Oil prices continued to trend lower in morning trade in Asia, with WTI heading toward HKEX:78 and Brent moving closer to $82. Canadian Government Admits It’s Short Tens Of Thousands Of Oil Workers The Fed has repeatedly indicated that is it not done with rate hikes, which traders see as countering any growing demand from China. Time Frame: 1D Current Trend:...
Macro PVVM Analysis: The Macro PVVM score provides us with an understanding of the long-term trend of the asset. On 7/10/2023, the Macro PVVM was at -9, indicating a slightly bearish sentiment in the long-term. However, by 7/20/2023, it had climbed to 60, suggesting a notable strengthening of the bullish trend. Considering the range of the Macro PVVM (-150 to...
My dear friends, This is my opinion on the CRUDE OIL next move: The instrument tests an important psychological level 76.77 Bias - Bullish Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bullish continuation. Target - 80.26 Safe Stop Loss - 74.31 About Used Indicators: A super-trend indicator is plotted on either above or...
Dear colleagues, I see a five-wave structure in which the price is completing corrective movement 4 and is about to begin impulsive movement 5. I anticipate that the price will reach at least the resistance area of 77.22. Manage your capital correctly and competently! Only enter trades based on reliable patterns!
In recent weeks, we have witnessed a remarkable surge in oil prices, and the current market still exhibits the potential to add to growth over the coming sessions. This upward trajectory in price is a positive development for the OPEC+ in their attempt to break beyond the coveted threshold of $80 a barrel. The remarkable upswing in oil prices can be attributed...
For Friday, 73.24 and contain selling into later next week, once tested the 77.63 formation attainable again within a full week of activity. On the other hand, closing today below 73.24 signals 68.25 within 1 - 2 weeks, where the market can bottom out through August trade. Upside Friday, the 77.63 - 77.72 area can contain buying through next week, and below...
For Thursday, 73.22 and contain selling through the balance of the week, once tested the 77.55 formation attainable again by the end of next week. On the other hand, closing today below 73.22 signals 68.25 within 1 - 2 weeks, where the market can bottom out through August activity. Upside Thursday, the 77.55 - 77.72 area can contain buying through next week,...
WTI Crude Oil hit and is getting rejected on the 1day MA200 today. That is the 2nd time 4 days to do so. That is a technicals Double Top rejection and if the 1day RSI crosses under its MA, it will confirm the bearish move. The long term pattern is a Channel Down and as we described last time, this isn't just near its top but also near the 1week MA50. Sell and...
Preferred direction: BUY Comment: The medium-term and long-term picture of oil looks most likely in favor of the seller. To be completely sure of sales, it is necessary to wait for the price to close below the level of 77.39. The short-term picture is quite unusual, and most likely today-tomorrow will be in favor of the buyer. The level of 80.59 suggests...
For Wednesday, 76.00 can contain intraday buying pressures, below which 73.19 is attainable intraday, able to contain selling through the balance of the week and the region to settle below for then indicating 68.25 longer-term support within 1 - 2 more weeks. Upside Wednesday, pushing/opening above 76.00 allows 77.46 - 77.72 intraday, able to contain weekly...
Commodities were broadly lower yesterday with the CRB index falling to a 4-day low. Geopolitical tensions are rising following Russia’s decision to back out of a key grain deal which allowed Ukraine to export grain through the Black Sea. Weak data from China and news that Libya will restart oil production also saw WTI fall for a second day. What has caught our...
For Tuesday, 76.20 can contain daily buying pressures, below which the targeted 72.87 - 73.34 area is likely today, able to contain selling into later week and the region to settle below for then indicating 67.08 within 1 - 2 more weeks. Upside Tuesday, closing back above 76.20 signals 77.77 within 1 - 2 days, able to contain weekly buying pressures, and...
WTI Crude Oil got heavily rejected on the 1D MA200 on Friday (the 1D RSI also on the oversold 70.000 level), the long term technical Resistance of the asset, and now the 1D timeframe is very close to turning neutral (RSI = 55.9310, MACD = 1.200, ADX = 35.829) for the first time since July 5th. Today the price has hit three key support levels, the HL trendline...
Dear colleagues, I anticipate that the correction is not yet over and the price will reach the support area at 73.81. Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Hi traders, I think crude oil will continue to fall, what do you think? From the 4-hour chart, the downward trend of crude oil is obvious, but a short-term rebound to around 75 is a better short-selling point. The specific strategy is: short near 75, near tp1 73.8, tp2 near 72.5 If you agree with my point of view, welcome to pay attention TVC:USOIL ...
Preferred direction: BUY Comment: Almost only one currency pair fell under Friday's profit-taking, and that is the Canadian dollar. In addition, the pressure on the currency continues to have a fall in oil prices, which is likely to continue. Against this background, it is expected to break through the level 1.32399 soon, and further growth on the impulse to...
Today's focus: Oil Pattern – 1st leg Pull back Possible targets – 72.75 Support – Resistance – After Friday’s strong move lower, could we see further selling before oil stabilises after last week’s firm rally back to the $80 Handel? That’s the question I am asking in today’s video, and if we do see further selling, we will also be looking for signs that buyers...
A two-sided framework continues through summer between 62.14 long-term support, and 81.85 long-term resistance, both regions able to contain seasonal activity. Inside of this wide range 77.70 and 67.08 can both contain weekly activity, possibly into August trade. Closing below 67.08 indicates 62.14 within several weeks, able to contain selling into...