oil

Technical Analysis – WTI futures consolidate but continue to favour upside

Posted on January 19, 2021 at 9:10 am GMT

WTI oil futures appear to be finding a foothold on the 50-period simple moving average (SMA) and the cloud’s upper surface, after the pullback from the 11-month high region of 53.91. The Ichimoku lines are reflecting the sideways edging in the price, while the climbing SMAs are promoting additional advances. Looking at the short-term oscillators, we can see a slight pickup in positive momentum. The MACD is holding marginally below its red trigger line and the zero mark, while the [..]

Technical Analysis – WTI oil futures look for February’s key as bears gain traction

Posted on January 14, 2021 at 8:53 am GMT

WTI oil futures saw a bit of a drop on Wednesday after touching February’s resistance of 53.90, bringing the 78.6% Fibonacci retracement of the 2020 downfall at 53.00 back under the spotlight. February’s border could be the key to the next leg of the rally, which may initially pause inside the 58.60 – 59.50 restrictive area before stretching towards the 2019 tops registered within the 62.00 – 65.60 zone. That said, any improvement might come with some delay as the momentum indicators, although in [..]

Technical Analysis – WTI futures step up, exhibit robust positive tone

Posted on January 7, 2021 at 8:49 am GMT

WTI oil futures are currently pushing up against the 51.14 resistance, after a bounce off the blue Kijun-sen line boosted the commodity’s price. The progressing Ichimoku lines are suggesting additional advances are on the table as positive price action is strengthening. Likewise, the increasing upturn in the simple moving averages (SMAs) is safeguarding the price’s growing bullish bearing. The short-term oscillators are also demonstrating strengthening positive momentum. The MACD, some distance above zero, has returned back above its somewhat horizontal [..]

Daily Market Comment – Familiar start to new year as dollar slips, stocks climb

Posted on January 4, 2021 at 10:00 am GMT

Trading in 2021 gets off to an optimistic start despite spiralling pandemic Dollar heads back towards 2½-year lows, bullish case for equities not over But plenty that can go wrong as Georgia runoffs, Electoral College count pose risks Cheery start to 2021 as markets pin hopes on vaccines The first trading day of the new year began pretty much how 2020 ended as investors chose to shrug off the worrying virus headlines to instead focus on the vaccine rollouts and [..]

Technical Analysis – WTI futures hover below ceiling; upside risks intact

Posted on December 31, 2020 at 9:11 am GMT

WTI oil futures appear to be positively skewed but are now consolidating ever so slightly below the 49.00 mark, after recently peaking within a heavy resistance section of 48.80-49.61. The Ichimoku lines are conveying a positive tone, despite a minor easing in the incline of the red Tenkan-sen line. Furthermore, the bullish bias seems to be receiving further aid from the rising simple moving averages (SMAs). On that note, the short-term oscillators are demonstrating a pause in positive sentiment. The [..]

Commodities outlook: can gold, oil and metals stay bullish in 2021?

Posted on December 24, 2020 at 2:46 pm GMT

It’s been an incredible year for commodities as the global pandemic has induced some historic moves in the prices of key commodities such as gold and oil. Growth commodities like oil and industrial metals, whose fortunes are more directly tied to economic performance, have rallied hard since March when markets were flooded with stimulus and look set to finish 2020 on a positive note. The safe-haven gold, which had been on the rise long before the pandemic, has not been [..]

Daily Market Comment – Brexit deal announcement imminent, pound up

Posted on December 24, 2020 at 9:57 am GMT

UK and EU on the verge of a historic post-Brexit trade agreement, pound advances Trump imperils stimulus deal, risks government shutdown But markets calm in thin holiday trade; dollar drifts lower, stocks edge up Brexit deal is ‘done’ Britain and the European Union appear to be on the cusp of agreeing to a historic post-Brexit trade pact, with officials reportedly working through the night to put the finishing touches to the 2,000-page text. Negotiators continue to thrash out the final [..]

Daily Market Comment – Virus scare eases but Trump’s stimulus threat tempers mood

Posted on December 23, 2020 at 9:39 am GMT

Equities on firmer footing as panic over new virus strain subsides further But another danger looms as President Trump unhappy with $900 billion stimulus bill Pound’s yo-yo ride continues as hopes rise for pre-Christmas Brexit deal Can Trump scupper Congress’ stimulus aid? Equities were on edge on Wednesday even as investors struck a cautiously optimistic tone ahead of the festive break. President Trump threatened late on Tuesday to block the $900 billion virus relief bill passed by both chambers of [..]

Technical Analysis – WTI futures take a breather; upside risks remain solid

Posted on December 15, 2020 at 2:53 pm GMT

WTI oil futures improved mildly off the Ichimoku lines but are struggling to restart the upwards trajectory with a breakout of the small sideways move. The fairly horizontal Ichimoku lines reflect the stall in positive momentum, while the rising simple moving averages (SMAs) are suggesting steady advances in the pair. The short-term oscillators suggest conflicting signals in directional momentum. The MACD, in the positive region, is flirting with its fairly flat red signal line, while the RSI is pointing downwards [..]

Daily Market Comment – US stimulus deal moves closer, Brexit talks ‘go backwards’

Posted on December 4, 2020 at 9:49 am GMT

Stocks at records or near highs as US Republicans change tune on new stimulus Brexit talks go down to the wire, but will France cause a last-minute upset? Dollar slide pauses ahead of NFP report Oil jumps to 9-month high despite OPEC+ raising production early Fresh hopes for US stimulus deal before Christmas Support for a bipartisan stimulus proposal of up to $908 billion gained unexpected traction yesterday as more and more Republicans threw their weight behind the plan. The [..]

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