Oil prices surged by approximately 2% to reach a two-week high on Wednesday. This increase was driven by a larger-than-expected drawdown in US oil storage and concerns about global oil supplies. During the week ending on October 13, US Energy Information Administration (EIA) reported that energy companies removed 4.5 million barrels of crude oil from Read More…
Monthly chart The monthly chart is the most interesting to look at out of all the time frames because of the possibility of an enormous 1-2-3 reversal pattern that could send NQ tumbling to $6000. This seems unlikely at the moment but is still a possibility if price reverses from here and falls below $10513.25. Read More…
US equities ended mixed on Tuesday, with the Nasdaq closing lower, while the Dow and S&P 500 remained nearly unchanged. These moves were due to rising Treasury yields and a drop in the shares of chipmakers after the Biden administration announced it would halt shipments of advanced artificial intelligence chips to China. The Philadelphia SE Read More…
Introduction Crude Oil consolidated last week after a huge drop the week prior, where one barrel dropped almost $15 in that period. Let’s take a look at the technicals and price levels for both bears and bulls. Technical Analysis The upward-sloping trend line mentioned in the previous CL technical article is still intact but barely. Read More…
On Monday, US equities surged, driven by investor optimism for the start of earnings season. Moreover, transportation and small-cap shares gained, further boosting optimism. Still, investors remained cautious as Israeli forces continued to bombard Gaza, with cease-fire efforts failing and thousands, including many women and children, losing their lives. Global leaders are working to contain Read More…
Technical Analysis If we zoom out on the daily chart, there is a clear break of trend that has occurred after the high was put in at $4600. Since then there were two new lower lows formed on the daily chart, which I circled on the chart below, and the RSI confirmed both of them Read More…
