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Technical Analysis – WTI futures range bound; buyers pierce above cloud

Posted on August 25, 2020 at 12:33 pm GMT

WTI oil futures penetrated above the 50-period simple moving average (SMA) currently at the cloud’s upper surface around 42.66, following a recent bounce on the 200-period SMA. A consolidated tone has grasped the commodity for the last couple of weeks but a relatively bullish bearing continues to dominate the SMAs. The short-term oscillators reflect a slight increase in positive momentum. The MACD is marginally below zero but holds above its red trigger line, while the RSI is improving from its [..]

Technical Analysis – WTI oil futures likely awaiting a volatile session

Posted on August 6, 2020 at 7:29 am GMT

WTI oil futures for September delivery stabilized near the 200-day simple moving average (SMA) and around the 61.8% Fibonacci retracement of the 65.61-6.62 downleg after unlocking a five-month high of 43.49. Oil has been printing higher highs and higher lows since the plunge to a record low of 6.62, though the uptrend lost shine from June onwards, raising some worries about its sustainability. Meanwhile, Bollinger bands have narrowed significantly, foreshadowing a more volatile session, with momentum indicators currently suggesting that this [..]

Daily Market Comment – Dollar resumes slide; stocks struggle but tech bucks the trend

Posted on July 31, 2020 at 8:55 am GMT

Dollar slumps again as US economy crashes, heads for fiscal cliff Euro, pound and aussie catapult higher but yen’s jump raises eyebrows European and Asian shares skid but big tech earnings lift Nasdaq Dollar on track for worst month in decade The US dollar is headed for its worst monthly performance in nearly 10 years as economic and political woes in America increasingly undermine the world’s reserve currency just as the outlook elsewhere brightens somewhat. The US economy collapsed by [..]

Technical Analysis – WTI futures flash dwindling signs in the climb

Posted on July 16, 2020 at 8:32 am GMT

WTI oil futures are clearly demonstrating signals of waning positive sentiment despite an intact positive bearing. The slight flattening in the positively charged Ichimoku lines further backs this view. Noteworthy are the conflicting trajectories in the simple moving averages (SMAs), which may aid and extend consolidation in the commodity in the near-term. Taking a look at the short-term oscillators, positive momentum appears to have disappeared. The MACD trails below its red trigger line in the positive zone, while the RSI [..]

Daily Market Comment – Euro surges, stocks bounce back amid fresh vaccine hopes

Posted on July 15, 2020 at 8:33 am GMT

Vaccine hopes boost risk assets; Wall Street selloff is over before it even began Euro and aussie charge ahead; pound and loonie try to catch up Oil holds its nerve as OPEC+ set to ease production cuts Mixed earnings overshadowed by promising vaccine results Global equities were back in bullish mode on Wednesday after a brief wobble earlier in the week had some investors worried that this could be the start of a long overdue correction in the markets. However, [..]

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Technical Analysis – WTI futures’ positive picture slows; edges sideways

Posted on July 15, 2020 at 5:49 am GMT

WTI oil futures slid into a range structure from 37.07 – 41.60, following a one-and-a-half-month ascent from 6.62. The commodity is holding above the 200-period simple moving average (SMA) but was unable to close above the 41.28 key upper level of a gap in March. The gradual levelling in the 50- and 100-period SMAs as well as the steadying of the Ichimoku lines and cloud, further aids the consolidation in the price. The technical oscillators reflect a pause in positive [..]

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Technical Analysis – WTI futures’ positive momentum fades

Posted on July 9, 2020 at 11:40 am GMT

WTI oil futures’ positive drive loses fuel as it creeps sideways below the 41.60 resistance. The slowing in the ascent is also reflected in the Ichimoku lines as their positive bearing begins to flatten out. The short-term oscillators are grasping onto hopes that the positive picture may resume shortly. The MACD, in the positive region, holds just below its red trigger line, while the RSI is floating below the 70 mark. In the stochastic oscillator, the %K and %D lines [..]

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Emerging from lockdown: A V-Shaped recovery or false optimism? – Special Report

Posted on June 25, 2020 at 11:15 am GMT

Looking at how risk assets have been performing over the past three months, it’s hard to tell there’s a global pandemic going on. To put it into more context, if someone had been living on a desert island during this time, they would be forgiven for thinking that the world is in the midst of an economic boom when glancing at stock markets. But although there’s been no shortage of crisis response measures since the coronavirus outbreak erupted, how rational [..]

Technical Analysis – WTI futures pause ascent ahead of key resistance

Posted on June 25, 2020 at 8:24 am GMT

WTI oil futures faded prior to reaching a critical resistance level at 43.69 and appear to be reloading for a push higher to revisit this mark. The recent weakening in the price is mirrored in the flattening of the Ichimoku lines and within the short-term oscillators. However, the near completion of a bullish crossover of the 100-day simple moving average (SMA) by the soaring 50-day one could boost positive sentiment and refuel the unbroken positive tone in the Ichimoku lines. [..]

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Technical Analysis – WTI oil futures support bullish view above 36.00

Posted on June 18, 2020 at 11:10 am GMT

WTI oil futures for July delivery maintain a clear positive structure reflected by the higher highs and the higher lows since late April, with the price printing another higher trough at 34.35 last week. Now it remains to be seen if the outlook can improve beyond the 40.42 peak, which is likely given the recent rebound in the RSI. For that to happen, the 50% Fibonacci of the downleg from 65.61 to 6.62 and the 20-day simple moving average (SMA) [..]

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