Techncial recap Take a moment to review the analysis from June 12th here. The gap we analyzed has been filled perfectly, and an immediate bullish reversal followed. Now, bulls are pushing price up above the horizontal resistance line and attempting to break above the ascending triangle once more. Technical analysis Moving Averages: The 50 MA is sitting Read More…
On Wednesday, oil prices increased by approximately 3%. This was due to a larger-than-expected second consecutive weekly decrease in US crude stockpiles. WTI price chart (Source: Nymex) The US Energy Information Administration reported a significant drop of 9.6 million barrels in crude inventories for the week ending on June 23. This surpasses the 1.8-million barrel Read More…
Technical analysis MACD Divergence: This is the main focal point for our Gold analysis this week. It shows strong bullish divergence on the daily time frame. This is a signal that short trades are likely better to be ignored for now. It is not a direct signal to take longs though, we may see price Read More…
On Tuesday, US equities recovered from a losing streak due to positive economic data. This eased investor concerns about an impending recession caused by the Federal Reserve’s aggressive interest rate increases. US housing, factory orders and confidence data (Source: Commerce Department, Conference Board) In May, new orders for important US-manufactured capital goods unexpectedly increased, and Read More…
Recap On June 15th, we set our target for the Euro for a price of $1,104. This target was hit last Thursday as 6E rallied 3.6% from its recent low. The question is whether we see a higher chance this resistance zone will be broken to the upside or if the bears will push 6E Read More…
Technical analysis Volume: The Wyckoff volume has dipped slightly, with te average at 334,780 contracts traded per day, down from 381,900 contracts per day back in April. Support Zone: There is a support zone at $68.01 which continues to attract buyers. There is high demand at this price level, and it will take a big effort Read More…
