Not too long ago, Gasoline prices rattled American car drivers with a price tag of USD 5 a gallon. And now, much to their delight, gasoline prices have eased to USD 3.50 a gallon. Slump in crude prices which influences gasoline has plunged by one-third over the last twelve months. A barrel of West Texas Intermediate ("WTI") trades around USD 70. Rattled US...
A technical outlook for the week ahead! -------------------------------------------------------------------- Please, support my work with a like, thank you!
OANDA:USDCAD TVC:USOIL TVC:DXY NY news release saw the USDCAD chop a bit until settling down to go a bit higher with the DXY dollar index It's tough to figure out USDCAD follows the WTI or the DXY, just depends on the news
OANDA:USDCAD Took another 10 pip scalp, This time, on a much lower time frame. Figured I'd scalp this on a 30 second after all the Oil news release.... Go Canadian Dollar!
OANDA:USDCAD Nice pre NYSE short for 10 pips Gotta love it
Crude oil prices consolidate around 68 and 77 dollars per barrel, remaining below the heights of March and April. The risk of downside movement is fueled by the slow recovery of China and their slow demand increase, higher interest rates on demand and uncertainty around US economy. On the other hand, if the prices dip too low, the countries of OPEC+ will be fast...
OANDA:USDCAD TVC:USOIL 10 spot this morning on the start gate of new release 10 pips and done Fin ally a quick and easy morning, don't get these often....
OANDA:USDCAD Canadian dollar tags along with WTI going higher. Took a hard 10pip TP short on the USD/CAD
View On WTI (15 May 2023) WTI is in * Downtrend in short term (Intraweek) * Downtrend in Mid term (Intramonth) * Downtrend in Long term (Last 3 months) Follow our analysis on early May. Crude Oil had a good run up to the resistant area of 72~74 before it gets shoot down again. Now we can except $67 regions as a good support and the price can go there...
I see the Gap that occurred a few weeks ago as the initial gap of a bullish trend. if this wave notation matches, and the price doesn't fall more than the invalid area, it's a good idea to look for an area to buy again. most likely the price will go up very much
Hello traders! During the last post we were tracking a triple three correction in cycle wave 2 for OIL. After the 5 legs up from 64, we admitted the possibility of a bottom being in before our expectations (that were at GZ and blue wolfe wave completion around 57-60). However, the impulsive decline we just got from the local top suggested the 5 leg up from 64 to...
The weak trade and inflation data from China further casts doubt on the ability of fast economical recovery of the country after COVID. This puts a rench in OPEC's forecast that China will drive the demand for crude oil to record high. The technical indicators are also confirming the downtrend, with MACD histogram being below 0 and RSI under 50 neutral...
In the current situation of global energy crisis, Target of $90 for WTI Crude oil seems pretty legit in the coming month and if situation worsen then $110 for sure in coming 6 months Reasons for bull run: - energy crisis leading to low supply high demand - big volume coming in bullish rally than in the downfall in intraday chart - No positive news to overcome the...
We suspect volatility may be on the quiet side with a US inflation report looming, but this provides the opportunity for markets to consolidate and traders plan trades. Should we see the pace of inflation to continue slowing, it could strengthen oil prices for two basic reasons. 1 - A weaker US dollar, as traders bring forward rate cut bets / solidifies bets of...
Oil corrected massively due to economic uncertainty. OIL just touched the 0.65-0.7 major support area. This level is a significant order block where accumulation progresses every time it revisits this price point. Expect some bounce from here. The only question now if it can sustain the ascend or it will do another correction thereafter. SPOTTED at...
his is one of the simplest trending strategies I use for day trading, and also one of the most effective. For this, it has been given the catchy name: Day Trade Trending Strategy. Using a one-minute chart the price will often make a larger move, have a very simple pullback, and then begin to move in the trending direction again. The strategy attempts to capitalize...
Weekly Commitment of Traders update highlights future positions and changes made by hedge funds and other speculators across commodities and forex during the week to August 9. A relatively quiet week where a continued improvement in risk appetite drove stocks higher while softening the dollar. Some commodity positions, with crude oil the major exceptions, showed...
The price is above the cloud. Chinkou is above the past price line.