Crude Oil dropping contrary to fundamental expectations?
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Crude Oil D1 4-9-22:
- Fundamentally there are lots of reasons to expect higher prices
- Seasonals and technicals however point to more downside
Seasonal:
- Seasonally Oil tends to be weak in Q4
- Weakness started earlier this year so might end earlier also (NOV-midterms ?)
Pivot Points:
- Monthly: Price is below SEP Monthly Pivot, heading for S2 = <80.00
- Quarterly : Q3 predicts a run from QPP to QS1 = Yearly Open = Monthly Range Low = 50% retrace of upswing = 75.00
VWAP:
- Yearly VWAP has been broken lower
- Quarterly VWAP in now in charge
- Need a convincing break above QVWAP in order to turn bullish again
Correlation:
- CADJPY normally follows Oil closely, now big divergence
- Divergence probably due to extreme YEN-weakness
- Gives reason for a closer look into CADJPY
.
Crude Oil D1 4-9-22:
- Fundamentally there are lots of reasons to expect higher prices
- Seasonals and technicals however point to more downside
Seasonal:
- Seasonally Oil tends to be weak in Q4
- Weakness started earlier this year so might end earlier also (NOV-midterms ?)
Pivot Points:
- Monthly: Price is below SEP Monthly Pivot, heading for S2 = <80.00
- Quarterly : Q3 predicts a run from QPP to QS1 = Yearly Open = Monthly Range Low = 50% retrace of upswing = 75.00
VWAP:
- Yearly VWAP has been broken lower
- Quarterly VWAP in now in charge
- Need a convincing break above QVWAP in order to turn bullish again
Correlation:
- CADJPY normally follows Oil closely, now big divergence
- Divergence probably due to extreme YEN-weakness
- Gives reason for a closer look into CADJPY
.
Sultan of Swing
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Sultan of Swing
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.