Crude has been trending up since the beginning of February and there continues to be a strong demand fundamentally in the market.
Although we seem to have a price ceiling in the market currently around ~$79/BL, I believe that oil will continue to rise due to ongoing geopolitical influences.
Oil will continue to trade range bound but Demand Zones will...
Recent observations indicate that USOIL has reached a crucial resistance level at $78.16. Conducting a thorough analysis, particularly focusing on the 1-hour chart, suggests a potential downturn towards the support level at $76.60.
The attainment of the $78.16 resistance level signals a critical juncture in the price action of USOIL. Historically, this level has...
The price of crude oil ( NYMEX:CL1! ) is currently facing downward pressure, receiving no support from the current geopolitical landscape, at least for the time being. It appears that the dynamics of inflation are exerting greater influence over the market. The decline in commodity prices could be interpreted as an indication that inflationary pressures are...
2.21.24 There is a free video at Greg Hunter uSA watchdog With martin Armstrong, I would recommend that you listen to it. I ran out of time I'll try to follow up with something useful tomorrow.
As of the current observation, USOIL is trading at $77.12. A comprehensive analysis, particularly focusing on the Relative Strength Index (RSI) Stochastic indicator on the 4-hour chart, suggests substantial upward pressure, indicating a potential ascent towards the resistance level at $78.20.
The RSI Stochastic oscillator, a widely regarded momentum indicator,...
OIL is ready to go up
Sentiment and COT data is well positioned, fundamentals checked.
Technically it's in a good spot, with short term trendline broken
I'm considering that there will be extra volatiliy (undecisive price action) because US market is closed.
But as soon as you see a good low entry point or confirmation tomorrow at NY session, enter the trade....
Momentum has clearly been in favour of bears over the past week for WTI traders, but given it has fallen over 10% from the January high it could be argued the move is oversold (at least over the near term).
A doji formed on Monday to show bears are losing their grip, and the fact it is forming a base above the 2023 open price and $72 handle adds to the case for...
Good evening and i hope you are well.
I try to keep it simple stupid (KISS) here with my chart this week.
bull case: bulls created a credible bottom around 70 and the buying pressure is there to get to 80 for the first time since 2023-11-07. There is a measured move target from the first leg i drew to around 82, the upper wedge trend line goes there and the...
**CrudeOil:**
The price resisted the EMA200 all week, on Friday it broke through and closed above it.
The price is expected to rise to the top of the channel and do a pull back to the lower.
The Daily chart shows the first corrective impulse lower from the highs and the ensuing consolidation which is visible
The target's from the weekly chart are still visible and need a close above $66/$83 to push into the draw boxes otherwise its more of the same within the range
i will post a 4 hourly chart see if we can dig deeper.
remember this is just wave...
- since the impact below $95 during the 4th quarter of 2023, sellers have clearly taken control of the market. This sharp sell-off took prices to a new low of $68 at the end of December.
Since then, the acceleration of geopolitical tensions in the Middle East and the fear of a widening of the conflict to other nations such as Iran, prices have benefited from a...
