Crude Oil Update
you can see in the long-term chart with weekly candles that crude oil has made a double top in its price action. this double top occurred near all-time highs on crude so you can expect some selling off of this candlestick pattern. also oil producing countries have cited that they are going to continue increasing output. and the iea forecast less demand and oil in the near future. that could change though.
and the char below you can see the main supports and resistances that I am watching at the moment. you can see how the price of crude has closed above that horizontal support level to pass 2 days. with large wick bottoms underneath. that shows buy side pressure as investors are buying crude at that price of the horizontal support. also note that the current trend is down. you can see it by the two trending support and resistance levels I've highlighted by the blue lines.
in the chart below I've mapped out possible plays you can make off of these trend lines. basically you can go long at support for a short-term place since the overall trend is down at the moment. or you can short when price gets to resistance of this price channel. or you can go long on the breakout of this price channel. but always be wary of the false breakouts. the market makers love to liquidate the market to free up capital for investors to move the price further.
$Exxon Mobil(XOM.US$ $Chevron(CVX.US$ $Valero Energy(VLO.US$ $Devon Energy(DVN.US$ $ConocoPhillips(COP.US$ $BP PLC(BP.US$ $SPDR S&P 500 ETF(SPY.US$ $Invesco QQQ Trust(QQQ.US$ $Hang Seng Index(800000.HK$ $SSE Composite Index(000001.SH$ $CSI 300 Index(000300.SH$ $S&P/ASX 200(.XJO.AU$ $FTSE Singapore Straits Time Index(.STI.SG$
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Trade the trends via technical, fundamental, and macro analysis. Day Trades, swing trades, and long-term investments.
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SpyderCallOP : @102640653@70068790here is the analysis on crude
Violets SpyderCallOP: Mahalo! I'm from Hawaii...
SpyderCallOP Violets: that's cool I've always wanted to visit. I'm way on the other side of the globe in Houston..... what does mahalo mean?
Violets SpyderCallOP: it means thank you. I'm in Montana now
SpyderCallOP Violets: cool. well how do you say you're welcome in Hawaiian
Violets SpyderCallOP: Mahalo is thank you and your welcome.....also Aloha. many meanings
SpyderCallOP Violets: I see. in that case Mahalo
Mike Hunt : Here’s where the reversal will come from https://youtu.be/4G1u9WviRq4
SpyderCallOP Mike Hunt: good watch. appreciate that.
SpyderCallOP Mike Hunt: I was watching biden's talk or his press conference with reporters on friday. so Biden is saying we should see the results of his trip ( aka lower gas prices and essentially lower crude) over the next few weeks. is that what you took from the video also?
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