Last week’s crude oil technical analysis indicated that the price was on the verge of breaking its upward trendline. The 38% Fib line from last July’s high was a key reference point. Bears targeted the point of control line at $80, while bulls aimed to maintain control above $82 and eyed a move to $95.03 Read More…
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…
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…
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…
On Wednesday, oil prices dropped more than 2% as concerns about supply disruptions due to Middle East conflicts eased. Moreover, Saudi Arabia, the leading OPEC producer, pledged to stabilize the market. Prices for Brent and WTI had surged over $3.50 per barrel on Monday, driven by worries that the Israel-Palestine clashes might escalate, causing global Read More…
Introduction Last Week, 6E closed with a green bullish hammer on the weekly chart after 10 out of 11 red weeks. A huge decline in value for the Euro. The selling in the Euro has been volatile, with every buy getting sold heavily into. The bears have been in control primarily because the Dollar has Read More…
