WTI crude oil set an upbeat mood at the start of last week and managed to lift the price to $69.89 on Monday, August 6th. They could not keep the positive momentum for very long though, as the price quickly reversed to the south again. By Friday, August 10th, the bears had already dragged WTI…
Knowing the trends of prices in different commodities is key, because they are used to produce many final products that we use in our daily lives. Some commodities are leading indicators which measure the economy’s health.
Go Premium on Crude Oil
Crude Oil Even Weaker than Expected
WTI crude oil bulls looked very confident at the start of the week, when they lifted the price to $70.41 a barrel on Monday, July 30th. Unfortunately, their enthusiasm quickly faded, allowing the bears to cause a selloff to $67.34 as of Wednesday, August 1st. One of the possible “reasons” for the decline was the…
“Black Swan” Pattern Sends Crude Oil Plunging
Crude oil bulls gave their best to reach a new high last week. Alas, $74.67 was all they were capable of before running out of momentum. The following sharp plunge dragged the price of WTI crude oil to an intraday low of $69.21 on Thursday for a 7.3% weekly loss. Among the “fundamental” factors the…
OPEC Boosts, Oil Surges, Elliott Wave Explains
Correct us if we are wrong, but shouldn’t a supply increase lead to lower prices? Well, at least that was the cause and effect relationship OPEC has been relying on when they decided to increase oil production at a meeting in Vienna on Friday, June 22nd. In an attempt to put the recent oil price…
Crude Oil and USDJPY Ruled by One Pattern
Everything was going so well for USDJPY and crude oil bulls until last week, when both the exchange rate and the WTI crude price made sharp bearish reversals. Oil fell from as high as $72.88 to $67.40 a barrel, while USDJPY plunged from 111.40 to 108.95. Normally, the media tried to explain the selloffs with…
WTI Crude Oil Knocking on a Major High’s Door
Between January 25th and February 9th, WTI crude oil’s price plunged from $66.62 to $58.06 a barrel, losing 12.8% in just 12 trading days. What the bears did in just over two weeks, the bulls needed a month and a half to recover from. Finally, oil prices climbed to $66.52 earlier today, following last week’s…
USDCAD and Crude Oil Abandon Negative Correlation
Between 2000 and 2016, USDCAD and crude oil had a negative correlation in 93% of the time. Canada is one of the world’s biggest oil producers and the largest oil supplier to the United States. So, when U.S. demand for oil rises, demand for Canadian dollars rises, as well, thus hurting the USDCAD exchange rate.…
Crude Oil Finally Reaches the $60 Mark
As WTI crude oil approaches the $60 mark, we could conclude that it was not a smooth ride at all. The price has been wandering between $55 and $59 for nearly two months until it finally broke out of this range to reach levels not seen since late-June, 2015. A month ago the price surpassed…
Ahead of WTI Crude Oil’s Two-Year High
The price of WTI crude oil surpassed the $58 a barrel mark this week. The last time it traded at that level was in June, 2015, when the oil crash was still in full swing. Almost two and a half years later, the bulls’ efforts are finally being rewarded. It has not been a smooth…
Crude Oil Ignores Hurricane Nate and Slips
Here we go again. The last time hurricanes had something to do with crude oil, the price of the commodity, according to popular media, was rising because producers were bracing for Irma, whose record-breaking winds were going to severely disrupt production. That at least made sense at the time. Now, oil producers are preparing for…
Crude Oil Finally Rewards Stubborn Bulls
If you were bullish on the price of crude oil, last week was nothing short of wonderful for you. The commodity opened the weekly trading session at $47.57 and after a small dip to the round number of $47, it climbed to as high as $50.47 a barrel, exceeding the previous major high of $50.40,…
Crude Oil on the Path of the Hurricanes
As if Harvey was not enough, the United States now braces for Irma, which in turn is expected to be followed by Jose and Katia. Irma is considered to be the strongest hurricane ever to hit the shores of the U.S.. Its winds are blowing at speeds higher than 185 mp/h (300 km/h), enough to…
Good News for Crude Oil, Good News for Elliotticians
It has been a good week for bullish crude oil traders so far, who saw the price of WTI move from $45.63 on Monday to as high as $48.40 as of this writing on Wednesday. According to MarketWatch, the rally has been driven by two main factors – OPEC and, more importantly, “news of cuts…
“Sell and Hold” Crude Oil Strategy
In our previous article you saw that a bearish reversal in the price trend of crude oil could be predicted, even when OPEC extends its production cuts agreement, which should normally be a bullish factor. It has been roughly 20 days since that post and oil’s plunge shows no signs of stopping. After falling to…
Crude Oil Prices Dive Even as OPEC Cuts
Yesterday was an important day for crude oil traders, who have been waiting for OPEC to extend the production cuts in an effort to stabilize crude oil prices, whose recovery from below $30 a barrel still looks very fragile. OPEC countries did not disappoint and announced they have agreed to follow the output-cut deal at least…
