Crude Oil Price Eyes EIA Report as Pipeline Shutdown, India Fog Outlook
2021-05-11 03:00:00
Thomas Westwater,
Analyst
Crude Oil, Colonial Pipeline, EIA inventory, Covid, India, Rising Wedge - Talking Points
Colonial Pipeline shutdown remains a question mark for crude oil
Big draw in EIA inventory print reflects US vaccination progress
Crude oil near the 65 handle within an Ascending Wedge pattern
Crude oil appears to be flatlining so far this week, with prices hovering just below the 65 mark. The lack of volatility in energy prices comes despite a major supply shock. Over the weekend, a major fuel pipeline, running from the Gulf Coast to the Atlantic Northeast, was shut down due to a ransomware attack. That has also forced the US government to declare a state of emergency across many east coast states.
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Analysis: Will Trend Reversal Clues Play Out?
2021-05-07 02:00:00
Daniel Dubrovsky,
Strategist
Bitcoin (BTC/USD), Ethereum (ETH/USD),Litecoin (LTC/USD), Technical Analysis – Talking Points
Bitcoin struggling to extended April’s bounce, Rising Wedge still in play
Ethereum and Litecoin are showing signs of fading upside momentum
Technical highlights include Doji & Hanging Man candlesticks
Bitcoin Technical Outlook
Bitcoin has been struggling to resume its late-April bounce, continuing to idle around the 57563 inflection point set back in February. This is leaving its breakdown out of a bearish Rising Wedge still in play, hinting that BTC/USD remains at risk. Having said that, the 100-day Simple Moving Average (SMA) is maintaining the long-term focus to the upside.
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Big tech saw big beats this earnings season, but they haven’t translated into gains for Nasdaq futures. The /NQ stalled out in a double-top last week after making new highs by only a little more than 1% over February’s top, meandering near the upper line of a Rising Wedge pattern before failing. Bulls took a hit on Tuesday, as the tech-focused index fell -1.9% on above-average volume and sharply broke to the downside after about three weeks of choppy, sideways price action between all-time highs near 14,060 and late-April lows near 13,730.
The /NQ’s RSI and price action are showing a major stall in upward momentum, but it’s now near several noteworthy technical points that could be supportive. Tuesday’s drop stabilized near the confluence of the 64-Day Exponential Moving Average and the Linear Regression 50% Channel lower line, respectively now near 13,405 and 13,457. A drop below these levels, as well as Tuesday’s low of 13,380.75, could pave the way for further
Crude Oil Price Outlook: OPEC Commentary, EU Summer Travel Ban Lift Eyed
2021-05-04 03:00:00
Daniel Dubrovsky,
Strategist
Crude Oil, WTI, EU Summer Travel, OPEC, Fed - Talking Points:
Traders focused on EU summer travel lift, OPEC commentary
WTI appearing to trade within the confines of a Rising Wedge
Crude oil prices advanced over the past 24 hours, managing to brush aside a deterioration in market sentiment during the Wall Street trading session. The growth-linked commodity can be quite sensitive to the broader underlying fundamental dynamics driving global stock markets. Developments on Monday likely pointed to specific supply and demand factors for energy prices.
US Dollar Analysis, Road Ahead Bumpy: USD/SGD, USD/THB, USD/IDR, USD/PHP
2021-04-30 03:00:00
Daniel Dubrovsky,
Strategist
US Dollar, USD/SGD, USD/THB, USD/PHP, USD/IDR – ASEAN Technical Analysis
US Dollar remains vulnerable against ASEAN currencies
Singapore Dollar Technical Outlook
The US Dollar continues to remain under pressure against the Singapore Dollar, but the latter faces its next key technical test against the former. USD/SGD is pressuring the 78.6% Fibonacci retracement at 1.3238, which is acting as key immediate support. There may be room for a bounce here, but it will remain to be seen if it will be enough to overturn March’s top.