#WaveAnalysis
#WTI broke resistance level 80.00
Likely to rise to resistance level 83.20
WTI crude oil recently broke the round resistance level 80.00 (which has been reversing the price from November).
The breakout of the resistance level 80.00 coincided with the breakout of the 50% Fibonacci correction of the previous sharp downward impulse wave (C) from October.
Given the deterioration of the global risk sentiment, WTI crude oil can be expected to rise further toward the next resistance level 83.20.
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#WTI broke resistance level 80.00
Likely to rise to resistance level 83.20
WTI crude oil recently broke the round resistance level 80.00 (which has been reversing the price from November).
The breakout of the resistance level 80.00 coincided with the breakout of the 50% Fibonacci correction of the previous sharp downward impulse wave (C) from October.
Given the deterioration of the global risk sentiment, WTI crude oil can be expected to rise further toward the next resistance level 83.20.
📣Trade responsibly with FxPro
#WaveAnalysis
#WTI broke round support level 80.00
Likely to fall to support level 76.00
WTI crude oil recently broke the round support level 80.00 (which has been reversing the price from the middle of March) standing close to the 38.2% Fibonacci correction of the upward impulse from February.
The breakout of the support level 80.00 accelerated the active minor impulse wave c of the ABC correction 4 from the start of April.
Given the strength of the active impulse wave c, WTI crude oil can be expected to fall further to the next support level 76.00 (target price for the completion of the active wave c).
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#WTI broke round support level 80.00
Likely to fall to support level 76.00
WTI crude oil recently broke the round support level 80.00 (which has been reversing the price from the middle of March) standing close to the 38.2% Fibonacci correction of the upward impulse from February.
The breakout of the support level 80.00 accelerated the active minor impulse wave c of the ABC correction 4 from the start of April.
Given the strength of the active impulse wave c, WTI crude oil can be expected to fall further to the next support level 76.00 (target price for the completion of the active wave c).
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Oil is retreating but unlikely to repeat the collapses of 2020, 2014 or 2008
Crude oil has been under pressure over the past four weeks but has been gaining support on the decline to $77 per barrel #WTI and $82 per barrel #Brent since the beginning of the month. The price has been consolidating in roughly the same area for over a month since the second half of February. Then, there was a prolonged pause in growth to overcome the 200-day average. Now, it could be a pause before a further plunge.
The bears showed their strength a fortnight ago, causing a 4.5% drop in two days and pushing the price immediately below the 50- and 200-day moving averages, which are filters of the medium- and long-term trend, respectively. From this perspective, the subsequent consolidation last week and at the start of this week may be an attempt to remove excessive short-term oversold and build strength and liquidity for a new attack.
Crude oil has been under pressure over the past four weeks but has been gaining support on the decline to $77 per barrel #WTI and $82 per barrel #Brent since the beginning of the month. The price has been consolidating in roughly the same area for over a month since the second half of February. Then, there was a prolonged pause in growth to overcome the 200-day average. Now, it could be a pause before a further plunge.
The bears showed their strength a fortnight ago, causing a 4.5% drop in two days and pushing the price immediately below the 50- and 200-day moving averages, which are filters of the medium- and long-term trend, respectively. From this perspective, the subsequent consolidation last week and at the start of this week may be an attempt to remove excessive short-term oversold and build strength and liquidity for a new attack.
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Oil is losing about 0.75% of its peak on Monday, having hit a strengthening sell-off as it attempts to climb above $80 for #WTI and $84 for #Brent.
Oil is declining despite the death of Iran's president, which should reinforce the risk premium, and despite a strong rally in metals and other commodities in response to China's stimulus measures.
News on the US oil industry points to relative stagnation. According to Friday's report from Baker Hughes, the total number of Oil rigs in the US was 497 compared to 496 and 499 in the last two weeks. We have been seeing fluctuations around the 500 level since last October.
The official weekly report from the US Energy Information Administration last week also pointed to stagnant production at 13.1 million bpd over the last ten weeks. This volume also is the average over the period since mid-September.
The conclusion is that current prices are neutral for the industry, not creating incentives to increase production but not causing it to decline either.
Oil is declining despite the death of Iran's president, which should reinforce the risk premium, and despite a strong rally in metals and other commodities in response to China's stimulus measures.
News on the US oil industry points to relative stagnation. According to Friday's report from Baker Hughes, the total number of Oil rigs in the US was 497 compared to 496 and 499 in the last two weeks. We have been seeing fluctuations around the 500 level since last October.
