oil

Daily Market Comment – Dollar sinks again on rising optimism but stock rally cools

Posted on December 3, 2020 at 10:03 am GMT

Dollar slide deepens as stimulus and vaccine hopes drive positive theme But vaccine-led rally may have run its course in equity markets as stocks mixed today Tense Brexit talks keep pound on edge, euro roars past $1.21 Oil slips ahead of OPEC+ decision; gold extends rebound The US dollar slipped further on Thursday, slumping to fresh 31-month lows against a basket of currencies, as investors dumped the world’s reserve currency in the face of increased optimism about the global economic [..]

Technical Analysis – WTI futures rebound off ascending line; still bullish in near term

Posted on December 1, 2020 at 10:35 am GMT

WTI crude oil futures are flirting with the ascending trend line, which has been standing over the last month in the 4-hour chart. The RSI indicator is pointing up in the bullish region, however, the MACD is still falling below its trigger line in the positive area. A rebound on the rising trend line could take the commodity towards the 45.78 resistance ahead of the nine-month peak of 46.26. More gains could lead the market until the 48.48 hurdle, taken [..]

Daily Market Comment – Stocks resume gains, dollar whipsaws as optimism returns

Posted on December 1, 2020 at 10:01 am GMT

Asian recovery gathers speed, pulling global stocks higher Dollar bounces higher, then falls as temporary growth jitters subside Powell offers no policy clues in prepared remarks as US data underwhelms Pound spikes above $1.34 as Brexit deal speculation heats up Recovery back on track, at least in Asia Strong manufacturing PMIs out of Asian powerhouses lifted the market mood on Tuesday, reversing some of the gloom that set in yesterday from soft US indicators. A quickening in the manufacturing revival [..]

Daily Market Comment – Dollar slips again on Fed speculation; stocks pause for breath

Posted on November 30, 2020 at 10:00 am GMT

Dollar extends slide as investors look to Powell testimony and NFP report for Fed clues Stocks stumble at start of week, but vaccine progress keeps risk appetite alive Pound still holding out for Brexit breakthrough as time running out Oil slips as OPEC+ unlikely to agree on long extension to output cuts Dollar remains pinned down in crucial week There was no end in sight to the US dollar’s losing streak at the start of the new trading week as [..]

Week Ahead – Data overload may spoil vaccine euphoria; NFP to lead the pack

Posted on November 27, 2020 at 1:14 pm GMT

It’s NFP week and as investors battle the vaccine optimism against the short-term gloom, the latest jobs report from the United States may determine which way sentiment sways next. Canada will also publish jobs numbers along with its Q3 GDP print. The Reserve Bank of Australia, meanwhile, will kick off the December round of central bank meetings. In Europe, flash inflation figures will be watched in anticipation of the ECB’s next move. But amidst the busy economic calendar, it’s Brexit [..]

Technical Analysis – WTI futures’ progress above key resistance hits a snag

Posted on November 26, 2020 at 9:30 am GMT

WTI oil futures’ thrust over the governing 43.76 mark seems to be fading from its recently logged eight-and-a-half-month high of 46.22. Although positive signals remain present, the bullish sentiment looks to be stumbling before reaching the 46.80 resistance level. The currently paused Ichimoku lines are still conveying a positive tone, while the 50- and 100-day simple moving averages (SMAs) are communicating a neutral-to-bullish outcome. The short-term oscillators reflect deteriorating positive drive and suggest a retracement may unfold. That said, the [..]

Technical Analysis – WTI crude oil stabilizes after vaccine boost

Posted on November 19, 2020 at 9:00 am GMT

WTI crude oil futures (December delivery) crawled above its 20- and 50-day simple moving averages (SMA) following the positive vaccine news, but the 61.8% Fibonacci of the 65.61 – 6.62 downleg appeared heavy to push once again at 43.08, with the price stabilizing around that level. The tiny thin candles posted the past few days mirror an indecisive market. Still, with the RSI attempting to regain strength above its 50 neutral mark and the MACD gradually rising within the positive [..]

Technical Analysis – WTI Oil Futures cling on to bullish structure, for now

Posted on November 17, 2020 at 4:08 pm GMT

WTI Oil Futures remain in a downward pattern following the retreat from last week’s 2½-month top of 43.04. The price is battling to avoid a dip inside the Ichimoku cloud. But given the mixed picture portrayed by the momentum indicators, a slip into the cloud is very likely in the next few hours, which would confirm a shift in the bullish short- to-medium-term outlook to a neutral one. The negatively aligned stochastics continue to trend downwards and although the RSI [..]

Daily Market Comment – Vaccine rally eases but optimism prevails

Posted on November 17, 2020 at 9:47 am GMT

Vaccine hopes keep risk assets supported even as more US states clamp down Dow closes in on 30,000 as growth-to-value rotation accelerates Dollar steadier, euro shrugs off EU budget crisis, pound holds out for Brexit deal Oil moderates ahead of OPEC+ meeting as bleak short-term outlook curbs advances Moderna adds to vaccine euphoria The fight against the pandemic took another major step forward on Monday after Moderna became the latest pharmaceutical company to announce a vaccine for COVID-19. Moderna’s vaccine, [..]

Technical Analysis – WTI futures consolidate; resistance ceiling dominates

Posted on November 12, 2020 at 9:00 am GMT

WTI oil futures appear to have returned to the vicinity of the controlling resistance levels of 43.69 and 43.76, which have together been suppressing advances for 4 months now. The commodity’s return above the simple moving averages (SMAs), from the 33.63 low, deflected off the upper Bollinger band at 43.04, just shy of the curbing level. The short-term oscillators are tilting ever so slightly towards the positive picture. The MACD above its red trigger line has narrowly pierced above its [..]

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