Oil prices fell sharply on Wednesday after the US government revised the US payrolls data to show a weaker labor market. This revision overshadowed positive sentiment from a decline in crude oil inventories and dovish FOMC policy minutes. Brent Futures (Source: ICE Futures Europe) The US economy added fewer jobs than reported between April last Read More…
Monthly Chart The monthly chart gives us a good idea of where CL has been sitting since the start of 2023. The longer the price sits in the tight range the stronger the break out will be but at the moment CL is being pushed around a lot by fundamentals. The volume profile point of Read More…
Oil prices fell nearly 1% on Wednesday due to increased demand worries after a bigger-than-expected increase in US crude inventories. However, the move reversed on Thursday as oil traders cheered a rise in Fed rate cut expectations. Data on Wednesday revealed that US crude inventories rose by 1.4 million barrels. It was the first increase Read More…
Introduction Meet Areina, a funded trader from Atlanta, Georgia, who has made waves in the OneUp Traders funded trader program. Areina’s journey to success began when she completed the $50,000 evaluation in only 15 days. She is a trader with an aggressive style but a relaxed and calm process. Read on to hear exactly how Read More…
Current Trend and Price Action Moving Averages The price is currently hovering near the 200-day moving average (around 2,100). The 50 MA is at the same price and is acting as additional support to the price for now. Support and Resistance Zones Volume Considerations Probable Scenarios Bullish Scenario: Bearish Scenario: If you have any technical Read More…
Oil gained over 2% on Wednesday and extended the gains into Thursday as data revealed a massive drop in US crude inventories. At the same time, supply concerns amid Libya’s lower oil production boosted prices. WTI (Source: Nymex) Data on Wednesday showed that US crude inventories fell for the sixth week in a row. Stocks Read More…