The official weekly report from the US Energy Information Administration last week also pointed to stagnant production at 13.1 million bpd over the last ten weeks. This volume also is the average over the period since mid-September.
The conclusion is that current prices are neutral for the industry, not creating incentives to increase production but not causing it to decline either.
#WaveAnalysis
#WTI crude oil reversed from key support level 76.70
Likely to rise to resistance level 81.10
WTI crude oil recently reversed up from the support zone located between the key support level 76.70, which has been reversing the price from February.
The support level 76.70 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse from February.
Given the bullish divergence on the daily Stochastic, WTI crude oil can be expected to rise further to the next resistance level 81.10.
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#WTI crude oil reversed from key support level 76.70
Likely to rise to resistance level 81.10
WTI crude oil recently reversed up from the support zone located between the key support level 76.70, which has been reversing the price from February.
The support level 76.70 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse from February.
Given the bullish divergence on the daily Stochastic, WTI crude oil can be expected to rise further to the next resistance level 81.10.
📣Trade responsibly with FxPro
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#WaveAnalysis
#WTI broke key support level 76.70
Likely to fall to support level 72.00
WTI crude oil recently broke the key support level 76.70 (which has been steadily reversing the price from the middle of February).
The breakout of the support level 76.70 coincided with the breakout of the 61.8% Fibonacci correction of the previous upward from the start of February.
WTI crude oil can be expected to fall further to the next support level 72.00 (which stopped the previous minor correction ii in February).
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#WTI broke key support level 76.70
Likely to fall to support level 72.00
WTI crude oil recently broke the key support level 76.70 (which has been steadily reversing the price from the middle of February).
The breakout of the support level 76.70 coincided with the breakout of the 61.8% Fibonacci correction of the previous upward from the start of February.
WTI crude oil can be expected to fall further to the next support level 72.00 (which stopped the previous minor correction ii in February).
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#Review
American apathy supports Oil
The price of crude Oil rose steadily in the previous fortnight and is starting the new week with a positive trend. This rise emphasises the importance of the 200-week moving average, below which the price has not fallen for a long time for more than three years.
The OPEC+ meeting in early June rattled the bulls' nerves, briefly pushing the price below this line, but this once again attracted buyers. The 200-week average acts as a long-term trend indicator, marking the average price level over nearly four years—about half of the traditional business cycle. Regular touches of this line raise the question that the world economy is walking on the edge of recession but avoiding it for now.
However, this curve is pointing upwards, having risen 17% since the start of 2023 to $76.2 in #WTI and $80 in #Brent. These are the highest values since 2016, but far from the $100s that were in Oil's previous bull cycle, which ended in 2014.
American apathy supports Oil
The price of crude Oil rose steadily in the previous fortnight and is starting the new week with a positive trend. This rise emphasises the importance of the 200-week moving average, below which the price has not fallen for a long time for more than three years.
The OPEC+ meeting in early June rattled the bulls' nerves, briefly pushing the price below this line, but this once again attracted buyers. The 200-week average acts as a long-term trend indicator, marking the average price level over nearly four years—about half of the traditional business cycle. Regular touches of this line raise the question that the world economy is walking on the edge of recession but avoiding it for now.
However, this curve is pointing upwards, having risen 17% since the start of 2023 to $76.2 in #WTI and $80 in #Brent. These are the highest values since 2016, but far from the $100s that were in Oil's previous bull cycle, which ended in 2014.
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#WaveAnalysis
#WTI broke resistance level 81.10;
Likely to rise to resistance level 86.00.
WTI crude oil recently broke the resistance level 81.10 (former top of the minor correction (b) from the end of May).
The breakout of the resistance level 81.10 coincided with the breakout of the 61.8% Fibonacci correction of the previous sharp ABC correction 2 from the start of April.
WTI crude oil can be expected to rise further toward the next resistance level 86.00, former strong resistance from April and the target price for the completion of the active impulse wave (iii).
📣Trade responsibly with FxPro
#WTI broke resistance level 81.10;
Likely to rise to resistance level 86.00.
WTI crude oil recently broke the resistance level 81.10 (former top of the minor correction (b) from the end of May).
The breakout of the resistance level 81.10 coincided with the breakout of the 61.8% Fibonacci correction of the previous sharp ABC correction 2 from the start of April.
WTI crude oil can be expected to rise further toward the next resistance level 86.00, former strong resistance from April and the target price for the completion of the active impulse wave (iii).
