Crude Oil (CL) futures fakeout from last week as price rallies back into the Parabolic channel. The Bears have a 1-2-3 reversal and resistance zone to work with. Bulls have an Inverse Head and Shoulders and the Parabolic channel in their favor. Dead Cat Bounce After we saw CL drop below $76.25 last Monday, the Read More…
Data revealed that manufacturing activity in the United States shrank in November. The PCE price index grew 6.0% in the year ending in October after rising 6.3% in September. Precious metals may benefit from Friday’s jobs data meeting or falling short of expectations. After a rough day on Thursday, precious metals pulled back slightly on Read More…
The Bull target for ES at 4,105 has been hit. Market in anticipation of the Feds meeting on December 12. A bull flag pattern has been spotted on the hourly chart. Bull Target Hit From Last Week’s Analysis Last week we mentioned the possibility of ES rallying up to the top of the downward trend Read More…
US crude oil stocks fell by about 13 million barrels in the week ending November 25. Oil rose with hope for a revival in demand in China, the biggest consumer of petroleum. The US Dollar declined after Powell’s speech boosted oil prices. On Wednesday, Oil prices rose by more than $2 a barrel due to Read More…
The double bottom formation was confirmed after Powel’s comments yesterday. A Bullish divergence pattern is spotted on the weekly chart. Momentum is firmly in the bull’s favor. Massive Price Rally in NQ Wall Street jumped on Wednesday after Federal Reserve Chair Jerome Powell said the central bank might scale back the pace of its interest rate hikes Read More…
Investors are awaiting a speech from Fed chair Powell. Weaker-than-expected consumer price data from Germany and Spain kept Euro futures prices down. Australia’s annual increase in CPI for October was 6.9%, down from 7.3% in September. Currency futures edged lower early Wednesday as the US dollar held steady near a one-week high, holding on to Read More…
