Market Cap:
$241B
BTC Dominance:
65.67%
btc:
$8,758.90
eth:
$187.48
xrp:
$0.27
Advertise

WTI Crude Elliott wave analysis – bullish correction continues higher

The Oil prices have been in bullish corrections for over a week. WTI Crude Oil could hit $55 before the larger bearish run continues. This WTI Crude Oil analysis is based on the Elliott wave theory.

October 09, 2019 | AtoZ Markets – Ahead of important events this week, Oil prices have continued the bullish correction that started earlier in October. WTI is returning from $51.8 and currently trading slightly above $53. Further rallies above the $54 intraday resistance level could happen. However, the bigger picture is pointing downwards below the $51 support level. 
 
It’s going to be another big week for the financial markets. The US-China trade talks will start on Thursday. All eyes will be on Washington to see if the long trade war will finally end and what agreements are made. The Federal Reserve will also update its monetary policies and interest rates today hours after the weekly Crude Oil inventories data is released. Oil prices are pushing upwards but the move looks corrective and the overwhelming bearish run might continue.

WTI Crude analysis: important price levels

Resistance Levels: $63.5 and $66.6 remain the nearest resistance levels. If the price breaks above these levels we should see a hit of $70. However, price is currently far from these levels.
 
Support Levels: $50.6 and $42 are the near-term support levels. The WTI crude price dropped close to this zone last week. However, it bounced and has continued a minor corrective rally. 

WTI Crude Elliott wave analysis

In the last update after the US Oil broke below a major rising trendline, we expected a dip toward the $50-51 support zone. We used the chart below. We had similar expectations for the Brent Crude Oil
 
 
The dip from $63 went lower and hit the support zone as expected. How high will the current bounce go? Let’s look at the most likely scenarios. The larger bearish corrective forecast to $45-47 is still intact.
 
 
However, from a lower degree, according to the new chart above, we might see another dip to $50 or below to complete impulse wave (a). A bullish correction toward $55-57 could follow afterwards to complete wave (b) before another slump to the $45-47 bearish target zone. At the end of this week, we sill see how Crude Oil will react to all these events.
 

Crude oil price analysis – WTI re-attempts $53 mark

Crude oil price is seen making another attempt to regain the 53 handle in the European session this Friday, having found some support near 52.40 region.

9 August 2019 | SQUARED DIRECT – The selling pressure surrounding crude oil price eased a little on Thursday and allowed the barrel of West Texas Intermediate to erase a small portion of this week’s losses. After dropping to its lowest level since early January at $50.50, the WTI rose toward the $53 handle but met resistance there.

The data from China on Thursday showed that the trade surplus in July came in at $45.06 billion to beat the market expectation of $40 billion and eased concerns over a weak demand outlook. Additionally, the lack of fresh headlines surrounding the US-China trade conflict paved the way for crude oil to stage a technical correction.

Similarly to Saudi Arabia, the UAE’s energy minister Suhail al-Mazrouei said that they will support actions to balance the oil market and added that they were confident that their OPEC and non-OPEC partners will take similar measures, providing support to crude oil bounce.

Crude oil price technical analysis

Crude oil price headed to its lower level during Wednesday’s session reaching the $50.50 support level after losing momentum, but then took a U-turn during Thursday’s early session and erased most of the losses after pulling away from the oversold zone.

The price is currently is still trading just above the $52.5 support level and looks like the recovery is on its way to extend. We will be focusing on the $53.26 resistance level before we turn our attention to the downside again.

Support: 53.26/ 52.5
Resistance: 53.89/ 54.42

Chart (H4)

Disclaimer

Trading in Forex and Contracts for Difference (CFDs), which are leveraged products, is highly speculative and involves a high level of risk. Therefore, Forex and CFDs may not be suitable for all investors because it is possible to lose all invested capital. Only invest with money you can afford to lose. Before deciding to trade, you need to ensure that you understand the risks involved. Seek independent advice if necessary. Please refer to our Risk Disclaimer.

Crude oil price crashes below $55 on new trade war fears

Crude oil price dropped sharply as a fresh deterioration in US-China trade relations clouded the outlook for global economic growth and oil demand.

2 August 2019 | SQUARED DIRECT – The West Texas Intermediate was down by more than 4$ during yesterday session breaking below the $55 level after President Trump plan to impose additional 10% tariff on remaining 300 billion Dollars on Chinese imports to the US starting sept 1.

The news essentially means that the odds of the Federal Reserve cutting interest rates, again and again, are far greater. After all, Powell said that the reason for the cut was an insurance against the trade wars. On that note and given that interest rates and oil prices have a positive correlation, traders will be watching closely the progression of the trade war in addition to the US employment reports.

