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OIL (F)
WTI crude oil slips to fresh lows
Oil prices are down over 6% on the day as price broke past the previous support of 22.00.
On an intraday basis, oil prices fell to lows of 19.85 before pulling back modestly.
The breached support area of 22.00 will now turn to… Read More
Oil Hits 18yr Low
WTI crude oil declined to fresh multiyear lows not seen since 2002 below $20. With global consumption severely damaged on the lockdown and supply accumulating WTI could weaken further. Gold on the other side isn't looking much brighter… Read More
WTI Crude oil back at support
Oil prices gradually declined to fall back to the support area near the 22.00 handle.
This marks a third attempt in the commodity near this level. So far, prices are holding up steadily.
However, the bearish price action on the daily… Read More
USOIL: Impeding Triangle Breakout?
The WTI crude oil structure is indicative of a powerful bearish impulse trend. This 5-wave move consists of primary waves ①-②-③-④-⑤ and is part of a cycle-degree a-b-c correction.
A few sessions back, the intermediate-degree 5-wave… Read More
Crude oil struggles near pivot highs
WTI Crude oil prices are trading weaker, down over 4% on the day.
This comes amid the trend line holding up as dynamic resistance.
If the declines continue, then we expect a move lower back to the 22.00 level of support.
With the… Read More
Crude Inventories Rise for 9th Straight Week
Crude Inventories Rise Again
In yesterday's report, the Energy Information Administration reported a further build in US crude inventories. In the week ending March 20th, the EIA reported that US commercial crude levels rose by 1.6 million… Read More
WTI Crude Oil Holding Steady Above 22
WTI Crude oil prices are holding steady despite retracing some of the gains from earlier in the week.
Price action is currently forming a higher low above the 22.00 handle.
The trend line needs to be breached to confirm the upside.… Read More
WTI remains range bound
Crude oil price action remains modest with price erasing the gains made earlier in the day.
Oil prices continue to remain slightly volatile in the near term.
However, if the downside bias persists, we could expect oil prices to dip… Read More
WTI Crude Oil Settles Back Near $22
Crude oil prices are modestly weaker, down over 5% on the day.
This comes as price action is back to testing the support level of 22.00.
Given that this is a key price level, a break down lower could trigger further losses.… Read More
Has WTI Crude Oil Hit a Bottom?
Crude oil prices fell over 6% into Friday’s close following a brief rally to the 28.00 handle which previously marked a bottom.
Following the declines down to the 22.00 handle, price action is close to this level.
A break down below… Read More