Prepared by Jamie Saettele Crude’s 3 wave correction from 6966 may be complete just shy of its 100% extension (8318). There are 5 waves up from 7590, which composes wave c of y. Crude has nearly retraced the entire rally from 7590 and the decline is sharp and impulsive in manner. 7500 is potential support. [...] [...more]
Commentary: Crude oil fell notably for the third day in a row, shedding $2.29, or 2.92%. Over the last three sessions, the commodity has lost $5.74, or 7%. Weak economic data, especially out of the U.S., has challenged the optimism that was developing in financial markets. Whether the recent sell-off is merely a correction of [...] [...more]
Crude Oil (WTI) – $77.28 // -$0.74 // -0.95% Commentary: Crude is increasingly tracking overall risk sentiment with the correlation between prices for the WTI contract and the MSCI World Stock Index now at 0.74, the highest in nearly three weeks, on 20-day percent change studies. This hints that a rebound may be ahead in [...] [...more]
Crude oil fell notably on Tuesday as growth concerns reemerged. Traders will now look to the DOE inventory report set to be released on Wednesday. Gold continues to move inversely to the US Dollar. Crude Oil (WTI) – $80.12 // -$0.13 // -0.16% Commentary: As has been the pattern in recent sessions, crude oil followed [...] [...more]
60 Minute Bars Prepared by Jamie Saettele Crude’s 3 wave correction from 6966 may be complete just shy of its 100% extension (8318). There are 5 waves up from 7590, which would compose wave c of y. Look lower from here. Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical [...] [...more]
Crude oil got a boost from the continued uptrend in equities, as traders consider recent weak economic data as priced in. Gold fell after the greenback rallied strongly off support. Commodities – Energy Crude Oil Rises With Equities Crude Oil (WTI) – $81.08 // -$0.40 // -0.49% Commentary: Crude oil advanced $0.78, or 0.97% on [...] [...more]
60 Minute Bars Prepared by Jamie Saettele Crude’s 3 wave correction from 6966 may be complete just shy of its 100% extension (8318). There are 5 waves up from 7590, which would compose wave c of y. Look lower from here. Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical [...] [...more]
Crude oil may consolidate as abundant supplies cap prices below the mid-$80’s. Gold’s streak of sessions without losses is at nine. Commodities – Energy Crude Oil May Consolidate Crude Oil (WTI) $81.05 // +$0.35 // +0.43% Commentary: Last week saw crude oil advance over the $80 level for the first time since May. Traders took [...] [...more]
Speculative interests fell quickly in step with fundamental expectations Friday with the release of high-level event risk – and the reaction impact was quite severe for oil. North American Commodity Update Commodities – Energy Disappointing NFPs Curbs Growth Expectations and Pulls Crude Back Down Towards $80 Crude Oil (LS Nymex) – $80.90 // -$1.11 // [...] [...more]
60 Minute Bars Prepared by Jamie Saettele “Crude has traded sideways for the past several weeks and I cannot yet rule out a move above 8080 in order to complete a complex correction (W-X-Y) from 6966. Resistance would be at 8318. The larger trend is down…the question is whether or now price will exceed 8080 [...] [...more]
