Despite larger-than-expected draws in US crude and fuel stocks, oil prices remained mostly unchanged on Wednesday. The market weighed deteriorating economic outlooks against forecasts of US crude inventory declines and plans by OPEC+ producers to reduce production. According to government statistics, US crude inventories decreased by 3.7 million barrels last week, which was about 1.5 Read More…
Trade update Last week Monday, we did technical analysis on YM and saw the potential for a long opportunity. The trade so far has worked out, yielding 1,400 points. I want to take the time in this article to explain why it is important to stay neutral in your emotions by remaining in a calm Read More…
Tuesday saw a lower closing price for US equities as signs of a slowing economy increased concerns that the Fed’s efforts to contain decades-high inflation may trigger a severe recession. All three main indices declined as data revealed factory orders dropped for a second consecutive month. Job openings in the United States went down to Read More…
US equities ended the day higher on Monday thanks to gains in energy stocks due to unexpected reductions in the OPEC+ group’s oil production targets. Tesla, however, fell after disappointing investors with its first-quarter electric vehicle deliveries. Tesla Inc. fell 6.1% after revealing that deliveries for the March quarter increased just 4% from the previous Read More…
Recap Last week we looked at the great example of the 1-2-3 reversal playing out on the CL daily chart. Opec announced an output cut shortly after the analysis, which assisted the price action of CL to further confirm the pattern. Where to from here? CL is in a bullish trend at the moment, but Read More…
Currency futures posted weekly gains on Friday as slowing US consumer spending growth raised expectations that the Federal Reserve would become less aggressive. According to a report by the US Commerce Department, personal consumption expenditure prices increased 5.0% in February compared to last year. It slowed from a 5.3% rise in January. A measure of Read More…
Technical analysis E-mini S&P 500 (ES) futures have been reacting in a bullish manner to a large inverted head and shoulders pattern, with bulls now targeting completion of the pattern with targets set at $4660.25. Price has tested the neckline multiple times and acted as a strong support which ES has finally springboarded off of. Read More…
