oil

Technical Analysis – WTI oil futures draw a bullish inverted head and shoulders pattern

Posted on April 8, 2020 at 7:39 am GMT

WTI oil futures (May delivery) appear to be forming an inverted head and shoulders pattern in the four-hour timeframe in a possible signal for a positive trend reversal. In the latest upturn, the price failed to overcome its previous high of 28.45 and reversed south to build the right shoulder. The bullish cross between the 20- and 50-period simple moving averages (SMAs) is also encouraging for a trend improvement. A decisive rebound above the 29.00 level, where the formation’s neckline is standing, could indicate the start of [..]

Daily Market Comment – Oil seesaws on doubts about Saudi-Russia cuts; dollar firms ahead of NFP

Posted on April 3, 2020 at 8:27 am GMT

Oil surges then dips as markets question Trump’s claim of a Russia-Saudi Arabia deal Stocks turn lower as oil boost fades, services PMIs spread gloom Dollar set for weekly gains; unlikely to be held back by poor NFP Oil spikes as Trump ups pressure on Russia and Saudi Arabia Oil prices saw their biggest daily jump on record on Thursday after President Trump tweeted that Russia and Saudi Arabia – the world’s biggest oil producers after the United States – [..]

Daily Market Comment – Stock sell off eases, dollar pulls back as markets calm slightly

Posted on April 2, 2020 at 8:20 am GMT

Virus panic subsides slightly, lifting stocks, but markets remain jittery Dollar retreats from highs but braces for another jump in US jobless claims Oil soars on hopes of Saudi-Russia truce, China stockpiling Tepid recovery in stock markets After a sharp two-day sell-off on Wall Street, it was a relatively calmer start to the day on Thursday with Asian shares looking mixed and US and European stock futures turning green. Last week’s bear market rally came to an abrupt end as [..]

Daily Market Comment – Stocks buoyed by China PMIs; yen down on fiscal year-end positioning

Posted on March 31, 2020 at 8:45 am GMT

Chinese PMIs unexpectedly turn positive in March, lifting stocks, but only slightly Signs of contagion slowing in Europe but uncertain outlook keeps lid on sentiment Yen slips as Japanese investors scramble for dollars at end of fiscal year Some joy from bounce in Chinese PMIs Markets were in a relatively upbeat mood on Tuesday as encouraging PMI numbers out of China and a positive close on Wall Street lifted shares in Asia. European indices jumped more than 1% at the [..]

Daily Market Comment – Dollar edges up, stocks muted in cautious start to week

Posted on March 30, 2020 at 8:32 am GMT

Stocks steady somewhat after Friday’s dip Dollar heads higher after worst week since 2009 Oil skids again; Brent hits 17-year low as world economy shuts down US stock futures attempt to rebound; risk of increased volatility Wall Street was unable to extend its winning streak to a fourth day on Friday but still managed to post its strongest week since 2009. Stocks had been steadily rising after a big gap lower at the open but went into reverse after the [..]

Technical Analysis – WTI oil futures poise for another bearish session; completing descending triangle

Posted on March 27, 2020 at 8:36 am GMT

WTI oil futures for May delivery have been in quite a sideways trade since the plunge to an 18-year low of 20.50 last week on the four-hour chart. While a neutral trading is better than a negative one, in this case the market seems to be developing within an almost fulfilled bearish descending triangle that usually gets dissolved on the downside. In other words, technically, another sell-off seems to be a more likely outcome in the near future, as the [..]

Daily Market Comment – Markets calmer after deluge of stimulus; dollar retreats

Posted on March 20, 2020 at 10:01 am GMT

Stocks edge higher after a savage week as emergency responses stepped up Dollar pulls back but dash for cash likely not over just yet Pound and aussie bounce higher after BoE and RBA announce QE Stocks stage a comeback; will it last? Global stocks enjoyed a much-needed reprieve from the fierce selling pressure of the past two weeks on Friday as the flurry of central bank and government interventions finally appeared to have some effect in relieving investor anxiety. All [..]

Daily Market Comment – Wall Street rebound falters again; rush for dollar eases slightly

Posted on March 18, 2020 at 10:01 am GMT

US shares rally on Fed liquidity boost but futures turn negative as virus uncertainty lingers Trump pushes for $1 trillion stimulus as governments step up virus response Dollar funding squeeze eases, giving other currencies a reprieve Stock markets unable to stop the bleeding Stocks were on the slide again on Wednesday as yesterday’s sharp rebound on Wall Street proved unsustainable amid fears all countries affected by the coronavirus are headed for a complete and possibly prolonged lockdown. Such a scenario [..]

Technical Analysis – WTI oil futures cautiously bearish ahead of multi-year low

Posted on March 17, 2020 at 10:02 am GMT

WTI oil futures continues to reflect signals of a negative market after breaking the 49.29 low and even plummeting past the 18-month trough of 42.53 from December 2016, which resulted in the commodity gapping towards a multi-year bottom of 27.32. The short-term oscillators maintain a negative picture with the MACD, in the negative zone, declining deep below its red trigger line, while the RSI hovers in the oversold territory, flirting with the 30 mark. Worth mentioning is the intact bearish [..]

Technical Analysis – WTI oil futures in extreme downfall; bearish and oversold

Posted on March 9, 2020 at 8:54 am GMT

WTI oil futures for April delivery is in free-fall mode on Monday after OPEC+ meeting triggered a price war between Saudi Arabia and Russia last week. Oil price opened 11% lower on Monday and at a multi-year low of 27.32, though not far from 2016 troughs. Technically, the market is strongly oversold as the RSI is printing new lows below 30, increasing the case for a price reversal. That said, the indicator has yet to change direction and head north and the MACD continues to [..]

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