WTI has recently extended its upward trend, rising from 63.95 to as high as 79.76 and breaking above the 74.65 resistance level. This could lead to a further rise towards the key resistance level of 83.37 in...
After reaching a high of 126.35 in March 2022, prices have consistently declined, hitting a low of 63.95 on May 4th this year. The completion or continuation of this downward trend hinges on the key resistance level...
Hello fellow traders, in this blog post, we will discuss oil in a more bigger picture. In the chart below, you can see crude oil futures on the weekly chart. From the 02/08/2016 low, we can clearly see...
Chevron Corporation (NYSE: CVX) is an American multinational energy corporation. It engages in integrated petroleum operations, chemicals operations, mining operations, power generation and energy services related to Oil and Natural Gas. Oil-company stocks tend to rise when oil...
The move away from Petrodollar In 1974, US President Richard Nixon and King Faisal from Saudi Arabia struck a deal. This deal gave birth to the petrodollar system which still lasts until this day. The deal involves Saudi Arabia selling...
This week both Brent Crude and WTI (Light Sweet Crude Oil) made a new price high in more than 2 years with Brent Crude rising to $64 per barrel and WTI to $57 per barrel. These price gains come...
Oil Short Term Elliott Wave suggests that the decline from 8/1 peak is unfolding as a double three Elliott Wave Structure where Minute wave ((w)) ended at 46.46 and Minute wave ((x)) ended at 48.76. Oil has since made a...
Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave chart of OIL ( CL_F ) published in members area. In further text we’re going to explain the...
OPEC ended its highly anticipated meeting on Vienna last Thursday to discuss about extending the production cut in Crude Oil. They have decided to extend the current agreement to cut production output by 1.8 million barrels per day by...
Short term Elliott Wave view in Crude Oil (CL_F) suggests that cycle from 3/22 low (47.01) is unfolding as a double three Elliott wave structure where Minute wave ((w)) ended at 50.85 and Minute wave ((x)) ended at 49.88. Minute...
