Tag Archives: Crude

Crude: Rallying Oil Prices May Top Out Soon

Fawad Razaqzada

Overnight saw the price of WTI crude hit its best level since May 2015, before falling back a little. Oil prices have hit the ground running at the start of this year, continuing their recovery from the middle of 2017, as global crude stockpiles fell from record high levels and due to good compliance with the production cuts by OPEC and Russia. Given that the production agreement has been extended to the end of 2018 at the OPEC’s last meeting, the market clearly expects crude inventory levels to drop further. But with the OPEC set to review the duration of oil output cuts based on fundamentals at its next meeting in June, there is a possibility they could end the agreement sooner than expected. What’s more, oil prices are now at levels more…

Bulls Pushing Price Higher On Crude Oil

Grega Horvat

Crude oil has completed a complex correction labeled as wave II or B at the 42.03 level from where we started to track a new bullish impulse. An impulse is a five wave pattern, so there is room for much more gains on energy market since we see current leg up as blue wave 3 of an impulse. Wave three has in general five clear waves, which means oil price can still climb up to 60/61.9$ per barrel. more…

Video Analysis: AUDJPY, NIKKEI, OIL, USDCAD

Grega Horvat

USDCAD was trading bearish through May 2017 and through September. We can see that a five-wave impulse had unfolded on the daily time frame and later found a low at the 1.2058 level. From there a new bullish movement followed, which we labeled it as wave A, first wave of a three-wave recovery which means more gains is expected to occur after current wave B is finished, which can look for a base around 1.2600 and also complete a bullish H&S pattern. more…

Crude Oil Is Looking For A Final Push Higher, While Dax For A Final Push Lower

Grega Horvat

Crude oil is current trading choppy, slow and overlapping, probably trapped in a triangle correction. This triangle correction usually appears prior to the final wave within a trend, meaning a final push higher can follow on energy. Well, a confirmation for a completed triangle pattern is a visible five-wave affair within wave 4 and a break above the 57.90 level. However, even though we expect more upside in upcoming trading sessions, be aware that final wave 5 may follow and that upside can be limited. more…