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…
A look at the 2021 high that is a significant support and resistance level The RSI remains bearish with no signs of a reversal Potential bearish targets from 1-2-3 reversal and trend channel analysis Long Term Outlook We have been tracking the CL price for some time now as we watch the daily trend continue Read More…
The prospect of additional global interest rate increases could heighten oil demand worries. China lost more steam as retail sales decreased and industry output stagnated. The International Energy Agency forecast that Chinese oil demand will increase next year. Thursday saw a decline in oil prices as the dollar strengthened. The prospect of additional interest rate Read More…
Bears take over as CL’s price drops 12% in a week. The hourly chart shows the potential of a double-bottom formation. Bears Take Over In Monday’s article, we discussed two possible scenarios, the Bear case and the Bull case. Since then, CL has dropped 12% and has taken out the spinning top’s low. CL is Read More…
On Wednesday, Oil fell to its lowest level of the year. US crude output increased last week, reaching 12.2 million barrels per day, its highest level since August. US gasoline stocks increased by 5.3 million barrels over the week to reach 219.1 million. After falling to their lowest point this year in the previous session, Read More…
