oil

Technical Analysis – WTI oil futures heal after slump, trend signals turn reddish

Posted on September 4, 2020 at 10:38 am GMT

WTI oil futures for October delivery are healing after crashing below the 200-period simple moving average (SMA) on the four-hour chart and to a one-month low of 40.21 on Thursday. While the fast Stochastics have yet to enter the overbought territory, suggesting that there is some room for improvement in the near-term, the 20- and the 200-period SMAs have just completed a bearish cross for the first time since January, giving a negative warning about the strength of the market’s upward pattern. [..]

Technical Analysis – WTI futures struggle after conquering 200-day SMA

Posted on August 27, 2020 at 9:00 am GMT

WTI oil futures are striving to overcome a critical resistance at 43.69, after having nudged over the 200-day simple moving average (SMA). Positive momentum has been gradually shrinking for approximately two-months, mirrored in the flattening out of the Ichimoku lines. Yet, the price continues to steadily crawl higher, maintaining a positive tone above the SMAs and the Ichimoku cloud. The short-term oscillators further reflect the anaemic positive momentum. The MACD, slightly in the positive region, continues to drag below its [..]

Daily Market Comment – Dollar treads water as all eyes on Powell

Posted on August 27, 2020 at 8:37 am GMT

Markets steady as Powell’s highly anticipated Jackson Hole speech awaited Dollar braces for major dovish tilt by the Fed Aussie and kiwi lead the gainers; loonie seeks further oil boost How dovish can the Fed get? Fed chief Jerome Powell will take centre stage when he updates investors on the Fed’s policy framework review at the annual Jackson Hole conference of central bankers, which has gone virtual this year due to the ongoing pandemic. Powell will deliver his hotly anticipated [..]

Daily Market Comment – Dollar edges up, stocks struggle after yields spike higher

Posted on August 26, 2020 at 8:52 am GMT

Market mood turns cautious amid mixed signs on the global economy Bond yields extend gains as inflation expectations rise But big drop in US consumer confidence casts doubt on recovery Stocks softer, dollar crawls higher ahead of Jackson Hole Yields creep higher: sign of economic health or trouble? Risk appetite appeared to falter on Wednesday as higher long-term borrowing costs weighed on equities, while unexpected weakness in US consumer confidence supported the safe-haven dollar and yen in currency markets. Stocks [..]

Technical Analysis – WTI futures range bound; buyers pierce above cloud

Posted on August 25, 2020 at 12:34 pm GMT

WTI oil futures penetrated above the 50-period simple moving average (SMA) currently at the cloud’s upper surface around 42.66, following a recent bounce on the 200-period SMA. A consolidated tone has grasped the commodity for the last couple of weeks but a relatively bullish bearing continues to dominate the SMAs. The short-term oscillators reflect a slight increase in positive momentum. The MACD is marginally below zero but holds above its red trigger line, while the RSI is improving from its [..]

Technical Analysis – WTI oil futures likely awaiting a volatile session

Posted on August 6, 2020 at 7:29 am GMT

WTI oil futures for September delivery stabilized near the 200-day simple moving average (SMA) and around the 61.8% Fibonacci retracement of the 65.61-6.62 downleg after unlocking a five-month high of 43.49. Oil has been printing higher highs and higher lows since the plunge to a record low of 6.62, though the uptrend lost shine from June onwards, raising some worries about its sustainability. Meanwhile, Bollinger bands have narrowed significantly, foreshadowing a more volatile session, with momentum indicators currently suggesting that this [..]

Daily Market Comment – Dollar resumes slide; stocks struggle but tech bucks the trend

Posted on July 31, 2020 at 8:55 am GMT

Dollar slumps again as US economy crashes, heads for fiscal cliff Euro, pound and aussie catapult higher but yen’s jump raises eyebrows European and Asian shares skid but big tech earnings lift Nasdaq Dollar on track for worst month in decade The US dollar is headed for its worst monthly performance in nearly 10 years as economic and political woes in America increasingly undermine the world’s reserve currency just as the outlook elsewhere brightens somewhat. The US economy collapsed by [..]

Technical Analysis – WTI futures flash dwindling signs in the climb

Posted on July 16, 2020 at 8:35 am GMT

WTI oil futures are clearly demonstrating signals of waning positive sentiment despite an intact positive bearing. The slight flattening in the positively charged Ichimoku lines further backs this view. Noteworthy are the conflicting trajectories in the simple moving averages (SMAs), which may aid and extend consolidation in the commodity in the near-term. Taking a look at the short-term oscillators, positive momentum appears to have disappeared. The MACD trails below its red trigger line in the positive zone, while the RSI [..]

Daily Market Comment – Euro surges, stocks bounce back amid fresh vaccine hopes

Posted on July 15, 2020 at 8:33 am GMT

Vaccine hopes boost risk assets; Wall Street selloff is over before it even began Euro and aussie charge ahead; pound and loonie try to catch up Oil holds its nerve as OPEC+ set to ease production cuts Mixed earnings overshadowed by promising vaccine results Global equities were back in bullish mode on Wednesday after a brief wobble earlier in the week had some investors worried that this could be the start of a long overdue correction in the markets. However, [..]

Technical Analysis – WTI futures’ positive picture slows; edges sideways

Posted on July 15, 2020 at 5:49 am GMT

WTI oil futures slid into a range structure from 37.07 – 41.60, following a one-and-a-half-month ascent from 6.62. The commodity is holding above the 200-period simple moving average (SMA) but was unable to close above the 41.28 key upper level of a gap in March. The gradual levelling in the 50- and 100-period SMAs as well as the steadying of the Ichimoku lines and cloud, further aids the consolidation in the price. The technical oscillators reflect a pause in positive [..]

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