Last week, Oil recovered its previous losses and hit the $64 level. We are now forming a parallel channel at the top and it looks like the price is making small higher-highs, as this may be a hint that we are losing some momentum. It remains to be seen if we will break the lower channel line and ultimately start a bearish move that would act as a much-needed...
Thursday's OPEC+ meeting became a market-mover event, as members announced that production cuts would be extended in April. This caught the market completely off guard, as OPEC+ was widely expected to raise output by 500,000 barrels per month. Instead, OPEC+ has opted to hold back some 9.2 million barrels from the market each day, until at least the beginning of...
The dollar has been in a long term downtrend against the loonie but that may be about to change. The greenback came back into favour on Friday after a period of softness which saw it fall to its lowest level against its Canadian counterpart for around three years. Rising oil prices can often be supportive for the Canadian dollar and likely contributed to its...
Oil prices have enjoyed a remarkable rally over the last four months as the world has gone from entering the most severe wave of Covid-19 to rolling out vaccines and planning its final exit from the restrictions. Efforts by OPEC+ have been key to this, including the surprise one million barrel cut from Saudi Arabia earlier in the year, which confirmed the group...
Loonie - USDCAD - Trade idea! It's called Loonie for reason, not my favourite pair but I do great potential both sides of this trade idea. This will be very interesting as we had great amount of energy from WSB dominating the market, will it be the same this week? I suppose it - Equites will decline further will given the headlines out: JPMorgan to pay $920...
Brent Crude broke a critical fundamental level of $57 a barrel, a psychological resistance that may see Brent continue to price pre-Coronavirus levels. This is likely on the news that more Americans have received at least one dose of a Coronavirus vaccine than having tested positive for the virus. The United States has been administering vaccines to citizens...
📌 Oil for the Yearly Close Making the rounds...this time onto Oil and we are going to learn from it by firstly tracking our previous 'before' and 'after' the 2020 fact charts to see how the birth took place. A single glance at the Monthly and Daily is sufficient, from mapping our MT and LT charts, our ancestors, we are able to workout the directional flows in...
24th February 2020 was when the last time we saw oil hovering around the $55.80 mark. The Oil markets were hammered in 2020, taking investors and traders back to their economics 101 classes. However, unlike traditional markets, the Oil markets have something traditional markets do not – controlled supply. OPEC+ controlling the supply of Oil OPEC+, a 24-...
Oil prices have been on a fantastic run since early November and with reports emerging of a deal between OPEC+ members on production in February, they've been given another bump today, up close to 4% at the time of writing. That leaves WTI trading just shy of $50 once again, after running into resistance around here on Monday. A deal to keep output steady is...
USDJPY H4 - Still bearish bias for the USD personally, there isn't any real reason to justify reasons otherwise. Popped back above S/R but nothing to indicate a change in trend, USDCAD is the anomaly, setting fresh highs off the back of OPEC talks. Summary in the above video.
OPEC met today. Leading to their meeting, the price surged up but started dropping along the start. I don't know what was expected of OPEC but moves as such happen when the news is surprising. Either way, if it moved so fast from up there, it is probably unlikely it will get back up there again. If a retest of around 52,5 happens, I would check lower timeframes...
Oil prices have been tearing higher since the start of November, rising more than 40% to return to far healthier levels. The rally has started to slow though and with so much good news - vaccines, OPEC+ deal, US stimulus deal (almost) - now priced in, I wonder whether we're about to see a bit of a corrective move. WTI has trended higher nicely, following the...
Hi Guys, the pullback from C continues and it's looking more and more like a continuation of the bulls run initiated back in April. From September to October WTI accumulated before rising up again in November. This accumulation period resamble a WM formation with some harmonic patterns inside (XABCD). It is very similar to the harmonic pattern unfolded by...
A difficult call here after clearing OPEC manoeuvre. Of course the supply sacrifice was possible, but the shallow support is now completely cooked in the price. For those tracking the full OPEC moves: Of course buyers won the highs and we made some decent gains from the latest taking of the latent 46 highs. But as this price action is showing, we have...
A quick chart update here after reaching the 4th wave targets in a retrace; Buyers now have a definite advantage going into OPEC; an extension of the cuts will be enough to open the position towards $50. But the advantage is only tiny, as we are back at the previous breakdown from our long-term macro charts: OPEC now need to play the desperation...
A nice swing cooking right on time for December seasonality flows to kick in. This leg higher threatens the sacrifice of resistance and creates freedom to manoeuvre towards $4 and $5 in 2021. We have a similar sized move cooking in energy to the leg we traded in Oil, only this time round the swing we are tracking is to the topside. See for example the following...
Hi Guys, November is ending today and it has been a positive month for WTI unless today's meeting by OPEC+ ruins the party. Since OPEC+ mended their differencies back in April and started implementing drastic production cuts, WTI climbed back above the blue horizontal line and was supported above it before running again this month. SMA points down but still...
Hi Guys, watch out for news from OPEC+ The pattern in the circle may be the beginning of a flag or a pennant. Following the divergence with sentiment (RSI) between S2, S3 and S4, price started a pullback above Saudi-Russia Oil Price War levels of 43.830 where it formed the pattern inside the circle. So far the pullback is made of an impulse(1), a...