WTI Crude Oil The WTI Crude Oil market rallied a bit during the trading session on Thursday, testing the $60 level. If we can break above the $60 level, the market should continue to go towards the $62.50 level, which is a bit of a target. I think if we break down from here, there’s probably plenty of support underneath to continue to push to the upside. However, I think that if we break down below the $58 level, the market is likely to be very difficult to deal with and the short-term, but longer-term I think we will see that the market is getting a bit overextended. Because of this, it’s likely that it will be very noisy, so I do not li...
Bonanza Creek Energy (BCEI) announced that it has agreed to terminate its previously announced agreement to merge with SandRidge Energy (SD). After consultation with SandRidge’s largest shareholders, SandRidge’s board concluded that it would not receive approval for the transaction at its planned special meeting. An agreement between Bonanza Creek and SandRidge was then reached to mutually terminate the merger agreement. As part of the mutual termination agreement, SandRidge will reimburse Bonanza Creek for transaction-related expenses up to $3.7M....
Euro/dollar, the world’s most popular currency pair, has suffered long spells of low volatility during 2017. Yet in the final week, as many traders are on holiday, it is making a remarkable move to the upside, rising on natural flows, something we haven’t seen for quite some time. The pair is trading at 1.1982 at the time of writing, adding 40 pips in the final trading day of the year after gradually moving higher early in the week. The round number of 1.20 is very close. Should we have a breakout, the next level to watch is the 2017 high of 1.2090, which still seems far at the moment. We did have some economic data released from the eur...
This year, the cable has struggled to recover from the losses it received following the Brexit vote in 2016. The chart has managed to move from a low of 1.1867 to the current price of 1.3463 with the main challenge being the recent flash election called by Theresa May. Nonetheless, the pair has gained by about 11% this year. It has also established a pattern of higher lows and higher highs as investors start questioning the severity of Brexit. This week, the pair has managed to see significant gains fueled by the weaker dollar and positive QoQ GDP reading of 1.7% against the expected growth of 1.5%. In the chart below, at the 1.3346 level –...
Gold prices rose for a sixth consecutive session on Thursday, hitting the highest level since November 29, as the dollar’s weakness persisted. XAU/USD reached the $1296-$1294 area as expected after the market broke through the resistance at $1288. Gold prices climbed nearly 5% since the market bounced up from the support at $1236, the confluence of a bullish trend line and the bottom of the weekly Ichimoku cloud. The bulls have been dominating the market since prices passed through the Ichimoku clouds on the 4-hourly and the hourly charts. If prices can climb and hold above the 1296 level, the next target will be 1298. The area between the...
Metals and Miners formed significant lows in December and prices should rally sharply in 2018. The dollar is breaking support and likely started a new bear market. Commodities, in general, should be embarking on a multi-year advance. Gold is at resistance. Closing the week above $1,300 would be very productive. Failure to break above $1,300 tomorrow or Monday could lead to a brief pullback. Prices should find support around the 10-day EMA going forward. Miners are taking a breather. Prices are trading sideways, and it is unclear if they will provide a meaningful pullback. The pause will end when gold successfully defeats the $1,300 level. Iâ€...
The US dollar continues to fall in price against the euro and the yen after a significant weakening during yesterday’s trading. Investors suggest that a decrease in demand for the dollar is associated with a fall in the 10-year US government bonds yield. At the same time, the euro rises in price against the US currency due to the gradual curtailment of incentive programs by the European Central Bank. Despite the implementation of tax reform in the US, it may not be enough to strengthen the dollar. The single European currency has responded poorly to the information that parliamentary elections in Italy will be held on March 4. Majors sh...
It looks like the cryptocurrency community could get into serious trouble if they continue with their immature and materialistic ways. Ethereum’s founder is apparently fed up with the immaturity of the digital currency crown, and might even leave the scene if this continues. What is Ethereum Founder Mad About? The 23-year-old Vitalik Buterin took to Twitter on Wednesday and threatened that he would leave if the crypto communities don’t get their act together. He said people should “differentiate between getting hundreds of billions of dollars of digital paper wealth sloshing around and actually achieving something meaningful for...
Audio Length: 01:23:41 Anthony Saliba, an original Market Wizard, was first on episode 107. On that episode, we mostly discussed Tony’s life as a trader and related subjects. But one area we didn’t get into too much, was his life as a parallel entrepreneur and an investor. So, I mentioned to Tony, this time around, it’s something I’m keen to hear a lot more about. Because his success extends far beyond trading alone… For example; LiquidPoint, an options execution and technology firm which Tony founded, was acquired in 2007 for a sum of mid nine-figures. He’s also invested in upwards of 100 companies—in a whole range of sectors,...
USDCAD broke below 1.2623 support and extended its downside movement from 1.2920 to as low as 1.2556. Further decline is still possible and next target would be at 1.2433. Near-term resistance is at the falling trend line on the 4-hour chart. Only a clear break above the trend line resistance could indicate that the downtrend is complete, then further rally to 1.2800 area could be seen....