Crude Oil  Weekly Close: $59.32, down $2.13 Trends: Major (long-term) = Down, Secondary (intermediate-term) = Down, Minor (short-term) = Sideways Analysis: Crude oil charts continue to be influenced by the collapse into negative territory on April 20, 2020. The clearest [...]

Crude Oil  Weekly Close: $60.97, down $0.45 Trends: Major (long-term) = Up*, Secondary (intermediate-term) = Down, Minor (short-term) = Up Analysis: There is a lot to watch in crude oil this coming week as the minor trend looks to establishing [...]

Crude Oil  Weekly Close: $61.42, down $4.19 Trends: Major (long-term) = Up*, Secondary (intermediate-term) = Down, Minor (short-term) = Down Analysis: Despite continued bullish fundamentals indicated by the market's inverted forward curve, crude oil followed through on the previous week's [...]

WTI Crude Oil Weekly Close: $37.14, up $1.35. Secondary Trend: Down. Spot Spread: (-$0.35) = Neutral. Market Type: 2 = Bearish. Price Distribution: NA. Target: $30.90, then $26.92. Analysis: Despite the higher weekly close, the secondary trend remains down. The [...]

WTI Crude Oil Weekly Close: $35.79, down $4.06. Secondary Trend: Down. Spot Spread: (-$0.36) = Neutral. Market Type: 2 = Bearish. Price Distribution: NA. Target: $30.90, then $26.92. Analysis: The spot-month contract extended the market’s secondary downtrend to a low [...]

WTI Crude Oil Weekly Close: $37.05, down $3.20. Secondary Trend: Down. Spot Spread: (-$0.29) = Neutral. Market Type: 2 = Bearish. Price Distribution: NA. Target: $30.90 to $26.93. Analysis: The spot-month contract could test next support at its 4-week low [...]

WTI Crude Oil Weekly Close: $42.97, up $0.63. Secondary Trend: Sideways. Spot Spread: Downtrend = Bearish. Market Type: 4 = Neutral-Bearish. Price Distribution: NA. Target: $43.49. Analysis:The market continues to consolidate below its next upside target of $43.49. The downtrend [...]

WTI Crude Oil closed at $42.34, up $0.33 for the week. Trends: Secondary = Sideways. Targets: None. Analysis: The market looks to be nearing a secondary top with the spot-month contract sitting below its next upside target of $43.49. Weekly [...]

WTI Crude Oil closed at $42.01, up $0.79 for the week. Trends: Secondary = Sideways. Targets: None. Analysis: The market looks to be nearing a secondary top with the spot-month contract sitting below its next upside target of $43.49. Weekly [...]

WTI Crude Oil closed at $40.27, down $1.02 for the week. Trends: Secondary = Sideways, nearing a downturn. Targets: None. Analysis: The market looks to be nearing a secondary top with the spot-month contract sitting below its next upside target [...]

WTI Crude Oil closed at $40.59, up $0.04 for the week. Trends: Secondary = Sideways, nearing a downturn. Targets: None. Analysis: The market looks to be nearing a secondary top with the spot-month contract sitting below its next upside target [...]

WTI Crude Oil closed at $40.55, down $0.10 for the week. Trends: Secondary = Sideways, nearing a downturn. Targets: None. Analysis: The market looks to be nearing a secondary top with the spot-month contract sitting below its next upside target [...]

WTI Crude Oil closed at $38.49, down $1.26 for the week. Trends: Secondary = Down. Targets: None Analysis: Weekly stochastics established a bearish crossover above the overbought level of 80% last, with the high by the spot-month futures contract just [...]

WTI Crude Oil closed at $39.75, up $3.49 for the week. Trends: Secondary = Up but overbought. Targets: Secondary $43.48 to $51.37. Analysis: The spot-month contract established a bullish outside week, offsetting the previous bearish 2-week reversal pattern. This would [...]

WTI Crude Oil closed at $39.55, up $4.06 for the week. Trends: Minor = Up but sharply overbought with daily stochastics over 90%. Secondary = Up but overbought. Targets: Secondary $43.48 to $51.37. Conclusion: The spot-month contract could hit $41.05, [...]

WTI Crude Oil: The spot-month contract closed at $35.49, up $2.24 for the week. The spot-month contract is quickly approaching the gap down between $41.05 and $36.35 left the weeks of March 2 and March 9. Weekly stochastics remain bullish [...]

