OPEC output has increased significantly since the pandemic. China’s manufacturing activity contracted in August due to new COVID-19 restrictions. US crude stocks declined in the past week, showing increased demand in the US. Early Asian trading on Thursday saw a decline in crude oil (CL) futures prices, driven by rising supply and concerns that the Read More…
Potential short-term bullish reversal on CL Short Trade running out of steam Bullish divergence forms on MACD Bulls vs Bears On the 4-Hour chart, we clearly see a consolidation zone forming on the CL chart between $87 and $95. This is happening after a two-month downtrend. The swing indicator is showing lower lows are being Read More…
Test of a major support zone possible Short trade results from a retracement into the Gaussian channel RSI oversold on shorter time frames Daily Chart The daily outlook has been bearish for the past six months, with prices dropping 19.27% from the peak on March 8. The major support zone at $1,715.3 has been tested Read More…
Job openings in the US rose to 11.239 million in July. US Consumer confidence increases in August. Investors are expecting a 75bps rate hike from the FED in September. Following yesterday’s hold of support, E-mini Nasdaq-100 (NQ) futures opened the day in a positive frame of mind following Powell’s address at Jackson Hole last Friday. Read More…
Head and Shoulders pattern on the 2H time frame The bear flag pattern is still in play Bullish morning star pattern on daily As a continuation of our analysis on NQ yesterday, Monday’s session gave us no signal that bearish sentiment is reversing. In fact, looking at the 2-Hour time frame, a Head and Shoulders Read More…
Powell said the Federal Reserve would continue raising rates to tame inflation. Investors are split between a 50 and 75 basis point rate hike in September. This week’s jobs data will shine a light on the US economy. The E-mini S&P 500 (ES) futures closed Friday lower as the Federal Reserve’s chief, Jerome Powell, dashed Read More…
Trend Channel retested after Initial Breakout 50% Fib Level holding support Potential Flag formation on the hourly chart Long Term Outlook As we know from the previous analysis done on August 22nd, NQ was in a strong upward channel but broke to the downside. The downward move accelerated on Friday, falling over 4% and then Read More…
BoJ intends to maintain its ultra-loose monetary policy. BoJ will not intervene to stop the yen’s recent sharp declines. The Federal Reserve may continue to raise rates. The Japanese Yen (6J) futures continue to lose ground as one of the Bank of Japan’s board members stated that the central bank must continue its massive monetary Read More…
US PMI shows a significant decline in business activity in July. The US economy shrank by 0.6% in Q2, showing signs of a looming recession. Gold futures prices could fall further if Powell is hawkish during the Jackson Hole meeting. The latest Flash US Composite PMI from S&P Global is not encouraging for the American Read More…
OPEC+ may reduce output to support oil prices. Iran’s nuclear program deal is at a standstill. Oil prices increase after a drop in US crude oil inventories. The possibility of output reduction, the partial suspension of a US refinery, and growing supply fears due to delays in Russian exports drove up crude oil (CL) futures Read More…
