The United States posted an increase in inventories of 5.5 million barrels in the past week. The realization was higher than the expected 73,000 barrels. Gasoline products supplied also rose in the last week to 9.1 million barrels per day. The figure marks a 6% decline in demand over the last four weeks compared to the period last year.
From a fundamental point...
For some time now, we have been providing relatively accurate price targets for the WTI crude oil. Last year, we navigated the oil bull market from 60 USD per barrel up to 100 USD a year later. Then, in April 2022, we called the peak in the oil market and laid out a few reasons why the oil market could temporarily bounce, but it would continue lower despite that....
Brent Crude Oil : Multiyear(2015-2022) inverted Head and Shoulders triggered at the beginning of this year. Price broke the major downtrendline and subsequently iH&S neckline at 87 (lime) and then skyrocketed to 138. Now pulling back down to the neckline. We could actually see the backtest of the major downtrendline and dip into the S/R Zone 76-68. This would be...
Oil is more than enough worldwide. Supply exceeds demand.
Transition to electricity.
Shale oil - another attempt to manipulate.
Saudi Aramco - is the largest capitalization company in the world (another not a good signal for me).
We can propose many fundamental arguments, but this is a virtual trading chart (little connect with the real life). It is...
This morning with my students, we discussed WTI Oil.
The price is trading within a wide horizontal trading range on an hourly time frame.
Approaching its resistance, the price formed a double top formation.
Its neckline breakout confirms a highly probable bearish continuation.
88.7 / 87.8
❤️If you have any questions, please, ask me in the comment...
Shown is an overlay of Bitcoin's previous top ~$69k. We are showing very similar price action of a wide, heavy range at highs, with the micro lower highs on the underside signalling a continuation / blow off top spike is possible.
Product supply is increasing from several refineries opening from maintenance alongside seasonal demand, allowing for the current...
Oil prices rose for the second day in a row, Tuesday (26/7). Amid growing concerns about tightening European supplies after Russia, a major energy supplier is cutting gas supplies via a main pipeline. The European Union has repeatedly accused Russia of using energy blackmail. The Kremlin said the shortage had been caused by maintenance issues and Western...
📈 Priority direction: Up .
📝 Description: After the downward movement since the end of July, the range of which is $16, there is a possibility of recovery and a possible local reversal. The price is at interesting support levels, and the volumes confirm the potential for a likely upward reversal. Buying from the current ones is not a good idea. Longs can be...
Oil in a bit of trouble here, likely entering a 6-10 month bear market correction. Downside target can hit the 618% of the entire 5 moves off the 2020 lows when WTI went negative.
Currently a lower time frame A wave has bounced off the 618% fib retracement level of the 5th wave. But we must correct that entire 5 up not just the 5th wave. We should bounce into a B...
Oil is in the process of completing its wave 4 correction. Elliott wave principles stipulate that a shallow wave 2 (which is what played out in oil) is typically followed by a deep wave 4. Oil should find support anywhere between 80-85 but that should provide the launching pad to wave 5 which should take oil to $200
- Classic bullish setup
- Our team expects growth
Entry - 89.54
Stop - 85.57
Take - 95.49
Our Risk - 1%
Start protection of your profits from lower levels
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The price of crude oil has been moving sideways between 95 and 125.
As a general rule, 90% of the time, I only trade once the price reaches key levels. In this case, the price is in the support zone. Therefore, I have looked for all the scenarios where the price was behaving similar to what it is now (we can define it as a triple bottom). Of course, in some of...
Oil remains in the range of $95.80 - $107.80. The probability of price growth is high. In the near future, I expect the area of $99 - $102.50, then the level of $107 looks good.
In the longer term, oil could rise to ~$115.
WTI CRUDE OIL (USOIL) eventually followed the rough projection we made three weeks ago and made a Lower Low as it failed to break above the 1D MA50 (blue trend-line) again:
This has created a new Channel Down on the medium-term, which after closing below the 1D MA200 (orange trend-line), it is now eyeing the 1D MA300 (red trend-line) for the first time since...
The truth is that the energy sector has been doing really well. WTI Crude appeared to can't stop won't stop, and then Natural Gas appeared to can't stop won't stop.
Now, both NG1 and WTI are going to dump as the Federal Reserve points a nuclear bomb at the so-called "inflation," which in reality are high commodities and high stock prices.
Shortly it will appear...