US retail sales fell by 1.1% last month, the largest drop since December 2021. US manufacturing output decreased more than forecast in December. US crude oil stockpiles increased by around 7.6 million barrels last week. The price of oil futures dropped by as much as $1 on Thursday due to concerns about the impending recession. Read More…
Looking at the triangle pattern on the daily chart and potential targets. Heavy bearish divergence spotted on the hourly chart. Daily Outlook There is one main technical pattern we can look at on the daily chart for CL. That is the triangle pattern in which crude is trading at the top of its range which Read More…
China’s oil demand forecast has brightened. There are worries about the impact of sanctions on Russian crude production. Crude stockpiles increased by 19.0 million barrels last week. Although increases were modest ahead of incoming inflation data from the United States, oil prices increased on Thursday, adding to gains from the previous session as China’s demand Read More…
CL suffers a 9% decline in just two days, as suspected. Analyzing the order block responsible for multiple price rejections at $81.55. Evaluating the differences between time-based and range charts in a trending market. Quick Recap Before the end of the year, we looked at possible bearish targets around $67.98. CL dipped from $75 to Read More…
Indices are trading near 2022 lows Technical analysis on NQ, Gold & CL What we can expect from 2023 What We Can Expect From 2023 2022 saw the majority of markets take a free fall. NQ dropped over 32%, ES ended the year down 18%, and Gold, traditionally a safe haven ended flat on the Read More…
US oil stockpiles dropped by 5.89 million barrels for the week ending on December 16. The demand for heating oil in the US is expected to skyrocket. There are concerns about demand brought on by China’s COVID-19 increase. On Thursday, Oil prices increased for the fourth day in a row as US crude, heating oil, Read More…
