Oil found support at $85.55 exactly as we had expected. We saw a nice pivot after that, which took us back near the $90's. We came just shy of our target at $90.06, where a red triangle on the KRI has confirmed resistance. The Kovach OBV is relatively flat and we will need more momentum to come through for us to be able to solidly break into the $90's. If we...
Oil has rejected the $90's, falling back to support at our level at $85.55. Recall that we anticipated support here in previous reports. Support is holding strong here for now, confirmed by green triangles on the KRI. The Kovach OBV has slumped, so we may need to wait for more momentum to come through before we can consider a pivot or another attempt at the...
Choppy choppy go the gas prices...and now a new gap to fill....
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Oil has continued its corrective pattern as we have fallen from the $90's, back deep into the mid $80's. The corrective impulse took us back to $85.55, which dedicated readers will remember is a strong support level. We have seen green triangles on the KRI to confirm support every time this level has been tested. The Kovach OBV has flattened, suggesting we will...
Oil has been maintaining the range between $85.55 and $90.06. We anticipated a dip to $85.55 and support there, which was validated with this dip. However, oil appears to be continuing a sideways corrective pattern, as it establishes value just below the $90's. We anticipate higher oil prices, as no fundamentals indicate otherwise for now. But we must first...
Oil has fallen but is finding support in the high $80's. The level $87.21 seems to be providing good support, with two green triangles on the KRI serving as confirmation. The Kovach OBV confirmed a strong rally that took us back to the $90's, just shy of $94. Two attempts to break higher formed a double top which suggested an inability to make new highs and...
Oil has weakened with the price action rounding off at $83.21. We are currently seeing support at the base of the $80 handle with the level at $80.00 holding strong for now. We have several green triangles on the KRI confirming support. The Kovach OBV has dipped with the selloff, and we will need more momentum to come through in order to establish higher...
Oil saw support at $85.55, confirmed by many green triangles on the KRI. As anticipated, we saw a nice pivot there, bouncing back just below $90. We are currently testing $88.74, but a red triangle on the KRI is confirming resistance. Recession fears, bolstered by the non farm payrolls headline miss, will likely weigh on the price, however supply side shortages...
price discovery in action. Crude keeps testing support.
Oil has tumbled, giving up the $90's entirely, and plummetting deeper into the $80's. We have breached $90.06, and several levels after that in the upper $80's. In particular, $87.21, our target from yesterday, was hit exactly (to the tick) and is currently providing support confirmed by a green triangle on the KRI. If we plummet further, our next target is...
Oil plummeted off recession fears , rejecting the mid $90's. Technically we are already in a recession (by multiple metrics) but our puppet masters would like us to think otherwise, constantly chasing hope like a carrot on a fishing pole. We slammed past multiple levels in the $90's, giving up the $90 handle entirely. We are currently testing $88.74, with the...
Wholesale gasoline futures could be telling us that the driving demand is bad and just not there to support these high prices. War and geo politics is pushing Crude Oil prices up as well as the heating related products, but gasoline is trading on its own forces currently. With the rejection at around 4.00 a gallon, is the support here or are we destined to look...
Oil has made a run for higher levels, testing the next level above $95.24 at $96.88. US oil reserves are at lows not seen since 1984 , as the Biden administration hastily digs into reserves to frantically buoy prices before midterms. Nevertheless, we are still trekking closer to the $100 mark. If we are able to break through $96.88 then $100 is the next...
Oil saw strong resistance at $95.24, the relative high we called out yesterday. After testing and rejecting this level we saw a brief ratracement, finding immediate support at $92.03, the next level down, as we anticipated. We should see further support from $90.06, the base of the $90 handle. If prices pick up, we must solidly break $95.24 and $96.88 before we...
3 months to midterms! Which is it? Decline/stagnation, or we pop back up to that 3.25 gap and keep pump prices well over $4?
Oil has rebounded into the $90's after establishing a solid value area in the high $80's. It seemed like prices were finally coming down, when we saw a nice spike back to the $90's, reestablishing value above $92.03. We are currently testing $95.24, but a red triangle on the KRI may indicate that we are running into resistance. If we can break through then the...
COT Data is pointing to Crude Oil ( NYMEX:CL1! or AMEX:USO ) being primed to pop after it's seasonal downturn This is a great example where money management is key as well as not blindly using the COT data as the sole reason for entry. Personally, I have a proprietary daily chart indicator I use to enter trades where COT data is giving signals. Crude Oil has...