Oil settled slightly higher on Friday, but posted a weekly decline, after Iran played down a reported Israeli attack on its soil, a sign that an escalation of hostilities in the Middle East might be avoided.
Brent futures settled up 18 cents, or 0.21%, at US$87.29 a barrel.
The front-month US West Texas Intermediate (WTI) crude contract for May ended 41 cents...
And we are back into the dancing area. Of course the price went up because the news of the war, let's see tomorrow how the prices will dance, if in their "safety area" between 84.01 for longs and 87.60 for shorts... or will be up following Arabia Saudita wishes on 100
So as in my previous forecast we have now closed daily bellow the Weekly FVG
My next target will be 80.50 by end of week.
Thats it for this week.... :)
Crude Oil (June)
Yesterday’s close: Settled at 82.15, down 2.68
June WTI Crude Oil futures are now front month and our levels are updated below. A sharp move, in this case the two-day drop, is not uncommon during times of roll and post option expiration as Crude Oil tends to cleanse positioning. With geopolitics front and center as the weekend approaches,...
Which market is a better hedge when a geopolitical conflict started. I know many will say that it must be crude oil. Over the past 2 major conflicts, we could see that crude oil did not gain any momentum, in fact it came off.
So which markets have reacted positively to all these tensions so far, and will continue to remain this way with future tensions?
My...
Let's see where we are by the 5-7am EST window. This view is a combination of Elliott Wave analysis and supply/demand zones. Can be a powerful combo for scalping.
Technical Momentum Weakens
Crude Oil futures have stalled after rising in 2024 after trading at the upper price band of $88/barrel and lower price band of $84/barrel. The technical perspective shows momentum studies correcting from overbought territories, with the 9-day moving average stalling above 18-day. DMI + is narrowing in on DMI -, indicating that the...
Had a decent chance for a long setup, but this move today is pushing the limits on bullish structure. Now there is a clear setup for lower if this level breaks. LOB
The oil moves in an established area, if it touches 84 it will go up and if it touches 87 it will go down, until it is encouraged to establish new records, the key is to catch the same step as the oil to dance together.
Crude oil stabilized this week around $84 per barrel on the May 2024 contract, from which we are seeing some nice rebounds after recent events between Iran and Israel. There is a risk that this escalation will not be over anytime soon, so energy prices may remain in an uptrend, possibly heading for a higher fifth wave back above last week's highs. If the market...
Crude Oil (May)
Yesterday’s close: Settled at 85.41, down 0.25
Crude Oil futures have traded in a quiet range, going back through last week, outside of an early Friday morning geopolitical spike. A slate of economic data from China last night printed better Q1 GDP results at 5.3% versus 4.8%, but Industrial Production and Retail Sales whiffed. However, U.S....
Standard ratio between Elliott Waves 1 through 3 versus wave 5 is 618/886 zone, which is shown in an aqua box. Call the target the $92 region for wave 5 of some degree.
As in previous post on Sunday -
So we have dipped our toes into the weekly fvg
May leave a low in place here to raid it again later, want to see weekley CE respected.. as its London and Monday this could be the judas swing... wait for more info and cme or 830 open.
Any Longs from me will need market to show displacement on 15min or 1hr tf... no rush