WTI Crude Oil: The spot-month contract closed at $33.25, up $3.82 for the week. The contract extended the market’s secondary uptrend to a high of $34.66 last week. Resistance on the continuous weekly chart remains at $36.35, the high from [...]

WTI Crude Oil: The spot-month contract closed at $24.74, up $4.96 for the week. As the market continues to recover from the anomaly of the May contract falling to a low of (-$40.32) as it expired the week of April [...]

WTI Crude Oil: The spot-month contract closed at $22.76, down $5.58 for the week. While the secondary trend still looks to be up following the previous week’s bullish key reversal, the market looks to see a minor sell-off after last [...]

WTI Crude Oil: The spot-month contract closed at $21.51, down $1.12 for the week. The spot-month WTI contract consolidate within the previous week’s range, though closed within striking distance of the low of $20.06 (a side note: I still recall [...]

WTI Crude Oil: The spot-month contract closed at $22.63, down $9.10 for the week. The spot-month WTI contract extended its secondary (intermediate term) and major (long term) downtrends last week to a low of $20.06 (though the April contract posted [...]

WTI Crude Oil: The spot-month contract closed at $31.73, down $9.55 for the week. The spot-month WTI contract left a bearish price gap between the previous week’s low of $41.05 and last week’s high of $36.35 before hitting a new [...]

WTI Crude Oil: The spot-month contract closed at $41.28, down $3.48 for the week. The spot-month WTI contract extended the major (long term) downtrend to a low of $41.05 last week. The major downside target remains $34.60 based on the [...]

WTI Crude Oil: The spot-month contract closed at $44.76, down $8.62 for the week. The spot-month WTI contract quickly erased signs of a secondary (intermediate term) uptrend as posted a bearish breakout of its major (long term) sideways trend. Last [...]

WTI Crude Oil: The spot-month contract closed at $53.38, up $1.06 for the week. The spot-month WTI contract extended the recently established secondary (intermediate term) uptrend to a high of $54.66 last week. The initial upside target is $55.46, a [...]

WTI Crude Oil: The spot-month contract closed at $52.05, up $1.73 for the week. The spot-month WTI contract looks to have posted a bullish 2-week reversal, indicating the market’s secondary (intermediate term) trend has turned up. This coincided with a [...]

WTI Crude Oil: The spot-month contract closed at $50.32, down $1.24 for the week. The spot-month WTI contract extended the market’s secondary (intermediate term) contra-seasonal downtrend to a low of $49.31 last week. This was the first time the market [...]

WTI Crude Oil: The spot-month contract closed at $51.16, down $2.63 for the week. The spot-month WTI contract extended the market’s secondary (intermediate term) downtrend to a low of $50.97 last week. Weekly stochastics remain bearish, partially above the oversold [...]

WTI Crude Oil: The spot-month contract closed at $54.19, down $4.39 for the week. The spot-month WTI contract extended the market’s secondary (intermediate term) downtrend to a low of $53.85 last week. Weekly stochastics remain bearish above the oversold level [...]

WTI Crude Oil: The spot-month contract closed at $58.54, down $0.50 for the week. The spot-month WTI contract posted a bearish key reversal the previous week leading to a new 4-week low of $57.36 last week. Daily stochastics posted a [...]

Brent Crude Oil: The spot-month contract closed at $68.60, up $0.44 for the week. Brent crude posted a bullish outside range last week while extending its secondary (intermediate term) uptrend to a new high of $69.48. Given the news out [...]

Crude Oil: The spot-month contract closed at $61.72, up $1.28 for the week. Crude oil continued to climb higher last week, posting a new 4-week high of $61.97. This was enough to pull weekly stochastics into an overbought situation above [...]

Crude Oil: The spot-month contract closed at $55.17, down $2.60 for the week. Crude oil remains in a secondary (intermediate term) sideways trend with the box bounded by (roughly) a low end at $50.60 and a high end of 60.94. [...]

Crude Oil: The spot-month contract closed at $57.24, up $1.04 for the week. Crude oil remains in a secondary (intermediate term) sideways trend with the box bounded by (roughly) a low end at $50.60 and a high end of 60.94. [...]

