Welcome to this week’s Market Blast Fundamentals.
Read MoreWill Silver “Fill the Gap”? EURUSD at Support.
on February 2, 2021
| By Brad Alexander
|
EURUSD,
XAUUSD,
Market Blast Videos,
UKOil,
Gold,
NZDUSD,
Technical Analysis,
Fibonacci,
Descending Triangle,
Brent Crude,
XAGUSD,
Silver,
Symmetrical Pennant
Welcome to this week’s Market Blast Technicals where we will look at NZDUSD, EURUSD, Gold (XAUUSD), Silver (XAGUSD), and Brent Crude (UK Oil).
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On Tuesday last week we covered UK Oil which spent the remainder of the week continuing to move higher to a nine month high above $50, after surging higher from support at the key $43 level. It has eased on two occasions in the last few weeks, before reversing and continuing to rally higher. In the few days before the recent surge, it eased back to the key $43 level and enjoyed some support. In the two weeks prior, UK Oil surged from its lowest level in five months below $36.50 back up to the key $43 level which has again provided stiff resistance before it was able to break through to above $45 before falling back sharply to $43.
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WTI & Brent Crude Consolidating Ahead of OPEC Meeting
on December 1, 2020
| By Brad Alexander
|
USDCHF,
XAUUSD,
UKOil,
US30,
Gold,
USOil,
WTI,
OPEC,
Technical Analysis,
AUDJPY,
Ascending Triangle,
Brent Crude,
Stochastic Oscillator,
Dow Jones
Welcome to this week’s Market Blast Technicals where we will look at AUDJPY, USDCHF, Gold (XAUUSD), the Dow Jones Industrial Average (US30), WTI (US Oil) and Brent Crude (UK Oil).
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On Tuesday last week we covered UK Oil which spent the remainder of the week continuing to push higher before easing a little. In the last week or so, UK Oil surged higher from support at the key $43 level moving to its highest level in nine months near $49. In the few days before the recent surge, it eased back to the $43 level and enjoyed some support. In the two weeks prior, UK Oil surged from its lowest level in five months below $36.50 back up to the key $43 level which has again provided stiff resistance before it was able to break through to above $45 before falling back sharply to $43.
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On Tuesday last week we covered UK Oil which spent the remainder of the week continuing to decline sharply. For the last week or so, the key $43 level has been providing stiff resistance and constant downward pressure on prices and now UK Oil has fallen to a four month low below $38. The latest period of rejection was on the back of a strong rally in early October which saw UK Oil move from a three month low below $39 back up to the key level at $43.
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On Tuesday last week we covered UK Oil which spent the remainder of the week rallying higher and resuming its trading around the key $43 level. Only a week ago UK Oil was strongly rejected by the resistance around the key $43 level again forcing it lower, before the recent rally. This latest rejection was on the back of a strong rally in the previous week which saw UK Oil move from a three month low below $39 back up to the key level at $43. In the last few weeks UK Oil has made repeated attempts to break through the long time key level of $43 which reinforces how significant this level is.
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On Tuesday last week we covered UK Oil which spent the remainder of the week disappearing quickly from the key $43 level falling to a near four month low below $40. Just prior to the fall, UK Oil made repeated attempts over two weeks to break through the long time key level of $43. After settling in a narrow range right around $40 after having fallen sharply for the week prior from a six month high above $46, UK Oil did well to rally back to this key level before easing below again. For the last four months the $43 level has played a key role in UK Oil and continues to do so as it is currently providing resistance.
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UK Oil - Rallies to Resistance at Key $43 Level as Recovery Concerns Remain
on September 29, 2020
| By Graeme Watkins
|
UKOil
In the last week, UK Oil has made repeated attempts to break through the long time key level of $43 after easing back below this level last week. After settling in a narrow range right around $40 after having fallen sharply for the week prior from a six month high above $46, UK Oil did well to rally back to this key level before easing below again. For the last four months the $43 level has played a key role in UK Oil and continues to do so as it is currently providing resistance. Several weeks ago UK Oil reached the six month high, after very slowly but steadily moving higher in a period of very low volatility. It very slowly moved through the key level at $43 in July and has since ever so slightly crept higher. It was able to enjoy some strong support from the $43 level, however this has now been strongly broken through and is providing some resistance as expected.
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On Tuesday last week we covered UK Oil which spent the remainder of the week undertaking a strong rally to move it back to the key level at $43 after falling to a three month low below $40. Just prior to the rally, UK Oil settled in a narrow range right around $40 after having fallen sharply for the week prior, from a six month high above $46. It didn’t move with any strength in the four weeks or so, as UK Oil ever so slightly moved higher reaching that six month high, as it has been a period of very low volatility.
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