📣Trade responsibly with FxPro
#Review #WTI
Oil is losing ground, once again threatening to fall below $80 per barrel WTI, despite a weaker dollar and strong gains in gold and equities. We may be seeing market participants trying to stay within the established pattern, but there’s a good chance that oil is reflecting a turn in the economy to a slowdown.
Oil is giving up ground for the second week, having reversed to the downside from $83.8. This is the development of a sequence of lower local highs since the beginning of 2022. The bulls failed to break through the resistance line despite the Fed's easing signals.
It seems that oil traders read signals of future demand problems in the signals from Powell and other FOMC members rather than anticipation of monetary easing. Oil is very sensitive to fluctuations in demand, and a 1-2% change in the supply-demand balance can change the price by tens of per cent.
Oil is losing ground, once again threatening to fall below $80 per barrel WTI, despite a weaker dollar and strong gains in gold and equities. We may be seeing market participants trying to stay within the established pattern, but there’s a good chance that oil is reflecting a turn in the economy to a slowdown.
Oil is giving up ground for the second week, having reversed to the downside from $83.8. This is the development of a sequence of lower local highs since the beginning of 2022. The bulls failed to break through the resistance line despite the Fed's easing signals.
It seems that oil traders read signals of future demand problems in the signals from Powell and other FOMC members rather than anticipation of monetary easing. Oil is very sensitive to fluctuations in demand, and a 1-2% change in the supply-demand balance can change the price by tens of per cent.
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#WaveAnalysis
#WTI broke support level 80.00;
Likely to fall to support level 78.00.
WTI crude oil just broke the round support level 80.00, former resistance from May, which has been reversing the price from June.
The breakout of the support level 80.00 coincided with the breakout of the 38.2% Fibonacci correction of the previous upward impulse wave i from the start of June.
WTI crude oil can be expected to fall further to the next support level 78.00 (former minor support from the middle of June).
📣Trade responsibly with FxPro
#WTI broke support level 80.00;
Likely to fall to support level 78.00.
WTI crude oil just broke the round support level 80.00, former resistance from May, which has been reversing the price from June.
The breakout of the support level 80.00 coincided with the breakout of the 38.2% Fibonacci correction of the previous upward impulse wave i from the start of June.
WTI crude oil can be expected to fall further to the next support level 78.00 (former minor support from the middle of June).
📣Trade responsibly with FxPro
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#Review #WTI #Brent
Crude Oil went back to crucial support. What’s next?
Oil started July by attempting to break the downside resistance that has been forming on weekly timeframes since March 2022. Reversals from lower and lower levels are supported by a slowing global economy and stagnant demand. The only thing holding the price back from a real collapse is the fact that the oil supply has also been shrinking or stagnating in recent months.
Notably, oil reversed downwards last week despite the rather bullish news on inventories. Commercial oil inventories fell by 4.9 million barrels and 20.5 million in three consecutive weeks of declines. Total commercial inventories are estimated at 440 million barrels, down 3.8% from a year ago. The strategic reserve was replenished by 0.65mn for the week to 373.7 million (+7.7% y/y).
Crude Oil went back to crucial support. What’s next?
Oil started July by attempting to break the downside resistance that has been forming on weekly timeframes since March 2022. Reversals from lower and lower levels are supported by a slowing global economy and stagnant demand. The only thing holding the price back from a real collapse is the fact that the oil supply has also been shrinking or stagnating in recent months.
Notably, oil reversed downwards last week despite the rather bullish news on inventories. Commercial oil inventories fell by 4.9 million barrels and 20.5 million in three consecutive weeks of declines. Total commercial inventories are estimated at 440 million barrels, down 3.8% from a year ago. The strategic reserve was replenished by 0.65mn for the week to 373.7 million (+7.7% y/y).
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#Review #WTI
Oil Is a Step Away from Falling Off a Cliff
Oil is currently adding 0.6% to $76.45 per barrel WTI, but that's only half of the spurt at the start of trading after the weekend. An important technical signal is forming in oil, as it closed last week below its 200-week average (now at $77.19) for the first time since January 2020 and was unable to quickly get back above it.
Cautious traders will probably prefer to wait for a failure below $75, which would cement a technical break of support through the area of the past 16 months lows.
Oil Is a Step Away from Falling Off a Cliff
Oil is currently adding 0.6% to $76.45 per barrel WTI, but that's only half of the spurt at the start of trading after the weekend. An important technical signal is forming in oil, as it closed last week below its 200-week average (now at $77.19) for the first time since January 2020 and was unable to quickly get back above it.
Cautious traders will probably prefer to wait for a failure below $75, which would cement a technical break of support through the area of the past 16 months lows.
