Oil bulls continue to run into sellers ahead of $83
Adam Button Friday, 27/01/2023 | 16:13 GMT-0 27/01/2023 | 16:13 GMT-0 Every time oil hits $83 and fades, the importance of that level grows. The WTI crude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is […]
WTI Crude Oil: Elliott wave analysis and forecast for 27.01.23 – 03.02.23
2023.01.27 2023.01.27 WTI Crude Oil: Elliott wave analysis and forecast for 27.01.23 – 03.02.23 Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/ Main scenario: consider short positions from corrections below the level of 85.30 with a target of 63.00 – 54.50. Alternative scenario: breakout and consolidation above the level of 85.30 will allow the asset to continue rising to the levels […]
HFM’s Outlook 2023: US Oil
Outlook for USOIL– 2023 Outlook The price of crude oil usually fluctuates based on seasonal demand and supply as well as world events. From the global pandemic that has been going on for more than two years to the war that started in early 2022, two events that were never thought of, fluctuations have caused […]
Intel disappoints as PCE meets consensus
Here is what you need to know on Friday, January 27: Intel (INTC) disappointed investors in a big way last night after the close and is slated to open down 10% this morning. That has knocked bulls who were getting excited after GDP data and Tesla (TSLA) earnings. Next up we got the Federal Reserve’s […]
Caution triggers as global growth encounters a downward revision
Asian stocks are expected to remain cautionary as global growth has encountered a downward revision. Global markets are likely to remain on tenterhooks ahead of the US GDP release. Oil price has dropped below $80.50 as the US recession fears are still solid. Markets in the Asian domain are showing signs of caution amid the […]
Room for extra losses near term
Considering advanced figures from CME Group for crude oil futures markets, traders added around 16.4K contracts to their open interest positions on Tuesday, clinching the third consecutive daily advance. On the other hand, volume resumed the downtrend and dropped by around 133.6K contracts. WTI faces a minor support near $78.00 Prices of the WTI started […]
USD/CAD struggles to extend recovery above 1.3380 ahead of BoC policy
USD/CAD is facing stiff resistance in surpassing the 1.3380 hurdle as the focus shifts to BoC policy. BoC Governor is expected to hike interest rates further by 25 bps to 4.5%. A sell-off in S&P500 futures is portraying caution in the market mood. The USD/CAD pair is facing barricades in paddling above the immediate resistance […]
Société Générale says Brent oil needs to reclaim $90 to solidify uptrend
A snippet on oil from Société Générale, looking at Brent: A falling wedge generally denotes receding downward momentum; this is also highlighted by daily MACD which held on to last July’s lows and has entered positive territory. However, reclaiming the upper limit of the wedge at $89/90 is essential to affirm an extended up-move towards […]
USD/CAD declines towards weekly low at around 1.3340 ahead of BoC’s interest rate policy
USD/CAD is looking to extend its downside towards a weekly low around 1.3340 amid the risk-on market mood. The BoC is expected to hike interest rates further by 25 bps to 4.50% this week. Oil prices might deliver a recovery amid optimism over China’s economic recovery. The USD/CAD pair has dropped to near 1.3367 gradually […]
WTI Oil Advances to the 100-Day MA; Breakout or Retracement Imminent?
KEY POINTS: Recommended by Zain Vawda Download Our Latest Q1 2023 Outlook Most Read: Markets Week Ahead: Dow Jones, Nasdaq 100, Canadian Dollar, BoC, AUD/USD, NZD/USD WTI FUNDAMENTAL OUTLOOK Crude Oil enjoyed a bounce following the European open this morning buoyed by a weaker dollar. The Asian session saw WTI struggle in the absence of […]