Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Oil Targets and Resistance Levels

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In my last post on Tuesday 7th July I was looking at the setup for a strong rally on Oil starting and at the time of writing today Brent Crude is up about $11 and West Texas Intermediate Crude (WTIC) is up about $8 since then. So what now?

On the daily chart the highs last week were at the daily middle bands on both, and in my The Bigger Picture webinar on Sunday I was talking about the importance of those middle bands being broken with confidence to open further upside. That was done yesterday, so today I’m looking at upside targets and resistance levels for this move.

On Brent Crude a decent quality IHS has broken up with a target in the 91.60 area. That looks credible as a target, though I would note that there is an area in the 89.50 to 90.00 range that was important on the way down. That could now be resistance. Above that there are significant broken support areas at 96 and 98/9.

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Oil Bounce Likely Here

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On the 2nd of June I wrote a post looking at the bullish looking setup on oil, but that then fell apart in the days before the Memorandum of Understanding (MOU) was signed by President Trump at Versailles on 17th June. In the three weeks since then the Brent and West Texas Intermediate (WTIC) crudes have fallen almost to pre-war levels before the most recent low last week.

Now after any steep decline there will generally be a low found and a bounce will start that should at least retrace a sizable proportion of the preceding decline, usually in the 38.2% to 61.8% range. I’ve been watching for that bounce and I think that has now likely started, though that doesn’t mean we won’t see retests of last week’s lows as part of that process.

So what’s the setup so far?

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