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Crude oil climbed 7% from Wednesday's low-to-high in reaction to OPEC's cutback news.More importantly, perhaps, the overnight price action was well-behaved -- near the $47 area, suggesting to me that...
A nice example -- by way of crude oil -- has a trendline changing roles from resistance (red arrow) to support (green arrow).
I guess a lot of crude-oil buy stop orders are about to be activated here.
Good Morning,It has been a while since we have spoken about Strategic Petroleum Reserves (SPR). But not even 24 hours has passed since OPEC paved the way to a sincere compromise to get the oil market...
Gold made a deep retracement from 1344, which was very sharp but it may still be a three wave move. Ideally it's wave E to complete a triangle in black wave IV. However, triangles are always tricky so...
U.S. stocks finished with solid gains powered by the energy sector as crude oil prices rallied on the heels of a Reuters report that OPEC has reached a production cut deal, though a finalized plan may...
Stocks rallied in Asia and Europe after OPEC’s surprise announcement of a deal to cut crude output spurred a surge in oil late Wednesday. India’s assets fell after it attacked terrorist...
Gold: Close to complete the descending triangleOriginal post
Key Points: Weaker physical demand could be seen going forward. Recent bullishness could be undone by a supply glut. Resurgence in equities could increase appetite for risk. Given its apparent...
Key Points: OPEC elects to cut 700k b/pd of production. Iran, Nigeria, and Libya not bound by production caps. Russia suggests they will increase production by 400k b/pd. Crude Oil prices received a...
US stocks closed higher yesterday, led by gains in the energy sector as OPEC announced plans to cut production, to be formalized in the November OPEC meeting. The news helped lift commodity currencies...
Gold holding below first resistance at 1325/26 risks a slide to strong support at 1316/15, but be aware of further important 100 day moving average support at 1310/09. Within this band is a good...
WTI Crude hits important trend line and 100 week moving average resistance at 4720/40. There is a good chance we have already seen a high for the day and could turn lower to 4680/80, perhaps as far as...
We discuss the oil market, and the recent OPEC news regarding potential production cuts in November, and its effects on the market. A likely test of the $48 level seems in the cards this week.