Recap Last week we looked at the great example of the 1-2-3 reversal playing out on the CL daily chart. Opec announced an output cut shortly after the analysis, which assisted the price action of CL to further confirm the pattern. Where to from here? CL is in a bullish trend at the moment, but Read More…
Technical analysis E-mini S&P 500 (ES) futures have been reacting in a bullish manner to a large inverted head and shoulders pattern, with bulls now targeting completion of the pattern with targets set at $4660.25. Price has tested the neckline multiple times and acted as a strong support which ES has finally springboarded off of. Read More…
On Thursday, gold prices increased by almost 1% as demand for the precious metal increased due to a weaker dollar and lower bond yields. At the same time, investors awaited US inflation data to determine the Federal Reserve’s next move. The dollar index dipped 0.5%, making gold more attractive for foreign buyers, while benchmark 10-year Read More…
Update from last week Last week we analyzed CL and mentioned that there was a chance we could see price drop a few points from $71 before rallying once more above the recent peak, as seen in the chart below. This is exactly what occurred and is a perfect example of a 1-2-3 reversal entry. Outlook Read More…
Oil edged lower on Wednesday in choppy trading as investors looked to cash in on gains from two straight days of gains. On the supply side, there were concerns about a shortage following an unexpected reduction in US oil inventories and the suspension of some oil exports from Iraqi Kurdistan. A smaller-than-expected output reduction in Read More…
Quick Update Last time we looked at Yen futures was back on March 2nd. The sentiment has drastically changed since then as US data has cooled and the collapse of SVB. Bulls have enjoyed the recent rally, but the steam is running out, and those who have missed the initial move may see another opportunity soon Read More…
