Oil remains at highs, after curbs on China Covid lockdowns have eased . Supply remains tight as OPEC is reluctant to increase oil production. Although they have agreed to boost production, which should help buffer skyrocketing costs per barrel, Saudi Arabian oil prices have continued to increase . We do appear to be seeing a bull wedge or triangle forming at...
Many things are currently driving the bullish Ag markets. Oil/energy are heavily weighted in providing this bullish enthusiasm. The supply and demand for Corn and beans will be directly and indirectly impacted by Oil/energy markets. Energy Markets have the potential to react hard and fast on diminishing economic data. A strong economy should keep Oil and Ag...
Today featured a strong close for July WTI futures. If the $120.00 area comes into play again, a countertrend scalp may set up in the next 24 hours.
Here's the trade:
1) Sell $119.94
2) Initial Stop Loss @ $120.09
3) Profit Target @ $119.79, 1:1 risk vs reward ratio
Type : Bullish Rise
Resistance : 120.88
Pivot: 119.21
Support : 117.64
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 119.21 where the pullback support is to the 1st resistance at 120.88 in line with the swing high resistance and 61.8% fibonacci projection
Alternative...
Oil has picked up, testing relative highs. We seem to be having trouble reestablishing the $120's, with $119 being the upper bound for now. The Kovach OBV has picked up, but does not seem sufficient to indicate a significant rally to hit relative highs at $122. In fact, we are looking a bit top heavy so anticipate a retracement back to support at $116, $113, or...
On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 119.16 where the horizontal pullback support is to our 1st resistance at 122.46 in line with the 61.8% fibonacci projection and 127.2% Fibonacci extension. Alternatively, price may break structure and head for 2nd support at 116.09.
Any...
Type : Bullish Rise
Resistance : 120.88
Pivot: 119.21
Support : 117.64
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 119.21 where the pullback support is to the 1st resistance at 120.88 in line with the swing high resistance and 61.8% fibonacci projection
Alternative...
This is just a rough sketch of what I thought might be a possible way that crude may unwind in the coming weeks. At the moment, we seem poised to make new all time highs, however the sellers have made strong pushes before any real ground is made in uncharted territory. We may be more successful this time around and push possibly all the way up at 145-50, however...
The monthly Crude Oil chart shows some seriously nasty ranges. From early 2000s, we have had monthly close check-ins from 20-140; and it does appear that the current dash for the upper end of the range is stronger in momentum (acceleration as seen by the slope and the size of the candlesticks). Taking history into account, it should slow down once crude is about...
It has been weeks (maybe months) since Crude had yet to commit to an up move (clearly) although it gave early indication of the imminent move.
This past week was volatile and eventually closed the week relatively bullish. The weekly MACD crossed up and appears set to continue the momentum, slowly but surely.
The daily chart shows an invasion into a gap area,...
Revisiting Prior High @ 148.20, breaking it and moving to 175 - 185...
OPEC doesn't dig the Joey B.
MBS - Media Backed Shitstorm.
BIDEN - Begging in Doom Energy Nightmare
Brough to you by the WEF - Werewolves Engineering Failure.
Silver Bullets?
Nah, $7 / $8 / $9 / $10 Gasoline the goal.
To add insult to injury, Biden will attempt the Miles Driven Tax.
Oils looking stronger and stronger would look for some selling on Monday and back test to about $111 or so and should catch some support there and a breakout around $121. Crazy seeing this happen again....
