A powerful Dragonfly Doji was formed during yesterday’s volatile session. CL prices bounce off of the Parabolic curve mentioned last Friday. What to expect next? The Parabolic Curve Acts as a Support In yesterday’s volatile session, CL dropped over 6% right into the support zone and the parabolic curve we mentioned in Friday’s technical analysis. Read More…
Analysis
Currency Futures Fall Amid Increasing Covid Cases in China & Global Recession Fears
The Dollar gained ground as Covid cases increased in China. Investors are losing hope over Covid restrictions in China. The Dollar is getting support from the hawkish tone of the Fed. Currency futures slid on Monday as the Dollar gained ground amid concerns about the effects of a rise in China’s Covid cases on the Read More…
Technical Outlook: Dow Jones (YM) Futures Prices Continue to Rally
A closer look into the Parabolic channels. Consolidation on the hourly chart could break in either direction. Parabolic Channels With parabolic channels, we take the same approach when drawing the main parabola; we need at least 3 points to make the connection. I’ve marked the main parabola in the image below with the connection points. Read More…
Precious Metals Reverse Gains As the US Dollar Strengthen
Gold prices are falling on a hawkish Fed tone, boosting the Dollar. US retail sales rose more than expected in October, showing resilient consumer spending. US Jobless claims fell last week, indicating a tight labor market. Gold and silver prices fell on Thursday as the Dollar rose in response to recent remarks from US Federal Read More…
Technical Analysis: Crude Oil (CL) Futures Prices Consolidating
A Parabolic channel has been identified on the Daily Chart. CL is trading off a support zone at $81.40. Important note on stop placement. Chart Analysis Recap The Head & Shoulders pattern referenced in our CL chart analysis on November 7 did not confirm. The neckline acted as a barricade that the bulls could not Read More…
Rising COVID-19 Cases in China Dampening Oil Demand
There are increasing demand worries as China reports rising COVID-19 cases. Geopolitical tensions have eased after NATO confirmed the Poland missile was an accident. Retail sales in the United States rose more than anticipated in October. Oil prices went down for the second day on Thursday as worries about demand in China, the biggest crude Read More…