CL is range bound for now and could go sideways for a few week. We are still trading inside the monthly trend line and we will favor the upside for now. Watch more CL commentary: youtu.be
There's a strong support for oil at $37.72 and I believe that will be the bottom in the coming months. It is only bouncing given the extreme oversold condition and that does not change the fundamental fact of an over supplied oil market and many more that are stored in offshore tankers. I highly doubt the long term log trend in black will hold. (Temporary bottom...
This is the comparison of reversed Brent price dynamics vs Russian Rouble starting from Feb-2014 (CAD is provided for reference). As it can be seen Russian Rouble rate mostly followed oil prices. However starting from December RUB rate was artificially adjusted. Now it seems it's time for readjustment.
CL played out very well for us. Price moved back into our zone and triggered a long (a small position). We have covered into this spike. We will look for pullbacks to establish a new position. We will post another chart with areas of interest. Stay tuned.
I haven't posted about crude in a few weeks because the fundamentals and technicals simply have told the same story over and over again. Bulls get bullish because A) they believe the global economic growth falacy or B) it's so oversold it must go higher. My charts did not change, and, yes, it has played out well technically to the downside. It is ever closer to...
Brent oil falling deeper soon. Beware of risk.
This is my view on what the future of Brent will look like. Short term - I do believe we cannot go under 50$/barrel. Shale will collapse and the price will be brought up very quickly. Long term - there is a strong bullish trend and we are just about to begin wave 3. Wave 1: Demand grows, supply grows. Wave 3: Demand grows, supply stagnates. Wave 5: Demand slows...
Hi Traders, USOil has reached the level that I have been saying for weeks which is 45.00. The reason why I was watching this level is because of a very strong trend line which start in 1998. However, this does not mean I am long or looking to buy, but its an important level to watch very closely! The reason I dont want to be a strong buyer is because of the...
Long term idea from analysis here - could take a while to complete. Or not - we all know how ridiculous oil is! Anyway, as you can see, there is a very, very strong long-term support trendline forming way back from 1999. It's apparent that oil rose in the late 2000s due to a booming economy and increased demand and subsequently a dramatic drop due to global...
WTI has played out fundamentally, and the fundamentals (along with sentiment) still remain to the downside. Traders love to pick out bottoms by catching falling knifes, and they're usually cut up in the process. On a risk:reward basis, sure WTI may seem like it's at a nice area to buy. Yet, I think it is still to early. Crude will likely find support at the...
In my previous analysis "Que 2008," I likened this drop in oil similar to the one we've seen in 2008. This was based on both over leverage in the oil and equity markets, diverging fundamentals and a strengthening dollar throughout 2009 - which brought on deflation. Prices did collapse through $60 as expected, and nobody is willing to cut production to reserve...
I've seen a lot of people looking at oil's long-term trendline for a speculative buy opportunity this past couple of weeks. While oil prices should remain relatively low as markets work to establish a demand-supply equilibrium in 2015, I agree with the hypothesis of at least a technical bounce once WTI and Brent prices test their trendlines (around $47 for WTI and...
Trend is going very vertical and as every vertical move (Up or down) it reverses.
Seems that the price touch the possibly bottom. Currently we closed upper than the 07/2009 support line and month downtrendline. I believe it should be strong support for the crude oil.. if the price break it - next level is 50 USD/barrel.. than 36.. let's see if the price can stop falling here..