WELCOME

Welcome and thank you for visiting!

The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

Paris

Paris

Events

UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. May 23 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Mon. May 28 ~ U.S. markets closed for Memorial Day Holiday
* Wed. May 30 @ 2:00 pm ET ~ Beige Book Report
* Fri. June 1 @ 8:30 am ET ~ Employment Data
* Tues. June 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. June 13 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
* Tues. July 3 ~ U.S. markets close early at 1:00 pm ET
* Wed. July 4 ~ U.S. markets closed for Independence Day Holiday
* Wed. Aug. 1 @ 2:00 pm ET ~ FOMC Announcement
* Mon. Sept. 3 ~ U.S. markets closed for Labour Day Holiday
*** Click here for link to Economic Calendars for all upcoming events

IMPORTANT BLOG POST UPDATES...
* JCPOA - Will President Trump recertify the JCPOA on May 12?...stay tuned...May 8 the answer is "No"...US pariticipation in the deal
is scrapped...new sanctions coming for Iran and, possibly, for nations supporting Iran.

Tuesday, May 01, 2018

WTIC Oil Churns as World Leaders and Markets Digest Israel's Report on Iran

The price of WTIC Crude Oil (CL) continues to churn in a tight sideways consolidation range as markets and world leaders digest Israel's latest release of information regarding Iran's nuclear program.


As shown on the following daily chart of CL, it's still in uptrend on this timeframe, and this latest consolidation zone (green zone) may be a "bull flag" formation...suggesting higher prices ahead.

If price drops and holds below its near-term support of 66.00, we may see an accelerated level of selling occur. So, keep an eye on the velocity of both the momentum and relative volatility index indicators for confirmation. I've shown an input value of 1 day so you get an idea of day-to-day activity in both directions.

Otherwise, watch for a breakout and hold above 70.00 as it, potentially, could reach its next major resistance level of 80.00, as I recently described here.

We may not get clarification one way or the other until President Trump reaches a decision on May 12 regarding the recertification of the JCPOA.