Crude Oil was timidly trying to recover in the beginning of March, after falling to as low as 26.03 a month earlier. Just 3 months later, in June, it nearly doubled, reaching the vicinity of 51.60 dollars a barrel. Most bears were probably feeling too enthusiastic about the downtrend, which has been in progress for about two…
Amazing Elliott Wave Precision in Crude Oil
Last week, the price of crude oil fell to 43.02. This week, it seems determined to reach the 50-dollar mark. From surplus, through production cuts to supply shortages, it might seem impossible for traders to correctly interpret the plethora of news, which, according to the majority, leads to oil’s volatility. We have to admit it…
There Was Always Hope for Crude Oil
It was not the best start of a week for crude oil. The commodity’s price fell to 43.02 dollars a barrel on Tuesday, May 10th, and the bears were getting ready for a feast. However, it was not meant to be, since prices quickly reversed to the north and two days later – on Thursday,…
Is Doha to Blame for Oil’s Violent Swings?
The world was hoping that the biggest oil producers were going to reach an agreement to freeze output during their meeting in Doha on Sunday, April 17th. They did not, since Saudi Arabia insisted on all OPEC members taking part in the agreement. When the oil market opened with a huge bearish gap on Monday,…
Crude Oil: Before and After
It was an interesting and, more importantly, volatile week for the price of crude oil. It initially fell to $35.20 on Monday, but the bulls regrouped and managed to lift it to $39.82 on Friday. The only thing every trader is interested in is if these violent swings could have been predicted. Well, in our…
Crude Oil Was Worth Waiting
Yesterday, March 24th, crude oil fell to 38.32 a barrel and people were rushing to offer an explanation for the weakness. Some said that the reason behind the slump is the mounting U.S. stockpiles. Other suggested it is the strong dollar. Iran and Libya’s refusal to join OPEC’s output freeze agreement was also among the many…
Crude Oil and the Power of Elliott Wave
The start of this week was not the best possible for crude oil, since the price fell as low as 35.95 dollars a barrel on March 15th. However, the bulls managed to regroup and take the commodity to new highs near 39.63 so far. Some might explain oil’s price swings with the OPEC supply freeze…
What Do Oil and Tulips Have in Common?
If we need to provide a definition for a “market bubble”, we would describe it as a part of the economic cycle, which characterizes with a rapid and often irrational expansion of the market, accompanied by a an unprecedented surge in prices, driven mainly by optimism and euphoria about the future, followed by an unexpected sharp contraction…
Crude Oil Prices In Corrective Pull-Back
Crude oil rose from 38.50 to 50.03, before falling to 43.85 again. The black gold has been consolidating ever since, which makes us wonder when the consolidation is going to end. Let’s hear what the Elliott Wave Principle has to say about it. On the hourly chart of crude oil we could see that the advance…
Copper Fell As Expected. Now What?
It’s been more than a year. On March 10th, 2014, we published “Copper Measures The Strength of The Economy”. In that forecast we shared our extremely bearish thoughts. While copper was trading at 3.114, the Elliott Wave Principle suggested it might lose another dollar. As the chart below will demonstrate, our price target was near…
Crude Oil Headed Towards $64?
In our previous post about crude oil we thought the “black gold” is in a post-triangle wave 5. That is why we said it was not a good time to go long on crude oil. Once that fifth wave was over, there was likely to be a reversal to the downside. The next chart shows how the forecast looked…
Crude Oil In A Post-Triangle Thrust
The bulls took over the control over crude oil in the middle of last month and led its price above $59 per barrel as of today. Despite this strong performance, it looks like it is time for them to retreat for a while. We think so, because of one Elliott Wave pattern, which is visible on…
Brent Oil Respects The Fibonacci Ratio
Almost two months ago, on February 21st, we said that brent oil is likely to get more expensive, but needs a downside correction first. We thought so, because there was a nicely-looking five-wave impulse to the upside on the 4-hour chart. The Elliott Wave Principle postulates, that there should be a three-wave retracement after every impulse.…
Natural Gas Does Not Care About Deals
“Natural gas prices could go down to 3.00 or even lower during the next year or two.” This is the final sentence in “Natural Gas Down Despite Russia-Ukraine. Why?”, which we published almost a year ago, on May 2nd, 2014, when natural gas was trading around 4.70. Ignoring the tension between Russia and Ukraine, we…
Cheap Oil… At The Price Of What?
What is not to love about cheap oil? Low oil prices reduce our monthly fuel costs, moreover they leave us with more leftover cash to spent in other sectors. Does this mean, that someone else is paying the price of our convenience ? The top three net oil exporters are Saudi Arabia, Russia and Iran.…
