Category Archives: Crude Oil

USD Index, USDJPY And Crude Oil

Grega Horvat

USD Index is unfolding a nice five-wave drop within red wave iii), which is an indication for even more weakness. Ideally once black sub-wave v fully unfolds, a new three-wave temporary correction into the following wave iv) will show up. The later wave iv) can see limited upside near the former swing high of wave iv at the 92.51 level. more…

Elliott Wave Analysis On EURUSD And Crude OIL

Gregor Horvat

EURUSD is at the lows, so we are now even more confident that pair is making an extended wave three down from 1.0925. We see blue wave three already making a fifth sub-wave to the downside and that is why we need to be aware of a new short-term recovery that can show up. We are talking about blue wave four that can be very interesting to join the downtrend from around 1.0770/90 while price at 1.0864 is not breached. more…

OPEC’S Decision Will Likely Boost Oil Prices Further In Short Term

Fawad Razaqzada

The OPEC surprised the market yesterday and actually managed to agree on a production cut, with details to follow in their November meeting. Up to 800,000 barrels of oil per day will potentially be removed from the oversupplied market which would lower the production target for the cartel to a range between 32.5 and 33.0 mb/d. Oil prices surged some 6% in the immediate aftermath of the news, though they have since eased off a tad as traders make a more sober assessment of the whole situation. more…

Crude OIL: Possible Turning Point Around 43/45

Gregor Horvat

Crude oil has turned sharply lower a few days back so it appears that five wave rally up from 35.19 is completed, thus a new three wave move down is underway. We are expecting a corrective decline, labeled as blue wave four that will ideally retrace back to 43-45 area, where we see 38.2% Fibonacci support, as well as length taken of wave two, where both can act as a turning point higher. more…

Crude Oil Rally Gaining Momentum

Fawad Razaqzada

Crude oil prices have been repeatedly hitting fresh highs for the year in recent days. Just a month or so ago, they were dropping to fresh multi-year lows almost on a daily basis. The sudden turnaround has been triggered by a number of factors. Like every other rally, it all started as the sellers started to exit their positions. Bullish speculators then slowly started to pile in and more and more sellers withdrew as key resistance levels broke. Sentiment turned on investor realisation that the significantly lower oil prices boosted demand, most notably in China, and at the same time caused severe difficulties for oil producers, to such an extent that more…

Crude Oil Surges, But Talk Of A Bottom Premature At This Stage

Fawad Razaqzada

The price of crude oil has managed to rally significantly in percentage terms since hitting a low sub $28 in mid-week. Since Brent hit a low of $27.10 and WTI $27.50 on Wednesday, the two major oil contracts were some 13-15 per cent better off at the time of this writing on Friday morning. In nominal terms, the gains have been about 4 dollars thus far – although noticeable, $4 merely represents a drop in the ocean compared to how much prices have fallen over the past year or so. This sort of a move is not uncommon in strong bearish trends and suggestions that a bottom has been reached may be a bit premature at this stage as after all the fundamental picture has not improved whatsoever. That being said, the rally back above the $30 handle is clearly a bullish outcome as far as the near-term outlook is concerned. more…