NYMEX CRUDE OIL - DAILY - THREE WHITE SOLDIERS

, , , ,


All Videos were delivered in Real-Time.
Login or try the Live Service for Free...

Forex Education Video for NYMEX CRUDE OIL showing THREE WHITE SOLDIERS posted on 04-07-2013

NYMEX CRUDE OIL - DAILY - THREE WHITE SOLDIERS

Loading ForexTrading.TV video player...

NYMEX CRUDE OIL bursts above the triangle.

A Forex trading technical analysis video showing the burst above the top of a long term triangle with three white soldiers: three consecutive strong rallies with good-sized bodies on the candlesticks.  This hints at a successful break on the weekly chart where a close above $100.50 confirms an important break and targets the next area of resistance at $106.00.  The move is coupled with the shrinking of the discount to Brent blend, currently at $4.45 and the narrowest since Q1 2011.  Also note that yesterday the Energy Information Administration said that last week US crude oil stocks fell by 10.3 million barrels, arguably the largest decline for this time of year in 13 years. 

See More Forex Education Videos in our Alerts Archive

Nicole Elliott

Related Posts

NYMEX CRUDE OIL - DAILY - REGRESSION

NYMEX CRUDE bounces quickly from mean regression.

A Forex Trading technical analysis video showing the strong bounce from the mean regression at $100.50 of the front month rolling futures contract. The drop from very long term trend line resistance which we had predicted, followed by the bounce ahead of the $98.00 area keeps the price of oil at the upper half of the range that has been established since 2011. This is important not only to investors in this sector but also for forecasts of economic growth generally. Interim resistance around…
Continue Reading →

NYMEX CRUDE OIL - WEEKLY - REGRESSION

NYMEX CRUDE rallies sharply from the mean regression and the watershed of a massive triangle.

A Forex Trading technical analysis video showing this week's bounce from the mean regression at just under $101.00 per barrel, ahead of the watershed line we had targeted at $98.00. Obviously this has been linked to Russian sanctions and the Malaysian air disaster, but interestingly it keeps prices at the upper end of the massive triangle that has dominated since Q2 2010. We now expect a small rally next week to $105.00 and then some time this summer to the top of the triangle. See…
Continue Reading →

NYMEX CRUDE OIL - DAILY - TREND LINE

Nymex testing 6 month trend line support...

The price of both Nymex and Brent have been dropping over the laqst 3 weeks as geo-political tensions have been on the sidelines, however that could change any minute. The price is now testing trend line support from the beginning of the year around the 103.40 area which has been holding for the last 2 trading days. A decisive close below this level could see a further slide to 102.15 being the 61.8% Fibonacci retracement of the move up from 98.75 to 107.70. To the upside, daily moving avera…
Continue Reading →

NYMEX CRUDE OIL - DAILY - TECHNICAL ANALYSIS

WTI Crude outlook more positive today

WTI Crude continued lower last week & exactly as predicted headed for support at 103.60/50 for a buying opportunity. We forecast a good chance of a low for the day & prices bottomed almost exactly here at 103.67/64 at the end of last week. This should hold the downside again today but as stated on Friday, longs need stops below 103.10. See More Forex Education Videos in our Alerts Archive…
Continue Reading →