Crude oil price technical analysis

Crude oil price dropped below the $55 handle printing a low of $53.59 per barrel after a total collapse during yesterday’s session before recovering a bit this morning. The price is currently trading just below the $55.06 resistance level and the momentum is still extremely bearish. We will be focusing on the downside with the lower trend line presented on the chart being in the highlight. Meanwhile, the $53.89 support level will be the level to watch.

Support: 54.42 / 53.89
Resistance: 55.06/ 55.73

Chart (H4)

Disclaimer

Trading in Forex and Contracts for Difference (CFDs), which are leveraged products, is highly speculative and involves a high level of risk. Therefore, Forex and CFDs may not be suitable for all investors because it is possible to lose all invested capital. Only invest with money you can afford to lose. Before deciding to trade, you need to ensure that you understand the risks involved. Seek independent advice if necessary. Please refer to our Risk Disclaimer.

Crude oil price rises to $57 on potential Fed rate cut

Crude oil price surged during yesterday’s session and continue to do so this morning, adding more than 1.62% to its value as it broke above the $57 level. 

30 July 2019, GKFX – WTI (futures on Nymex) extends its four-day winning-streak on Tuesday, as the sentiment remains lifted by a likely Fed rate cut on Wednesday, the first-rate cut by the US central bank in a decade.

Focus on fed

Markets believe that the likely Fed rate cut would help boost the global economic growth and in turn support fuel demand growth in the second half of this year.  The US Fed begins its two-day meeting later on Tuesday, with the rate cut decision due to be announced on Wednesday.

Markets also remain hopeful ahead of the US-China trade talks, as the latest report by the Global Times cites that a partial trade deal could be reached between the two countries later this year. A trade deal would ease global growth concerns and render oil-positive.

Further, supply disruption risks, with Middle East tensions around the Strait of Hormuz, still remaining high, lend support to the latest move higher in the black gold. However, the dollar gains could limit further upside, as the focus now shifts towards the US American Petroleum Institute (API) weekly crude stockpiles data for the next direction on the prices.

Crude oil price technical analysis

 “Technically, the price has been capped by the 200-day moving average but a break there will open risk towards 57.40 and the 50-day moving average which guards the 20-week moving average. Bulls will then look to the 60 handle and double top in the 60.80s. On the downside, a break of support located on the rising support line of the channel at 55.80, opens 54.60, (61.8% Fibo.),” FXStreet’s Analyst, Ross Burland notes.

Disclaimer

This article was provided by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

Crude oil price surges above $60

March 21, 2019, | SQUARED DIRECT – Crude oil price kept pushing higher yesterday and early this morning during the Asian session, prices are trading above the $60 per barrel mark after the EIA reported a larger-than-expected US oil stockpile on the week ended on March 15.

US crude oil supplies went down by nearly 9.6M barrels during last week. Furthermore, the current OPEC+ agreement to Cut oil output and ongoing US sanctions against Iran and Venezuela Crude oil exports, plus a weaker Dollar is providing the right momentum to drive the prices up.

Crude oil price analysis

Crude oil price is still surging to extend its impressive run by breaking above the $60 mark. The price is currently holding above the key support level and looks set to print new highs before entering the overbought zone.

However, a divergence between the price and the momentum is becoming clearer pointing towards a potential correction but in the meantime, we will be focusing on the $60.76 resistance level.

Crude oil price surges above $60

Support: 59.99 / 59.40
Resistance: 60.76 / 61.31

Disclaimer

Trading in Forex and Contracts for Difference (CFDs), which are leveraged products, is highly speculative and involves a high level of risk. Therefore, Forex and CFDs may not be suitable for all investors because it is possible to lose all invested capital. Only invest with money you can afford to lose. Before deciding to trade, you need to ensure that you understand the risks involved. Seek independent advice if necessary. Please refer to our Risk Disclaimer

WTI Crude Oil Price Stabilizes Near $76.50

WTI crude oil price stabilized near $76.50 as bearish EIA report, a stronger dollar and Saudi news drive the retreat in the prices overnight. Should traders expect further upside risks amid looming US sanctions on Iran?

4 October, Swissquote – WTI (oil futures on NYMEX) is seen extending the side trend into the European session, having retreated from four-year peaks of $ 76.89 in the US last session, in response to bearish US crude stocks data and on news that Russia and Saudi Arabia struck a private deal in September to raise crude output.

Bearish EIA report

Wednesday’s crude oil inventories data published by the Energy Information Administration (EIA) showed that the US crude oil stockpiles rose by nearly 8 million barrels last week to about 404 million barrels, the biggest increase since March 2017 while the US crude oil production remained at a record high of 11.1 million barrels per day (bpd).