Crude Oil: The spot-month contract closed at $56.20, down $0.46 for the week. Despite last Friday’s strong rally ($2.02) the market still closed lower for the week. Last week’s high of $56.92 was a test of trendline resistance connecting the [...]

Crude Oil: The spot-month contract closed at $56.66, up $2.88 for the week. I’m going to continue to classify crude oil in a secondary (intermediate term) sideways trend with the box bounded by (roughly) a low end at $50.60 and [...]

Crude Oil: The spot-month contract closed at $53.78, down $092 for the week. I’m going to continue to classify crude oil in a secondary (intermediate term) sideways trend with the box bounded by (roughly) a low end at $50.60 and [...]

Crude Oil: The spot-month contract closed at $54.70, up $1.89 for the week. I’m going to continue to classify crude oil in a secondary (intermediate term) sideways trend with the box bounded by (roughly) a low end at $50.60 and [...]

Crude Oil: The spot-month contract closed at $52.49, down $3.42 for the week. Crude oil remains a tough read as far as trend goes on its weekly chart. Therefore, I’m looking at a simple downtrend connecting the high of $76.90 [...]

Crude Oil: The spot-month contract closed at $54.85, down $1.67 for the week. The crude oil market remains somewhat of a technical mystery as the spot-month contract followed the previous week’s bullish outside range with what looks to be a [...]

Crude Oil: The spot-month contract closed at $56.52, up $1.42 for the week. Crude oil looks to be breaking out if its recent consolidation phase following last week’s bullish outside week, complete with a new 4-week high. Despite the breakout, [...]

Crude Oil: The spot-month contract closed at $54.17, down $0.70 for the week. Crude oil continues to move sideways on its continuous weekly chart after fulfilling the technical requirements of a completed 3-wave downtrend two weeks ago. Support remains at [...]

Crude Oil: The spot-month contract closed at $54.87, up $0.37 for the week. Crude oil looks to be turning sideways on its continuous weekly chart after fulfilling the technical requirements of a completed 3-wave downtrend the previous week. Support is [...]

Crude Oil: The spot-month contract closed at $54.50, down $1.16 for the week. Crude oil is showing an interesting pattern on its continuous weekly chart. Last week’s low of $50.52 was below the previous low of $50.60 (week of June [...]

Crude Oil: The spot-month contract closed at $55.66, down $0.54 for the week. The market remains in a secondary (intermediate-term) 3-wave downtrend, posting a bearish outside range last week. While the spot-month contract was able to recover some of its [...]

Crude Oil: The spot-month contract closed at $56.20, up $0.57 for the week. The market remains in a secondary (intermediate-term) 3-wave downtrend with initial support near $54.50. This price marks the 50% retracement level of the previous secondary uptrend from [...]

Crude Oil: The spot-month contract closed at $55.63, down $4.58 for the week. The market remains in a secondary (intermediate-term) 3-wave downtrend with initial support near $54.50. This price marks the 50% retracement level of the previous secondary uptrend from [...]

Crude Oil: The spot-month contract closed at $60.21, up $2.70 for the week. The rally in the market looks to be Wave 2 of a secondary (intermediate-term) 3-wave downtrend. The minor (short-term) trend looks set to turn down following the [...]

Crude Oil: The spot-month contract closed at $57.51, down $0.96 for the week. Crude oil’s daily chart is showing a strengthening minor (short-term) 3-wave downtrend. The market looks to be in position to move into Wave C (third wave) of [...]

Crude Oil: The spot-month contract closed at $58.47, up $1.04 for the week. Crude oil extended its recent rally to a new high of $59.93 last week. This could still be considered Wave 1 of a secondary (intermediate-term) 5-wave uptrend, [...]

Crude Oil: The spot-month contract closed at $57.43, up $4.92 for the week. Crude oil posted a quick rally last week, though did not actually establish bullish turn signals. This leaves the door open for a potential sell-off over the [...]

Crude Oil: The spot-month contract closed at $52.51, down $1.48 for the week. Crude oil remains in a secondary (intermediate-term) 3-wave downtrend, though holding support near $51.63. This price marks the 61.8% retracement level of the previous secondary uptrend from [...]

Crude Oil: The spot-month contract closed at $53.99, up $0.49 for the week. Crude oil extended Wave C (third wave) of its secondary (intermediate-term) 3-wave downtrend to a new low of $50.60 last week, a test of the next downside [...]

