Oil has picked up again, breaking through $100, but finding resistance at $101. This is exactly what we anticipated, it just took a few days for oil to break through the resistance in the mid $90's. Our next target is $106, but it will take some momentum to get there. It is likely that we will hover in the low $100's to establish value. If we retrace, we will...
Oil rallied slightly, but is still maintaining the $90 handle. We shot up from support at $95.24, but fell short just below the target of $100, hovering around $99 at the time of this writing. The Kovach OBV is drifting up, suggesting a bull bias that could result in a breakout soon. If so, $100 and $101 are the targets. Watch for resistance here, and a...
Oil has edged back down to support after topping out at $100, a strong psychological and technical level. As predicted here, we are finding support at our technical level of $95.24, confirmed by a green triangle on the KRI. Support is looking weak, and we could break down further. The next level below and target for support is $92.03. After that we could test...
Oil has edged upward, but is meeting lots of resistance in the high $90's, just below the target of $100. We edged past $100 briefly, only to retrace back to comfort at the base of the $99 handle at the time of this writing. The Kovach OBV is trending up, but appears weak, suggesting we will need more momentum to break through $100 definitively. Many red...
Oil appears to have bottomed out at our exact level of $92.03, with a wick extending to $90.06 as we predicted last Friday. We were then able to pivot back up to the mid $90's, meeting swift resistance at $96.88. We have several red triangles on the KRI signifying resistance around this price area, just before $100. Sub $100 prices will surely be welcome to...
Oil dipped down further into the $90's, with a wick touching $92.03, as we have noted in these reports as the next level of support. We do appear to be pivoting nicely back to $95.24, but are bounded by $96.88. The Kovach OBV appears bearish, but does seem to have bottomed out, suggesting potentially that oil has reached a floor. If so, we expect it to shoot...
Oil caved through support at the base of the $100's, making its way down to $95.24. We expected this value to hold as a floor price, as discussed yesterday, and we just barely broke through, with a low just above our level at $92.03. We immediately equilibrated back to $95.24, and are currently testing the next level above at $96.88. A red triangle on the KRI...
Oil rejected 113, and came crashing down through support at 106. It penetrated the vacuum zone between 101 and 106, but has since found support around 104, confirmed by green triangles on the KRI. We have subsequently seen a pivot back to 108, but appear to be finding resistance confirmed by a red triangle on the KRI. If momentum continues then the next target...
Oil has found good support off 101, but remains unable to break through 106. We appear to be ranging at these lower levels, establishing value. Volatility has consolidated notably in what appears to be a bear flag pattern, which could suggest that a break out is near. If so, then we must break 106 before considering the next target at 108, then 111 should be a...
Oil has bottomed out at 106, and gotten a bit of a boost, pivoting back to the 110's. We met resistance just below our level at 111, then started to range and establish value between this level and 108. The Kovach OBV appears to have bottomed out and is starting to arc upwards suggesting a small bull divergence. If we are able to break out to higher levels,...
As we mentioned yesterday, lower levels for oil are holding after it retraced from highs. Our level at $122.95 has held as a double top, and we have since pulled back to test support levels at $116, then $113. We are finding good support at $113, confirmed by green triangles on the KRI. The Kovach OBV has flattened out, suggesting we will range here at current...
this is the most bullish chart ive ever seen... petrol price is maintaining the rising trend. monday will be funday
A technical retracement has taken oil back to 116, exactly as we anticipated. Recall that we suggested that oil will range for a bit between 116 and 122. The high at 122.95 will provide strong resistance for the moment, but eventually we see it pushing higher. There are few reasons to believe lower oil prices will come our way, but if we break past 116, we...
Oil has gotten support from just above $116, which we anticipated to hold as a lower bound. It hit our target of $122 before a technical retracement brought us back to lower levels. We knew this would only be transient and sure enough, oil is back to relative highs, just a few ticks below our level at $122.95. The Kovach OBV is still strong, so there is no...
We have been reporting on the bullishness of oil, and called the bull wedge breakout from $120 to $122 perfectly. It was able to break out from this level perfectly, and has reached $122.95, our target level, to the tick before retracing just above $120, where it is currently finding support. After the breakout it is likely to range at currently levels, between...
Oil has broken out from the bull wedge it was forming all this week. We have broken past the upper bound at $120 and have hit our target at $122.95 to the tick. We met immediate resistance here confirmed by a red triangle on the KRI before retracing a bit, but the Kovach OBV seems strong so we do not expect much in the way of a retracement. If we do, $116...
Oil is tending to highs, forming a bull wedge pattern. The Kovach OBV has slumped a bit, suggesting a slight bear divergence. We are facing some resistance at $120, the upper bound of the wedge pattern. If we break out, we are set to hit $122, relative highs, and are clear to press higher after that. If we do retrace, then $116 should provide support, then...
Oil remains at highs, after curbs on China Covid lockdowns have eased . Supply remains tight as OPEC is reluctant to increase oil production. Although they have agreed to boost production, which should help buffer skyrocketing costs per barrel, Saudi Arabian oil prices have continued to increase . We do appear to be seeing a bull wedge or triangle forming at...