Crude Oil Downtrend Resumes After Breaking Key Support

by ForexCycle.com | June 4, 2024 1:22 am
The WTI crude oil futures contract has broken below the key 76.01 support level, plunging as low as 73.65 in recent trading sessions. This technical breakdown suggests that the broader downtrend from the 87.07 high on April...

Crude Oil Breaks Out of Bearish Channel, Key Resistance Ahead

by ForexCycle.com | May 29, 2024 1:25 am
The WTI crude oil futures contract has broken out above the resistance of the falling price channel visible on its 4-hour chart. Following the bullish breakout, the commodity is now facing a key test at the 80.04...

Crude Oil Remains in Downtrend, Key Support Test Looming

by ForexCycle.com | May 22, 2024 3:47 am
The WTI crude oil futures contract remains confined within a falling price channel visible on the 4-hour chart, staying in the broader downtrend that originated from the 87.07 high. Consolidation Within Downtrend As long as the price...

WTI Breaks Channel Support: Downtrend Confirmed or Deeper Correction?

by ForexCycle.com | May 2, 2024 12:09 pm
WTI’s price action has taken a bearish turn, breaking a key support level. This analysis examines the technical situation and explores potential scenarios for the oil market. WTI Falls Below Channel: Downturn or Correction? Support and Resistance...

WTI Tests Channel Support: Uptrend at Risk or Pullback Opportunity?

by ForexCycle.com | May 1, 2024 3:51 am
WTI’s price action is at a crossroads, with a key support level in focus. This analysis examines the technical situation and explores potential scenarios for the oil market. WTI at Channel Support: Uptrend or Correction? Downturn Targets...

WTI Oil Price: Upside Move Continues

by ForexCycle.com | July 26, 2023 10:05 am
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...

Analysis of WTI Crude Oil Price Trend

by ForexCycle.com | May 17, 2023 3:48 am
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...

Why Oil Should Be Supported in Weekly Chart

by elliottwave-forecast.com | January 11, 2018 9:54 am
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 (CVX) Looking for New All Time Highs

by elliottwave-forecast.com | November 16, 2017 12:33 pm
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...

Petroyuan Can Accelerate the De-Dollarization

by elliottwave-forecast.com | November 15, 2017 12:17 pm
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...