Crude Oil: The spot-month contract closed at $53.50, down $5.13 for the week. Crude oil extended Wave C (third wave) of its secondary (intermediate-term) 3-wave downtrend to a low of $53.05 last week (see chart). Next support is at $51.63, [...]

Crude Oil: The spot-month contract closed at $58.63, down $4.13 for the week. Crude oil remains in a secondary (intermediate-term) 3-wave downtrend, with last week’s low of $57.33 a test of support at $57.36 (see chart). This price marks the [...]

Crude Oil: The spot-month contract closed at $62.76, up $1.10 for the week. Crude oil remains in a secondary (intermediate-term) 3-wave downtrend, with the recent minor (short-term) rally looking to be Wave B. Last week’s high of $63.64 was a [...]

Crude Oil: The spot-month contract closed at $61.94, down $1.36 for the week. Crude oil remains in a secondary (intermediate-term) downtrend, with last week’s low of $60.95 a test of support near $60.90. This price marks the 23.6% retracement level [...]

Crude Oil: The spot-month contract closed at $63.30, down $0.70 for the week. The market posted a bearish engulfing pattern on its weekly candlestick chart indicating its secondary (intermediate-term) trend has turned down (see chart). This comes after a confirming [...]

Crude Oil: The spot-month contract closed at $64.00, up $0.11 for the week. The market’s secondary (intermediate-term) uptrend has been nearly straight up since the low of $42.26 the week of December 24, 2018. This past week saw the spot-month [...]

Crude Oil: The spot-month contract closed at $63.89, up $0.81 for the week. While the market still looks to be in a secondary (intermediate-term) uptrend, last week’s close back below resistance was enough to establish another bearish crossover by weekly [...]

Crude Oil: The spot-month contract closed at $63.08, up $2.94 for the week. The spot-month contract extended the market’s secondary (intermediate-term) uptrend last week to a new high of $63.34. This has the market testing resistance near $63.68, a price [...]

Crude Oil: The spot-month contract closed at $60.14, up $1.10 for the week. The spot-month contract extended the market’s secondary (intermediate-term) uptrend last week to a new high of $60.73. Unlike the previous week, this past week’s close was above [...]

Crude Oil: The spot-month contract closed at $59.04, up $0.52 for the week. The spot-month contract extended the market’s secondary (intermediate-term) uptrend last week to a new high of $60.39. However, the weekly close was back below resistance near $59.60, [...]

Crude Oil: The spot-month contract closed at $58.52, up $2.45 for the week. Despite weekly stochastics being above 90%, indicating a sharply overbought situation, the spot-month contract continues to extend the market’s secondary (intermediate-term) uptrend toward next resistance near $59.60 [...]

Crude Oil: The spot-month contract closed at $56.07, up $0.27 for the week. Crude oil was interesting again last week, initially following up the bearish reversal from the previous week with selling before closing higher. Last week’s low of $54.52 [...]

Crude Oil: The spot-month contract closed at $55.80, down $1.45 for the week. While crude oil remains in a secondary (intermediate-term) 5-wave uptrend, last week saw the spot-month contract post a bearish reversal on its weekly chart. This would indicate [...]

Crude Oil: The spot-month contract closed at $57.26, up $1.67 for the week. Crude oil extended its secondary (intermediate-term) 5-wave uptrend last week, posting a new high of $57.81. Next resistance is near $59.60, a price that marks the 50% [...]

Crude Oil: The spot-month contract closed at $55.59, up $2.87 for the week. Crude oil remains in a secondary (intermediate-term) 5-wave uptrend with the spot-month contract posting a bullish outside range before closing slightly above resistance near $55.55. This price [...]

Crude Oil: The March contract closed at $52.72, down $2.54 for the week. Despite the lower weekly close crude oil remains in a secondary (intermediate-term) 5-wave uptrend. However, the last two weeks have seen the spot-month contract test resistance near [...]

Crude Oil: The March contract closed at $55.26, up $1.57 for the week. Crude oil remains in a secondary (intermediate-term) uptrend with the spot-month contract posting a bullish outside trading range last week. This included a high of $55.66, testing [...]

Crude Oil: The March contract closed at $53.69, down $0.11 for the week. Crude oil continues to slowly extend Wave 1 of its secondary (intermediate-term) uptrend, posting a high last week of $54.51. Next resistance is at $55.56, a price [...]