Connect with us

Hi, what are you looking for?

Stocks

Crude Oil Reaches an Interesting Juncture

Wyckoff analysis of this essential commodity is currently revealing. The trend of Crude Oil has a major influence on not only most sectors of the stock market, but it is also a key cost input for the production of almost all goods, services, and other commodities. Since March of 2022, the general trend of Crude Oil has been downward, which has diminished inflationary pressure on the economy and consumers. Therefore, any change in trend has implications for overall economic activity. In the weekly Wyckoff Market Discussion (WMD) sessions Roman Bogomazov and I consider the present position and likely future direction of Crude. At the bottom of this blog post there is a link to the ‘Open Door Session’ we conducted last week. In it we evaluate stocks, interest rates, crypto and commodities.

Tune into Power Charting this Friday for a case study analysis of Crude Oil on StockChartsTV. This chart is a preview of Friday’s Power Charting workshop.

In March of 2022 Crude accelerated into a Buying Climax and was immediately reversed. At that time in WMD (and Power Charting) we called for a stopping of the upward trend with a range-bound market to follow. That is what happened. Crude failed to continue the upward trend with a Secondary Test in June 2022 and a downtrend followed. At the conclusion of the June Secondary Test (ST) a Point & Figure count was taken flagging a downward price objective of $67 to $59 (the green shaded box defines the area of the PnF count).

Chart Notes:

Two Trend ChannelsDistribution PnF Count (green box)PnF Count Fulfilled at $65Trend Channels define Downward StrideBecomes OverSold at PnF ObjectiveOverSold Below Channel on ThrowUnderSpring & Test Signals Reversal Back into ChannelCause Building for Next Trend (unfinished)

Tune in to Power Charting this Friday for the complete Wyckoff case study analysis for crude oil. Current and historical PnF and vertical charts will be reviewed with a Wyckoffian perspective.

In the meantime, tune into the Wyckoff Market Discussion from last week. In addition to Wyckoff Method studies, some stunning historical analogs (crypto and gold to S&P 500) are presented by Roman. Check it out here (and note the special WMD offer which expires on 4/12/2023):

Wyckoff Market Discussion for April 5, 2023

To Learn More about the Wyckoff Market Discussion (Click Here)

See You Friday,

Bruce

@rdwyckoff

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. 

    You May Also Like

    Politics

    When George Santos mentioned his family during his congressional campaign, the New York Republican often reflected on the work ethic and strength of his...

    Business

    Two of Sam Bankman-Fried’s top business partners — a co-founder of the cryptocurrency exchange FTX and the former CEO of the hedge fund Alameda...

    Sports

    Kicker Alejandro Mata is following former Tigers coach Deion Sanders to Colorado. ‘Thankful to be committed and signed to the University of Colorado,’ Marta wrote on...

    Stocks

    SPX Monitoring Purposes: Sold long SPX 1/27/23 at 4070.56 = Gain 6.51%; Long on 12/20/22 at 3821.62. The top window is the cumulative GDX...

    Disclaimer: SecretCharts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 SecretCharts.com | All Rights Reserved