Not to be outdone by gold’s lengthy triangle price pattern, Crude Oil has recently been forming its own triangle pattern as seen on the daily chart. Let’s take a look and note the current triangle boundaries.
The fall in Crude Oil from the recent $73 highs has been relentless! We’re down again Friday morning before market open – let’s take a look at the 30-minute internal structure to see what’s going on and what might be in the cards.
Adam Hewison released an update on the Crude Oil market yesterday which roughly squares with my analysis, particularly in my recent post “Has a Top Formed in Crude Oil?”. I wanted to show you Adam’s video which uses a couple of extra tools and provides it in video format.
The intermarket relationships are reasserting themselves as expected, as we’re seeing weakness in the US Dollar Index and strength in Commodities – we recorded fresh 2009 lows for the US Dollar Index and fresh highs for Crude Oil, the S&P 500, and mere points away for 10-Year Treasury Yields and Gold.
A few readers have asked me to take a look at crude oil, so let’s look at the larger weekly structure and then see what insights we get from the daily chart.
As requested by a few readers, I wanted to take a quick cross-market look at the daily charts of the US Dollar Index, Crude Oil ($WTIC), and Gold. Let’s see what may be the next major move in each of these inter-related markets. US Dollar Index: Let’s start with the US Dollar Index and make…
A couple of readers have asked about the Elliott Wave count on Crude Oil and I wanted to give a lengthy, multi-year view of the $WTIC Index to show the clean Elliott Count and possibility for the near future. Monthly Crude Oil ($WTIC): (Click for Larger Image) A complete 5-wave Elliott pattern completed into mid-2008,…
I posted yesterday about “Crude Oil and the S&P 500 Index” but let’s take a look now at Crude Oil and the US Dollar both on the weekly timeframe. Crude Oil (WTIC): Crude Oil seems to be completing a “Rounded Reversal” pattern that I’ve been highlighting for some time now, and we’re finally getting a…
Crude Oil has come into a potential support area most traders might not be aware exists, but it’s evident from the long-term monthly chart. Let’s see this structure and what might be in store for crude, barring any further unforseen developments. Crude Oil Monthly Chart: (Click for larger image) Crude Oil ($WTIC as the benchmark…
Crude Oil prices, as seen by the $WTIC, have found significant support near $40 per barrel and may be forming a rounded reversal pattern on the daily chart. Let’s see this development. Crude Oil ($WTIC) Daily: Remember that $40 per barrel was significant resistance in 2000 and 2003, which was broken in 2004 that set…