The price of crude oil recorded its biggest daily decline in four years Thursday after President Trump threatened to impose new tariffs on $300 billion worth of Chinese goods. The U.S.-China trade war has been unfolding during most of Trump’s presidency. With the 2020 elections approaching, many thought a trade deal might be in the…
Crude Oil Bears Needed a Week… And Mike Pompeo
The price of crude oil has been marching upward since early June, when it bottomed at $50.59. By July 11th, a barrel cost $60.91. Unfortunately for the bulls, the rally came to a halt after Secretary of State Mike Pompeo stated Iran was willing to negotiate on its ballistic missile program. To the oil market,…
Elliott Wave Setup Helps Crude Add 8.4% in a Week
The price of crude oil is approaching the $61 mark helped by U.S.-Iran tensions and a 9.5-million barrel decrease in US inventories. A rally in oil prices might seem easy to explain now, but it wasn’t so obvious a week ago. On July 3rd, crude was barely holding above $56 a barrel after a decline…
Crude Oil Shows Why Alternative Counts Matter
Trade war fears are officially back, causing indiscriminate selling of stocks and commodities alike. Crude oil has been hit especially hard as supply glut worries are also beginning to reemerge. Crude oil closed at $53.34 a barrel last week, but this selloff was triggered by the breach of a key level in the week before…
Crude Oil Made an Elliott Wave “Push-Up” Last Week
It has been an eventful week for crude oil traders. On Wednesday, January 16th, the EIA revealed that inventories have decreased by 2.7 million barrels from the previous week. In the same time, it became clear that U.S. oil production rose to a record high of 11.9 million barrels per day. The first piece of…
Catching Crude Oil ‘s $7-Rally Amid Supply Glut Fears
Crude oil bulls got slaughtered in the last three months of 2018. Between the start of October and the end of December, the price fell by over 45% from $77.07 to $42.21, sparking fears of a new supply glut. Then, the selloff’s sudden stop caught nearly everyone by surprise. Yesterday, WTI crude oil reached $52.48.…
Crude Oil Ignores OPEC-Russia Deal to Breach $50
WTI crude oil dipped below $50 a barrel in late-November, but quickly recovered to $54.54 on December 4th. The price spent the next ten days above the $50 mark and it looked like the bulls might be able to bounce up from this key psychological level. Unfortunately for them, the price of crude oil fell…
Crude Oil: How Elliott Wave Deals with Uncertainty
On October 3rd, the price of WTI crude oil was up 27.9% year-to-date, corresponding to a rally from $60.09 to $76.88 a barrel in a little over nine months. Unfortunately for the bulls, no trend lasts forever and the rest of October confirmed that fact. Crude oil prices plunged to $64.83 yesterday, erasing almost 72%…
WTI Crude Oil and the Case Against Top/Bottom Picking
Traders often think they have to catch each and every move in its entirety, in order to be successful. The sad truth is that is impossible and trying to achieve it can easily backfire and lead to more losses instead of bigger profits. Whether you trade Forex, WTI crude oil or stocks, nobody can catch…
Crude Oil Bears Betrayed By a Trend Line
It was a good week for the crude oil market, which has been under pressure for over a month. WTI climbed to as high as $75.24 on July 3rd, but the bulls could not keep the positive momentum, which led to a decline to as low as $64.40 by August 15th. And just when it…
WTI Crude Oil ‘s Flirt with $66 Was No Coincidence
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…
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…
