davidb31

davidb31 Updated 

I wish every day was like yesterday. WTI prices fell below the 110 psychological level but stopped short of the high-profile 100 mark. A small bounce in early Tuesday APAC trading saw prices lift a bit over 1%, but bulls may want to recapture the 110 level before hitting the buy button with confidence. The 20-day Simple Moving Average (SMA) just below that level...

davidb31

Oil was heading down until the attack on Aramco, now it's resuming course. Sentiment is up, however.

davidb31

It’s been a positive week for Bitcoin and other cryptocurrencies as a more ‘risk-on’ sentiment supported the demand for equities and digital assets, pushing prices higher. Although Bitcoin remains vulnerable to elevated geopolitical risks and increased volatility, key technical levels have provided firm levels of support and resistance which continue to hold both...

davidb31

Oil traders now turn their attention to the OPEC+ meeting on March the 31st where the group will discuss their output target for May. It is largely expected that the existing agreement to increase oil output by 400,000 barrels per day will go ahead as planned as this has been the case in previous meetings.

davidb31

Need a break/close above the $115.00 (23.6% retracement) handle to open up the $120.90 (100% region, with a move above the monthly high ($130.50) bringing the $141.50 (161.8% expansion) area on the radar.

davidb31

I'll wait for a pullback then long. My longer term view is still short.

davidb31

An immediate support level can be found at around 105.80 – the 100% Fibonacci extension. An immediate resistance level can be found at around 119.25.

davidb31

Sentiment and the gap down in Brent say bearish but the patterns say bullish. I'll stay out for the moment.

davidb31 Updated 

Prices seem to have left behind key support, which is a range between 93.51 and 95.22. Immediate resistance appears to be a combination of the 38.2% Fibonacci retracement level at 107.23 and the 50-period Simple Moving Average (SMA). Clearing these points may further open the door to extending gains, placing the focus on the midpoint, 61.8% and 78.6% levels at...

davidb31 Updated 

Oil remains oversold according to the CCI indicator, while volatility remains at levels last seen over a decade ago.

davidb31 Updated 

Traders' sentiment and oils' relativity point to down potential, but the next few hours....

davidb31 Updated 

Prices have likely entered a deep technical correction as buyers look for profit-taking. An immediate support level can be found at around 96.70 – the 61.8% Fibonacci extension. Breaking this level exposes the next resistance level of $94.30. Today, price still has more room to fall but I can only see ranging at the moment. Let's see.

davidb31 Updated 

We should wait for a pullback before shorting. The WTI contract has slipped below the underside of key resistance-turned-support at 107.68. This may pave the way for extension lower to challenge the $100/bbl figure, with a breakdown eyeing the next immediate barrier just below $96/bbl. Alternatively, reclaiming a foothold above 114.83 may set the stage for an...

davidb31

It could go up and make a new high, of course, as patterns are never 100% reliable. We’re on the lookout for a possible exhaustion low ahead of former slope resistance (currently near $96. If price is heading higher, a close above 129.29 is needed to fuel the next leg up.

davidb31

Oil appears to have reversed ahead of the ATH ($147.27) as the RSI falls below 70 to indicate a sell signal, and failure to hold above the $104.20 (50% expansion) region may push crude towards the $100.20 (38.2% expansion) area as the bullish momentum abates.

davidb31 Updated 

Had to go for an errand yesterday afternoon, so could only capture 2 out of the 12 dollar drop. Console myself that was an exercise in containing greed.

davidb31

Crude has rocketed higher and volatility has expanded rapidly as shown by the incredible widening of the 21-day simple moving average (SMA)based Bollinger Bands. The positive gradient of the 10, 21, 55 and 100-day SMAs and might indicate that bullish momentum is intact. Resistance could be at the highs of the two previous days at 129.44 and 130.50. Support may...

davidb31

Hmm, indicators and COT say down, but pattern looks like an up day. I'll have to go for down.