bearish. Price action has posted a Doji candle and confirms a possible stall in the recent move. Price continues to trade within the triangle formation. A break of 32.50 is needed to confirm follow through negative momentum.
Our profit targets will be 25.40 and...
To answer this question, we need to look at the following:
1) US Strategic Petroleum Reserve
The US Strategic Petroleum Reserve is currently at its lowest level since 1984, while the absolute level is worrisome, the speed of the drawdown on the reserve over the past year is more concerning. In an effort to combat rising prices and possibly secure the...
USOIL Crude Oil
The current rate of rise is considered the strongest momentum and price since the downward movement from the top of last June 14
EMA100 tested below the $94 barrier
The bullish bets are still valid in the direction of 95 and 97, as the current decline is considered a temporary correction
to watch
93.00
91.00