Further, a fresh rally triggered in the US dollar across its main competitors also capped the upsurge in the prices. A stronger US dollar makes the USD-denominated oil more expensive for the holders in foreign currencies.

WTI Crude Oil Price Stabilizes Near $76.50

However, from a broader perspective, the barrel of WTI will remain underpinned and risks conquering the 77 handle amid rising expectations of a potential global supply threat after the US sanctions on Iran’s oil sector come into force from Nov, 4th.

The focus now shifts towards the US rigs count and payrolls data for the next direction in oil. In the meantime, oil prices could track the USD dynamics and broader market sentiment for some trading impetus.

WTI Technical Levels

According to Swissquote Bank Research Team,

“Long positions above 75.60 with targets at 76.90 & 77.30 in extension. Below 75.60 look for further downside with 74.90 & 74.25 as targets. The RSI calls for a new upleg.”

Disclaimer

This article was provided by Swissquote. While every effort has been made to ensure that the data quoted and used for the research behind this document is reliable, there is no guarantee that it is correct, and Swissquote Bank and its subsidiaries can accept no liability whatsoever in respect of any errors or omissions, or regarding the accuracy, completeness or reliability of the information contained herein.

This document does not constitute a recommendation to sell and/or buy any financial products and is not to be considered as a solicitation and/or an offer to enter into any transaction. This document is a piece of economic research and is not intended to constitute investment advice, nor to solicit dealing in securities or in any other kind of investments.

WTI Crude Oil Price Drop Towards $75

WTI crude oil price has dropped and made a corrective slide towards the $75 handle, having run into fresh sellers near $ 75.90, which are the highest levels seen since November 2011. What is next?

2 October, GKFX – The latest leg down in the barrel of WTI, can be mainly attributed to the latest reports, citing that the Russian oil output hit a post-Soviet high at 11.36 million barrels per day (bpd) in September.

Crude Oil Fundamental Highlights

Moreover, increased safe-haven bids for the US dollar strength, intensifying Italian budget crisis and Brexit concerns, cap the upside in the USD-denominated oil. The USD index rises to 4-week top of 95.71 heading towards the FedChair Powell’s speech due late-Tuesday.

However, the prices will continue to derive support from a potential global supply disruption, likely to emerge due to the US sanctions on Iran’s oil sector that comes into force from Nov, 4th.

Meanwhile, Russia’s Deputy Energy Minister Sorokin disclosed earlier today, that Russia is unable to materially increase crude supplies to the Asian markets which are faced with the loss of Iranian imports due to existing transportation constraints.”

The broader market sentiment and risk trends seem to continue to influence the black gold until the release of the American Petroleum Institute (API) fuel stockpiles data due later in the day.

WTI Technical Levels

According to Slobodan Drvenica at Windsor Brokers,

“bulls are expected to enter consolidative/corrective phase before continuing, with overbought daily RSI/slow stochastic and weakening momentum, supporting the notion.

Former lower top at $74.67 (10 July) marks solid support, violation of which would allow for dip towards $74.20 (Fibo 38.2% of $71.47/$75.89 upleg) and $73.68 (50% retracement), where extended dips should find ground to keep bulls intact.

Corrective action is seen as positioning for further upside and test of next key barriers at $76.35 (Fibo 61.8% of $107.45/$26.04 fall) and $76.53 (Fibo 138.2% expansion of current wave C of five-wave sequence from $64.43, 16 Aug low).”

Disclaimer

This article was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

WTI Crude Oil Price Dips Below $70

WTI Crude Oil Price Dips Below $70 Per Barrel though headlines around Saudi Arabia and their desired target for oil prices has thrown the mix for a bit of a loop in Wednesday’s early session. What is more?

5 September, OctaFX – A slew of US oil rigs and drilling platforms were forced to go dark in anticipation of tropical storm Gordon from the Gulf of Mexico, but the storm shifted course, eliminating the need to keep production facilities offline.

Crude Oil Price Fundamental Highlights

Impending sanctions on Iran from the US would also normally be spurring prices higher, but crude traders are nervous about the potential knock-on risks within emerging markets as the US’ scorched-earth trade policies begins to destabilize global growth.

Stuttered growth within emerging markets represents a significant headwind to oil demand for major producers, and the threat of a contagion-style contraction is keeping bulls at bay for now.

In Saudi Arabia, Reuters cited unnamed sources that OPEC’s #1 crude oil producer is actively seeking to keep oil prices between $70 and $80 per barrel, a move that runs hotly in contest with statement made both to and with US President Donald Trump regarding the direction of oil prices, and Saudi Arabia’s willingness to expand oil production to help make up the contraction expected from Iranian market reduction on sanctions.

