Chart of the Day -Crude Oil- (May 2nd 2019)
Following up on Sunday’s blog post (read it HERE), crude has now broken below the horizontal support area and the ascending channel’s support (both confluenced at $63.75).
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Crude Oil reversed lower from key level. What should we expect going forward?
Crude Oil is quite a peculiar instrument to trade, given that its supply side has been managed for decades. If we look at a multi-year chart, there was a very evident move which happened in 2014. The drop from over $100 to $40 was very sharp and relentless, and it was driven mostly by the […]
Chart of the Day -EURUSD- (March 7th 2019)
The EURUSD has finally cracked the multi month range lows and seems to be breaking lower (finally!) to test the 127% extension of the last rally.
Chart of the Day -USDCAD- (March 6th 2019)
The USDCAD has a longer term inverted head and shoulder’s pattern in play.
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.
Chart of the Day -USDNOK- (Jan. 29th 2019)
Back on January 3rd, we blogged about a smaller time frame USDNOK head and shoulder pattern developing, and now a longer term one is taking shape.
The USD showed the potential to breakdown against many majors
The USD (DXY) has been range bound for months, and mostly this is a product of many cross currents in the markets. Equity market volatility, weakness of fundamental data globally stating to seep in, the FOMC looking to be at the end of their hike cycle, China and US trade war brewing, and the list […]
Chart of the Day -WTI- (Jan. 2nd 2019)
After a huge move that pushed it from as high as $77 to almost 42 within a 3 month period, crude found a low 1 day before the Christmas break.