oil

Technical Analysis – WTI futures’ pullback finds traction off 200-MA

Posted on November 10, 2020 at 3:21 pm GMT

WTI futures are confronting the 41.00 handle after finding a foothold on the 200-period simple moving average (SMA). The bearish demeanour of the SMAs looks to be fading, while the rising 50-day SMA is assisting the commodity’s bounce off the 200-day SMA. The short-term oscillators are currently transmitting an increase in positive momentum. The MACD, some distance in the positive region, is rising above its red trigger line, while the RSI is retesting the 70 mark. Moreover, the %K line [..]

Technical Analysis – WTI futures’ advance capped by 50-MA; bearish bias intact

Posted on November 3, 2020 at 9:31 am GMT

WTI oil futures’ progress off the formed five-month low of 33.63, pared losses of the recent two-week decline from the 41.87 peak as it stretched back to the 50-period simple moving average (SMA) today. The Ichimoku lines’ slower downwards pace reflects waning negative price action, while the falling 50- and 100-period simple moving averages (SMAs) divulge further backing of a deteriorating outcome. The short-term oscillators reflect mixed signals in directional momentum. The MACD is increasing above its red trigger line [..]

Daily Market Comment – Upbeat China PMI lifts mood but dollar holds firm

Posted on November 2, 2020 at 9:42 am GMT

Stocks edge up as Chinese manufacturing rebound gathers pace in October But dollar maintains gains as US election and Fed meeting lurk around the corner Pound slips as England back in lockdown, aussie down ahead of RBA Calm before the storm? Equities got off to a somewhat positive start on Monday as stronger-than-expected manufacturing PMI data out of China provided investors with some respite from the doom and gloom of the pandemic. A quickening in Chinese manufacturing activity in October [..]

Technical Analysis – WTI oil futures test bottom of the range after slump

Posted on October 29, 2020 at 3:22 pm GMT

WTI oil futures for December delivery are seeking a breakdown below the range area that strictly held the market in a neutral structure during the past four months. From a technical standpoint, the price is set to cross below the 50% Fibonacci of the downleg from 65.61 to 6.62, at 36.13, following the rejection near the upper surface of the Ichimoku cloud. Given the weakness in the MACD and the negative slope in the RSI, the sell-off could get new [..]

Daily Market Comment – Dollar firms, stocks slip amid US stimulus doubts

Posted on October 22, 2020 at 8:49 am GMT

Talks on US stimulus package continue but deal in doubt after Trump slams Democrats Dollar regains some footing, equities drift lower as final presidential debate eyed Brexit progress supports euro and pound as virus cases spiral out of control Stimulus setback after Trump throws a tantrum Hopes for a quick deal on a new coronavirus aid package in the United States have faded somewhat as negotiations between the White House and the Democrats drag on. Disagreement over funding for state [..]

Technical Analysis – WTI futures muted; weak directional momentum persists

Posted on October 22, 2020 at 7:40 am GMT

WTI oil futures are presently confronting the Ichimoku cloud after having dipped slightly below the flat red Tenkan-sen line, as well as the 50- and 100-day simple moving averages (SMAs). The bullish overlaps of the 200-day SMA are still intact although the averages have adopted a more horizontal demeanour, as have the Ichimoku lines, all further backing the ranging market. The short-term oscillators reflect a rather frozen state in the commodity. The MACD and the RSI indicate evaporated directional momentum [..]

Technical Analysis – WTI oil futures aim for more recovery but the way ahead could be rocky

Posted on October 6, 2020 at 10:12 am GMT

WTI oil futures increased their recovery odds after advancing above the middle Bollinger band in the four-hour chart on Monday which is also the 20-period simple moving average (SMA). However, there are still some barriers that bulls need to remove to extend the rally although the RSI and the MACD are reflecting a positive short-term bias, with the former rising above its 50 neutral mark and the latter climbing above its zero and signal lines. The bottom of the Ichimoku cloud is [..]

Technical Analysis – WTI futures recede below 200-MA, denied passage over 43.69

Posted on September 10, 2020 at 8:35 am GMT

WTI oil futures have found some footing on the 100-day simple moving average (SMA) of 37.03, residing at the Ichimoku cloud’s lower band, following ineffective efforts to overrun the vital resistance border of 43.69. The flat Ichimoku lines and the converging SMAs appear to signal oxygen-deprived directional drive, which could nudge the price sideways. That said, the short-term oscillators also display conflicting signals in momentum. The MACD is extending a negative move below its red trigger line and the zero [..]

Daily Market Comment – Tesla leads Nasdaq slump as tech rout deepens; dollar up

Posted on September 9, 2020 at 9:02 am GMT

Tech selloff broadens, hitting global equities; Wall Street plunges for third straight day AstraZeneca’s vaccine trial setback adds to negative mood Dollar and yen rise on growing risk aversion, but gold still directionless Pound extends slide as Brexit troubles weigh; loonie looks to BoC for support Is this the end of the tech rally? Equity markets were reeling on Wednesday from a third consecutive day of declines on Wall Street yesterday as big-name tech stocks suffered another major selling episode. [..]

Daily Market Comment – Pound hammered as no-deal Brexit fears return

Posted on September 8, 2020 at 8:49 am GMT

Brexit comes back to haunt the pound as Johnson raises the stakes Euro sticks to tight range ahead of Thursday’s ECB decision Stocks regain positive footing but dollar up as Trump talks China decoupling Pound slumps after Johnson threatens no deal Only five weeks left to reach a deal and Britain and the European Union are too busy posturing than negotiating, with Boris Johnson’s latest rhetoric once again raising the prospect of a no-deal Brexit. As the talks to agree [..]

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