WTI Crude Oil Price Dips Below $70 Per Barrel

With WTI back under $70, buyers will be looking for hints that Saudi Arabia is stepping back into the markets in someway, or contracting supplies before hitting the buy button, and despite fears of shaky emerging markets, demand remains elevated, and oil traders will be looking to keep prices above the floor at 69.50 until broader market factors push costs higher.

WTI found a stiff new high yesterday near 71.50 in the run-up to oil counts, and the long-term bull trend remains intact.

Disclaimer

This article about WTI Crude Oil Price Dips Below $70 Per Barrel was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

3 September WTI Crude Oil Price Technical Forecast: WTI finds support near $69.60

WTI (oil futures on NYMEX) once again found support near the $ 69.60 region, as the bulls to regain control, now pushing the prices to take-out the 70 level. Should traders expect further decline? What does the 3 September WTI Crude Oil Price Technical Forecast show?

3 September, Swissquote – Mounting supply disruption concerns from additional US sanctions on Iran (OPEC’s no. 3 oil exporter) in November, targeting its oil sector, continue to buoy the sentiment around the black gold.

Also, the barrel of WTI cheered the reports showing that the Russian output steadied in August after the jump seen in July. Russia halts oil-output boost after July jump – Bloomberg

However, a broadly firmer US dollar amid fragile risk appetite, in the wake of global trade war fears and Emerging Markets (EM) woes, could cap the renewed uptick in oil prices. A stronger US dollar makes the USD-denominated oil more expensive for the foreign buyers.

Attention now turns towards the weekly US fuel stocks report due later this week for the next direction on the prices.

WTI Crude Oil Price Technical Forecast

The Swissquote Bank Research Team, explains

“Short positions below 70.00 with targets at 69.35 & 68.95 in extension. Above 70.00 looks for further upside with 70.50 & 70.95 as targets. The RSI is bearish and calls for further decline.”

Disclaimer

This article 3 September WTI Crude Oil Price Technical Forecast was provided by Swissquote. While every effort has been made to ensure that the data quoted and used for the research behind this document is reliable, there is no guarantee that it is correct, and Swissquote Bank and its subsidiaries can accept no liability whatsoever in respect of any errors or omissions, or regarding the accuracy, completeness or reliability of the information contained herein.

This document does not constitute a recommendation to sell and/or buy any financial products and is not to be considered as a solicitation and/or an offer to enter into any transaction. This document is a piece of economic research and is not intended to constitute investment advice, nor to solicit dealing in securities or in any other kind of investments.

30 August WTI Crude Oil Price Technical Forecast: WTI stays above $69.50

WTI (oil futures on NYMEX) reversed the latest upmove, as markets seek to lock-in gains after having failed just shy of the psychological $ 70 level. What is next? This is discussed in the following 30 August WTI Crude Oil Price Technical Forecast.

30 August, Swissquote – A sharp rebound seen in the US dollar across its main competitors capped the rally in oil.

The prices briefly broke its bullish consolidative range to the upside, as concerns over serious supply disruptions from Venezuela and Iran underpinned the sentiment.

WTI Fundamental Highlights

There are increased expectations that the US sanctions over Iran would threaten the Iranian exports and lead to the tightening of global supplies. Meanwhile, the recent reports showed that the crude exports from crisis-struck OPEC member Venezuela have almost halved to around 1 million bpd in recent years.

Moreover, the black gold also cheered a bigger-than-expected drop in the US crude stockpiles, as reflected by the EIA fuel stocks report released yesterday. The US commercial crude inventories fell by 2.6 million barrels in the week to Aug. 24, to 405.79 million barrels.

Attention now turns towards the US core PCE price index data due later today for any impact on the USD-sensitive oil.

30 August WTI Crude Oil Price Technical Forecast

Higher-side levels: $ 70 (psychological levels), $ 70.43 (July 30 high) and $ 71.10 (July 20 high).

The Swissquote Bank Research Team notes: “Short positions below 69.00 with targets at 68.10 & 67.80 in extension.”

Disclaimer

This article 30 August WTI Crude Oil Price Technical Forecast was provided by Swissquote. While every effort has been made to ensure that the data quoted and used for the research behind this document is reliable, there is no guarantee that it is correct, and Swissquote Bank and its subsidiaries can accept no liability whatsoever in respect of any errors or omissions, or regarding the accuracy, completeness or reliability of the information contained herein.

This document does not constitute a recommendation to sell and/or buy any financial products and is not to be considered as a solicitation and/or an offer to enter into any transaction. This document is a piece of economic research and is not intended to constitute investment advice, nor to solicit dealing in securities or in any other kind of investments.