Introduction Crude oil futures continue to weaken following our previous analysis, with sellers pushing below the important support level at $74. This was a very important zone to stay above for the bullish case to remain intact, as the market is now starting to turn bearish rather than consolidating within a longer-term uptrend. The market Read More…
Introduction Russell 2000 futures continue to quietly outperform after the sharp recovery from the April lows. While the S&P 500 and Nasdaq have received most of the attention, small caps have steadily climbed higher, pushing into fresh yearly highs. The price remains firmly bullish, though it might not be as strong as the rally we Read More…
Oil prices fell nearly 4% on Wednesday, extending declines caused by the reopening of the Strait of Hormuz. Meanwhile, market participants are paying close attention to ongoing talks between the US and Iran for a longer-lasting peace deal. Brent futures (Source: ICE Futures Europe) Sentiment in the oil market shifted significantly last week after the Read More…
Introduction Since our June 16 analysis, crude oil has done exactly what we suggested was the most likely outcome. Rather than immediately breaking lower toward $70, buyers stepped in at the $74-$76 support zone and managed to stabilize price. This support area was the last major level we highlighted before the 200-day moving average near Read More…
Oil extended declines on Thursday as traders anticipated a surge in supply after the US and Iran announced a peace deal. The deal, when signed, will reopen the Strait of Hormuz, easing supply disruptions. Meanwhile, market participants assessed the FOMC policy meeting, during which officials voted to keep interest rates unchanged. The news of a Read More…
Introduction An unfortunate movement in price for the CL bulls since our last analysis, now trading below the 50-day MA. It was important that bulls held the MA because now that the price has dropped below it, the last support zone is at $75, before the 200 MA at $66.25. If this happened, it would earse 40% Read More…
