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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…

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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.…

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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…

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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%…

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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…

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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…

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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…

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