Crude Oil: Bullish Now Or Reversal Coming?

Macro Perspective:

Oil went into free fall in mid-2014, experiencing a relentless bear move which saw oil price drop by over 70%. US shale producers turned out to be the tipping point in terms of the global supply glut. This, combined with a decrease in global demand, proved to be an unstoppable force that lasted for over a year.

 

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Chart of the Day -XAGUSD (Silver) – (Feb 21st 2019)

The Silver market has potentially double topped. More importantly, this is happening at a key Fibonacci level and previous support from the lows back in April 2018.

Chart of the Day -EURAUD- (Feb 20th 2019)

A breakout higher or lower out of this triangle will happen following the Australian employment data tonight.

Chart of the Day -XAUUSD- (Feb 14th 2019)

Gold has spent the last couple of weeks consolidating its gains in what looks like a bull flag.

Chart of the Day -USDCHF- (Feb 12th 2019)

The USDCHF rally has been very strong in the last several weeks from the beginning of the year, but the pair has ran into a wall of resistance at the multiyear trend line that spawns back from the end of 2016.

Chart of the Day -USDMXN- (Feb 11th 2019)

Consolidation patterns, like a triangle, can be very explosive patterns when it comes to the markets because the market is “winding up” for so long.