Recap In last week’s analysis, we watched the CL price close below the range we have been monitoring since December 2022. The bears were strong enough to continue pushing the price lower. The added selling pressure from bulls who needed to liquidate their longs helped the price plunge from $71 to $64. Any traders who took Read More…
On Wednesday, oil prices fell by about 5%, reaching their lowest points in almost a year. The banking sector’s confidence crisis might lead to a recession and reduced demand for energy. Crude recovered some of their earlier losses when Swiss regulators promised Credit Suisse, whose shares had previously fallen as much as 30%, a liquidity Read More…
Recap We have been tracking the sideways range in CL for some time. There has finally been a bearish break below $71.72, which is the lower end of the range. CL is currently trading at $70 per barrel. The next few days will prove important because it will show us whether crude is going to continue lower Read More…
Wednesday saw a decline in oil prices due to concerns over the impact of more aggressive interest rate increases on the US economy and oil demand. The concerns overshadowed a larger-than-expected drop in US crude inventories. Tuesday saw a decline in oil of more than 3% following remarks made by Jerome Powell, the chairman of Read More…
Looking at the recent price action in CL. There are trade opportunities for a range-bound trade and a breakout trade. Spinning top spotted on the 3-month chart and what it means for the rest of the year. Overview Crude has been a range trader’s dream as black gold remains within a tight 5 Dollar range Read More…
US crude stockpiles went up by 1.2 million barrels last week. US oil exports surged to a record high of 5.6 million barrels a day last week. China’s factory activity rose in February at its strongest rate in over a decade. The price of crude oil rose slightly Wednesday as evidence of sufficient supply, such Read More…