#Review #WTI
▫️ Oil continues to plummet, with only a brief rebound on Monday;
▫️ US commercial inventories are only down 1.5% y/y, while the SPR is up 8%;
▫️ Technical picture is on the sell side after falling below 200-week MA
Read more
▫️ Oil continues to plummet, with only a brief rebound on Monday;
▫️ US commercial inventories are only down 1.5% y/y, while the SPR is up 8%;
▫️ Technical picture is on the sell side after falling below 200-week MA
Read more
FxPro News
Forex - Oil is in no hurry to turn to growth | Market Overview
After starting Monday with a plunge of more than 3%, oil recovered almost all losses by the end of the day. However, as the price approached the $74 ...
#MarketReview #WTI
▫️ Oil retreated, failing to return to the area above the 200- and 50-week averages;
▫️ The price decline is happening against a favourable background: prices for risky assets are growing, the dollar is falling;
▫️ Purchases for the strategic reserve continue, drilling activity remains low;
▫️ Movement within the trend suggests a decline to $70 by the end of the month.
Read more
▫️ Oil retreated, failing to return to the area above the 200- and 50-week averages;
▫️ The price decline is happening against a favourable background: prices for risky assets are growing, the dollar is falling;
▫️ Purchases for the strategic reserve continue, drilling activity remains low;
▫️ Movement within the trend suggests a decline to $70 by the end of the month.
Read more
FxPro News
Forex - Oil: the lost positive link | Market Overview
The cost of a barrel of WTI has fallen four out of the last five sessions, underlining the bears' dominance. Selling is intensifying as the price ris...
#WaveAnalysis
▫️#WTI crude oil reversed from a strong support level 72.40;
▫️ Likely to rise to resistance level 78.00.
📣Trade responsibly with fxpro.com
▫️#WTI crude oil reversed from a strong support level 72.40;
▫️ Likely to rise to resistance level 78.00.
📣Trade responsibly with fxpro.com
FxPro News
Forex - WTI crude oil Wave Analysis 26 August 2024 | Technical analysis
- WTI crude oil reversed from a strong support level 72.40 - Likely to rise to resistance level 78.00 WTI crude oil recently reversed up fr...
#Market Review #WTI
▫️ US oil production is back to a peak of 13.4mbpd, but drilling activity remains subdued
▫️ The price of WTI has encountered resistance above $77, where key moving averages (200 and 50-day, as well as 200 and 50-week) pass.
▫️ If pressure intensifies, the price may not find meaningful support until the $70-71 area, with the next support level at $64.
▫️ US oil production is back to a peak of 13.4mbpd, but drilling activity remains subdued
▫️ The price of WTI has encountered resistance above $77, where key moving averages (200 and 50-day, as well as 200 and 50-week) pass.
▫️ If pressure intensifies, the price may not find meaningful support until the $70-71 area, with the next support level at $64.
FxPro News
Forex - Oil reaches resistance | Market Overview
Market picture Crude oil posted gains at the end of last week thanks to optimism on global platforms. The beginning of the new week was also favou...
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#WaveAnalysis
▫️#WTI crude oil broke key support level 71.40;
▫️ Likely to fall to support level 68.00.
📣Trade responsibly with fxpro.com
▫️#WTI crude oil broke key support level 71.40;
▫️ Likely to fall to support level 68.00.
📣Trade responsibly with fxpro.com
FxPro News
Forex - WTI crude oil Wave Analysis 4 September 2024 | Technical analysis
- WTI crude oil broke key support level 71.40 - Likely to fall to support level 68.00 WTI crude oil recently broke sharply below the key su...
▶️ WTI. Current situation. #oilprice #wti #wtiprice #tradelikeapro #tradewti #tradeoil #trading
Today is Thursday, the 6th of November, and we'll talk about the oil market, where an interesting situation is developing.
#oilprice #wti #wtiprice #tradelikeapro #tradewti #tradeoil #trading #tradeanalysis
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Today is Thursday, the 6th of November, and we'll talk about the oil market, where an interesting situation is developing.
#oilprice #wti #wtiprice #tradelikeapro #tradewti #tradeoil #trading #tradeanalysis
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FxPro. Trade Like a Pro. | Subscribe | Boost
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WTI. Current situation. #oilprice #wti #wtiprice #tradelikeapro #tradewti #tradeoil #trading
Today is Thursday, the 6th of November, and we'll talk about the oil market, where an interesting situation is developing. #oilprice #wti #wtiprice #tradeli...
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