WTI Crude (CL) is looking fatigued after giving up the psychologically key 70 whole figure level late last week. Significantly, although CL reclaimed upchannel support (on the weekly chart) briefly last week, it is arguably back below it now, and increasingly at risk to form a lower September high versus the August high…
WTI Crude (CL) is pushing higher today, trying to bounce off ascending wedge support (on the 4hr chart). Significantly, although CL may reclaim the psychologically key 70 whole figure level today following the data/news releases of US ISM Manufacturing PMI at 10am EST, weekly crude inventory at 1030am EST or highly anticipated OPEC meeting at 11am EST, odds are roughly the same for CL to slide back below upchannel support (on the weekly chart)…
WTI Crude (CL) tacked on another near 3% yesterday, adding onto Monday’s massive bounce off downtrend support (on the daily chart). Significantly, although CL appears to have reclaimed upchannel support (on the weekly chart), CL remains vulnerable to sliding back towards last week’s low on the back of Friday’s highly anticipated Fed comments out of Jackson Hole…
WTI Crude (CL) bounced more than 2.5% yesterday, recovering all of Monday’s sharp losses. Significantly, although CL is trying to reclaim the the weekly chart upchannel support after briefly breaking below it Monday, CL remains precarious going into today’s 830am EST release of the US CPI, and the highly anticipated weekly inventory data release at 1030am EST…
WTI Crude (CL) slid nearly 1% yesterday, and looks vulnerable going into today’s European morning just above the psychologically key 70 whole figure level. Significantly, CL is retesting the the weekly chart ascending wedge support, and appears increasingly likely to form a lower August high versus the July high…
WTI Crude (CL) is rebounding nearly 4% in today’s US morning, and is quickly nearing the psychologically key 70 whole figure level. Significantly, although CL appears to have a bit more upside before it bumps up against downchannel resistance (on the 4hr chart), CL is arguably already bumping up against the daily chart downchannel resistance, with bears eyeing the Monday break below ascending wedge support (on the weekly chart)…
WTI Crude (CL) is looking vulnerable going into today’s 2pm EST FOMC Minutes release, along with Thursday’s highly anticipated weekly inventory data (delayed 1 day due to the US Independence Day long weekend holiday). Significantly, CL is trying to form its first red weekly candle in 7 weeks, and is being rejected by ascending wedge resistance (on the weekly chart)…
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