Simply follow the prices with this analysis If the price manages to cross the upper trend line, it will go to new highs If the price manages to cross the lower trend line, it will go to the support shown in the graph
IRAQ IS SEEKING HIGHER OPEC+ PRODUCTION BASELINE: DELEGATE UAE ENERGY MINISTRY SAYS NO AGREEMENT HAS BEEN REACHED YET WITH OPEC+ ON SUPPLY DEAL, DELIBERATIONS CONTINUE With the OPEC agreement in a state of deliberation, and compliance a real question, the market is needing to price in some bearish risk potential. Especially given the recent extension that we've...
Our updated chart on WTI CRUDE OIL shows that the corerctyion is probably incomplete and the oirce under it's previous support/ now Resistance at 73.54 According to Reuters , Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months...
What a lovely day this is, what a fantastic thing Technical Analysis is. Yes, we took profit perfectly today on what was a rather easy and predictable trade. The price dropped minutes later from resistance to support and off from support bouncing back up at the moment. What is important to understand now is the fundamentals. Oil price surge triggers new...
Last week, US Crude Oil dropped from the rising wedge pattern line without any big impact. We would expect the price to fall from here into a corrective phase and test the first support level, but this might happen after we break the top once more. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely...
Hi Everyone!!!!!! 🔹 Against the background of statements by the Iranian Foreign Ministry about the difficulties remaining at the end of the next round of negotiations in Vienna, WTI oil has renewed records since October 2018, reaching $ 71.69, but fell back to $ 71.27 after the opening of European exchanges. 🔹Although the deal to lift sectoral sanctions, including...
With Oil and Gas stocks continue to rally up form their 2020 lows, and SPDR S&P Oil & Gas Exploration & Production ETF ($XOP) already above its Pre-Covid levels, $WTI rally of +24.06% over the past weeks of trading upon the high volume break of a two weeks consolidated pattern, continue to suggest it is playing catch up relative to the broader sector. With...
I think we head remarkably lower before we break out of this long-term downtrend. The triangle will be breached eventually, but I believe the $35 target level may be in order this year before moving higher again. What will they use as an excuse for such a scourge? "Saudi/OPEC turns on the taps to fight US Shale oil market share?"
Last week, US Crude Oil increased, despite our forecast in which we expected the price to drop, breaking the support area. In the coming days, we are expecting a new yearly top, but we won’t expect this move to gather enough momentum. Having said that, we will focus on the sell setups, as we need another drop in order to complete the consolidation pattern...
Price tested Zone 4 a number of times. When price does not break out of Zone 4, look for sell opportunity towards Zone 3.
Last week, WTI lost some bullish momentum and the price dropped towards the trendline, as forecasted. For next week, we are expecting the price to resume the bullish momentum and re-test the resistance level. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as...
After the recent drop under 60, bulls took control and drove the price to 66 resistance again. The bullish sentiment for Oil is obvious and a break above this resistance looks imminent The next technical target is 75
In our previous forecast, we were expecting WTI to fall and reach the liquidity pool. Instead, the price increased, but our bias hasn’t changed. For next week, we expect the price to lose some steam and drop towards the support area that we highlighted. Keep an eye on Wednesday’s weekly EIA stocks report as it may have an impact on this asset. Trade with...
Last week, WTI respected our analysis and dropped from the resistance level. Next week, we first expect the price to finish consolidating and then drop towards the liquidity pool area. Right now, we find ourselves in the middle of a bigger degree correction and the higher probability is that the price will drop, but we recommend caution. Keep an eye on...
Last week, WTI respected our analysis and reached the $63 resistance level. Next week, we expect the price to lose some momentum and start another bearish move that could push the barrel price towards the liquidity pool area. Keep an eye on Wednesday’s weekly EIA stocks report as it may have an impact on this asset. Trade with care. Best regards, Financial...
It has already touched the resistance and has not been able to break it, and it is likely that the price will fall and return to further support from breaking the resistance because there is a death cross in the stock RSI indicator. If we see another attempt to break the resistance and succeed, it is likely to climb to its nearest peak In general, the price is...
Last week, WTI ranged the whole week and didn’t provide any proper signal for a buy or a sell, as the price is moving up and down around the support zone. Next week, we expect the price to reach the resistance area highlighted on the chart, before falling towards to liquidity pool located in the ‘50s. Keep an eye on Wednesday's weekly EIA stocks report as it may...