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WTI is managing to stay above the key 58.00 support level for now. You can see where this area served as a pivot for the market between February and March. But despite Wednesday’s late-session rally, crude oil appears to have turned the corner at ...
On April 26th, I wrote about a bearish reversal pattern on WTI. In fact, there were two reasons to take a relatively bearish stance on crude oil this week. The first was the bearish rejection candle on the weekly time frame. That pattern was also a ...
I wrote about a potential turn lower for WTI on Friday. The weekly bearish engulfing candle hinted at exhaustion from buyers. And the fact that it occurred below the 64.00 handle certainly helped. Additionally, WTI had closed the day and week back ...
Earlier this month crude oil tested a confluence of resistance at 63.80/90. It’s the intersection of ascending channel resistance and a horizontal level that served as support during the second half of last year. The 63.80 level is also the 61.8% ...
Crude oil is on a tear so far this week. It started with the March 28th bullish pin bar from the 58.20 support area. Fast forward to this week, and crude is trading up around 62.60. It’s been an impressive four-day rally to be sure. However, buyers ...
I first discussed a bearish crude oil scenario on October 7th of last year. At the time, oil was still trading above the 74.00 handle. By the end of 2018, the market was testing the 2017 low near 42.50. It was the most aggressive selloff for oil ...
After reaching last month’s target at 66.00, U.S. crude oil broke yet another key level during the final session of October. We’ve had our eye on the ascending channel that stretches from the February low, and last Wednesday’s close sealed the ...
On Friday I pointed out how crude oil reached our target in the 66.00 region. The bearish outlook materialized back on October 7th when oil was trading just above the 74.00 handle. You can read that post here. The key takeaway from Friday’s ...
On October 7th I included U.S. crude oil in my weekly commentary for the first time. The market had just retested ascending channel resistance below 77.00 and looked ready to roll over. Not only had sellers carved a bearish rejection candle on the ...