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...
When it comes to oil, it was supposed to do the super moon back to $120 thing when Xi Jinping and his Chinese Communist Party finally stopped welding people in their homes and going full blown technocratic social credit while humans tried to "fight" Wuhan Pneumonia (COVID-19), but for one reason or another, the pump never got off the ground. Probably because a...
WTI Crude Oil is about to hit the 1D MA200 on nearly overbought 1D technicals (RSI = 68.113, MACD = 1.880, ADX = 54.309) for the first time in 7.5 months (August 30th). This is a critical technical junction as 83.50 is also the top of the R1 Zone and the High of December 1st. With the RSI also approaching the HH trendline, we are going short on WTI and target...
Oil continues to hold firm on Wednesday after a strong surge on Tuesday that saw close to two percent added after sellers looked to test the new floor set up by buyers after the stunning gains seen after OPEC's surprise production cuts. Since the news price has sat in a range between $79.65 and HKEX:81 , maybe we would have seen a new test lower to see how firm...
Here's your weekly update ! Brought to you each weekend with years of track-record history.. Don't forget to hit the like/follow button if you feel like this post deserves it ;) That's the best way to support me and help pushing this content to other users. Kindly, Phil
Oil prices fell to a 15-month low as investors fretted over the potential for a financial meltdown. Whilst that is yet to fully materialise (or if it does at all), investors remain a little on edge - with news of the latest Hindenburg report accusing Block (SQ) of fraudulent activity not likely to quell fears. WTI has manged to lift itself from its 15-month...
Looking at H4 chart, it appears that the price has reversed from the sell entry at 81.13, which is a multi-swing high resistance level. In light of this, it may be a good idea to consider taking a profit at 78.08, which aligns with the 23.6% Fibonacci retracement and is also a swing low support level. To manage the risk in this trade, it would be advisable to...
Gap means a runaway in prices or a confirmation of a clean break away from its downtrend line. (Technical) OPEC-Plus made a surprise announcement to reduce oil production starting May. Unlike OPEC, OPEC-Plus involve many more countries. This signals a synchronise effort to boost crude oil prices. Expect a much higher oil prices to come. (Fundamental) My recent...
Looking at H4 chart, it appears that the price has reversed from the sell entry at 81.13, which is a multi-swing high resistance level. In light of this, it may be a good idea to consider taking a profit at 78.08, which aligns with the 23.6% Fibonacci retracement and is also a swing low support level. To manage the risk in this trade, it would be advisable to...
SLO @ 117.21 TP3 @ 113.90 TP2 @ 101.98 TP1 @ 83.12 BLO @ 74.70 ADDITIONAL INFO: — I'm anticipating the probability of PA pulling back and affording me the opportunity to capture this UT at a lower price
The OPEC+ decision means nearly 1.7 million barrels of oil per day will be held back from global supply. This should help to keep the WTI supported. • Significant reduction from oil supply should keep downside limited • Demand concerns overstated • We think WTI could reach $85 to $90 WTI crude oil hit a fresh post-OPEC high above $81.80 on Tuesday, before...
Multiple time frame analysis on WTI Crude Oil. Price action & important key levels. Trading plan explained. ❤️Please, support this video with like and comment!❤️
Hello,Traders! CRUDE OIL trading below The strong horizontal level Of 82$ a barrel after a gap up And I think that a correction Is due so I am expecting The price to go to the Target level of 77.91$ Sell! Like, comment and subscribe to help us grow! Check out other forecasts below too!
WTI Crude Oil is approaching Resistance (1) at 83.50 after OPEC cuts. The MA200 (1d) is almost there at 83.97 and has been untouched since August 30th. The pattern is a Channel Up and its top is only a little over Resistance (1). Trading Plan: 1. Sell on the current market price as the above three levels form the strongest Resistance Zone possible. Targets: 1....
NYMEX: WTI ( NYMEX:CL1! ), RBOB Gasoline ( NYMEX:RB1! ) Over the weekend, eight OPEC producers, led by Saudi Arabia, announced intentions to cut oil production by 1.16 million barrels per day through the end of the year. This adds to Russia’s existing plan to trim 500,000 barrels from February level, bringing the combined voluntary cuts of OPEC+ members in excess...
As mentioned in my previous oil update a couple of weeks ago that “the OPEC might have to cut even more production to prevent prices from falling significantly further,” that’s precisely what they did at the weekend, creating a big gap in oil prices. Oil prices eased off their highs slightly, but not by much. At the time of writing, there were approaching the...