Oil Weekly: Crude flatlines amidst convergence of offsetting drivers
Technical Analysis WTI Chart – WTI futures stuck around $62 per barrel area as traders await catalyst WTI futures stayed stuck between $60 (S1) and $63.60 (R1) bounds over the past week as neither the bulls nor the bears took control of the direction of the commodity. Given the lack of any market moving developments, […]
Oil Weekly Update: Planned output hikes drag crude futures lower
Technical Analysis of Oil WTI Chart – Negative momentum drives WTI prices closer to fresh 4 year lows As oversupply worries persevered this week, energy bears managed to overpower the bullish momentum capping the commodity’s break above the $63.60 (R1) resistance level and pushed prices closer to the $60.00 per barrel (S1) support area. Given […]
Oil Weekly Update: US-China 90-day truce deal raises optimism for higher consumption
Technical Analysis of Oil WTI Chart – Negative momentum drives WTI prices closer to fresh 4 year lows Earlier this week the bulls managed stay ahead and overpower the strength of the bears, aiding the commodity higher closer to tis former April highs. Given this move we are forced to alter our bias from bearish […]
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 […]