Oil Weekly Update: Hopes for US-China deal keeps WTI away from 4 year lows
Technical Analysis of Oil WTI Chart – Negative momentum drives WTI prices closer to fresh 4 year lows The commodity has been gyrating between the $60.00 (R1) resistance and $55.15 (S1) support levels over the past week, as the bulls managed to counter the strength of the bears and contain the price from dropping into […]
Oil Weekly Update: WTI traders await for critical OPEC+ meeting details
Technical Analysis of Oil WTI Chart – Negative momentum drives WTI prices closer to fresh 4 year lows After a brief period of consolidation last week, negative momentum strengthened as buying interest dissipated and the bears regained control of the commodity’s price, dragging it closer to the $55.15 support area. We maintain our bias for […]
Oil Weekly Update: Trump eyes China talks, WTI steadies
Technical Analysis of Oil WTI Chart – Crude swings violently amidst tariff uncertainty After a few tumultuous weeks filled with volatility, crude futures managed to consolidate close to the $63 per barrel area after a heavy dosage of technical dip buying activity. We continue to hold a bearish outlook bias for the commodity, merely on […]
Oil Weekly Update: Fears for global trade war weigh down
Technical Analysis of Oil WTI Chart – Crude sinks by over 4.5% the day after Trump’s tariff package announcement Negative momentum surrounding crude oil futures ignited after Trump’s bombastically aggressive tariff plans sparked fears for a global economic slowdown and a severe dent in oil’s demand, pushing traders to short WTI and quickly drag the […]