It recently became clear that OPEC members have not been following their own output cut agreement very strictly, which could be an explanation of WTI crude oil’s sharp decline to $47.03 by March 22nd. But despite the continuing supply glut, the price of oil today is higher than $50.30 a barrel, following a sharp recovery from…
Avoiding Oil’s Fake Breakout Trap
“The current pullback is likely to take crude oil prices down to $50.50, before the bulls return…” This was the last sentence of the premium crude oil analysis we sent to clients five days ago, before the markets opened on Monday, January 9th. Crude oil closed at $53.68 on Friday, January 6th, after a recovery…
Oil Down After Two Production Cut Deals. Why?
The last three weeks have been very interesting for the oil market. First it was Vienna, where OPEC members agreed to cut production by more than a million barrels a day. In response, the price of crude rose sharply to as high as $52.39 by December 5th. Then the bulls took a rest, which allowed…
Riding Oil’s Hope-Inspired Rally
Crude oil’s December futures contract just climbed to 47.37 dollars a barrel in what is supposed to be a rally, inspired by hopes that OPEC members are going to agree to cut production in an attempt to lift oil prices. The market is probably the only place, where such an irrational thing as “hope” could have…
Copper’s Rally Does Not Deserve Your Trust
Copper has been making the headlines recently after it left the consolidation area it was locked in and jumped to as high as 2.4589 as of today. Usually, when people see that something is rising in price, they rush to buy it. This has never been our way of doing things. In order to put…
Understanding Crude Oil Even When at Crossroads
The price of crude oil recently climbed to 52.20 dollars a barrel, but has been declining ever since. Currently, the black gold is trading around $49.40 after declining to as low as $48.85 earlier this week. Apparently, anticipating the future is not an easy task. It remains unknown, no matter how accurate your forecasting method…
Crude Oil Walking the Elliott Wave Path
The price of crude oil initially rose to $44.68 on Monday, but then the bears took over again, which led to a decline to $43.05. But instead of continuing to the south, oil rebounded sharply up and is currently trading above the $46 mark. You might even think that the price is deliberately moving up…
Elliott Wave and Oil’s Strong Come-Back
It was a roller-coaster week for crude oil prices. The market moved sharply up on Monday, September 5th, climbing to 46.51 during the European session. Then is suddenly fell back to 43.82. And just when it looked like the downtrend has resumed, the bulls returned to take oil to 47.72 on Thursday, September 8th. These…
Crude Oil: A Vital Alternative Count
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…
