target is 87$ .wolfe wave+harmonic pattern+elliot wave
as we see that 5 impulse wave is complete and a wolfe wave and harmonic pattern is seen seeking 87$.
If the U.S. CPI data comes in lower than estimated then look for the greenback to weaken, driving up demand for dollar-denominated crude oil.
Last week saw the U.S. Dollar re-emerge as one of the biggest influences on crude oil prices after the greenback fell sharply in reaction to speculation the Federal Reserve could slow down the pace of future interest rate hikes.
The price action strongly suggests the U.S. currency has been putting a cap on oil prices since possibly March. It also indicates that if the Fed does decide to slow its rate hikes, the dollar could extend its losses and oil prices could soar to perhaps the psychological $100 price level.
If the U.S. CPI data comes in lower than estimated then look for the greenback to weaken, driving up demand for dollar-denominated crude oil.
Last week saw the U.S. Dollar re-emerge as one of the biggest influences on crude oil prices after the greenback fell sharply in reaction to speculation the Federal Reserve could slow down the pace of future interest rate hikes.
The price action strongly suggests the U.S. currency has been putting a cap on oil prices since possibly March. It also indicates that if the Fed does decide to slow its rate hikes, the dollar could extend its losses and oil prices could soar to perhaps the psychological $100 price level.
Comment:
5th impulsive wave complete ,wait for correction
Comment:
fundemental view:
1-Russia struggles to find vessels to transport its oil.
2-The price cap on Russian oil will be imposed by December 5, and Russia does not have enough time to find more vessels.
3-Russian oil production will likely decline in the upcoming months, which will be bullish for oil markets.
It looks that oil markets have started to price in the potential problems with the Russian oil exports. Both Russia and G7 will likely try to show that they are “tough”, so G7 countries would cut Russia from shipping services in December, while Russia would not agree to the price cap scheme.
There are too many ships to substitute, and Russia would not be able to get 100+ vessels in just a month. In this light, Russian exports will start declining at the end of the year, which will be bullish for oil prices.
1-Russia struggles to find vessels to transport its oil.
2-The price cap on Russian oil will be imposed by December 5, and Russia does not have enough time to find more vessels.
3-Russian oil production will likely decline in the upcoming months, which will be bullish for oil markets.
It looks that oil markets have started to price in the potential problems with the Russian oil exports. Both Russia and G7 will likely try to show that they are “tough”, so G7 countries would cut Russia from shipping services in December, while Russia would not agree to the price cap scheme.
There are too many ships to substitute, and Russia would not be able to get 100+ vessels in just a month. In this light, Russian exports will start declining at the end of the year, which will be bullish for oil prices.
Comment:
WTI could face a few days of volatile price action due to election and Thursday’s consumer inflation report.
Crude oil could be impacted positively if the Republicans gain control of Congress in Washington. They tend to be pro-business and against any taxes that could hurt the oil industry.
Thursday’s inflation data could have an impact on the greenback which could drive the next move in dollar-denominated crude oil. Data that increases the odds of aggressive rate hikes by the Fed would be bullish for the dollar and could cap gains in crude oil.
Crude oil could be impacted positively if the Republicans gain control of Congress in Washington. They tend to be pro-business and against any taxes that could hurt the oil industry.
Thursday’s inflation data could have an impact on the greenback which could drive the next move in dollar-denominated crude oil. Data that increases the odds of aggressive rate hikes by the Fed would be bullish for the dollar and could cap gains in crude oil.
Comment:
usdcad is inversely and intensely correlated with WTI
Comment:
U.S. voters went to the polls in midterm elections on Tuesday with the House of Representatives and the Senate at stake. Republicans are gaining momentum ahead of the vote. However, there are still three outcomes at stake that could influence the financial markets over the short-run and perhaps the next two years remaining years of President Joe Biden’s term.
The common assumption is that Republicans represent business and the Democrats represent the people. Whether that’s a valid conclusion is debatable.
If Republicans take control for the next two years, business conditions could improve especially in the oil industry. Republicans tend to lead toward lower corporate taxes and few regulations that tend to help companies and the economy grow.
Democrats tend to favor social programs funded by fiscal spending. And in order to pay for them they raise taxes and increase regulations that tend to stifle growth.
All things being equal, meaning no inflation, no rate hikes, and no recession, a Republican sweep of the House and Senate would be favorable for business and the stock market.
The common assumption is that Republicans represent business and the Democrats represent the people. Whether that’s a valid conclusion is debatable.
If Republicans take control for the next two years, business conditions could improve especially in the oil industry. Republicans tend to lead toward lower corporate taxes and few regulations that tend to help companies and the economy grow.
Democrats tend to favor social programs funded by fiscal spending. And in order to pay for them they raise taxes and increase regulations that tend to stifle growth.
All things being equal, meaning no inflation, no rate hikes, and no recession, a Republican sweep of the House and Senate would be favorable for business and the stock market.
Comment:
in lower time frame we see a shark pattern ,please look cautiously for possible bullish move .also if price dips down this pattern will be cancelled
Comment:
WTI crude oil is under pressure because of the increase in supply and a possible drop in demand. Both events are short-term factors, however. Longer-term, the market is expected to be supported by the current OPEC+ production cuts and the European Union’s plan to block the sale of Russian oil on the open market.
So while prices could fall over the short-term, buyers would likely step in once the market reaches an attractive value area.
So while prices could fall over the short-term, buyers would likely step in once the market reaches an attractive value area.